Moldova is located in Eastern Europe, surrounded by Ukraine and Romania. Moldova currently has about 2.7 million inhabitants, and the capital Chisinau has about 700 thousand inhabitants. It has a diverse economy with a focus on agriculture and the wine industry. GDP per capita in 2019 was $ 4,498. According to predictions, in 2021, Moldova should achieve a growth of 4.3% in GDP.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole proprietorship in Moldova
The sole proprietorship is the most common type of business in Moldova. It is often established due to lower taxes and an easy registration process. Sole proprietorships are also desirable because all the profits belong to the owner. It can also be cooperative ownership with family members. All the property of proprietorship is not distinct from the owner's property.
How to register a sole proprietorship in Moldova
Choose a business name
When you decide that you want to run a sole proprietorship, the first step is to choose if you are going to operate under your name or trade name. To register a trade name, you should get in touch with the Registration Chamber of Moldova. You will be required to select five potential names of your business.
Here are all the documents needed to complete the registration os a sole proprietorship:
- Business name
- Registered address
- Authorized capital amount (not determined by the law)
- Kind of activity
- Chosen bank with the account open
- Selection of the taxation system (common, simplified)
- Other documents requested by ALPS & CHASE
Keep in mind all the submitted documents must be in Romanian. The registration process lasts five working days.