Things to Keep in Mind for Expanding Business in Romania
The global economic downswing has enabled Romania to emerge as one of the promising destination for outsourcing that includes IT services and support, contact centers and back-office support. The big names in the outsourcing industry comprise global corporations that have expanded their international service centers in Romania, primarily because of the cheap labor force. The local outsourcers however target essentially the European customers that make the country’s time zone more suitable as compared to Malaysia, China or India, the top three outsourcing markets globally.
Why expand your business to Romania?
Romania provides significant scopes to American businesses with products, services or technologies that either fulfill the ever-increasing demand or contribute to the country’s overall development priorities. The country’s foraying into the European Union in January 2007 was followed by a series of government reforms in order to satisfy the EU membership conditions. Today the need of a membership, along with the EU directives adds up to one of the driving forces in Romania’s agenda for modernization, reform and infrastructure investment. Furthermore, these directives are accompanied by financing from the EU in the form of Structural Adjustment Funds. Other allied programs allow new members to align their business with the remaining EU.
In addition to that, Romania’s membership in NATO too assisted demand for security and defense products and American vendors are well established in this market. The country’s security and defense association with the United States is strong and fruitful.
What are the prospective business opportunities?
The principal business forms in Romania that will interest the start-ups and small business firms willing to expand are the Family Association, Limited Liability Company, the General or Limited Partnership and also the sole proprietor or self-employed form. This apart, a thorough market research report will benefit any entrepreneur having plans of expanding business overseas. A detailed market report will also assist you in functioning in a competitive market.
The country however is a marketplace of 22 million and has 37 million acres of arable land. The business scenario encompasses an expanding economy, an active oil and gas industry, educated workforce with over 50,000 specialists in IT and many more. The breathtaking landscape adds up as an advantage. Sectors that have attracted numerous U.S investors and other for doing business overseas include energy, banking, biotechnology, electronic components, manufacturing, cable operation, telecommunications, consumer products and film production to name few.
Do you need the help of an expert?
Entrepreneurs expanding their business in Romania and overseas have discovered that the American management and capital works to their profit in the country. At the same time, the U.S exports in Romania too are expanding well, fueled by the country’s expansion and new reductions in the trade barriers. However, prior to expanding a business every entrepreneur seeks an expert advice from an experienced business consultant. They offer useful guidance on various aspects such as market entry, expat tax advice, international accounting and so on. Irrespective of your business type, the advice from a consultant is always helpful.
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