Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the BNM licence, including banking and payment rails.
Get a payment license in Moldova.
Moldova's payment statute is Law 114/2012 on payment services and electronic money, realigned to PSD2 by the 2022 amendments that took full effect on 1 February 2025. The Banca Națională a Moldovei licenses payment companies on MDL 350,000 to 2,200,000 of own capital, decides within 60 working days of a complete file, charges MDL 8,000 or 12,000 for the licence and issues it for an indefinite term. Corporate tax is 12%, and the central bank's MIA system has settled instant payments since March 2024.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Moldova in brief
A PSD2 licence in lei, a 60-day clock, and the lowest tax card between the EU and the Black Sea.
Law 114/2012 is older than PSD2 but was rebuilt on it. The 2022 amendment law brought the service list, the licence types and the registers into line with the directive, with the last provisions applying from 1 February 2025, and the National Bank's Regulation No. 11 of January 2024 rewrote the licensing procedure. Article 9 lets a payment company take the form of a joint-stock company or a limited-liability company. Article 12 sets the own capital the applicant must show on the day it applies: MDL 350,000 if it only remits money, MDL 900,000 if it only initiates payments, and MDL 2,200,000 for the account-based services in points 1 to 5 or for all of them - paid in cash and not from loans. E-money issuers are licensed under Articles 82 and 84 on their own capital figure, and account-information providers register under Article 23¹.
The procedure is written with numbers. The BNM checks completeness within 10 working days under Article 14 and decides within 60 working days of receiving a complete application under Article 18. The licence is issued for an indefinite term, and Article 20 prices it: MDL 8,000 for a company providing only remittance or only initiation, MDL 12,000 for the full service list, MDL 450 for a copy. At the end of 2025 the register held nine non-bank providers - two payment companies, one postal operator and six e-money institutions - in a country of 2.4 million people whose central bank launched instant payments, MIA, in March 2024 and extended them to payments to the state in July 2025. Corporate tax is 12%, VAT 20%, dividends 6%. We run the file from Budapest, in Romanian and Russian, and plan on five to eight months.
Law 114/2012, realigned to PSD2 by 2025. Own capital MDL 350,000 / 900,000 / 2,200,000 by service (Article 12), paid in cash. BNM checks completeness in 10 working days and decides in 60 (Articles 14, 18). Fee MDL 8,000 or 12,000; indefinite licence (Article 20).
Nine non-bank providers at end-2025. MIA instant payments since March 2024. 12% tax, dividends 6%, VAT 20%. Five to eight months realistic. We run it from Budapest.
The routes
Payment company or e-money issuer - with registration for account information.
Two BNM licences at two depths: the payment company for transfers, accounts and acquiring, and the e-money issuer for stored value. Account-information providers register instead. We fix the route first, then build once.
Payment company or e-money issuer - AISP registration for account information.
01 - PAYMENT COMPANY
Societate de plată
A licence from the Banca Națională a Moldovei for the payment services of Article 4 - MDL 350,000, 900,000 or 2,200,000 of own capital by service under Article 12, paid in cash, a 60-working-day decision under Article 18, an indefinite licence and a fee of MDL 8,000 or 12,000 under Article 20.
A licence from the Banca Națională a Moldovei for the payment services of Article 4 - MDL 350,000, 900,000 or 2,200,000 of own capital by service under Article 12, paid in cash, a 60-working-day decision under Article 18, an indefinite licence and a fee of MDL 8,000 or 12,000 under Article 20.
- ✓Transfers, accounts, acquiring, initiation
- ✓Own capital MDL 350,000 / 900,000 / 2,200,000 (Article 12)
- ✓Capital paid in cash, not from loans
- ✓10 working days completeness + 60 working days decision
- ✓Fee MDL 8,000 or 12,000 · licence for an indefinite term
- ✓Own funds by the BNM formula in Regulation 11/2024
02 - E-MONEY ISSUER
E-money - Articles 82-84Societate emitentă de monedă electronică
The licence to issue electronic money and provide payment services alongside it under Articles 82 and 84 - the same BNM procedure, registers and clock, redemption to residents in lei under Article 8, and the own-funds rules of Regulation 11/2024.
E-money issuer: Articles 82-84; capital confirmed in your quote; redemption in lei; same clock and fees.
- ✓E-money issuance plus payment services
- ✓Own capital per Article 82 - confirmed in your quote
- ✓Redemption to residents in Moldovan lei (Article 8)
- ✓Same 60-working-day decision and fee schedule
- ✓Six EMIs on the register at end-2025
- ✓Agents and branches entered in the BNM registers
Costs and timelines are confirmed for your case before any work begins. The MDL 8,000 and 12,000 fees are printed in Article 20; the e-money capital figure, the safeguarding set-up and substance are itemised in your quote.
Why Moldova
A statutory clock, a printed fee, and a 12% rate - next door to Romania.
Moldova is small and cheap to license in, and its law reads like the EU's because it was rewritten to. What it sells is a quick, priced procedure and a tax card few neighbours match.
✓
60 working days
Article 18 gives the BNM 60 working days from a complete application, after a 10-working-day completeness check under Article 14 - a clock in the law.A clock in the law.
✓
MDL 8,000 or 12,000
Article 20 prices the licence and issues it for an indefinite term; the state charge is a line in the budget, not a negotiation.The fee, printed.
✓
Capital in lei
MDL 350,000, 900,000 or 2,200,000 of own capital under Article 12 - the PSD2 tiers at Moldovan scale, paid in cash.MDL 350k-2.2M.
✓
12% corporate tax
A 12% rate with 6% on dividends and 20% VAT - the lightest card between the EU border and the Black Sea.Dividends 6%.
✓
MIA instant payments
The central bank's own instant system has run since March 2024 and took payments to the state from 31 July 2025 - a licensee's rail is already built.Instant payments since 2024.
✓
A register of nine
Two payment companies, one postal operator and six e-money institutions at the end of 2025 - a supervisor that knows each file by name.A supervisor that knows each file.
How it compares
How Moldova differs from other routes.
Moldova offers PSD2 mechanics without a passport, at lei capital and a low rate. The honest comparison is below.
Moldova vs other jurisdictions
| Feature |  Moldova | Other jurisdictions |
|---|---|---|
| Capital | MDL 350,000-2,200,000 | EUR 20,000-125,000 in the EU |
| Decision clock | 60 working days + 10 for completeness | 3 months, or none |
| Licence fee | MDL 8,000 / 12,000 printed | EUR 0 to 10,400 |
| Corporate tax | 12% | 16-25% |
Capital
MoldovaMDL 350,000-2,200,000
Other jurisdictionsEUR 20,000-125,000 in the EU
Decision clock
Moldova60 working days + 10 for completeness
Other jurisdictions3 months, or none
Licence fee
MoldovaMDL 8,000 / 12,000 printed
Other jurisdictionsEUR 0 to 10,400
Corporate tax
Moldova12%
Other jurisdictions16-25%
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Moldova | PI / EMI (BNM) | 12% | MDL 350k-2.2M · 60 working days |
 Ukraine | PI / EMI (NBU) | 18% | UAH 1M-10M · 60 working days |
 Romania | PI / EMI (BNR) | 16% | PSD2 floors · EEA passport |
 Georgia | PSP (NBG) | 15% | Registration · GEL capital |
MoldovaLicense typePI / EMI (BNM)
Taxation12%
RequirementsMDL 350k-2.2M · 60 working days
UkraineLicense typePI / EMI (NBU)
Taxation18%
RequirementsUAH 1M-10M · 60 working days
RomaniaLicense typePI / EMI (BNR)
Taxation16%
RequirementsPSD2 floors · EEA passport
GeorgiaLicense typePSP (NBG)
Taxation15%
RequirementsRegistration · GEL capital
Before you apply
Requirements for the BNM licence.Requirements for the licence.
Articles 14 and 15 list what the application contains and Regulation 11/2024 turns it into a form. The checklist below is what a passing file contains.
01
A Moldovan joint-stock company or limited-liability company under Article 9, with founders that are not in liquidation or insolvency.
02
Own capital on the day of application at the Article 12 tier - MDL 350,000, 900,000 or 2,200,000 - paid in cash and not from loans, with the e-money figure under Article 82 for issuers.
03
A business plan and projections that support the own-funds formula of Regulation 11/2024, applied to the first years of volume.
04
Adequate and secure measures for protecting users' funds, described in the application as Articles 14 and 15 require.
05
Administrators of good reputation and experience, and an AML compliance officer named in the file under Regulation 11/2024.
06
Qualifying holdings and beneficial owners disclosed under Regulation 159/2019 on participations in non-bank payment providers.
07
Governance, internal control and risk management proportionate to the services, with outsourcing arrangements described.
08
Information-security and operational arrangements, and the settlement model through banks or the MIA instant system.
09
AML/CFT policies under Moldova's law on preventing money laundering, with reporting to the Financial Intelligence Service.
10
The licence fee - MDL 8,000 or 12,000 - paid to the state budget within five working days of the decision.
01
Moldovan SA or SRL (Art. 9).
02
Own capital MDL 350k / 900k / 2.2M in cash.
03
Business plan and own-funds formula.
04
Fund-protection measures described.
05
Administrators and AML officer.
06
Holdings disclosed (Reg. 159/2019).
07
Governance, controls, outsourcing.
08
Security and settlement model.
09
AML/CFT policies.
10
Fee paid within 5 working days.
Reflects Law 114/2012 as amended by LP 209/2022 and LP 292/2023, BNM Regulation 11/2024 (amended 2024-2025) and Regulation 159/2019, as of 2026.Law 114/2012 (LP 209/2022, LP 292/2023); BNM Regulations 11/2024 and 159/2019.
How it works
From first call to the BNM register.
01
Route and strategy
Payment company or e-money issuer; service list and capital tier - the route and budget fixed in writing.Payment company or e-money - in writing.
02
Company and capital
Moldovan SRL or SA formed, own capital paid in cash to the Article 12 figure, owners and administrators documented.Formed, paid in cash, documented.
03
The application file
Business plan, own funds, fund protection, governance and AML documentation under Regulation 11/2024 - complete before filing.Regulation 11/2024 documents.
04
BNM review
10 working days for completeness, 60 for the decision, question rounds answered - plan on five to eight months end to end.10 + 60 working days; 5-8 months realistic.
05
Licence and launch
Fee paid, licence issued for an indefinite term, register entry made, rails live - and the reporting calendar running.Fee paid, register entry, rails live.
Quick facts
RegulatorBanca Națională a Moldovei
LawLaw 114/2012 (PSD2-aligned)
LicencePayment company · e-money issuer
CapitalMDL 350k / 900k / 2.2M
Decision10 + 60 working days
FeeMDL 8,000 / 12,000
Timeline5-8 months realistic
Corporate tax12% · VAT 20%
The clock is short and the fee is public. A file that passes the 10-day completeness check on the first reading is what keeps the decision inside 60 working days, and our job.
Your Moldova desk
Run from our Eastern Europe desk.
Prifinance - Eastern Europe desk
Budapest · coordinating Moldovan mandates
Korányi Sándor u. 4, Budapest
01
Moldovan company formation
An SRL or SA with own capital paid in cash to the Article 12 tier and the corporate layer the BNM expects - structured for the licence from day one.SRL, capital in cash, corporate layer.
02
The BNM file
Business plan, own-funds formula, fund protection, governance and AML documentation to Regulation 11/2024 - drafted by us, filed electronically and defended through the 60-working-day review.Regulation 11/2024, filed electronically.
03
Rails and settlement
Bank settlement and MIA instant-payment access agreed before launch, so the licence pays from day one.Banks and MIA.
04
Substance in Moldova
Administrators who pass the BNM's assessment, a compliance officer and premises in Chișinău - the presence the register entry is built on.Chișinău administrators, compliance, premises.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Moldova.
A 12% corporate rate, 6% on dividends and 20% VAT - one of the lightest tax cards in Europe, with a treaty network that reaches the EU.
Corporate tax 12%
The standard rate under Article 15 of the Tax Code on a licensee's fee and margin income.Tax Code Article 15.
VAT 20%
The standard rate with an 8% reduced rate; financial and payment services carry exemptions, technology fees may not - the product mix is mapped early.Reduced 8%; financial services exempt.
Dividends 6%
Withholding on dividends paid to non-residents is 6% - among the lowest rates in the region.Among the region's lowest.
Other non-resident income 12%
Services and royalties paid abroad carry 12% withholding, reduced by treaties where the recipient qualifies.Treaties cut it.
Payroll
Income tax and social contributions on Chișinău salaries - the operating budget prices them in with the compliance and management hires.Income tax + contributions.
Treaties
A treaty network covering the EU and the CIS - outbound flows to the parent are planned with the licence.EU and CIS.
Tax summary
Corporate tax12%
VAT20% · reduced 8%
Dividend withholding6%
Other non-resident income12%
PayrollIncome tax + contributions
Tax treatiesEU and CIS
*Figures as of 2026 per the State Tax Service. Treaty and regime positions are assessed per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Moldovan SRL, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed institution.
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Moldova · BNM
Launch your payment project in Moldova with expert support.
Full-service assistance - from company formation to the BNM licence, fund protection, MIA rails and ongoing compliance.
Get a consultation →Free legal opinion
Is Moldova the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Moldovan payment licence, answered.
What licence does a payment business need in Moldova?+
A licence from the Banca Națională a Moldovei under Law 114/2012 - as a payment company for the services of Article 4, or as an e-money issuer under Articles 82 and 84 for stored value. Account-information providers register under Article 23¹ instead.
How much capital is required?+
Article 12: own capital of MDL 350,000 for money remittance only, MDL 900,000 for payment initiation only, MDL 2,200,000 for the account-based services or the full list - paid in cash and not from loans. The e-money issuer's figure sits in Article 82 and is confirmed for your project.
How long does the BNM take?+
Article 14 gives it 10 working days to check completeness and Article 18 gives it 60 working days from a complete application to decide. Plan on five to eight months from first call to register entry.
What does the licence cost?+
Article 20: MDL 8,000 if the company provides only remittance or only initiation, MDL 12,000 for the full service list, MDL 450 for a copy - paid to the state budget within five working days of the decision. The licence runs for an indefinite term.
How are client funds protected?+
Articles 14 and 15 require adequate and secure measures for protecting users' funds, described in the application; the BNM assesses them in the licensing procedure. The detail is set with the file.
Does the licence passport?+
No - it is a domestic licence for Moldova. Romanian and EU groups pair it with an EU home state; we sequence the two.
How are payment companies taxed?+
Corporate tax at 12%, VAT at 20% with exemptions for financial services, 6% withholding on dividends and 12% on other income paid to non-residents.
What substance does the BNM expect?+
A Moldovan SRL or SA with administrators of good reputation and experience, an AML compliance officer, governance and internal control, qualifying holdings disclosed under Regulation 159/2019, and premises.
Is there an instant-payment system?+
Yes - MIA Plăți Instant, run by the central bank since March 2024, with payments to the state added on 31 July 2025. Rail access is planned with the licence.
Why Moldova rather than Romania or Ukraine?+
Moldova has the lowest tax card of the three and a priced, dated procedure; Romania is the EU state with the passport; Ukraine the larger market. Groups serving the Romanian-speaking corridor license here and add Bucharest when they need the EU.
Which licence?+
BNM payment company or e-money issuer; AISP registers.
Capital?+
MDL 350k / 900k / 2.2M in cash.
How long?+
10 + 60 working days; 5-8 months realistic.
Fee?+
MDL 8,000 or 12,000; indefinite licence.
Client funds?+
Adequate and secure measures (Arts. 14-15).
Passport?+
No - domestic licence.
Taxes?+
12%, VAT 20%, dividends 6%.
Substance?+
Administrators, AML officer, premises.
Instant payments?+
MIA since March 2024.
vs Romania / Ukraine?+
Lowest tax; no passport.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Moldovan route fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Banca Națională a Moldovei or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.