First time entrepreneur Romanians of all ages, exempted from taxes to set up micro-enterprises

Romania passed a new law allowing citizens of any age to create a micro-enterprise with no costs, provided they never had a company in Romania before. The law passed the Chamber of Deputies on Wednesday, June 11. Prior to this, only Romanians up to 35 year-old had access to such facilities when setting up their first business. Among facilities features by the law is the exemption from paying social contributions on behalf of maximum four employees, as well as exemption from fees for registration operations. New companies can also apply for non-reimbursable financial support of up to EUR 10,000, or 50 percent of the eligible expenses, if they have co-financing in place. Between 2011 and 2013, 500 micro-enterprises benefited from financial support from the state, while 14,000 micro-enterprises took advantage of the fiscal facilities. editor@romania-insider.com