Business Reforms in Moldova
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Starting a Business: Moldova made starting a business easier by removing the requirement to register with the Social Security Fund.
Starting a Business: Moldova made starting a business more costly by increasing the cost for company registration.
Getting Electricity: Moldova streamlined the process of obtaining a new electricity connection by eliminating the need for new customers with a capacity of less than 200 kilowatts to obtain an inspection from the State Energy Inspectorate.
Paying Taxes: Moldova made paying taxes easier by eliminating a requirement to submit social security documents in hard copy. However, Moldova also made paying taxes more costly by raising rates for road tax, environmental levy and health insurance contributions paid by employers.
Enforcing Contracts: Moldova made enforcing contracts easier by adopting a new mediation law establishing financial incentives for the parties to attempt mediation.
Starting a Business: Moldova made starting a business easier by eliminating an inspection by the Territorial State Fiscal Inspectorate.
Resolving Insolvency: Moldova improved its insolvency system by introducing a licensing system for insolvency administrators, by increasing qualification requirements to include a professional exam as well as training and by establishing supervisory bodies to regulate the profession of insolvency administrators.
Starting a Business: Moldova made starting a business easier by abolishing the minimum capital requirement.
Paying Taxes: Moldova made paying taxes easier for companies by introducing an electronic system for filing and paying social security contributions. On the other hand, it increased the minimum salary used for calculating the environmental tax liability. Furthermore, Moldova increased the employers’ health insurance contribution rate and introduced new filing requirements for VAT.
Getting Credit: Moldova strengthened its secured transactions system by introducing new grounds for relief from an automatic stay during insolvency and restructuring proceedings.
Paying Taxes: Moldova made paying taxes easier for companies by introducing an electronic filing and payment system for the value added tax, corporate income tax, land improvement tax and tax on immovable property.
Resolving Insolvency: Moldova made resolving insolvency easier by introducing new restructuring mechanisms, reducing opportunities for appeals, adding moratorium provisions and establishing strict statutory periods for several stages of the insolvency proceeding.
Protecting Minority Investors: Moldova strengthened investor protections by allowing the rescission of prejudicial related-party transactions.
Paying Taxes: Moldova made paying taxes more costly for companies by reintroducing the corporate income tax—but also made tax compliance easier by encouraging electronic filing and payment.
Enforcing Contracts: Moldova made the process of enforcing a contract more difficult by abolishing the specialized economic court.
Resolving Insolvency: Moldova strengthened its insolvency process by extending the duration of the reorganization proceeding and refining the qualification requirements for insolvency administrators.
Starting a Business: Moldova made starting a business easier by implementing a one-stop shop.
Getting Credit: Moldova improved its credit information system by establishing its first private credit bureau.
Enforcing Contracts: Moldova made enforcement of judgments more efficient by introducing private bailiffs.
Resolving Insolvency: Moldova amended its insolvency law to grant priority to secured creditors.
Paying Taxes: Moldova reduced employer contribution rates for social security.
Starting a Business: Moldova made starting a business easier by implementing an expedited company registration service and making the authentication of specimen signatures when opening a corporate bank account optional.
Registering Property: Moldova made registering property easier and less time consuming by eliminating the requirement for a cadastral sketch.
Paying Taxes: Moldova made paying taxes less costly for companies by reducing employers’ social security contribution rate.
Starting a Business: Moldova cut the time needed to start a business by half by simplifying business registration requirements.
Getting Credit: Moldova improved its credit information system through a new credit bureau law to facilitate the creation of a private credit bureau.
Starting a Business: Moldova made starting a business easier by eliminating the requirement to first obtain permission from the State Inspectorate of Labor and by making it possible to submit online applications for reservation of company names and extracts from the register.
Paying Taxes: Moldova made paying taxes less costly for companies by reducing the corporate income tax rate.
Enforcing Contracts: Moldova improved its contract enforcement system by updating its civil procedure law to make it compliant with international standards and taking measures to reduce judicial corruption.
Labor Market Regulation: : Moldova increased the severance payments applicable in redundancy dismissals.