The most difficult aspects of foreign companies’ business locally are considered the adaptability of corporate policies to the local legislative requirements (41%), finding competent workforce, implementing the standardized processes depending on various jurisdictions (36%) and transposing local financial reports and specific reports in an accessible way for the management (26%).
Nevertheless, most companies are able to deal with these challenges because they enjoy an accelerated growth of their national economies and the market dynamics, which translate into numerous business opportunities, TMF Group said in a statement.
In terms of changes from 2014, foreign companies active in Romania appreciate the ease of finding offices and adequate suppliers (29%), the observance of labor legislation and employee pay based on the market mechanism (26%).
As for the Romanian business environment, foreign companies have a negative perception when it comes to tax level and legislation (62%), the collaboration with authorities (38%) and finding well-trained workforce (33%). Moreover, foreign companies said finding suitably trained workforce has become more difficult, with 33% of respondents saying they are confronted with difficulties when it comes to this aspect.
Most managers polled for the study think that the companies they run need specialized services in what concerns fiscal assistance (40%), salary system and human resources management (37%) as well as accounting and financial reporting (30%).
The TMF study is based on responses from several tens of foreign companies present on the local market in the retail, real estate, media, pharmaceutics, software, hardware, chemical and oil, finance and communications sectors. Of all respondents, 34% are Chief Financial Officers (CFOs), 21% are Chief Executive Officers (CEOs) and 16% are HR managers.