Together with several business people, he initiated a draft law through which the state should exempt entrepreneurs who bet on local start-ups from the payment of taxes. These are also called “business angels” and in developed states have been a common income source for small businesses for long.
“As banks are private players that cannot be influenced, we must identify other solutions to support small businesses. It’s important that we support access to funding not only for certain fields of activity boasting strong growth, but also spur start-up funding in all the fields,” Florin Jianu told ZF.
While the IT industry virtually brought the idea of business angel funding to Romania, the draft law proposed by minister Jianu could bring hope for start-ups in other fields as well.
According to the first version of the draft law, business angels would be exempted from paying taxes on gains for five years and on profit they are left with once they decide to make an exit (with the exit being possible only after three years).
(English version by Catalina Apostoiu)