2025: A Significant Year for the Business Environment in the Republic of Moldova
In 2025, the business environment in the Republic of Moldova reflected both the dynamism of entrepreneurial initiative and the economic pressures that led to the liquidation of a significant number of companies. This article provides a comparative analysis of newly registered and liquidated companies based on key indicators: geographical distribution, monthly evolution, types of economic activities, and legal forms.
The purpose of this analysis is to offer a clear, well-documented, and useful overview for entrepreneurs, investors, economic analysts, and public institutions.
The analysis is based on aggregated data regarding companies registered and liquidated in 2025 in the Republic of Moldova, sourced from the public records of the State Register of Legal Entities. The analyzed indicators provide an objective perspective on the evolution of the business environment, entrepreneurial risks, and national economic dynamics.
General Dynamics of Companies in the Republic of Moldova in 2025
At an aggregate level, the data show that Moldova recorded a high volume of both registrations and liquidations in 2025, indicating an active yet volatile economic environment.
- The total number of newly registered companies is comparable to the number of liquidated companies.
- A high rate of business turnover is observed, especially in certain commercial sectors.
- The capital and major urban centers concentrate the majority of economic activity.
Geographical Distribution of Companies in the Republic of Moldova
Top cities by newly registered companies
| City | Number of companies |
|---|---|
| Chișinău | 5,593 |
| Bălți | 305 |
| Ialoveni | 279 |
| UTA Găgăuzia | 268 |
| Orhei | 222 |
The full list of locations with enterprises is available here.
Observations:
- Chișinău clearly dominates the entrepreneurial landscape.
- The significant gap between the capital and other cities indicates excessive centralization of economic activity.
Top cities by liquidated companies
| City | Number of companies |
|---|---|
| Chișinău | 4,800 |
| Cahul | 417 |
| UTA Găgăuzia | 353 |
| Ialoveni | 325 |
| Bălți | 278 |
Geographical conclusion: The cities with the highest number of registrations are also those with the most liquidations. This confirms that liquidation is a normal process in an active market, rather than necessarily a sign of local decline. However, this geographical concentration highlights not only the economic attractiveness of major urban centers but also a structural dependence of entrepreneurship on infrastructure, workforce, and localized demand. Without coherent regional policies, territorial disparities risk widening further.
Monthly Evolution of Company Registrations and Liquidations
Newly registered vs. liquidated companies (2025)
Interpretation:
- February and March were the most active months for both registrations and liquidations.
- The end of the year saw a slowdown in new initiatives alongside an acceleration in closures, likely due to fiscal and annual reporting reasons.
- The observed seasonality suggests that entrepreneurial decisions are strongly influenced by fiscal cycles, annual budgeting, and financial reporting pressures. This dynamic indicates cautious behavior among entrepreneurs, with a tendency to postpone new initiatives until the beginning of the year.
Economic Activities – What Types of Businesses Are Opening and Closing
Top non-licensed activities – Newly registered companies
| CAEM | Activity Description | Number of new companies |
|---|---|---|
| 4791 | Retail trade via mail order houses or via Internet | 2,493 |
| 7022 | Business and management consultancy activities | 1,671 |
| 4941 | Freight transport by road | 1,668 |
| 4799 | Retail trade not in stores, stalls, or markets | 1,432 |
| 4619 | Intermediation in the sale of miscellaneous goods | 1,403 |
The full lists of licensed and non-licensed activities, as well as the companies, can be found on the Indice portal.
Top non-licensed activities – Liquidated companies
| CAEM | Activity Description | Number of liquidated companies |
|---|---|---|
| 5211 | Retail sale in non-specialized stores with predominant sales of food, beverages, and tobacco | 1,441 |
| 5119 | Intermediation for the sale of a wide range of goods | 897 |
| 111 | Growing of cereals (except rice), leguminous crops, and oil seeds | 852 |
| 511 | Wholesale trade on a fee or contract basis | 831 |
| 5540 | Bars | 742 |
Sectoral conclusion:
- Trade, transport, and auxiliary services are the most common sectors, but also the most volatile.
- Fields with low entry barriers have the highest failure rates.
Legal Forms – Structure of the Business Environment
Newly registered companies
| Legal Form | Number |
|---|---|
| Limited Liability Company (SRL) | 8,572 |
| Individual Enterprise | 754 |
| Individual Agricultural Enterprise (Peasant Farm) | 238 |
| Other forms of associations | 172 |
Liquidated companies
| Legal Form | Number |
|---|---|
| Limited Liability Company (SRL) | 5,315 |
| Individual Enterprise | 2,951 |
| Individual Agricultural Enterprise (Peasant Farm) | 1,710 |
| Closed Joint-Stock Company | 56 |
Analysis:
- The dominant legal form is clearly the SRL, both in registrations and liquidations.
- There is a large gap for Individual Enterprises and peasant farms between registrations and liquidations.
Overall Totals – The Entrepreneurial Balance Sheet of 2025
Total number of companies
Interpretation:
In 2025, the number of liquidated companies exceeded the number of newly registered companies, resulting in a negative entrepreneurial balance. This imbalance reflects a challenging economic context in which only a portion of entrepreneurial initiatives manage to consolidate and remain active on the market.
Final Conclusions – What the Data Tell Us About Moldova’s Economy
The data for 2025 indicate an active business environment undergoing structural adjustment. The excess of liquidations over new registrations does not signal economic collapse, but rather a natural selection process for business models. The market eliminates undercapitalized or poorly adapted initiatives, while entrepreneurial activity remains concentrated in urban areas with strong infrastructure and demand.
For entrepreneurs, these trends underscore the importance of a medium- and long-term strategic approach. Easy market access alone no longer guarantees sustainability. Differentiation, digitalization, and strong financial control have become decisive survival factors. Sectors with low entry barriers continue to attract many new initiatives, but high volatility requires rigorous planning and greater adaptability to market changes.
From a public policy perspective, the results highlight the need for measures focused not only on stimulating the registration of new companies, but especially on reducing the mortality rate of existing firms. Support for regional development, access to finance, entrepreneurial education, and fiscal stability can significantly contribute to strengthening the business environment and transforming entrepreneurial initiative into a sustainable driver of economic growth.
