S-a scris destul de mult in ultimele cateva zile despre legea care reglementeaza statutul de “angel investor”, oferindu-i beneficii fiscale pentru a investi in companii. Legea a fost tratata in general pozitiv de catre presa, nu sunt insa convins ca pe merit.
Varianta finala adoptata in Parlament o gasiti aici [pdf], trebuie sa fie promulgata de Iohannis si sa fie publicata in Monitorul Oficial si, bineinteles, sa fie insotita de norme de aplicare (cele care, de regula, creeaza atat portite pentru meseriasi cat si pun piedici in fata implementarilor normale — cu alte cuvinte, pana la Dumnezeu, te mananca sfintii, ca sa pastram cadrul religios al legii business angel :).
Beneficiile ingerilor, mai putin relevante decat par la o prima vedere
Va invit sa o cititi pentru a va lamuri mai bine, in mare este vorba de 2 idei:
- business angel-ul este scutit este impozitul pe veniturile sub forma de dividende, pentru o perioada de 3 ani, din momentul dobandirii partilor sociale, pentru dividendele aferente partilor sociale dobandite;
- la fel, este scutit de impozitul pentru castigul realizat (asa numitul capital gain) din cesiunea partilor sociale daca instrainarea are loc dupa cel putin 3 ani de la dobandire.
Despre scutirea de impozit pe dividende, numai de bine:
- legea prevede la art. 3 (3) ca “Valoarea [… ] sumelor pentru care se aplica facilitatile acordate […] nu poate depasi valoarea investitiei”. Cu alte cuvinte, beneficiezi de scutirea de impozit pe dividende doar pana la plafonul investitiei initiale, daca dividendele sunt mai mari se plateste impozit pe diferenta.
- in mult-discutatul deja proiect de Cod Fiscal, adoptat de Senat [pdf] si care ar trebui sa intre in vigoare din 1 ianuarie 2016, la art. 23 (a) se mentioneaza deja ca “dividendele primite de la o persoana juridica romana sunt venituri neimpozabile”. Cu alte cuvinte, situatia absurda este ca, pe baza legii business angels, din 2016 vei fi scutit de impozit pe dividende (presupunand ca proiectul se va materializa in lege pastrand continutul acestui articol), insa — halal super-oferta! — nicio persoana fizica nu va plati impozit pe dividende in 2016, business angel sau nu.
- cand vine insa vorba despre tech startups, insasi definitia de business angel presupune un investitor care isi asuma un risc mare investind intr-un business la inceput de drum, cu un potential upside si mai mare, al unui exit exceptional. Ca sa poata spera la asta, singurul motiv pentru care investeste este pentru a ajuta businessul sa creasca — si sa creasca repede — si fix din motivul asta sunt o veriga esentiala in ecosistemul investitional. Asa ca, despre ce dividende vorbim in primii 3 ani?
Idee scutirii impozitului pe capital gains este insa foarte buna si cu siguranta va fi foarte bine primita. Faptul ca nu ai plati impozit pe venit pe diferenta dintre cei 100k EUR investiti acum si potentialul exitul de 1 milion de peste 5 ani suna foarte bine in teorie, in practica trebuie sa mai vedem si faptul ca suntem intr-un climat legislativ total impredictibil, nimeni si nimic nu ne poate oferi garantia ca peste 2 ani din acestia 3.
Legea nu rezolva (si nici nu are cum) problema reala a lipsei de apetit pentru investitii
In realitate insa, chiar daca legea ofera un stimul pentru business angels, nu ma astept sa se rezolve multe lucruri. Discutam recent cu un prieten ca in realitate exista bani in piata de tech, exista multi oameni care au capital — insa din varii motive (lipsa de incredere, de intelegere a modelelor de business, de cunoastere a pietelor, etc.), prefera sa stea deoparte deocamdata.
Asta in conditiile in care BCR (banca #1 in Romania dupa active) iti ofera o dobanda anuala la depozitele in RON de 2% si la cele in EUR de 1%. Din punctul meu de vedere, face 100% sens sa cauti activ solutii cu un randament potential mai bun. Ca e vorba de investitii pe bursa, fonduri mutuale sau startupuri, nu e normal sa tii 100k EUR in depozite care sa iti aduca un return pre-tax de ~ 80 EUR / luna. O investitie intr-un apartament genereaza return-uri de 3-5 ori mai mari, tot pre-tax, in conditiile in care este si ea una destul de risk-safe, ca o fi ajuns la un bottom si piata noastra imobiliara.
Cateva lucruri nu imi sunt insa clare:
(1) De ce legea se limiteaza la SRL fara a include SA-urile? Ok, cele mai mult companii sunt incorporate ca SRL-uri, insa o piata in care capitalul sa curga usor are nevoie si de societati pe actiuni. De exemplu, pentru VC-urile din US, este mult mai la indemana sa investeasca intr-un C-Corp in Delaware decat intr-un LLC;
(2) Nu este oare setat un threshold cam jos? Oricum, avem in piata destui business angels doar cu numele si care nu fac investitii :), 3k EUR e un prag care chiar duce la un comportament investitional real? In US, de exemplu, esti recunoscut ca investitor acreditat doar daca indeplinesti anumite criterii de performanta, iata mai jos despre ce ar fi vorba daca doriti sa va inregistrati ca investitor pe Angel List (plus mai multe detalii gasiti pe Quora sau pe site-ul SEC);
(3) De ce sa nu includem in hora si companiile, acum ca am inteles ca in sfarsit Romania se apropie de o legislatie a holdingurilor facuta destul de ok?
Acum ~ 6 luni, Radu Georgescu venea cu cateva opinii extrem de pertinente despre legea business angels, bazate pe modul in care arata proiectul la momentul respectiv. S-a rezolvat una din probleme, probabil si cea mai mare tampenie care era in text atunci (faptul ca un business angel ar fi cel care imprumuta o companie, nu cel care investeste efectiv), insa mai este de lucru. Ca de obicei in .ro, indiferent de sample, deci fie ca ne referim la tech community fie ca e vorba de entire population.
Tot pe aceeasi tema, am mai citit recent un articol in WALL-STREET: Legea business angels: un pas inainte, dar cu lipsuri. Ce spun specialistii. M-au contrariat un pic 2 feedbackuri:
Legea este perfectibila, atat la nivelul tipurilor de investitie (ar trebui adaugate si investitiile prin marire de capital), cat si la nivelul facilitatilor, dar este un inceput. Marius Ghenea
Daca Marius se referea la investitii prin majorare de capital social, well, despre asta este vorba legea. Daca insa vorbea de aport la capital de assets, well, deja cred ca nu mai vorbim de angel investing aici.
Un alt lucru care cred ca este important si lipseste, este posibilitatea de deductibilitate in cazul in care afacerea da faliment, deductibilitatea sa fie acordata pana in limita sumei investite, si, desigur, daca nu ai alte obligatii fata de stat. Peter Barta
Nu neg ca o astfel de reglementare poate exista in alte piete insa, cumva, ca investitor in startupuri, iti asumi niste riscuri foarte mari pentru niste potentiale castiguri foarte mari. Nu vad, sincer, de ce ar fi nevoie de deductibilitate.
27 julio, 2012 – 15:35 Una gran alegria que comiencen a aparecer iniciativas que aunen el mundo empresarial y el universitario, que tan separados han ido en los últimos ticGpos.mraeias por la información
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Gracias a ti. Me encantará leerlo.Ella es una fetichista, y lo que le gusta es coleccionar los libros que le han gustado, para conservarlos, releerlos. Hay un disfrute muy especial, como de sibarita, muy original también. Yo no soy asÃ, o no lo creo. No, definitivamente, soy poco friki yo. Gracias por pasarte.
a com “Can’t take my eyes off you” (meio clichê né, mas amo esta musica).Agora a entrada na festa depois sinceramente não dei atenção, o DJ botou algo la mas eu nem lembro Agora legal mesmo foi a primeira dança: começamos com uma valsa, e cortamos no meio para uma coreografia cômica de “La Carioca”, do filme francês “La cité de la peur”. Como no Brasil ninguém conhece este filme, todo mundo morreu de rir mas so’ os poucos franceses que estavam na sala é que entenderam o que diabos estava acontecendo… rs
Uite ca am ajuns asta pagina despre Legea business angels, cautand despre maramu.
Acum ce sa zic ca faci treaba super. iti recomand sa vizitezi si pagina web http://cazare-maramures.net o pagina despre maramureseni.
Multam