This comprehensive guide offers an in-depth look into setup of IT company in Moldova, highlighting the country’s low tax benefits in Europe, strategic advantages through the Moldova Innovation Technology Park (MITP), and streamlined processes for foreign investors from the USA, Russia, Germany, and other global tech players.
Table of Contents
- Setting Up an IT Company in Moldova
- Company Formation Process
- Applying to Moldova IT Park
- Bank Account Opening in Moldova
- Tax Benefits in Moldova
- Moldova’s Strategic IT Advantages
- Highlights of the Moldovan ICT Sector
- MITP in Numbers
- Conclusion
- Contact Us
Setting Up an IT Company in Moldova
Starting an IT company in Moldova is becoming an increasingly attractive option for global investors due to the country’s progressive tech policies and significant tax incentives. Moldova offers a business-friendly environment with a focus on fostering growth in the IT sector, making it a prime location for startups and established companies aiming to expand their presence in Europe by setting up an IT company in Moldova.
Company Formation Process
The company formation process in Moldova for IT specialists is designed to be straightforward and investor-friendly, particularly for international entrepreneurs. Here’s how you can start:
- Choose Your Business Structure: Moldova offers various business structures such as Limited Liability Companies (LLC), Joint Stock Companies, or simpler forms like Individual Entrepreneur setups, depending on your business needs and scale.
- Register Your Business Name: Select a unique name that meets Moldovan regulatory requirements and reflects your brand identity. Our team at Incorpore can assist in securing your business name with the Moldovan trade register.
- Legal Documentation and KYC: Compliance with Know Your Customer (KYC) and anti-money laundering regulations is essential. You’ll need to provide detailed documentation for all company shareholders and directors.
- Notarization and Power of Attorney: If you are setting up your business remotely, you will need to notarize certain documents and possibly grant power of attorney to us to act on your behalf during the registration process.
- Opening a Corporate Bank Account: A key step in your business setup is opening a corporate bank account. Moldova offers reliable banking solutions that cater to the needs of international businesses.
- Acquiring Necessary Licenses and Permits: Depending on the nature of your IT business, specific licenses or permits may be required. Our team provides full support in navigating the regulatory landscape.
Applying to Moldova IT Park
To capitalize on Moldova’s IT-focused tax incentives after IT company setup in Moldova, businesses must become a part of the Moldova IT Park. We assist companies in preparing and submitting their application, including the necessary letter of intent, to join this dynamic tech community.
Bank Account Opening in Moldova
Opening a bank account is a crucial step in establishing your business in Moldova. The process involves:
- Gathering Documentation: Collect all necessary documents, including company formation papers and identification documents for all major stakeholders.
- Compliance Checks: Complete a thorough KYC process to meet the compliance standards of Moldovan banks.
- Choosing the Right Bank: Select a bank that matches your business needs. Options include top banks such as Moldova-Agroindbank, Moldindconbank, Victoriabank, and OTP Bank, known for their robust services and support for international clients.
- Setting Up Your Account: With our assistance, set up your corporate bank account to manage your financial operations effectively within Moldova.
Tax Benefits in Moldova
One of the most compelling reasons to set up an IT company in Moldova is the favorable tax environment, prominently featuring a 7% flat tax rate within the MITP. This rate consolidates several taxes that would otherwise be higher and more complex to manage, including:
- Corporate Income Tax
- Personal Income Tax
- Social Security Contributions
- Health Insurance Contributions
- Various Local Taxes
- Road Taxes
- Real Estate Taxes
Moldova’s Strategic IT Advantages
Moldova is strategically positioned to offer numerous advantages for IT businesses, including a highly educated and multilingual workforce, state-of-the-art ICT infrastructure, and close cultural and economic ties with the European Union.
Highlights of the Moldovan ICT Sector
The ICT sector in Moldova is robust and offers significant growth potential, supported by extensive fiber and 4G coverage, competitive internet speeds, and a strong focus on digital innovation and e-government solutions.
MITP in Numbers
The Moldova Innovation Technology Park has shown impressive growth, indicative of its success in fostering a conducive environment for tech companies:
- 1,690+ resident companies
- 665+ million EUR in turnover for 2023
- 21,000+ employees in resident companies
- Services exported to 39 countries worldwide
- Major investments from the USA, Romania, Germany, Russia, and Italy
Conclusion
Setting up an IT company in Moldova offers unparalleled benefits, including significant tax advantages, a dynamic tech ecosystem, and comprehensive support for international businesses. Whether you are an American, Russian, or from any other global tech hub, Moldova presents a strategic opportunity to expand your IT business.
If you’re interested in exploring IT opportunities in Moldova, or if you need assistance with the setup process, please contact us. Our team at Incorpore is dedicated to providing expert guidance and services to ensure your company thrives in Moldova’s vibrant tech landscape.
