Romania’s Economy Min Resumes Debates On Draft Law Supporting Young Entrepreneurs

Romanian youths that plan to set up firms will be exempt from paying taxes on profit and salaries in the first three years, according to a draft law put up for public debate by Romania’s Ministry of Economy, Commerce and Business Environment, after a similar draft act was debated in September 2009.

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According to the draft law, Romanian youths aged up to 35, who have never owned a company, will be able to set up firms which will be exempt from profit and wage taxes in the first three years.

These starter firms will receive priority in financial aid, will be exempt from paying certain customs taxes and will have access to loans with a grace period, according to the draft law stimulating the creation and development of micro-companies belonging to young entrepreneurs.

Young entrepreneurs, however, will also have several obligations, namely a choice between five areas of activity and the obligation to register a capital of at least EUR5,000, at the end of the three-year interval, through profit capitalization.

The draft law supporting young entrepreneurs was first put up for public debate in September 2009 by the country's former minister of small and medium enterprises.

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