ONV LAW extends its presence to Chisinau, aims for turnover of 2.5 million Euro in 2024
ONV LAW is extending its consultancy services by inaugurating a new subsidiary in Chisinau, Republic of Moldova. The law firm sets its sights on achieving a cumulative turnover exceeding 2.5 million Euro in 2024, derived from both the local business volume and the contributions of the newly established subsidiary.
The company’s expansion aligns with the favorable economic development context in the Republic of Moldova over the last two years, driven by its proximity to the European Union. The specialized team of lawyers based in Chisinau will play a key role in leveraging foreign investment opportunities, particularly in sectors such as IT, Business Process Outsourcing, automotive, retail, banking, and the tobacco industry. Their focus will be on providing legal assistance to navigate dynamic and thriving business environment in the Republic of Moldova.
“The surge in foreign investments from the Republic of Moldova resulted in a 50% volume increase in 2022 compared to the previous year, as reported by the statistics of the National Bank of Moldova*. In 2023, we notice a sustained positive trend. Through our solid expertise in the segment of international consultancy, encompassing areas such as M&A, corporate law, but also public procurement, we want to be an active part of the development of this dynamic region”, stated Radu Nemeș, Managing Partner at ONV LAW.
Public procurement also offers significant opportunities in the context in which, in the coming years, Moldova will also have access to European financing, totaling over 2.5 billion euros, through the Connecting Europe Facility. These funds will be allocated for significant infrastructure and digitization projects.
Mihail Gorincioi (photo), an experienced lawyer, will take on the responsibility of coordinating ONV LAW’s operations in Chisinau. With a substantial portfolio of projects covering areas such as health and safety, HoReCa, real estate, environmental protection, and the safeguarding of human rights and freedoms, he brings considerable expertise to international consulting endeavors. His track record includes successful project management for clients across various areas, including Belgium, France, and the USA.
“The clients we will manage in Chisinau come from sectors such as financial-banking, logistics and transport, telecom, retail, construction, pharma, IT, the textile industry and infrastructure. The legislative system in the Republic of Moldova, although unpredictable, offers facilities to the business environment such as low taxes compared to the rest of European countries, online reporting of all accounting balance sheets, the possibility of using electronic signatures and low operational costs. In addition, the residents of the Free Economic Zones of the Republic of Moldova enjoy a series of significant benefits related to taxes or VAT. Among the areas of practice that we will focus on in the Republic of Moldova are public procurement, infrastructure, corporate law, real estate, telecom, energy and litigation”, says Mihail Gorincioi.