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of July 21, 2016 No. 179

About the small and medium companies

(as amended on 27-04-2023)

The parliament adopts this organic law

Chapter I. General provisions

Article 1. Subject, purpose and tasks of the law

(1) This law establishes the legal basis of activities of the micro, small and medium companies and measure of the state support for their creation and development.

(2) the Purpose of this law is promotion of sustainable development of the micro, small and medium companies by means of improvement of the legal base and economic conditions within which they are created and function.

(3) Tasks of this law are providing and increase in competitiveness and efficiency of activities of the micro, small and medium companies, and also assistance of timely adaptation to changes in economy and technologies.

Article 2. Sphere of regulation

(1) Operation of this law extends to all the micro, small and medium companies irrespective of type of property and organization-legal form which in total constitute the sector of the small and medium companies (the small and medium companies, or MSP) and answer the criteria determined in Article 4, excepting the physical persons working at the basis of the entrepreneurial patent and legal entities of the public law.

(2) the Concept "small and medium companies" and abbreviation of MSP will be used in all regulating, statistical and other official documents published by bodies of the public power and public organizations.

Article 3. Basic concepts

In sense of this law the following basic concepts are used:

innovative activities – the activities performed for the purpose of improvement or creation of the new products, technologies, processes or services conforming to practical requirements and market requirements;

competent authority – the central industry bodies of public management, public organizations and bodies of local public authority given authority on development and/or implementation of policy in the field of MSP;

business angels – the physical persons and legal entities investing equity in development of the company for the purpose of acquisition or stock subscription or share in the authorized capital of the company which they support;

the cluster – consolidation of the interconnected companies located in geographical proximity from each other and belonging, as a rule, to one industry or allied industries and also research establishments, universities and other organizations which activities are concentrated on innovations and cooperation allows to increase competitive advantages of the companies;

advisory state control – the state control exercised by monitoring bodies at the small and medium companies for the purpose of the prevention of violations of the law by provision of consultations concerning their activities and elimination of the revealed violations without application of sanctions;

crowd funding – the method of financing of projects with use of on-line resources (forums, social platforms, etc.) entering remuneration technique instead of classical system of collection of donations. Initiators of the started project create network which members offer money in exchange for the services or products generated by the project;


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