Adolescents aged 16-18 in Romania will soon be granted the authority to establish and oversee a specific sort of business entity.
Fresh Take:
Get ready, teens of Romania! aged 16 to 18 are about to join the big leagues with a new type of company, called a "firma de exercitiu" (practice firm), aka S.R.L.-FE for short. Here's the lowdown on this sweet deal, straight from the horse's mouth:
First off, you'll need your folks’ blessing to set up or join one such company. And hey, chances are you've already got a good idea of the ins and outs of business since entrepreneurship studies are a thing from high school days. So, the legal eagles think you've got the brains and the maturity to take responsibility for your decisions. After all, this is the age when you can sign a job contract and get yourself a driver's license for select vehicles!
Now, you can only manage one such practice firm at a time, so don't go crazy setting up a company farm. Also, adults can't boss you around as the practice firm needs to be run by its creators. And here's some more good news: your new company can have up to three activity groups, excluding finance, insurance, real estate, gambling, weapons manufacturing, tobacco production, alcohol distribution, and controlled substances trade.
Financial-wise, your practice firm can have assets worth up to RON 100,000 (€20,000) or a yearly turnover of the same amount, tax-free. But if your company does better than that, it'll lose its privileged status and financial activities will cease.
And best of all, on your 18th birthday, your practice firm has to fold if it's just you or the youngest member running the show. You've got 45 days to convert it into a full-blown company or shutter it entirely.
So, why should you care? Well, officially, the move aligns with a global trend towards getting youngsters hooked on entrepreneurship and startups. But, if you've got your eye on the digital prize, like creating apps, websites, gaming platforms, or e-commerce sites, this practice firm could be the stepping stone to your future empire!
Source: https://romania-insider.com/your-teens-can-become-entrepreneurs-government-proposes-new-company-type-srl-firma-de-exercitiu/
(Image credit: Stefan Dahl / Dreamstime.com)
- This new practice firm opportunity opens doors for education and self-development, providing an opportunity for ambitious teenagers to dive deeper into business and entrepreneurship, as they are already exposed to these concepts through their high school studies.
- With the ability to handle financial activities within the practice firm, 16-18 year old entrepreneurs can gain valuable experience in areas like app development, website creation, gaming platforms, and e-commerce, setting the stage for success in the digital business world.
