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ROMANIA:RECENT ENACTMENTS AND AMENDMENTS IN THE FIELD OF COMMERCIAL LAW

1. Enactment of Law No. 120/2015 on providing incentives for individual investors – business angels

On 17 July 2015, Law no. 120/2015 on the stimulation of individual investors/business angels (the “Law”) entered into force, providing certain fiscal deductions to be granted to natural persons investors (so-called "business angels") for their investments in micro and small enterprises, which cumulatively meet the following conditions:

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  • are established as limited liability companies, as defined by Companies Law no. 31/1990;
  • are autonomous enterprises in the sense of law 346/2004; and
  • are solvent and face no proceedings relating to bankruptcy or liquidation.


The Law expressly states that investments in companies operating in the banking, insurance and reinsurance field, in the capital market and financial mediation, or performing any other financial activities, real property transactions and development, gambling and betting, steel and coal production and commercialisation, shipbuilding, production and commercialisation of weapons and ammunition, of tobacco, alcoholic drinks, substances under national control, psychotropic plants and narcotics, advisory services are excluded from the facilities granted by the Law. (...)

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Ileana
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Romania

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