Setting up a company in the Republic of Moldova in just 3 steps
In the 21st century, business is heavily influenced by globalization. The world is more and more connected and boundaries between countries are as thin as they ever were, which gives entrepreneurs from all around the world endless options to choose from regarding the location of their company, the places they can collect the most favorable inputs from and how to share the outputs with a larger audience that consists of global costumers.
The Republic of Moldova is a location that is yet to be discovered as a business destination and an option that suits the needs of entrepreneurs. But it has plenty of advantages concerning company establishment and management, some of them being: low taxes compared to the rest of the countries in Europe, developed banking system, working flexibility of state institutions, online accounting reporting and the use of electronic signatures. Another benefit of setting up a company in the Republic of Moldova is that your involvement in the process can be minimal, as we at Virtual Office offer you personalized solutions that will fit your personal needs.
We provide expert services at every step of the way, starting with registering your company, offering a legal address, creating a bank account, a stamp and even a brand identity for your business, and continuing with taking care of operational tasks such as mail forwarding, secretarial and accounting services which are all designed to help your new company.
Setting up a new firm can often be a daunting experience, especially if you never ran a business before or you are already involved in other projects that are energy consuming. We are a team of experienced professionals that will make the company formation process as smooth as possible, your implication being reduced to a minimum. It only takes 3 days and 3 steps for your idea to become a legal entity that can start its activity on the way to success.
First things first, you have to decide what is the type of activity that your company will undertake so that we can provide advice on the most appropriate entity for your needs. Below, we present some basic information regarding the most popular types of companies. But for a more in depth analysis you can read one of our previous articles on this subject.
A Limited Liability Company is formed by one or more individuals through a written agreement that includes provisions for management, assignability of interests, and distribution of profits and losses. It’s suitable for most trading businesses, it can operate anywhere in the world and can undertake almost any nature of activity other than banking or insurance.
A Joint Stock Company is necessary if the firm is planning to trade its shares to the public. It can operate anywhere in the world and is suitable for any nature of business, but it requires a high initial capital requirement.
A Sole Proprietorship Company is one individual or married couple in business alone. They are the most common form of business structure, it being easy to form and operate and flexible to manage, facing fewer legal controls and fewer taxes. However, the business owner is personally liable for all debts incurred by the business.
Also, at this stage you have to pick the name of your company. This is both an exciting and also very important step, as the name of an enterprise is in most cases correlated to its success. The right name can make your company the talk of the town and the wrong one can doom it to failure. Ideally, your name should convey the expertise, value and uniqueness of the product or the service you offer.
The next step does not require your involvement at all, just provide us with a copy of your Passport (if you are a foreign citizen) or Identity Card (if you are a citizen of Republic of Moldova). We are going to take care of all the needed documents and permits such as: Notification from the National Commission for the Financial Market for insurance agencies, social and pension funds and credit organizations, Decision on the establishment of a legal entity and its constituent documents, confirmation of payment of registration tax and others. Subsequently, we will apply on your behalf for the registration of the company at the Public Services Agency, giving you the opportunity to avoid the lines and the bureaucratic aspect.
The last step consists of signing the company formation documents and receiving your newly registered firm’s document package. This is the only involvement required from you, as it is compulsory that you sign the papers yourself. You will be accompanied by our representatives to the Public Services Agency where you are going to sign the documents, for foreign citizens this procedure is preceded by a visit to the notary where a translator will present all the information included in the documents. We can also arrange transportation and accommodation for you, making sure your trip to Moldova is a productive and pleasant experience.
At Virtual Office, we aim to provide you a hassle-free experience regarding every aspect of your business. You name it and we have a solution to make it easier and more productive. We are all about efficiency and optimization without compromising the results. Embark on a business journey with us and we assure that you can forget about many stressful aspects that running a business implies.