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Moldova

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Buying a European shelf company with VAT number

Whenever you need to start doing business immediately in a European country and you need a company with a VAT number, you don’t have to wait for the bureaucratic procedures.

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We encourage you to contact our partner law firms in Bucharest: Rolegal and E&C, both part of our legal network.

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Guide to Company Incorporation in Moldavia

January 28, 2013, 9:22 pm
BridgeWest

 1.    What is the minimum share capital for a limited liability company in Moldova?

Those who want to establish a Limited Liability Company in Moldova must provide a minimum share capital of at least 300 minimal wages established by law as of the date of state registration of the company, divided into shares. The value of these shares is determined by the articles of association. Before registration, a minimum of 40% of this sum must be deposited in cash in the company’s account if the company is founded by several members. In case there is only one person that establishes the LLC, the whole sum has to be deposited in the temporary bank account.

2.    What is the minimum share capital for a joint stock corporation in
Moldova?
A Moldavian joint stock corporation requires a minimum share capital of 20,000 MDL (if it is an open joint stock company) or 10,000 MDL (if it’s a closed joint stock company) which can be divided between several founders, money that goes into the temporary bank account.

3.    Are there any special requirements for establishing a LLC in
Moldova?
A limited liability company can be incorporated in
Moldova by at least one natural or corporate body. The number of members cannot exceed 50. A company is considered created after it has been registered in the State Registration Chamber. In order to do this, a number of documents are necessary, together with the proof of paying the tax of registration of approximately 30 EUR. The name of the company must be checked so that it is unique. The documents have to be translated into Romanian. On the other hand, the presence of the founders during the entire process of registration is not necessary, as they can send a POA (power of attorney).

4.    How can I register for VAT in
Moldova?
A company has to be registered to the local tax authorities as a VAT payer if its sales exceed 18.000 EUR during one year. The procedure consists of obtaining a VAT identification number from the Fiscal Inspectorate of the Ministry of Finance and can be performed electronically by the Chamber of Registration after all the registration steps are completed. This number will appear on all invoices. The standard VAT rate is 20 % but may be reduced to 8% for medicines, for goods imported and / or delivered in
Moldova, for the beet sugar imported and / or delivered in the country and 6% for natural gas and liquefied gases.

5.    How can I open a bank account in
Moldova?
A temporary bank account is necessary for starting a company. In this account, at least 40% of the minimum capital share must be deposited and after that, the bank has to confirm the transfer. In order to open a temporary account, the bank usually requires to fill in an application and to bring a copy of the incorporation contract, a decision with regard to additional issuance, together with notarized signatures specimen.

6.    How can I recruit personnel in
Moldova?
There are several recruitment companies and websites for finding the appropriate employees in
Moldova. Companies may also find interested people in the field by advertising in local media (newspapers, local television or radio).

7.    What is the average salary in
Moldova?
The average sum of money paid to workers in
Moldova is approximately 2,985 MDL, which is less than 700 EUR. 

8.    What is the overall economic situation in
Moldova?
The current economic situation in
Moldova has been affected by the changes in the political area, but the agricultural segment or transportation seems appropriate to explore, since their incomes have risen since last year. Moldovan main agricultural products are fruits, vegetables, wine and tobacco. This is due to the fact that the country is situated in an advantageous position and it also has good soil.

Even though the agricultural sector is promising, because low and unpromising economy much of the population was forced to go abroad in search of new sources of financing and as a result  more than half a million of the working population works abroad. Money transfer in the country of this part of the population is the most important source of the Moldavian GDP.

 

BridgeWest offers Company Formation in Moldova.

 




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Company Formation Moldova

Chisinau

BridgeWest provides company formation in Moldova. Our assistance for opening  a company in Moldova includes:

> drafting the Articles of Association (necessary for the company incorporation in Moldova); The Articles of Associat ... [More]

Lawyers in Moldova

Chisinau

BridgeWest provides a wide range of legal services in Moldova through our affiliated Moldavian lawyers and Law Firms in Chisinau and other major cities in Moldova. We are mainly specialized in the main aspects of Moldavian Commercial Law, includin ... [More]