Moldovan parliament approves facilities for investors in IT

Chisinau, 24 February /MOLDPRES/ – Parliament approved the simplified procedures for granting residence rights in Moldova to investors in the field of IT. Investors in IT will be able to operate without being documented with temporary residence permit.  Parliament voted in first reading the legislative initiative of Parliament Speaker Andrian Candu, the parliament's communication and public relations department has reported. 

"Moldova has a chance to become a regional hub, so simplified documentation procedures and creating a competitive environment can attract investors or start –ups in IT," the Speaker said.

The project provides a number of additions to the Law on foreigners in Moldova, as set out conditions of stay in the country of persons responsible for management, investors and highly qualified specialists in IT. The management responsible persons will be able to operate for a period of up to 6 months on aggregate during any period of 12 months, investors – up to three months a year, and specialists of high qualification – for 6 months. Granting and extension of the stay of foreigners skilled in IT will be evaluated by a specialized commission, which has to be set.

Andrian Candu states that legislative changes will help eliminate barriers for investors to encourage investment flows to developing IT industry and provide new economic opportunities for Moldova.

The legislative changes were consulted with development partners and were exposed in the context of law on information technology parks.

According to State Registration Chamber of Moldova, the number of companies in IT, wholly or partly foreign owned, is about 01 per cent of the total number of companies with domestic capital, compared with the average in developed countries – almost 45 per cent.