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Incentives for entrepreneurs in Romania

Written by: Bridgewest

Incentives_for_entrepreneurs_in_Romania.jpgThe Romanian state offers several programs to entrepreneurs who want to develop their businesses in Romania or who need to reduce the costs that come with hiring employees in Romania. The programs are diverse and range from several amounts destined for investments in certain fields to various tax exemptions. They are available for small and medium sized businesses which comply with the eligibility criteria.
 

Programs for special financing

 
There are available programs that offer irredeemable amounts to companies which comply with the eligibility criteria. Although the entries for 2014 have ended, new openings will become available in 2015. Four such programs are:
 
- START program,
- COMMERCE SERVICES 2014 program,
- MANAGER WOMAN program,
- YOUNG BEGINNER program.
 
For detailed information on how to apply for these programs and the amount of money offered by the Romanian authorities, you can access the website of the Agency for the Implementation of Projects and Programs for Small and Medium Sized Enterprises. 
 
One of the most popular programs for entrepreneurs in Romania is the one destined to stimulate the creation and development of micro enterprises founded by young entrepreneurs. Although previously requiring a specific age to apply, starting with July 2014, the program will allow any entrepreneur, regardless of age, to access the benefits offered by the program. Companies founded by beginners can receive special grants amounting to as much as 10,000 euros of the total eligible expenditure of the business plan.
 

Solutions to reduce the costs for salaries

 
Last year, Romania was ranked 7th in the European Union in terms of labor costs. There are several features entrepreneurs can use to reduce the expenditure on salaries for employees. In order to do this, they can hire:
 
- graduates;
- individuals over 45;
- unemployed parents or single parent families supporters,
- young people who risk social  marginalization.
 
The grants for hiring special categories of employees are offered only if the employer meets certain conditions.
 
For more information about incentives offered to entrepreneurs in Romania and the legislation for foreign investments, please contact our accountants in Bucharest.