New rules for limited companies of Moldova: entrepreneurs to get more freedom for growth. development of business

Chisinau, 31 July /MOLDPRES/ - The parliament today approved new measures, which will provide more flexibility in the management of business.   

Thus, entrepreneurs, especially those associated in limited liability companies (Ltd companies), will get more freedom for the growth and development of business and will have less bans in terms of law.

The amendments made to the legislation provide decision-making alternatives for associates, possibility to use corporate governance systems, specify the rights of the associates and facilitate the procedures of use of these rights, simplify and optimize the procedures. Also, the maximal threshold for the number of associates for Ltd companies will be excluded, proceeding from the good international practices, which do not see such limits.      

The contract on foundation and the status of the company, which to a great extent, overlap, will be merged into a single foundation act. The amendment will simplify the task of both the economic agents and the state’s institutions. As for the companies’ registered share capital, the MPs propose the removal of the present restrictions, so that this capital can be created or increased at the expense of assets, including of consumable ones.   

Also, the assemblies of the associates could be held online and without procedures of convening and the documents will be able to be preserved in electronic format, and thus the starting of business by Diaspora citizens will be encouraged. At the same time, the associates will have right to be represented by an administrator, which will be able to be  legal entity too.    

Photo: Parliament