The Diagnosis
Romania has a structural private risk capital deficit, not a talent gap.
71.6% of Romanian startups survive on self-funding alone — the highest rate in the EU. 52.6% report zero employees. Romania ranks last in the European Innovation Scoreboard, consistently. This is a structural public policy gap, not an anomaly.
Capital
The capital exists. It is not reaching the companies that generate growth.
€51 billion in household deposits earns negative real yields while retail capital flows to external markets. The Draghi Report confirms Europe allocates five times less private risk capital than the US. What is missing is a fiscal mechanism that makes early-stage investment competitive.
The Policy Framework
“First cheque gap” is a documented market failure at European level.
Early-stage investment is constrained by information asymmetry and unfavourable risk-return ratios — a structural market characteristic, not a Romanian anomaly. The Draghi Report calls for national fiscal mechanisms to correct it. Article 21 GBER provides the European framework; a compliant scheme requires no prior Commission notification.
International Comparators
Twelve jurisdictions have implemented comparable mechanisms. Results are independently documented.
The UK SEIS documented 46% pure additionality — nearly half of investors would not have deployed capital without it. Poland tripled angel investment volume in two years. British Columbia records a 3.76x fiscal multiplier over two decades. Twelve jurisdictions have proven this model. Romania is next.
The Proposal
RO-SEIS is a two-component scheme, built for the Romanian fiscal reality.
Two components address documented market failures: RISE SEED for early-stage, RISE SCALE for growth-stage. Both deliver an annual tax credit via the Declarația Unică, a three-year holding period, and capital gains exemption at exit. Final parameters are subject to consultation with the Ministry of Finance.
The Design
Five adaptations for implementation without rewriting the Fiscal Code.
Five adaptations fit the scheme to Romania’s existing infrastructure: Declarația Unică integration, digital pre-approval, automatic fiscal document in SPV, Trade Register monitoring, and an independent investor filter. The Declarația Unică workflow already exists. No new infrastructure required.
The Experience
A digital journey in six steps, integrated with the existing fiscal infrastructure.
Six steps, fully digital, no physical files, no counter interaction. Each step is auditable and transparent to ANAF. The design removes the frictions that today make investing in a local startup harder than buying a listed share.
// ROMANIA IN DOCUMENTED INDICATORS
startups on self-funding only
startups with zero employees
private R&D intensity of GDP
European Innovation Scoreboard
The Diagnosis
Romania has a structural private risk capital deficit, not a talent gap.
71.6% of Romanian startups survive on self-funding alone — the highest rate in the EU. 52.6% report zero employees. Romania ranks last in the European Innovation Scoreboard, consistently. This is a structural public policy gap, not an anomaly.
// ROMANIA IN DOCUMENTED INDICATORS
startups on self-funding only
startups with zero employees
private R&D intensity of GDP
European Innovation Scoreboard
Capital
The capital exists. It is not reaching the companies that generate growth.
€51 billion in household deposits earns negative real yields while retail capital flows to external markets. The Draghi Report confirms Europe allocates five times less private risk capital than the US. What is missing is a fiscal mechanism that makes early-stage investment competitive.
// WHERE ROMANIAN CAPITAL SITS
Bank deposits
€51.4bn
Fidelis 2025 bonds
21bn RON
Revolut Romania
4.8m users
EU vs. US households investing actively
17% vs. 43%
Private risk capital vs. US
5x less
The Policy Framework
“First cheque gap” is a documented market failure at European level.
Early-stage investment is constrained by information asymmetry and unfavourable risk-return ratios — a structural market characteristic, not a Romanian anomaly. The Draghi Report calls for national fiscal mechanisms to correct it. Article 21 GBER provides the European framework; a compliant scheme requires no prior Commission notification.
// POLICY REFERENCES
Draghi Report on European Competitiveness
Private risk capital deficit as strategic priority · 2026
Article 21 GBER
European framework for risk finance for SMEs · Regulation (EU) 651/2014
European Commission
Annual national competitiveness assessments
European Investment Bank · EIF
Position papers on early-stage equity gap
International Comparators
Twelve jurisdictions have implemented comparable mechanisms. Results are independently documented.
The UK SEIS documented 46% pure additionality — nearly half of investors would not have deployed capital without it. Poland tripled angel investment volume in two years. British Columbia records a 3.76x fiscal multiplier over two decades. Twelve jurisdictions have proven this model. Romania is next.
// INDEPENDENTLY DOCUMENTED RESULTS
United Kingdom
46% additionality
Poland
3x volume in 2 years
Canada (BC)
3.76x multiplier
France
€1.2bn annually
Germany (INVEST)
60% first investment
The Proposal
RO-SEIS is a two-component scheme, built for the Romanian fiscal reality.
Two components address documented market failures: RISE SEED for early-stage, RISE SCALE for growth-stage. Both deliver an annual tax credit via the Declarația Unică, a three-year holding period, and capital gains exemption at exit. Final parameters are subject to consultation with the Ministry of Finance.
// SCHEME COMPONENTS
RISE SEED
Early stage
· Companies under 7 years from registration
· Gross assets below €12m
· Under 50 FTE employees
· First round of external private capital
RISE SCALE
Growth stage
· Companies under 10 years
· Gross assets below €15m
· Under 250 FTE employees
· Subsequent risk financing rounds
The Design
Five adaptations for implementation without rewriting the Fiscal Code.
Five adaptations fit the scheme to Romania’s existing infrastructure: Declarația Unică integration, digital pre-approval, automatic fiscal document in SPV, Trade Register monitoring, and an independent investor filter. The Declarația Unică workflow already exists. No new infrastructure required.
// THE FIVE ADAPTATIONS
Declarația Unică
Direct integration, without interference with source withholding
Digital pre-approval
Pre-investment fiscal certainty
Fiscal document in SPV
Automatic generation, no new infrastructure
Trade Register monitoring
Preventing early exits through interoperability
Independent investor filter
Guarantee of real economic additionality
The Experience
A digital journey in six steps, integrated with the existing fiscal infrastructure.
Six steps, fully digital, no physical files, no counter interaction. Each step is auditable and transparent to ANAF. The design removes the frictions that today make investing in a local startup harder than buying a listed share.
// THE SIX-STEP JOURNEY
Select
Choose a company with valid digital pre-approval
Invest
Bank transfer documented, shares issued
Certify
Automatic generation of fiscal document in SPV
Claim
Tax credit applied through Declarația Unică
Hold
3-year period monitored via Trade Register
Exit
Capital gains tax exemption, reinvestment possible in ecosystem
Scheme design
Key provisions
Eligible investors
Romanian tax-resident individuals. The investor and affiliated parties may not hold, and must not have held, more than 30% of the ordinary share capital of the investee company in any relevant period. No professional investor licence is required.
Qualifying companies
Romanian-registered companies meeting the RISE SEED or RISE SCALE thresholds. Priority sectors are those with high knowledge intensity, in line with the NACE classification for information and communications and research and development, with possible extension per the impact study.
Minimum holding period
Shares must be held for a minimum of three years from the date of issue. Early disposal triggers clawback of the relief granted, in accordance with standard anti-avoidance rules.
Capital gains exemption
After the minimum holding period, gains on disposal of qualifying shares are exempt from Romanian capital gains tax, a mechanism encouraging long-term holding and ecosystem reinvestment.
Loss relief
Where qualifying shares are disposed of at a loss after the holding period, the investor may offset the net loss, after application of the tax credit, against other taxable income in the year of disposal.
Anti-avoidance provisions
Restrictions on affiliated parties, rules on value received by the investor outside shares, and the condition of no pre-arranged exit at the time of investment. ANAF is designated competent authority for scheme administration and compliance.
European compliance
The scheme is designed for classification under Article 21 of the General Block Exemption Regulation (GBER), covering risk finance measures for SMEs. GBER-compliant schemes do not require prior notification to the European Commission. The detailed compliance assessment is included in the impact study.
Frequently asked questions
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