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

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.