investing guide 2014
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www.pwc.com/md
Investing Guide
Moldova 2014
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Dear Reader
Moldovas objective is to provide a transparent and supportive business environment, competitive at the
regional level. The Constitution provides non-discriminatory treatment and guarantees the inviolability of
both foreign and domestic investments by ensuring the supremacy of
international law, the maret economy, private property and separation of power between !overnment
branches.
Moldova is a rapidly developing country and, with the support of development partners, has entered a
deep transformational phase in the process of negotiating the "ssociation agreement with the #uropean
$nion. This means adopting the ac%uis communautaire in most areas, adopting and implementing
international standards, and infrastructure rehabilitation, all of which is already resulting in attractive
investment and business opportunities for local and international business.
&hat Moldova needs most at the moment is foreign private direct investment in innovative production,
because '() also means technology, now-how and higher turnover.
The Ministry of #conomys priorities are to improve the business environment, increase economic
competitiveness in light of the implementation of the (eep and Comprehensive 'ree Trade
Agreement with the EU, implement infrastructure improvements, promote energy efficiency, etc.
Moldova offers a silled and relatively competitive worforce combined with a uni%ue opportunity to
access western and eastern marets in a free trade regime.
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For industrial producers, Moldova also offers specific locations in Industrial Parks and Free
Economic ones with fiscal and administrative incentives, support from the state and free trade
regimes with a maret of *++ million consumers in the #$ and C).
ew industrial sectors are developing in Moldova, such as )CT, automotive, energy and renewables,
manufacturing, etc. Moldova is raned in the top + countries in the world for speed, penetration and
availability of the )nternet.
This investment guide provides a fair image of Moldova. ) hope it will answer most of your %uestions
about my country and help you to tae an investment decision.
!ast "ut not least, I would like to e#press my gratitude to Pricewaterhouse$oopers for taking the
lead and preparing this )nvestment !uide to Moldova
Andrian Candu
%eputy Prime Minister
Minister of #conomy
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Partner Letter
It is with great pleasure that Pw$ participates in the pu"lication of the 0)nvesting !uide Moldova
+123, in cooperation with the
Ministry of Economy and MIEP&.
4ie many countries in the region and around the globe today, Moldova continues to face e5ceptionaleconomic challenges.
evertheless, the Moldovan !overnment is committed to taing the necessary steps to encourage
investment and ease the burden of doing business in Moldova.
This guide aims to provide a comprehensive overview of the business environment as well as some of
the administrative practicalities of investing and conducting business in Moldova. &e trust you will findthe information useful as you pursue opportunities in this emerging market.
Pw$ has "een advising companies and individuals on how to do "usiness Moldova since
'((). &ur significant e#perience in the local market, as well as the strength of our regional and
glo"al networ, bring you the right mi5 of local and international e5pertise to help you improve the
performance of your business in Moldova.
6ours faithfully
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Ionu Simion
Partner, Pw$
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Why invest in Moldova?
'avourable geographical position at the crossroads of commercial routes
Pro#imity to large world markets *European Union and $ommonwealth of
)ndependent tates7
Platform for manufacturing and e#porting "oth to the $I+ and to the EU
Competitive general corporate income ta5 rate in the region 8 19
Ta5 and customs framewor similar to that of the #$
Considerable networ of operational (ouble Ta5 Treaties and )nvestment
Protection Agreements
Maret access through three 'ree Trade "greements including:
-& mem"ers *worldwide
Autonomous -rade Preferences *EU countries
%eep and $omprehensive Free -rade Area *%$F-A
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$EF-A mem"ers *most /alkan countries
$I+ mem"ers *with certain e#ceptions
#ntrepreneurial activities under preferential terms and conditions developed in free
economic ;ones
&ell-silled multilingual worforce
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5|Investing Guide Moldova 2014
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Moldovan business
environment
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6
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Central and territorial organisation
The e!ubli" o# Moldova is a s$all%
densely !o!ulated "ountry% &hi"h gained
its inde!enden"e and be"a$e a sovereignstate on 2' August 1((1)
It is situated in +outh Eastern Europe, north of the
/alkan Peninsula. -he total area is 00,120 s3uare
km. -he distance "etween the 4orth and the +outh
e#tremities is 056 km, and from East to est is '56
km. Moldova shares "orders with
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:omania
C h i s i n a u
Muni"i!alities
Autonomous regions
Ukraine
$hiinBu
!agau;ia
/BlCi
Transnistria
/ender
Districts
"nenii oi
$imilia
!lodeni
>ngerei
/asara"easca
Criuleni
nceti
oroca
/riceni
%ondueni
)aloveni
+trBeni
Cahul
(rochia
4eova
GoldBneti
Cantemir
%u"Bsari
isporeni
Gtefan HodB
$BlBrai
EdineC
&cniCa
Taraclia
$Bueni
FBleti
&rhei
-eleneti
Floreti
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:cani
Moldova Administrative Map
:aions *counties
'|Investing Guide Moldova 2014
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International agreements and organisations
Republic of Moldova is a member of the following key organisations*
$nited ations
Council of #urope
$ommonwealth of Independent +tates *$I+
-he International /ank for :econstruction and %evelopment *I/:%
-he European /ank for :econstruction and %evelopment *E/:%
orld -rade &rganisation *-&
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European Union
#uropean )ntegration is a fundamental priority of ( 4ovem"er
>6'0 on the occasion of the Eastern Partnership +ummit in
Hilnius. It is e#pected that the Association Agreement will
significantly deepen MoldovaJs political association and
economic integration with the #$. )t includes the gradualimplementation of a (eep and Comprehensive 'ree Trade
Area and goes 3ualitatively "eyond the current Partnership
and Cooperation "greement wherever possible.
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+
)t is anticipated that the "ssociation "greement between the
#uropean $nion and the
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entitlement to preferential arrangements is compliance with the
EU rules of origin of products. A-P have offered a "asis for
increasing the competitiveness of Moldovan products e5ported to
the #$ and have also stimulated the efforts of Moldovan e5porters
to penetrate alternative marets to those in the C).
The #$ has adopted a (ecision amending and e5tending the
A-P until %ecem"er >6'5, increasing the 3uota for wine
products and a number of sensitive agricultural products.
$onse3uently, Moldova will "e a"le to further "enefit fromthe EU Autonomous -rade Preferences prior to the entry into
force of the (C'T".
CI&
Moldova is part of the $I+ Free -rade Area *F-A. -he
respective 'T" "greement entered into force on + eptember
+1 and repealed the previous bilateral free trade agreementswithin the C). The C) 'T" is currently applicable for si5 C)
countries.
The aim of this "greement is to establish conditions for a free
transfer of goods and services, to provide mutual trade balance, to
stabilise domestic economic conditions and to promote growth of
the economic potential of the member states on the basis of mutual
cooperation.
"lthough the 'T" provides for a free ta5 trade regime, there are
still certain e5ceptions, usually asymmetric in nature.
)n ++, !eorgia, $raine, ";erbaijan and Moldova signed the!$"M agreement regarding the creation of a free trade ;one. )ts
scope is to eliminate customs fees and other ta5es with e%uivalent
effect and %uantitative limitations on trade, as well as to eliminate
the barriers for free movement of goods and services.
Central European Free Trade greement
!CEFT"
In >66) Moldova signed the $entral European Free -rade
Agreement *$EF-A >66), which came into force for our
country on ' May >66=. $EF-A allows duty free access to
the maret of countries from the outh-#astern part of #urope. The
C#'T" agreement has radically evolved since
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Dou'le Ta( Treaties and Mutual $rote#tion
o% Investments Treaties
Moldova has signed comprehensive double ta5ation agreements
with 2( countries, of which 2= are in force.
The (ouble Ta5 Treaties may provide for more favourable ta5
regimes than those provided by the local legislation. "s guidance
on the interpretation of (ouble Ta5 Treaties and, correspondingly,
for ta5 administration purposes, the
$ommentaries to the &E$% Model -a# $onvention on
)ncome and on Capital are used by the ta5 authorities and
ta5payers.
"dditional guarantees and support to investors are offered "y 0(
"ilateral treaties signed "etween Moldova and various
countries for the mutual protection of investments.
The )epu'li# o% Moldova has 'een a %ull mem'er o% the Energ*
Communit* Treat* sin#e 2010+
Economic overview
In 201,- Gross Domesti# $rodu#t !GD$" totalled MD. //-/ million !EU) -44 million"- 3ith an
in#rease o% +/ !in #ompared pri#es" %rom the level in 2012+ Thus- the Moldovan e#onom* en5o*ed
a revival in 201,- %ollo3ing the 2012 re#ession+
'56
'26
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'06
'>6
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''6
'66
(6
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16
=6
)6
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56
>66=
>661
>66(
>6'6
>6''
>6'>
>6'0
>6'2
>6'5
>6')
>6'=
>6'1
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9%P *compared to the last year 9%P *current prices
KPreliminary forecast of 9%P for >6'2;>6'= *sourceL Ministry of Economy
The economy of Moldova is highly dependent of remittances, which
are around >2 of 9%P1.
Production of goods in >6'0 contri"uted to increasing the
9%P with around >), while services contri"uted with
around 51.( *i.e. the main "ranches "eing transport and
14ational /ureau of +tatistics *Main macroeconomic indicators '((5 ; >6'0
10
communication services, wholesale and retail trade services,
construction activities, etc.7.
The e5port volume for the last 1+ years has increased by more
than three times to U+% >,0(( million, with an increase of
'' in >6'0 from the >6'> level.
In >6'0, e#ports of goods to EU countries totalled U+%
','26.( million *i.e. '>.5 more than in >6'>, accounting
for 2=.) of total e#ports *compared to 2).( in >6'>.
E#port of domestic goods constituted U+% ',)'=.0 million
*)=.2 of total e#ports, registering an increase of ').2
compared to +1. #5ports of goods to C) countries totalled
U+% (>2 million, accounting for 01.5 of total e#ports, with
a decrease of +.29 compared with +1.
)mport volume has increased four times in the last 1+ years, while
in >6'0 it registered an increase of 5.2 compared with
>6'> and constituted U+% 5,2(>.= million. Moldova had a
negative trade "alance in >6'0 *amounting to U+% 0,6(0.=
million7.
-he annual inflation rate in Moldova was 5.> for >6'0.
-he unemployment rate was 5.' in >6'0 *a decrease from
5.) in >6'>. -he total amount of unemployed people
includes:
)6.> men and 0(.1 womenN
51.0 ur"an population and 2'.= rural population.
Legal framework
!eneral provisions
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.egal s*stem
The
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amount of shares in bans and prior approval from Moldovan
4ational /ank "efore ac3uisition and for the ac3uisition of
agricultural and forested land.
Pu"lic authorities intending to develop a new investment
policy are re%uired to organise public consultations before
implementing such policies.
)nvestments cannot be subject to e5propriation or to any other
similar measures which can directly or indirectly deprive investors
of their property right or the right to control investments, unless thefollowing conditions are met:
-he measure is undertaken for the general pu"lic goodN
-he measure is not discriminatoryN
Preliminary and e3uivalent compensation of damages is given.
)nvestors have the right to sue public authorities for damages
caused due to illegal actions and decisions. Compensation is paid
in the currency of the investment.
IC&ID Convention
/y ratifying the $onvention on the +ettlement of Investment
%isputes "etween +tates and 4ationals of &ther +tates
*I$+I% $onvention in >6'', Moldova undertook to recognise
any decision *award issued "y I$+I% as "eing mandatory and
committed to ensuring the enforcement of the pecuniary sanctions
imposed by the award on its territory.
$rivatisation
-he privatisation process "egan in '((' with mass
privatisation of residential housing, most small-scale traders and
over half of small;scale enterprises. After '(() privatisation
moved to cashprivatisation with the goal of selling most of the
remaining state assets, in particular large-scale enterprises in the
energy and telecommunication sector. +everal larger
Moldovan firms havebeen sold for cash and debt assumption to
strategic investors. The sale of a cement mill to a leading
producer, leather processing firm, several te#tile producers,
several wineries and a hotel in the capital topped the list of
transactions.
4ew provisions concerning privatisation were approved in
>66=by the 4aw on public property management and its
privatisation. Under the law, the Agency for Pu"lic Property
is the authority which carries out the state policy in the field
of management and privatisation of public property, post-
privatisation activity and e5ercises the functions of the owner of
state property.
The implementation of this law has mared the beginning of a
new stage in the privatisation process, characterised by widening
the types of enterprises subject to privatisation, also
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including those in infrastructureN diversification of the
privatisation methods, as well as shifting the privatisation deals to
the capital maret and restructuring privatised enterprises.
$u'li#9private partnership
&ne of the growing;interest programmes lead "y the
9overnment is the Pu"lic;Private Partnership *PPP. -he
new legal framework for PPP has "een recently approved, of
which the most important are the 4aw on public-private
partnerships and the 4aw on concessions.
ince the adoption of the necessary framewor, the !overnment
has turned to the private sector and promoted the PPP concept toprovide a wide range of pu"lic services previously delivered
solely "y the pu"lic sector. Pu"lic services and infrastructure in
the
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$nder Moldovan legislation, there is no concept of a registered
commercial "ranch of a foreign entity. A representative office
established in the
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The competition legal framewor is formed by the newly-adopted
4aw on competition and the 4aw on state aid.
The 4aw on competition provides the legal framewor for the
protection of competition. )t particularly covers the allowance
and / or control of mergers, abuse of dominant position, unfaircompetition, as well as being aimed at preventing and countering
anti-competitive practices. The secondary legislation supporting
the implementation of the law was approved in >6'0.
-he !aw on state aid entered into force in August >6'0. It
provides for the legal framewor for the methods of authorising,
monitoring and reporting state aid granted to individuals and legal
entities in all areas of the national economy, e5cept agriculture, inorder to maintain a normal competitive environment. "ny state aid
is offered subject to preliminary approval of the Competition
Council.
The Competition Council is entitled to supervise compliance with
competition and state-aid provisions, initiate the e5amination of
any alleged breaches of competition legislation, by its own motion
or at the re%uest of any individual or enterprise affected by the
alleged infringement. $pon the violation of the 4aw, the
Competition Council is entitled to re%uest termination of theinfringement to prescribe "ehavioural or structural remedies
and O or apply fine.
The aim of the new legal framewor is to maintain a competitive
maret and is particularly intended to implement #$ provisions
into national law.
Consumer prote#tion
Consumer legislation contains provisions on the safety of
consumers, liability of producers and sellers for breaches of the
law and their contractual obligations, procedure for concluding
contracts, establishing the shelf-life of food and non-food
products, replacement of products or reimbursement of their cost,
etc.
-he Agency for $onsumers Protection is the competent
authority in this field. -he recent amendments to the
Moldovan competition legislation transposed certain provisions of
the #$ legislation, e.g. concerning unfair business-to-customer
commercial practices, unfair terms in consumer contracts.
Moldovan legislation is under #ontinuous
modi%i#ation 3ith the aim o% harmonisation 3ith EU
regulations
$ri#e #ontrols
There are certain areas in which the !overnment establishes a limit
on the prices for products and services, such as for state-owned
land and mineral resources, transport and post services, medicines,
natural gas, heating and electrical energy, etc. The state usually
intervenes in the formation of prices by limiting the trade mar-up.
$atents- trademar7s and #op*rights
The laws regulating intellectual property in Moldova mainly cover
patents on inventions, copyright and other related rights, industrial
design protection, trademars and appellations of the origin of
goods, plant variety protection and the protection of integrated
circuit topographies.
The state regulatory body in charge of the legal protection of
trademars, patents and copyrights on the territory of the
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)eal estate
The ownership title and other real rights over immovable assets
*e.g. servitude, usufruct, mortgage, etc. are su"
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a! framework
From the ta( perspe#tive- there are 4 operational Ta( Treaties %or voidan#e o% Dou'le Ta(ation
#on#luded '* Moldova 3ith other 5urisdi#tions+
lthough not a mem'er o% the :rganisation %or E#onomi# #o9 operation and Development
!:ECD"-Moldova applies #ommentaries on the rti#les o% the :ECD Model Ta( Convention in
interpreting Dou'le Ta( Treaties+
Corporate )ncome Ta5
Moldova has a #ompetitive general #orporate in#ome ta( !CIT" rate in the region ; 12+ lso-
the %ollo3ing rates are appli#a'le661 8 >6'', for which the withholding rate
is '5
'5 preliminary - from interest paid to individuals. -he "eneficiary deducts *i.e. recovers the '5 - from
annual income ta5 due.
'> preliminary - from royalties paid to individuals. -he "eneficiary deducts *i.e. recovers the '> - from
annual income ta5 due.
'5 preliminary - from interest paid to individuals. -he "eneficiary deducts *i.e. recovers the '5 - from
annual income ta5 due.
=on9residents
$nder the +12 domestic ta5 provisions, the following &?T
rates apply upon payments to non-residents:
) for dividend payouts, e5cept for dividends for the
profits received in >661 8 >6'', for which the withholdingrate is '5N
=
and employment related incomeN
1*9
19 for other income.
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16
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Halue;added ta# *HA-
8AT
+9
standard HA-
*9
certain types of supplies *e.g. "read, "akery products, milk, gas, certain
pharmaceutical products, sugar, phytotechnical products, etc.7
6K
certain supplies *e.g. e#port of goods O services, international transportation, supplies to
and from the territory of 'ree #conomic Bones, import and / or supply of goods and
services destined for technical assistance pro
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do not fall under any specific HA- e#emption.
+uch reverse charge HA- is due "y Moldovan
company and payable to the Moldovan budget at
the date of e5ternal payment.
-he HA- e#emption for long;term assetsintended to "e included in the statutory
*social capital has "een reintroduced, as of
=anuary +12, provided certain conditions are
met.
Input HA- incurred on ac3uisitions of goods and
O or services may "e deducted, provided it is
incurred "y a HA- registered payer to perform
HA-;a"le supplies within its "usiness activity.
A company is re3uired to register for HA-
purposes if the total turnover within the last 1
consecutive months reached the threshold of
M%! )66,666 *appro#imately EU: 0>,=66.
-he optional registering as a HA- payer may
"e performed when the threshold of M%!
'66,666 *appro#imately EU: 5,566 is
reached and other compliance re%uirements are
observed.
+hould the company register a deducti"le
input HA- e#ceeding its output HA-, this
"alance could "e partially refunded, only if
the company carries out a specific range of
"usiness activities *e.g. e#port supplies,
international transportation services,
production of baery and dairy products, leasing
activity, etc.. &therwise, this HA- amountmay "e carried forward to the following
months and offset against the
$ompanyJs future output HA- lia"ilities.
In addition, HA- payers performing capital
investments in Moldova may "e entitled to
refund the recovera"le HA- related to this
kind of capital investment. 4ote that specific
conditions should be met and there are a few
e5ceptions to this rule *e.g. "uildings and
certain transport items. !egal entities not
registered as HA- payers and performing
capital investments *e#penses related tovehicles for transportation, are entitled to
"enefit from a refund of HA- under certain
conditions.
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Ta5ation of resident individuals
esident individuals
= K
annual income up to M%! >=,15> *EU: ',5'(
1*9
annual income e#ceeding M%! >=,15> *EU: ',5'(
)
dividend income *'5 for the period >661;>6''N non;ta#a"le prior to ' 7anuary >661
)KK
social security contribution at the level of employee
>0
social security contribution at the level of employer
29
health insurance contributions at the level of both employee and employer
e5empt
interest incomes from deposits placed in Moldova until ' 7anuary >6'5
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In the Republic of Moldova, there are two progressive Personal income tax (PIT rates !" and #$"%
The &" emplo'ee social securit' contribution rate is applied to a base capped at five times the national average salar' for the 'ear, i%e% M) *#,#*+
(approximatel' -R #,#+* multiplied b' #*%
-he legislation provides an annual fi#ed social security contri"ution for other categories of
ta#payers of M%! 5,=21 *appro#imately EU: 0'6 and for an annual fi#ed amount of medical
insurance contribution paid by other categories of ta#payers, which constitutes M%! 2,65)
*appro#imately EU: >>6.
Ta5ation of foreign individuals
According to Moldovan ta# law, foreign citiDens
*individuals "ecome Moldovan ta# residents if
they stay for at least '10 days during the fiscal
year *which corresponds to the calendar year.
The income derived by foreign individuals falls
under the same
PI- rates as for resident individuals.
/ased on Moldovan ta# law, the o"
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)ncome obtained by the individual is ta5ed
on a cash basis.
"dditionally, for foreign citi;ens and stateless
people employed under labour agreements in
Moldova, social security contributions are
calculated in a similar way as for Moldovan
citiDens *i.e. ) at the employee level and
>0 at the employer level7.
o health insurance contributions are re%uired
for foreign citiDens seconded to Moldova *i.e.
no local la"our agreement. -he respective
foreigners may "enefit from private optional
health insurance.
'oreign individuals with local labour agreements
have to pay health insurance contri"utions as
Moldovan citiDens *2 for each payer category
- employers and employees7.
1+
&ther ta# issues
)ulings
#ven though the law does not provide for the
possibility of obtaining binding rulings, comfort
letters can be obtained. Ta5payers that
inade%uately calculated ta5 liabilities due to
incorrect written e5planations issued by the
Moldovan Ta5
Authorities are not su"
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From a ta# perspective, control is the
ownership *either directly or through one or
more related parties of 56 or more in
value of the capital or voting power of one of the
companies. )n this case, an individual is treated as
owning all e%uity interest owned directly or
indirectly by members of ones family. Two
individuals are related parties if they are spouses
or relatives up to the fourth degree.4ossesincurred in dealings between related parties
carried out directly or through intermediaries are
treated as non-deductible for C)T purposes.
According to current Moldovan ta# law, there
are no formal -P documentation re%uirements.
)t is e5pected, however, that such re3uirements
may "e introduced starting >6'5.
$ermanent esta'lishments !$Es"
Under the applica"le legislation, a PE is not
considered as a form of legal organisation. A
PE represents a purely ta# concept, being
registered with the MT".
A PE may "e deemed to e#ist if a non;
resident entity carries out, wholly or partly,
entrepreneurial activity on the territory of
Moldova either:
directly through a fi#ed place of "usinessN
indirectly through a dependent agent.
Under Moldovan ta# law, PEs are treated as
local legal entities. In general, a PE would "e
su"
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"oreign #irect Investment
Total '()
4et flow of foreign direct investment
into the national economy increased
considera"ly in >6'0, amounting to
U+% >0'.0 million *net value, with an
increase of 0>.' compared to >6'>.
4et foreign direct investment flow is
differentiated "y sector.
-he inflow of net direct foreign
investments into the economy of
Moldova amounted to U+% 021.'
million in >6'0, compared to U+%
056.' million in >6'>. -he "iggest
portion was allocated towards share
capital ; 5>.1 *U+% '10.( million.
&utflows related to F%I were valued
at U+% '').= million, compared to
U+% '==.2 million in >6'>, mainlydue to repayments of loans
previously contracted from foreign
investors *)5.' of total outflows.
-otal stock of foreign direct investment
gained "y 0' %ecem"er >6'0 was
valued at U+% 0,))1.0 million,
consisting ofL e3uity in the share capital
and reinvested income amounting to $(
>,=6(.5 million and intercompany
loans *other capital ; U+%
(51.1 million.
Two thirds of the foreign capital present
in the
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(666
'166
')66
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49/122
1666
'266
-
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50/122
=666
'>66
-
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51/122
)666
G
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5666
'666
D
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53/122
166
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54/122
2666
P
)66
711.5
0666
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55/122
266
541.3
>666
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>66
190.7
258.5
208.3
208
288.2
175.1
231.3
'666
146.2
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73.7
6
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6
>660
>662
>665
>66)
>66=
>661
>66(
>6'6
>6''
>6'>
>6'0
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FDI
F%I*mil.U+%
&ther investments *mil.U+%
9%P *mil.U+%
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+ourceL 4ational /ureau of +tatistics
22
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Major 'oreign )nvestments
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2|Investing Guide Moldova 2014
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In"entives #or investors
In#or$ation te"hnology
.IT/ industry
%uring >6'> ; >6') Moldovan
companies whose main activity is
software development *I-
companies and their employees
may "enefit from a range of ta#
incentives *su"
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24
Investment
support
Invest$ent
Moldova continues to tae steps
towards developing a stronger
economy, reforming a cumbersome
regulatory framewor, combating
corruption and adopting reforms
aimed at improving the "usiness
climate. Poor physical
infrastructure, cumbersome
licensing procedures, e5cessive
permit re%uirements and
proliferation of fee-for-services to
public authorities and commercial
organisations all contribute to a
business environment that remains
among the most challenging in the
region. 'or e5ample, in the (oing
/usiness %ealing with
$onstruction Permits indicator,
Moldova ranks ')1th out of '15
countries and has twice as many
procedures as the average for
&E$% countries.
After a prolonged recession inthe '((6s, 9%P has grown for
seven straight years and inflation
has decreased. Moldova, which
is consistently raned among the
poorest countries in #urope, relies
heavily on investments, foreign
trade and remittances sent by
Moldovans woring abroad for
economic growth. 6'> the Moldovan
Parliament approved the
4ational %evelopment +trategy
*4%+ ?Moldova >6>6@. -he 4%+
0Moldova ++3 was developed
through broad-based consultations
with staeholders and civil society.
"ttracting '() is critical to
enhancing several pillars of the
(.
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$uman capital
(emographic data
;o!ulation 9du"ation
-he :epu"lic of Moldova has a
population of 0.55=) million.
Moldovans represent the largest
ethnic group *=5.1, followed "yUkrainians and :ussians *1.2
and 5.( respectively and
smaller minorities such as the
9agauD minority *an ethnic group
of -urkish origin, 2.2 and
/ulgarians *'.(.
"ccording to the latest data, 2.9
of the population live in ur"an
areas. $hisinau municipality has
a population of 162.5 thousand
people and the /alti municipality
has '2(.1 thousandpeople.
,anguage
The main language spoen in
Moldova is
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Students by Indicators% ypes of institution and &ears
200+=0(
200(=10
2010=11
2011=12
2012=1
Thousand
Total
)6=.(
5=(.1
55=.(
50=.'
5'1.1
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!eneral schools
20).'
2'5.5
0().5
01'.2
0)).6
Hocational schools
>2.0
.
1.2
>6.0
'(.)
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Colleges
0>.=
0>.>
0>.>
0'.2
06.=
?igher educational
''2.(
'6(.(
'6=.1
'60.(
'6>.5
institutions
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Per '6,66
Total
',=62
',)>=
',5)).(
',561
',2)'
inhibitants
!eneral schools
1,
','))
',''0.)
',6='
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',60>
Hocational schools
)1
)>
)6.>
5=
55
Colleges
*
(6
(6.0
**
1)
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?igher educational
0>>
061
06>.1
>(>
**
institutes
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4abour costs
9$!loy$ent in"o$e
#mployee gross income includes:
"asic payN
overtime payN
supplementary payN
awards and "onusesN
compensation from unused holiday or vacation timeN and
"enefits in kind *e.g. housing allowances, compensation
for school fees, food and personal travel e5penses7.
Moldovan ta# law provides for special rules *i.e. ta#
e#emption regarding income obtained by members of
diplomatic missions, and other missions accredited as such, and
their personnel.
The annual personal allowance provided for Moldovan
residents is M%! (,5') *appro#imately EU: 5>6.
Individuals can also "enefit from a spouseJs e#emptionof the same amount, provided the spouse does not use it in
the respective year.
In addition, individuals "enefit from an annual allowance
of M%! >,'>2 *appro#imately EU: '>6 for every
dependant *e#cept for those disa"led since childhood,
who are entitled to M%! (,5') *appro#imately EU: 5>6
e#emption per year. If a dependant has several carers,
e5emptions for dependants will be given to every carer.
o"ial se"urity "ontributions
Contributions to the ocial 'und are mandatory for Moldovan
citi;ens, but unlie ta5es they have an e5act destination and
are available for refund to the ta5payer in the form of
pensions, allowances, etc.
'or more details on social security contributions, please refer
to the 0Ta5ation of individuals3 section above.
>ealth insuran"e "ontributions
The mandatory health insurance contribution, calculated as a
percentage of wages and other forms of payment and
remuneration.
'or more details on health insurance contribution please refer
to the 0Ta5ation of individuals3 section above.
Te$!orary &or in"a!a"ity related "osts
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"llowances for temporary wor incapacity due to common
illnesses or accidents unrelated to work *with some
e#ceptions are paid as follows:
the first five calendar days ; paid "y the employerN
starting with the si5th calendar day 8 paid by the social
security state budget.
26 .ource/ 0ational 1ureau of .tatistics
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Salary inflation history and forecasts
Pw$ Moldova annually *since >66= performs a +alary and /enefits +urvey 8 Payell Moldova. -he participants in the
Payell Moldova +urvey are companies from different industries *i.e. I-$, FM$9 Industries, Pharma, and /anking
including the leaders on the Moldovan maret.
The table below describes the average monthly salary in the
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Payell
M%! 5,5=1 *EU: 062
M%! 5,5)6*EU: 060,
M%! ),='2 *EU: 0)).
/"
Moldova
*=5 higher
*)) higher
4abour regulation
4abour relations in Moldova are regulated by the 4abour Code
*effective as of ' &cto"er >660, $ollective !a"our
$onventions *at national, territorial, "ranch and company
level and other special laws *e.g. !aw on wages. !a"our
legislation provides employees with minimum guarantees which
cannot be worsened or limited by an employment contract. Certain
aspects of employer - employee relations are governed by internal
regulations adopted at the company level "y the employer
*e.g. staff handboo7.
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of the trade union into account when adopting internal regulations
*i.e. internal policies or dismissing trade union members.
alaries and &ages
"n employer may not negotiate and establish a basic salary lower
than the national minimum gross salary. This is currently M(4
',)56 *a"out EU: (6 per month for privately;owned
companies.
Trade unions
Traditionally, trade unions were very tough in labour relations
negotiations. They are currently effective in obtaining minimum
wage legislation, as well as other basic rights for employees. They
also conclude annual collective labour agreements at different
branch and company levels.
$nion membership for employees is not compulsory, but unions
still have a high level of influence in large and state;owned
enterprises. )n small private companies they tend to be less active.
#mployers should ensure the necessary conditions for the activityof unions. $nions have no right to participate in the management
of a company and its commercial activity. evertheless, sometimes
the employer should tae the opinion
-he national average monthly salary is M%! 0,=)5 *a"out EU: >66
in >6'0, having increased "y 1.0 from the previous year.
Currency regulations demand that salary payments be made in
local currency *M%!, including those to foreign staff.
9$!loy$ent "ontra"ts
The conclusion of written individual employment contracts with all
employees is compulsory. The contract should contain provisions
concerning the employee position, salary level, woring conditions
and other mandatory issues.
"s a general rule, employment contracts are concluded for an
indefinite period. Fi#ed;term employment contracts may "e
concluded only in specific situations provided for "y the !a"our
Code. #mployment contracts may provide for a trial period of
employment up to si5 months.
2'|Investing Guide Moldova 2014
Woring >ours
The standard woring wee stated in the 4abour Code is 2+ hours,
over five or si# working days a week, "ut generally from
Monday to 'riday.
-he law defines limits and rates for overtime, holiday O
weekend and night wor. &oring hours on weeends or holidays
can be either compensated with free time or paid. &vertime is
generally paid as '56 of the hourly rate for up to a
specified num"er of hours and ++9 beyond that.
;aid >olidays
"nnual paid vacations are established at a minimum of *
calendar days a year. "dditional paid leave can be given to
employees for special occasions such as a marriage, birth of a
child, death of relatives, study, etc. ic and maternity leaves are
paid from the +ocial Insurance /udget.
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Ter$ination o# 9$!loy$ent
"n individual employment contract may be terminated at the initiative
of the employers on the specific grounds stipulated "y the
!a"our $ode *e.g. failure of trial period, staff redundancy,
systematic non-compliance with regulations / re%uirements or absence
of the employee from the woring place, theft, etc7.
-he !a"our $ode gives additional protection to specific
categories of employees, including minors, female employees,
employees with children, union members and various other
categories. -here are specific situations in which
employment cannot "e terminated "y the employer *e.g.
during sick leave or maternity leave7.
+everance payments may appear in specific situations such
as termination of the contract due to li%uidation of the employer,
staff redundancy or when the employees health situation restricts
his performance in the position held, or the employee is
insufficiently 3ualified "ased on a decision of the attestation
commission.
3oreign &orers
'oreign citi;ens who wor in Moldova based on a local labour
contract or those seconded to Moldova have to obtain a wor
permit. +pecific incentives in o"taining the work permits are
provided for the management of large companies with foreign
investments.
In#rastru"ture
201
8olu$e o# goods trans!orted by
u$ber o# trans!orted !assengers by !ubli"
!ubli" trans!ort enter!rises
trans!ort enter!rises .thousands/
.thousand tonnes/
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railway
5,20'.2
railwayK
0,=)1.>
auto
*,1*2.1
bus and micro-bus
''2,)22.1
naval
')>.)
naval
'').2
air
'.0
air
)55.6
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Total transported goods
'0,==(.2
Total transported passengers
'>6,'6'.)
K7anuary 8 4ovem"er >6'0
+ourceL 4ational /ureau of +tatistics
2+
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"ir Transportation
Ten air carriers operate in Moldova and perform regular flights. -he "iggest air carriers are the pu"lic enterprise ?Air
Moldova3 and the private company 0Moldavian "irlines3. 'oreign airline companies present in Moldova are: "ustrian
Airlines, $arpatair, Air /altic, -urkish Airlines, iDDair, Fly%u"ai, -andem Aero, += Airlines, -arom, Meridiana,
4ufthansa, "tlasjet, "erovit and $tair.
'ommercial air transport
Scheduled flights
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@ear
;assengers
'reight and
Passengers
'reight and mail, tonnes
mail, tonnes
>665
216,=15
',=>)
22=,5(0
',526
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>66)
52),)00
',101
5'',0'5
',)5>
>66=
)1=,>>'
>,>)>
)2=,0)'
>,'0)
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++*
125,(>)
>,2)(
102,612
>,>>5
>66(
16),510
,+1
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=(=,51)
',1)5
+1+
(0),>>)
>,0(1
(>1,=)'
>,065
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+11
',622,=15
>,='6
',60),51=
>,)2)
+1
',>>6,2()
>,=))
',>6(,2(6
>,))>
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>6'0
',0>',0)>
>,1'(
n/a
n/a
+ourceL 4ational /ureau of +tatistics
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2(|Investing Guide Moldova 2014
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aval transportation
9iurgiulesti International Free Port *9IFP, MoldovaJs only port accessi"le to sea;going vessels, is situated '00.1 km up the
:iver %anu"e in the +outh of Moldova. 9IFP serves as the only direct sea / river-borne transhipment and distribution point to and
from Moldova.
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0
ey lo"ations for
investments
Moldova has designated areas &here do$esti"
and #oreign investors "an "arry out
entre!reneurial a"tivities under !re#erentialter$s and "onditions .i)e) #avourable ta%
"usto$s and other regi$es/)
These designated areas are the 3ree 9"ono$i"
:ones .39:/ and Industrial ;ars .I;/)
"ree Economic (ones
'#B are parts of the Moldovan customs territory, separate from
the economic perspective, in which local and foreign investors
may carry out entrepreneurial activities under a preferential
regime, i.e. "enefiting from special guarantees and
facilities *ta#, customs, regulatory, immigration, etc..
'#B are created for a period of at least + years. Moldova
currently has seven FE, esta"lished "etween '(() and
+11, located all over the countrys regions. There is also an
international free port *+outh and airport *4orth;
#ast7, with status similar to '#B.
FE residents should "e registered in Moldova *legal
entities with local, mi5ed or foreign capital7 and are selected by'#B "dministration, based on the investment amount and type,
infrastructure available / to be created, type of activities to be
carried out, etc.
The following types of activities may be carried out in '#B:
Industrial production of goods for e#port *apart from ethylic
alcohol and alcohol productsN
orting, pacing, labelling and other similar operations for goods
which transit through Moldovan customs territoryN
&ther au#iliary activities necessary for the "asic activities
a"ove *e.g. utility services, warehousing, construction,
catering etc.N
E#ternal commercial activity *i.e. wholesale of goods imported
into '#B outside Moldova and offered for e5port7.
#ach type of activity within '#B is subject to a separate time-
limited authorisation issued by '#B "dministration.
)nvestments within 'ree #conomic Bones in Moldova now total up
to U+% '(=.( million, with U+% >1.5 million "eing invested in
>6'0 *an increase of '2.) from >6'>. As of ' 7anuary
>6'2, '51 residents were registered in the seven Free
#conomic Bones. The number of employees woring in the
FE as at the end of >6'0 amounted to ),1() people, an
increase of 5.( from the num"er in >6'>.
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taci Dusiness
Marculesti "irport
Dalti
$ngheni
#5po Dusiness Chisinau
Tvardita
Taraclia
Eulcanesti
!iurgiulesti Fort
1|Investing Guide Moldova 2014
FE ?E#po;/usiness;$hisinau@ operates in Chisinau, for theperiod
'((5 ; >6>5. Area managed as free Done 8 >0.) ha *the land is
used '66. In >6'0 it had 2' registered residents from
12 countries. Total investments since the establishment of the
FE amount to U+% 50.( million.
FE ?/alti@ operates near /alti $ity, in the northern part of
thecountry. It was created in >6'6 for a period of >5 years.
FE ?/alti@ is composed of four areasL su"Done ' *>.6> ha,
su"Done > *'6.05 ha, su"Done 0 *''6 ha and su"Done 2
*'> ha. In >6'0, it had >1 residents, including key investor
0(rae5lmaier "utomotive3 4td and, as of late +1, G!ebauer A
!rillerG, one of the leading providers of cables and wires, with an
investment of around $( * million. Total investments since the
establishment of the '#B amount to
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U+% 0(.0 million.
FE ?Ungheni;/usiness@ is located near the city of $ngheni, in
the central region of Moldova, on the west border with .02 ha divided into the main
territory and four su" Dones. In >6'0, there were 05 residents
registered. Total investments since the establishment of the
FE amount to U+% 55.1 million.
FE ?&taci;/usiness@ was esta"lished in '((1 for a period of
>5 years. FE ?&taci;/usiness@ is located in &taci, &cnita
%istrict. It has two su";Dones, of 0>.'= ha and '.6> ha
respectively. In >6'0, nine companies were registered as
residents of FE ?&taci;/usiness@. -otal investments since
the esta"lishment of the FE amount to U+% 0.2 million.
'#B 0Taraclia3 was esta"lished in '((1 for a period of >5
years. Taraclia '#B is located in the south region of Moldova, in
Taraclia (istrict. The 'ree Bone is located along the railway
$hisinau;/esara"ka;:eni, on the territory of several industrial
enterprises, its total area "eing of 0) ha. In >6'0 there were
1+ residents registered. Total investments since the esta"lishment of
the FE amount to U+% '5 million.
FE ?Halkanes@ was created in '((1 for a period of >5 years.
Itis the only FE located in the 9agauDia region, ) km from
Hulcanesti. FE @Halkanes@ has an area of '>>.0 ha divided
in two sectors *=1 ha and 22.0 ha respectively. In >6'0 there
were 06 residents registered. -otal investments since the
esta"lishment of the FE amount to U+% '5.' million.
'#B 0Tvardita3 is situated on the south of the 66' for a period of 06 years. -he
FE area is 0.5= ha. In >6'0, five residents were registered.
Total investments since the establishment of the '#B amount to
U+% '5.5 million.
Marculesti )nternational 'ree "irport was established in ++*for
a period of >5 years. It operates on the territory of the e5-
military aerodrome of Marculesti. )t has a dual-purpose
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airfield, used for military and civil air transportation,
international passenger and freight transportation, and for the
fulfilment of re3uirements for national defence, security and
international commitments of the
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Industrial parks
An industrial park is a
defined area with
technical and
production infrastructure,
where economic
activities, mainly
industrial production,
provision of services,
employment of scientific
researches and O or
technological
development, may "e
carried out, "enefitting
from specific
incentives. -he law on
industrial pars was
adopted in +1+.
An industrial park may
"e created for 06 years
either on the territory of
state or private
enterprises, through
green field investments
or by means of public
private partnerships. )n
practice, an industrial
par is created by means
of obtaining the title of
industrial par by an
enterprise on the basis of
!overnment decision.
This enterprise becomes
the administrator of theindustrial par, i.e. it can
also act as the resident of
the industrial par.
Any legal entity
registered in Moldova
*legal entities with
local, mi5ed or foreign
capital7 can become an
industrial par resident
on the basis of a contract
concluded with the
administrator-enterprise,
aiming to carry out such
activities as industrial
production, service
provision,
implementation of the
scientific researches
and O or technological
development within the
industrial par.
(uring +1+ - +11 three
enterprises obtained the
title of industrial par on
the basis of !overnment
decisions:
Industrial park?/ioenergagro@ is in
Tarigrad, (rochia(istrict
in the northern part of
Moldova. The area of this
industrial park is '0.2(
ha. It is a private
industrial park. -he title
of industrial par was
offered by the
!overnment to
?/ioenergagro@ !!$,
including the plot of
land in their private
ownership, in order to
implement the first
investment pro
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Industrial Park
?$imilia@ is located in
Cimislia city on a
territory with an area of
2+ ha. )t is currently
under construction."ccording to the project,
the areas of
specialisation of this
Industrial Park will
mainly "e the
following: manufacture
of dairy products, oil
production, manufacture
of starch and starch
products, and meat
production, processing
and preserving.
/ased on the o"5 million is
provided for
investments in the
creation and development
of technical and
production infrastructureof the industrial par.
-here are also other
places, identified on
the "asis of feasi"ility
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studies *all the studies
are availa"le at the
addressL
http://mec.gov.md/studii-
de-fe;abilitate/7, suitable
for the esta"lishment of
industrial parks
*Edinet, Falesti, /alti,
?incesti, Cantemir,
Cainari7.
|Investing Guide Moldova 2014
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"E( and I) incentives overview
&ith the aim of attracting investment, Moldova offers incentives for the residents of '#B and )ndustrial pars.
'#B incentives
;rote"tion o# 39: residents against legal
a"ts &orsening the a!!li"able regi$es
+hould newly;adopted laws *?4ew !aw@ worsen the
conditions of '#B residents activity in respect of customs,
ta5 and other regimes provided for by the previous laws
concerning FE *?&ld !aw@, FE residents may
"enefit from the regimes provided "y the &ld !aw forL
1+ years as of entry into force of the ew 4aw, but not
more than the period of FE operation *general ruleN
The whole period of operation within '#B, but not more
than >6 years of entry into force of the 4ew !aw
*special rule applicable to residents whose investments in
the fi#ed assets of FE;company or in the
development of
'#B infrastructure e5ceed $( ++ million7.
-he &ld !aw will "e applica"le for the mentioned
period to '#B residents activity within the investment
projects registered before the entry into force of the ew
4aw.
!e"ial ta and "usto$s regi$es
'or +12, the following C)T incentives for '#B investors
are applicable:
#ntities established in the '#B and which e5port goods
and services from '#B to outside the customs territory of
the
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'#B from abroad, from '#B outside the customs territory
of the
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Industrial Parks incentives
IP :esidents and IP Administration may "enefit from the following real estate facilities and !overnment support:
Q 'ree of charge change of the category of land with agricultural destinationN
Q #ntitlement to privatise public property land associated with constructions, at the price land esta"lished "y lawN
Q 'ree of charge transfer of public property assets with the purpose of industrial pars establishment upon owners decisionN
Q "pplication, by the administrating enterprise, of thereduction coefficient down to 6.0 of the tariff set for the annual lease payment for
the pu"lic property landN
Q &ptimisation of state inspections.
Labour * education overview
Most of the FE and IP are located near or within the
"iggest cities in Moldova *$hisinau, /alti, Ungheni,
%rochia.
Most of the universities, professional and vocational schools are
located in Chisinau.
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FE ?/alti@ is located near the /alti $ity in the north region
of Moldova. In /alti there are several higher and medium
education institutions, including /alti +tate University,
%niester Institute of Economics and !aw, /alti Polytechnic
College, Medical College, Technical-
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,o"al trans!ortation
Most of the '#B are located at the intersection of national roads and do have access to railways.
"E( +E!po,-usiness 'hisinau.
1 m to )nternational "irport Chisinau
International road $hisinau;&dessa
'56 km to Free International Airport Marculesti
>26 km to 9iurgiulesti InternaRtional Free Port
"E( /-ALI.
International route 8 ' km from E510
European road *Hienna;UDhgorod;$hisinau;
&dessa;:ostovO%on
ational route 8 location at the crossroads of the
international road M2 */alti;Floresti;+oroca
and the ring road with direct access to the
national road /alti;$hisinau and theinternational road M'2 */alti;Edinet;$ernauti
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$ahul ; 05 km
!ocated close to the international route M0
9iurgiulesti;
Chisinau
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6
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"E( /3ngheni,-usiness.
"E( /araclia.
Q "ccess to the
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Q Marculesti International Free Airport is located at '65 km
Q '56 km from $hisinau
Q The distance to the national road is 1 m.
Q =5 km from 9iurgiulesti International Free Port
Q 05 km from the "order with Ukraine
Q 55 km from the "order with :omania.
"E( /vardita.
#5isting infrastructure:
Q 4ational highway *$hiinBu;$imilia;/asara"easca;$eadSr;
lunga7
Q International Airport at a distance of '>5 km *$hiinBu
'|Investing Guide Moldova 2014
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Success
stories
,a#arge
A world leader in "uilding
materials, !afarge employs)2,666 people in )> countries
and posted sales of EU: '5.>
"illion in >6'0. As a top;
ranking player in the $ement,
Aggregates and
Concrete sectors, it contributes
to the construction of cities
around the world, providing
through its innovative solutionshousing which is more
compact, more durable, more
beautiful and better connected.
&ith the worlds leading
building materials research
facility, 4afarge places
innovation at the heart of its
priorities in order to contribute
to more sustainable
construction and to better serve
architectural creativity.
4afarge has been operating in
Moldova since the ac%uisition
of the :eDina cement plant
in '((( and to date has
invested almost EU: 56
million in modernising the
plant.
)n +1+, the company launched
a new product line aligned with
#uropean %uality standards to
replace the previous product
range. The new product line
was innovative for the
Moldavian market, designed
to "enefit final customers "y
maing their choice and wor
easier.
4afarge is the maret leader in
cement in Moldova. The
company brings to the maret
differentiated and innovative
cements *$EMP!A+-,
$EMF&:-,
$EMF&:-ET-:A and
hydraulic binders for road
infrastructure projects7, with a
wide range of solutions andservices for its customers in
the construction industry.
)n +11, the company e5tended
its presence in the country by
opening of a new operation in
Chisinau to better understand
the needs of its partner
concrete producers. 4afarge
opened a new railway
terminal in $omrat in >6'0
to "ring cement inbags
closer to its customers in the
south of the country.
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4afarge currently operates
from three locations: 2=people.
)n recognition of its
commitment to its customers,
the company won the top pri;e
of 0The !olden Mercury3 for
brand promotion in the
national 0Trademar of the
year3 competition in >6'6,
?-he 9olden Mercury@ in
>6'' *new product line and
?-he 9old Medal@ in >6'>*$oncrete -est $entre. In
>6'0 and >6'2, !afarge
$ement Moldova won the
top pri;e of 0The !olden
Mercury3 for its social
responsibility projects.
#r4!lmaier
5roup
Automotive
The main resident in sub;ones
1 and of the free economic
Done ?/alti@ is the foreign
capital company
?%rae#lmaier
"utomotive3 4td., which
produces electric coa5ial
cables for ma,(66employees and annual
sales e#ceeding M%! 205
million. -he company plans
to e#pand, with an e#pected
'5,666 s3. meters increase
inproduction and warehouse
spaces, investments of $( 1*
million and employing an
additional ,+++ people.
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-he company has
investments of U+% '>.5
million in the :epu"lic of
Moldova, with around (6
employees and annual
sales e#ceeding M%! 266
million. ithin the FE
?/alti@, the company
manufactures insulated
electrical cables for theautomotive industry. As a
%rae#lmaier supplier, a"out
56 of 99 production is
used within the FE ?/alti@,
with the other 56 "eing
e#ported.
,ear Cor!oration
&ne of the most dynamic residents of the free economic Done
?Ungheni;/usiness@ is the foreign capital company ?!ear
Corporation3 4td., the original capital for which came from the
etherlands. This resident is part of the 4ear organiDation
founded in %etroit, U+A, in '('=. ith its head3uarters in
+outhfield, Michigan, !ear maintains >6= locations in 05
countries around the glo"e and employs appro#imately
'66,666 people. &ver 56 of the corporations plants are
located in the $ and Canada. The companyJs key customers
include Ford, &pel, 7aguar, Holvo, MaDda, Fiat,
Holkswagen, Peugeot and 9eneral Motors. $ar seats,
electronic e%uipment and interior elements mae up over *+9 of
its product range.
04ear Corporation3 4td. has been producing e%uipment for motor
vehicles in the free economic ;one of 0$ngheni-
/usiness@ since '> 7anuary >6'6. -he company currently
has over ',)60 employees, with invested capital of over
U+% 1.2 million. The company maes products from te5tiles,
vinyl and leather, with net annual sales reaching M%! =>>.1
million in late >6'0.
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(|Investing Guide Moldova 2014
$owcan we
hel!?
he Ministry of Economy
The Ministry of #conomy is
the !overnments central
public administration body.
The basic functions and
objectives of the Ministry of
#conomy are to direct and
promote state economic
policies, to ensure economic
reform implementation and to
raise the populations living
standards.
The Ministrys mission is to
ensure national economic
growth by optimising the
regulation framewor for
entrepreneurial activity,
creating prere%uisites for
business environment
development, developing
technologies, ensuring
competitiveness, creating an
attractive investment
environment, contributing to
de-monopolisation of thedomestic maret and removing
anti-competitive practices, and
promoting international
economic cooperation.
The Ministry has the following
responsibilities with regard to
investment and e5port
promotion policies:
participate in the development
and promotion of state
investment policies
*including attraction of direct
foreign investment7, free
economic ;ones and e5port
promotion of domestic
productionN
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improve legal framewor in
order to stimulate investment
activityN
ensure the harmonisation of
national legislation with #$rules on investmentN
participate in policies
promoting venture capital
investments in companies with
high degrees of innovationN
help the creation of a
favourable investment climate
for foreign and local investors,
and improve tools for
attracting domestic and foreigninvestment and e5port
promotionN
monitor and analyse the
process of free economic ;ones
establishment and
development, implementation
of strategic investmentpro
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40
Moldovan Investment and
E!port )romotion
0rganisation 6MIE)07 8
&our Reliable )artner
-he Moldovan Investmentand E#port Promotion
&rganisation *MIEP& is a
pu"lic non;profit institution
coordinated "y the Ministry
of Economy of the :epu"lic
of Moldova. MIEP& can "e
considered as a reliable partner
for all potential investors and
importers of Moldovanproducts.
MIEP& was created under
9overnment %ecision no.
'65 on > Fe"ruary '(((
and its services are
provided free of charge. Its
main objectives are:
E#port PromotionN
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'oreign (irect )nvestment
"ttraction.
In order to realise theseo"/ Meetings,
Matchmaking, -raining for local
"usinesses,participation of local
companies at international trade
fairs.
Moldovan investment climate
promotion.
(evelopment of promotional
materials.
Identification of constraints
faced "y investors O
e#porters in setting up their
business in Moldova, by means
of %uestioning companies, with
further development and
submission of relevant
proposals to the !overnment
in order to overcome the
problems.
Coordinates feasibility studies
for investment projects to beimplemented in the
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and foreign importers of
Moldovan products e5amine,
establish and develop business
opportunities in the
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Legal Services
-he !egal team of Pw$
Moldova is a mem"er of an
international network of
Pw$ !egal firms which
includes more than >,666
"usiness lawyers in over =5
countries. Pw$ !egal in
Moldova has "een included
in the top positions in the
rankings of !egal566 and)'4
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accounting standards *U+ or
U 9AAP.
)'
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ey "onta"ts
Ministry of Economy )ricewaterhouse'oopers Moldova
o# the e!ubli" o# Moldova 0= Maria $i"otari +treet
' Piata Marii Adunari 4ationale, Chisinau, >0 1' >>
-el O Fa#L *V 0=0 >> >5 6' 6= O >0 26 )2 Fa#LV *0=0 >> >0 1' >6
e-mail: mineconcomHmec.gov.md
www.mec.gov.md #avid row
Partner 8 $ountry !eader
Investment policies and e!port(avid.TrowHro.pwc.com
promotion division
-el.L *V 0=0 >> >5 6) 5) O >5 6) )1 Ionut Simion
Partner, -a# and !egal +ervices
Moldovan Investment )onut.imionHro.pwc.com
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and E!port )romotion
0rganisation 6MIE)07 8iorelia Gutu
)5 A. Mateevici +treet "ssurance ervices
Chisinau, > >= 0) 52
Fa#L *V0=0 >> >> 20 '6 Aleandru Munteanu
E;mailL officeWmiepo.md Ta5 and 4egal ervices
www.miepo.md "le5andru.MunteanuHro.pwc.com
Aleandru Goun
"dvisory ervices
"le5andru.!o;unHro.pwc.com
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www9pwc9com:md
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The Investing Guide 3as prepared '* $3C Moldova in #ooperation 3ith the Ministr* and E#onom* and the Moldovan Investment and E(port $romotion :rganisation+
=either $3C Moldova nor the #o9authors a##ept an* responsi'ilit* %or losses arising %rom an* a#tion ta7en or not ta7en '* an*one using this pu'li#ation+ It should not 'e
regarded as a basis for ascertaining tax liability in specific circumstances. Professional advice should always be sought before acting on any information contained
in this 'oo7let+
> 2014 IC& $ri#e3aterhouseCoopers dvisor* &).+ ll rights reserved+
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