\nAsocia\u0163ia TechAngels, cea mai mare organiza\u0163ie a investitorilor priva\u0163i \u00een startup-uri tehnologice din Rom\u00e2nia, critic\u0103 inten\u0163ia Finan\u0163elor de a impune convertirea automat\u0103 a \u00eemprumuturilor acordate companiilor de asocia\u0163i, sus\u0163in\u00e2nd c\u0103 m\u0103sura va bloca finan\u0163area start-up-urilor locale \u015fi va duce la o migra\u0163ie a acestora c\u0103tre alte jurisdic\u0163ii mai favorabile.<\/p>\n
\n\u201eTechAngels Rom\u00e2nia avertizeaz\u0103: propunerea de capitalizare obligatorie a \u00eemprumuturilor acordate de ac\u0163ionari \u015fi investitori pune \u00een pericol ecosistemul local de inova\u0163ie, descurajeaz\u0103 investi\u0163iile private \u015fi risc\u0103 s\u0103 accelereze mutarea startup-urilor rom\u00e2ne\u015fti \u00een alte jurisdic\u0163ii mai favorabile\u201d, a comunicat asocia\u0163ia. Reac\u0163ia TechAngels vine la dou\u0103 s\u0103pt\u0103m\u00e2ni dup\u0103 ce propunerile Finan\u0163elor au ap\u0103rut \u00een spa\u0163iul public.<\/p>\n
\nSchimb\u0103rile vor avea \u201econsecin\u0163e grave pentru start-up-uri\u201d, adaug\u0103 TechAngels. \u201e\u00cen\u0163elegem c\u0103 Guvernul are de luat m\u0103suri dificile pentru a redresa economia, a combate fraudele \u015fi a colecta mai corect taxele \u015fi apreciem faptul c\u0103 a lansat consult\u0103ri cu mediul de afaceri, singura modalitate prin care pot fi g\u0103site solu\u0163ii echilibrate. \u00cen acest spirit constructiv, subliniem \u00eens\u0103 c\u0103 exist\u0103 un specific al startup-urilor tehnologice, pentru care prevederea de mai jos genereaz\u0103 consecin\u0163e grave:<\/p>\n
\n\u201eDac\u0103 [\u2026] societatea [\u2026] \u00eenregistreaz\u0103 \u015fi datorii fa\u0163\u0103 de ac\u0163ionari\/asocia\u0163i rezultate din \u00eemprumuturi sau alte finan\u0163\u0103ri acordate de ace\u015ftia, [\u2026] la expirarea termenului procedeaz\u0103 la majorarea capitalului social prin conversia acestor crean\u0163e.\u201d (Art. 153\u00b2\u2074 alin. (41) din proiectul aflat \u00een consultare)<\/p>\n
\nAceast\u0103 prevedere vizeaz\u0103 direct modul specific \u00een care sunt finan\u0163ate startup-urile. \u00cen primii ani de via\u0163\u0103, startup-urile opereaz\u0103 aproape \u00eentotdeauna cu pierderi \u015fi capitaluri proprii negative. Pentru a continua s\u0103 creasc\u0103, ele primesc finan\u0163\u0103ri succesive de la fondatori \u015fi investitori sub form\u0103 de \u00eemprumuturi convertibile, un instrument esen\u0163ial, folosit peste tot \u00een lume pentru flexibilitatea lui.<\/p>\n
\nPrin noua regul\u0103, aceste \u00eemprumuturi ar fi transformate automat \u00een ac\u0163iuni, chiar dac\u0103 nici compania, nici investitorii nu doresc asta la acel moment. Consecin\u0163ele sunt serioase: se blocheaz\u0103 folosirea \u00eemprumuturilor convertibile, se for\u0163eaz\u0103 modific\u0103ri \u00een structura ac\u0163ionariatului, se creeaz\u0103 situa\u0163ii de dilu\u0163ie nedorit\u0103 pentru al\u0163i ac\u0163ionari \u015fi se elimin\u0103 libertatea de decizie a celor care au finan\u0163at compania.
\nAceasta nu este doar o chestiune de form\u0103 juridic\u0103: efectul practic este c\u0103 se taie exact mecanismul care permite startup-urilor s\u0103 supravie\u0163uiasc\u0103 p\u00e2n\u0103 la momentul profitabilit\u0103\u0163ii sau scal\u0103rii globale. \u00cen loc s\u0103 sus\u0163in\u0103 inova\u0163ia \u015fi investi\u0163iile, prevederea descurajeaz\u0103 capitalul privat \u015fi \u00eei \u00eempinge pe antreprenori s\u0103-\u015fi mute companiile \u00een alte jurisdic\u0163ii mai favorabile.<\/p>\n
\nSubliniem c\u0103 niciun alt stat membru UE nu impune conversia for\u0163at\u0103 a \u00eemprumuturilor \u00een capital social. Directiva UE 2017\/1132 las\u0103 decizia \u00een m\u00e2inile ac\u0163ionarilor, asigur\u00e2nd transparen\u0163\u0103 \u015fi responsabilitate, nu constr\u00e2ngere. Rom\u00e2nia risc\u0103 s\u0103 devin\u0103 o excep\u0163ie negativ\u0103, pierz\u00e2nd investi\u0163ii \u00een fa\u0163a \u0163\u0103rilor care cultiv\u0103 un cadru legislativ predictibil \u015fi favorabil inova\u0163iei.<\/p>\n
\nRecunoa\u015ftem c\u0103 Guvernul a f\u0103cut deja pa\u015fi \u00een direc\u0163ia corect\u0103, precum renun\u0163area la impozitul pe cifra de afaceri (IMCA) \u015fi preluarea unor propuneri venite din mediul de afaceri. Totu\u015fi, corectarea urgent\u0103 a m\u0103surii privind capitalizarea obligatorie este esen\u0163ial\u0103 pentru a nu bloca finan\u0163area startup-urilor inovatoare \u015fi a nu sabota poten\u0163ialul de cre\u015ftere al Rom\u00e2niei\u201d, conform TechAngels.<\/p>\n
\n\u201eNoi, investitorii business angels, am contribuit \u00een ultimii 13 ani la lansarea \u015fi dezvoltarea a c\u00e2teva sute de companii rom\u00e2ne\u015fti de tehnologie. Acestea pl\u0103tesc taxe \u015fi creeaz\u0103 locuri de munc\u0103, chiar \u015fi \u00een perioadele \u00een care nu au \u00eenregistrat profit. M\u0103sura propus\u0103 va bloca exact mecanismele prin care startup-urile reu\u015fesc s\u0103 atrag\u0103 finan\u0163are \u015fi s\u0103 devin\u0103 campioni globali. Rom\u00e2nia nu \u00ee\u015fi poate permite s\u0103 exporte inova\u0163ia \u015fi companiile cu poten\u0163ial global c\u0103tre alte \u0163\u0103ri doar pentru c\u0103 acestea ofer\u0103 un mediu legislativ mai predictibil. Dac\u0103 ne dorim ca valoarea ad\u0103ugat\u0103 \u015fi locurile de munc\u0103 bine pl\u0103tite s\u0103 r\u0103m\u00e2n\u0103 aici, trebuie s\u0103 construim un cadru fiscal \u015fi juridic care s\u0103 \u00eencurajeze, nu s\u0103 alunge, investi\u0163iile private\u201d, a declarat Marius Istrate, Chairman of the Board, TechAngels Rom\u00e2nia.<\/p>\n
\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Reac\u0163ia TechAngels vine la dou\u0103 s\u0103pt\u0103m\u00e2ni dup\u0103 ce propunerile Finan\u0163elor au ap\u0103rut \u00een spa\u0163iul public.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[32891,7172,246,7136,183,149,7633,7068,11880,541,16769,9184],"class_list":["post-239754","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-accelerare","tag-actiuni","tag-crestere","tag-finante","tag-imprumut","tag-investitii","tag-investitori","tag-mutare","tag-organizatie","tag-propunere","tag-reactie","tag-risc"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/239754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=239754"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/239754\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=239754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=239754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=239754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}