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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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Partner Law Firms

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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Tax Minimization Structures

BridgeWest is specialized in special corporate structures designed for tax minimization. No matter where you want to incorporate your company, you will need to consider how you can legally minimize costs.

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Set up a company in Moldavia

January 28, 2013, 9:45 pm
BridgeWest

Even though Moldova is not an EU member state, there are several trade treaties signed with other countries, making this country an interesting place to invest.

Moldavia offers plenty of incentives and opportunities, having an open policy for international business.

There are no relevant restrictions for foreign investors willing to set up a company in Moldavia, as they benefit from non-discriminatory treatment.

Any investor who wants to set up a company in Moldavia may find the incorporation procedure as being complex because of a bureaucratic hurdle, but in fact the process is not so difficult and takes few days to be completed. However, it is strongly recommended to hire a specialist in this filed to perform the below operations.

 

Preliminary activities prior to registering Moldavian joint stock and limited liability companies

The first step needed in order to set up a company in Moldavia consists in choosing a unique name for the business.

The founders can verify its uniqueness at the State Registration chamber, either in person, either by an online procedure.

There must also be opened a bank account in order to deposit the minimum share capital.

The minimum share capital that must be injected for Moldavian a limited liability company is MDL 5,400, while for a joint stock company the founders must deposit MDL 20,000.

At the incorporation moment the founders must provide at least 40% of the share capital and the remaining sum must be deposited within 6 month of registration.

After depositing the share capital the bank issues a certificate needed in further procedures.

 

Registering limited liability and joint stock companies in Moldavia

In order to register and have a completely functional Moldavian company, the founders of a limited liability company or a joint stock company must file the relevant company documents at the State Registration Chamber.

There are certain documents that must be submitted in order to obtain an IDNO: articles of association, specimen signatures and certification of the bank payment and the verification on the uniqueness of the name.

The State Registration Chamber in Moldavia gives a response in 2 days, but there may also be required additional information for a favorable decision.

In order to set up a company in Moldavia, the State Registrar issues a certificate of registration and validates the certification of signatures, official company stamp and publishes the announcement of the company's incorporation in the National Gazette.

Also an IDNO number (Unique State Identification Number) is received by the newly formed company.

 

Register at the Ministry of Information Technologies and Communication

The company’s founders must file the bank certificate that proves the share capital deposit before the Register. In the same time an order for the company stamp is launched and the newly formed company receives an official stamp from the Ministry of Information Technologies and Communication.

The registration certificate will also be issued.

 

Registering with the local Fiscal Inspectorates of the Ministry of Finance

In order to register for VAT, the founders of limited liability and joint stock companies must submit an application to the local Fiscal Inspectorates of the Ministry of Finance of Moldavia. The application must also contain certain documents, such as the articles of association, certification of the bank deposit and registration certificate.

 

Registering Moldavian companies with the Statistics Department of Moldavia

When the registration certificate is issued, the company must register with the Statistics Department of the Republic of Moldavia.

In this sense, the company will receive a statistics code according to the location of the company and to the activities established in the company's acts.

When this action is accomplished, the founders must convert the temporary bank account into a permanent one, in order to be used for regular operations.

 

 

Registering with the Social Security Fund in Moldavia

When all the previous actions required to set up a company in Moldavia have been successfully accomplished, the new formed company can hire personnel.

In this sense, the company must notify the Social Security fund in order to register and obtain a social security number for each employee.

The procedure is simple and consists in completing a questionnaire for each employee which must be presented it along with a copy of the employee's passport to the National Security Fund. This action must be done within 10 days of signing the labor contract.

 

Registering with the National Medical Insurance Company

The new formed company must also register with the National Medical Insurance Company within 10 days of registration. This action must be accomplished in order to conclude a medical insurance agreement.

 

Establishing a Moldavian company from abroad

Any foreign investment in Moldavia is welcomed, as there are few regulations and there are mostly positive aspects. Foreign investment may be realized into all branches of economy of Moldavia, provided that state security and environmental interests are not violated. In order to set up a company in Moldavia from abroad, the law does not impose permanent residence for foreign investors, nor does it inflict restrictions to fully foreign owned companies. An authorized representative may establish the company on the basis of a power of attorney.

 

How long does it take to establish a company in Moldavia?

 

Even though the procedure of setting up a company in Moldavia requires several actions, the approximate time frame does not exceed nine working days. Most of the procedures are completed in the same day as the application is submitted, except filing the company documents with the State Registration Chamber, which can take 2 days and registering with local Fiscal inspectorates of the Ministry of Finance.  

 

BridgeWest offers Company Formation in Moldova.

 




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