When registering a business organization, the founders will no longer need to open a temporary bank account and to deposit at least 40% of the company’s registered capital in it. The Government approved relevant amendments to a number of legal acts, IPN reports.

Under the amendments, the legal entity or private entrepreneur will not be obliged to register at the tax body if the state registration number represents their fiscal code. The obligation to purchase stamp was eliminated. Only those who want will buy a stamp. Deputy Minister of Economy Octavian Calmac said the changes are aimed at simplifying the procedures for starting a business and at reducing the time spent and costs incurred by entrepreneurs. This will enable Moldova to move up in the international rankings, including the World Bank’s Doing Business.

The National Participation Council, which represents civil society, approved of these amendments, but formulated a number of recommendations. According to it, the bill should specify that the entrepreneurs whose identification number does not represent their fiscal code will not be forced to register, for example, at the local offices of the State Registration Chamber or the branches and representative offices of companies that do not have the status of legal entity. This is needed in order to avoid doubling as the branches and representative offices are already registered at the State Registration Chamber.