Moldova IT Park will become operational on 1 January 2018 as the Cabinet today approved the initiative that was first announced in October.

The Park, which will begin as a virtual entity, will have a license for ten years, during which it plans to achieve a number of 400 resident companies.

Its goal is to foster the IT industry by offering a predictable regulatory framework, easier business administration rules and fiscal incentives.

Any company can become a resident if 70% of its activity or more is dedicated to soft and video game development, web administration, data processing and other IT services.

The Park’s income will be from membership fees and consultancy services.

The Government appointed Serghei Voitovschi as the Park’s manager for a five-year term.