Facilities granted for students who want to set up their own business in compliance with GD nr. 166/2003
In compliance with the provisions of GD no. 166/2003, students that want to set up their own company benefits of exemptions from the payment of fees and charges, as it follows:
- charge for assistance services carried out by trade register offices attached to the law courts, upon registration of professionals’ formation;
- fees and charges for operations of incorporation carried out by trade register offices attached to the law courts;
- fees and charges for authorization of operation required from professionals upon formation;
- fees and charges for obtaining, from the local public administration, the authorization for performing economic activities independently;
- charges for publication, in excerpt, in the Official Gazette of Romania Part IV, of the conclusion of incorporation;
- stamp fee for notary public activity, in case of documents for which the conclusion in authentic form is mandatory.
The fee for verification of company name/emblem availability and/or reservation thereof is not the object for the fiscal facilities provided by GD no. 166/2003.
In order to benefit of these facilities, the student who set up his own business shall have to fulfill the following conditions:
- to attend some form of higher education of an accredited educational institution;
- to be at least in the second year of study and to have passed all the obligations laid down by the senate of the university;
- to not have turned over 30 years old.
Fulfillment of these legal conditions has to be attested by a proving document issued by the accredited higher educational institution where the applicant is a student.
These fiscal facilities shall be granted just once and for setting up only one company, individually or together with other students who fulfill the legal conditions mentioned above.
So, the above-mentioned fiscal facilities shall be granted just for setting up a company, and not in case of getting this by transfer of parts of share capital from another person.
Considering that the provisions of GD no. 166/2003 are referring only to the accredited high educational institutions, it results that only the students who fulfill the following conditions benefit of the provisions of this regulatory document:
- attend state or private accredited high educational institutions, regardless they are attending to accredited or authorized specializations, on long or short term;
- attend advanced studies and master, regardless the form of education they attend to.
Considering that the Law no. 31/1990, as republished and subsequently amended and supplemented, does not condition the quality of administrator by the quality of partner/shareholder, a company that benefited of the above-mentioned fiscal facilities at the setting up may appoint administrators persons who do not fulfill the conditions laid down by GD no. 166/2003 for granting these facilities.
Students, foreign citizens, who attend courses of a high educational institution in Romania shall not benefit by the provisions of GD no. 166/2003.
If partial or total transfer of parts of share capital or shares intervenes within three years from the setting up of the company, the company shall fully reimburse the amounts for which the payment exemption has been granted.
For setting up a company in one of the forms laid down by Law no. 31/1990, as republished and subsequently amended and supplemented, see our website www.onrc.ro at the incorporations section – legal persons or you may address yourself to the assistance service of the trade register office attached to the law court where you want to establish the registered office of your company.