Viewing and obtaining these documents will be free of charge. To ensure compliance with the new transparency requirements regarding the disclosure of information about legal entities and their registration, the agency will be given up to one year to prepare after the law takes effect.
This refers to a draft law that has been submitted for public consultation through August 20. The document was developed by the Ministry of Economic Development and Digitalization. The amendments apply to joint-stock companies, limited liability companies, and branches of foreign companies.
However, companies will not be required to separately submit financial statements to the Public Services Agency. The agency will receive them from the Public Depository of Financial Statements via an interoperability platform and include them in the company’s file.
The draft also specifies the list of information that joint-stock companies (JSCs) and limited liability companies (LLCs) must include in their business correspondence. This includes the name of the registry, the IDNO, the company’s name and legal form, its location, and, if necessary, information regarding its dissolution or liquidation.
Penalties for Omitting Information
The same information must also be posted on the company’s own website and updated within 30 days of any changes. Fines are imposed for the absence of required information in commercial letters and on the website, as well as for failure to update it in a timely manner.
The procedure for formalizing the powers of members of the management and supervisory bodies of joint-stock companies (JSCs) and limited liability companies (LLCs) is also being clarified. They will acquire the corresponding status as of the date of registration in the State Register of Legal Entities.
For individuals appointed before the law takes effect, the draft establishes a two-year transition period. If a company fails to register such a person within the specified time limit, their powers will be terminated.
JSCs and LLCs will be required to submit an updated version of their founding document to the agency within three years, even if no changes have been made to it since the law took effect.
In addition, the draft law provides for the integration of the State Register into the European BRIS registry interconnection system. This will enable the exchange of documents and data with the registries of other countries.
The provisions regarding connection to BRIS and data exchange will take effect on the date of Moldova’s accession to the European Union. The main provisions of the law will take effect six months after its publication.
