The biggest 100 small and medium-sized companies set up by first-time entrepreneurs in Romania posted a turnover of over EUR 39.8 million last year, and made profits of EUR 2.6 million.

They had some 730 employees, according to data from the Trade Registry, cited by local Ziarul Financiar.

In 2011, the Government launched a program for supporting first-time young entrepreneurs set up small and medium-sized companies, SRL-D. The program allowed young entrepreneurs under 35 who had never had a business before set up their first firms without paying any taxes and provided up to EUR 10,000 worth of non-reimbursable funding to these companies based on business plans.

Over 30,000 firms have received funding through this program up to now. The young entrepreneurs have managed to create about 60,000 new jobs during this period. The program has a budget of EUR 5 million this year.

Three-quarters of the biggest 1,000 companies in Romania have foreign capital. Romania has 30 companies per 1,000 people, almost half the EU average.

editor@romania-insider.com