Romanian Start-Up takes on the challenge of fast business registration

PRESS RELEASE
Published March 1, 2023

Incorpo.ro launches business registration services and accounting automation to help entepreneurs open companies in Romania with competitive tax rates and access to global markets - all for under 300 EUR.

In recent years, the world has been faced with multiple economic and political challenges. The military conflict in Ukraine and the outbreak of the SARS-COV-2 virus have contributed to a global economic recession. In response to these challenges, several countries in the European Union and North America have implemented changes to their fiscal policies.

This has made it even more difficult for the economy to restart, with entepreneurs facing difficulties bootstrapping their newly-registered businesses.

Romanian company Incorpo.Ro seeks to change that, providing business registration in Romania, one of the least taxed countries in Europe, seconding only Bulgaria. With only 1% corporate tax on income for companies grossing under 500,000 EUR (~528,625.00 USD at the time of writing this article), 8% tax on dividends issued, and incentives provided to investors, foreign and domestic.

They believe their company registration automation will help entepreneurs tackle heavy taxation burdens and costly yearly maintenance.

"The world is going into a recession, with the economical difficulties being compounded by the raising interest rates and ramping inflation. Innovative digital businesses are, in our opinion, the solution to help the world recover. We tried building Incorpo.ro to make it as affordable and valuable to end customers as possible, while still making it economically viable for us to run.

We hope that in the long term, we’ll be able to bring a positive impact and help business owners start their first business"

Everything in one big package

"Initially, we wanted to just automate business registration, but we quickly realized business owners need more than that. They need to understand the country’s law, deal with accounting, contracts, and so that became the next challenge for us to solve"

The team briefed on their plan to provide contract templates, accounting automation, and more, in partnership with leading law firms in Romania, while keeping the offering affordable for startups.

"We are currently in talks with some of the largest law firms in Cluj-Napoca, to also provide legal services in collaboration with them. Our target is to be able to provide what law firms provide, at a fraction of the cost, but with the same reliability and trust that going to a law firm yourself would provide."

They are also in the finalizing steps to automating accounting, which would allow Romanian companies to cut the time and costs spent doing accounting.

"I’m personally a economics student. I love economy and that’s one of the main reasons for going into this project. It got me closer to the people making our world thrive, and I got to meet inspiring people along the way.

One of the main issues that everyone complains about is accounting, and how much time is spent doing something that doesn’t bring much value-added benefits to your company. 

Accounting in Romania is very strict and is used for regulation purposes. This means a lot of time spent doing it, and that means expert accountants don’t have time doing what they do best: counsel their business partners into growing their business and managing their finances better.

I’ve discussed with economy professors at Babes-Bolyai University in Cluj, and found solutions to automate 80% of the work using AI models that made ChatGPT possible. With technology rapidly advancing, we believe we can use it to reduce costs and time expenditure on accounting."

Early Technology Adopters

"We’ve started this business to use technology to solve problems. Research papers into promising tech take years to be adopted by the business world, and we believe that can be improved to benefit our customers. We used models like OpenAI’s GPT and Dalle-2 models since our inception, to reduce costs on our end and build tools to leverage that in our products. Our trailer, for example, has about 90% of the used assets generated with Dalle-2 and further processed with machine learning tools to enhance and make viable for a video."

Conclusion

While the team is still working on making the products viable and accessible to everyone, their team has a few pages to keep in touch with the project. To learn more, check them out at www.incorpo.ro, or on their LinkedIn page.

The release date for the project is expected to be in late March 2023.

Media Contact
Company Name: Incorpo.Ro
Contact Person: Stefan-Lucian Deleanu
Email: Send Email
Address:Cluj-Napoca, Aurel Vlaicu nr. 2
State: Cluj County
Country: Romania
Website: https://www.incorpo.ro



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