1. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE FACILITIES GRANTED TO STUDENTS AND YOUNG ETREPRENEURS

2. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE REQUIREMENTS to be a student in an accredited higher education institution to be a student in an accredited higher education institution to be in the 2 nd year, at least, and to have met all obligations set out by the University Senate to be in the 2 nd year, at least, and to have met all obligations set out by the University Senate to be under 30 years of age to be under 30 years of age FACILITIES GRANTED TO STUDENTS

3. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE STUDENTS ARE EXEMPT FROM THE FOLLOWING FEES AND FARES: fees for assistance services offered by the trade register offices fees for assistance services offered by the trade register offices fees and fares for incorporation and authorization of operation performed by the trade register offices fees and fares for incorporation and authorization of operation performed by the trade register offices fares for publication of the resolution regarding incorporation in the Official Gazette of Romania fares for publication of the resolution regarding incorporation in the Official Gazette of Romania stamp fee for notarial activity for documents compulsorily concluded in authentic form stamp fee for notarial activity for documents compulsorily concluded in authentic form

4. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE FEES TO BE PAID fee for company name and/or logo reservation made by the trade register offices fee for company name and/or logo reservation made by the trade register offices IMPORTANT fiscal incentives are not granted in case a company is acquired by transfer fiscal incentives are not granted in case a company is acquired by transfer fiscal incentives are granted once, only, and for setting up one company, only fiscal incentives are granted once, only, and for setting up one company, only the company may be established individually or by association with other students the company may be established individually or by association with other students students – foreign citizens - do not benefit from the provisions of this Government Decision students – foreign citizens - do not benefit from the provisions of this Government Decision partial or full transfer of the company or shares within 3 years as from incorporation entails full reimbursement of the amounts related to tax exemption by the company partial or full transfer of the company or shares within 3 years as from incorporation entails full reimbursement of the amounts related to tax exemption by the company

5. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE Government Emergency Ordinance no. 6/02.02.2011 for stimulating the setting up and development of microenterprises by young entrepreneurs, approved by Law no. 301/2011 BENEFICIARIES OF THE PROGRAMME LEGISLATIVE FRAMEWORK Young entrepreneurs carrying out an economic activity for the first time through a limited liability company FISCAL INCENTIVES GRANTED TO YOUNG ENTREPRENEURS

6. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE full legal competence full legal competence up to 35 years of age on the date of registration of the application up to 35 years of age on the date of registration of the application not holding or having held the quality of shareholder or partner of an enterprise established within the European Economic Area not holding or having held the quality of shareholder or partner of an enterprise established within the European Economic Area setting up a limited liability company for the first time setting up a limited liability company for the first time REQUIREMENTS FISCAL INCENTIVES GRANTED TO YOUNG ENTREPRENEURS

7. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE REQUIREMENTS FOR THE MICROENTERPRISE, all compulsory to be a limited liability company (SRL) and operate for an unlimited period of time to be a limited liability company (SRL) and operate for an unlimited period of time to fall within the category of microenterprises; to be established by a beginner entrepreneur, as sole partner, or by 5 partners, at the most, as beginner entrepreneurs to fall within the category of microenterprises; to be established by a beginner entrepreneur, as sole partner, or by 5 partners, at the most, as beginner entrepreneurs the requirements for the beginner entrepreneur have to be met by each of the partners the requirements for the beginner entrepreneur have to be met by each of the partners to have as objects of activity 5 groups of activities, at the most to have as objects of activity 5 groups of activities, at the most

8. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE DOMAINS NOT INCLUDED IN THE OBJECT OF ACTIVITY financial and insurance intermediation financial and insurance intermediation real-estate transactions real-estate transactions gambling and betting activities gambling and betting activities manufacture or trade of manufacture or trade of activities excluded by the European Norms activities excluded by the European Norms weapons weapons ammunition ammunition explosives explosives tobacco tobacco alcohol alcohol substances under national control substances under national control herbs herbs narcotic drugs and psychotropic substances and preparations narcotic drugs and psychotropic substances and preparations

9. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE INCENTIVES GRANTED TO SUCH MICROENTERPRISES non-refundable financial grants representing 50%, at the most, but not more than 10,000 EURO or the equivalent in LEI, of the project value related to the business plan non-refundable financial grants representing 50%, at the most, but not more than 10,000 EURO or the equivalent in LEI, of the project value related to the business plan warranties of up to 80%, at the most, of the requested credit value, but not more than 80,000 EURO or the equivalent in LEI warranties of up to 80%, at the most, of the requested credit value, but not more than 80,000 EURO or the equivalent in LEI exemption from payment of social securities contributions due by the employers for 4 employees, at the most, employed for an unlimited period of time exemption from payment of social securities contributions due by the employers for 4 employees, at the most, employed for an unlimited period of time exemption from payment of the fees for operations of incorporation made by the trade register, as well as of the fares for publication in the Official Gazette of Romania exemption from payment of the fees for operations of incorporation made by the trade register, as well as of the fares for publication in the Official Gazette of Romania Consulting and training Consulting and training

10. ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE THE QUALITY OF MICROENTERPRISE BELONGING TO A BEGINNER ENTERPRENEUR CEASES: on 31 December of the year marking 3 years as from the date of its incorporation on 31 December of the year marking 3 years as from the date of its incorporation on the date any of the competent authorities finds that the company no longer fulfills one of the requirements on the date any of the competent authorities finds that the company no longer fulfills one of the requirements on the date its activity ceases voluntarily or insolvency proceedings commenced on the date its activity ceases voluntarily or insolvency proceedings commenced when 45 working days passed since an outstanding fiscal liability became due when 45 working days passed since an outstanding fiscal liability became due on the date the half-yearly or annual accounts are filed, if the current year turnover reached the equivalent in LEI of 500,000 EURO on the date the half-yearly or annual accounts are filed, if the current year turnover reached the equivalent in LEI of 500,000 EURO

11. Q&A ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE

12. Thank you for your attention! Silvia Claudia Mihalcea Director-General Ministry of Justice National Trade Register Office Buchrest, 2013 ROMANIA MINISTRY OF JUSTICE NATIONAL TRADE REGISTER OFFICE