Moldovan law on small, medium enterprises to be published in Official Journal on 16 September

Chisinau, 15 September /MOLDPRES/- The Law on Small and Medium Enterprises (SMEs) will be published in the Official Journal of Moldova on 16 September. The document sets the framework of legal activity of these enterprises and supports measures on behalf of the state for creating and developing the SMEs.

Under the new provisions, the state controls made during the first three years of activity of enterprise will have a consultative character, except for cases when offences are found out. At the same time, the entrepreneurs having no enough resources to develop business will be able to ask for assistance from the credit guarantee fund for SMEs. The fund is meant to facilitate accessing credits by the enterprises which do not have sufficient mortgage, providing guarantees of returning the loan in the conditions established.

The draft law also sees creation of an Advisory Board for SMEs, in charge of analyzing “the evolution of the sector and working out recommendations for improving the business environment. The Board will represent a platform of dialogue between entrepreneurs and public authorities, in order to give the business environment opportunity to participate in improving the legislative and normative framework,” the draft law reads.

To enhance competitiveness and develop entrepreneurial spirit among young people, the document sees introducing entrepreneurial education at all levels of the education system, starting from the primary one.

In Moldova, the SMEs account for 97.4 per cent of all enterprises and cover 56.2 per cent of all employees. In 2014, the share of small and medium enterprises stood at 32.2 per cent of the Gross Domestic Product. 

The law will enter into force upon expiration of 90 days following the date of publication in the Official Journal of Moldova.

(Reporter A. Plitoc, editor A. Raileanu)