In terms of overall visitors, Moldova welcomed 29,000 travelers in 2020, placing it 192nd in the world. If the amount of travelers is compared to the inhabitants of Moldova: with 0.011 visitors per inhabitant, Moldova is placed 184th in the globe. It came in at number 10 in the EU.
Moldova generated almost 354,000,000 USD in just the tourism industry. This is equivalent to 2.6 percent of its GDP and about 1 percent of all international tourist expenditures in the EU.
A step-by-step guide to business launch
Many people are tempted by these numbers and begin planning a travel agency without doing their homework first. Such a haphazard launch leads to corporate failure. If you want to launch a travel agency and avoid failing. Make sure you adhere to the instructions listed below.
- Create a strategy
Undoubtedly, a corporate strategy is necessary regardless of the field you work in. If you are not looking for credit or investing money in your company, a formalized marketing strategy may not be necessary, but it still helps to have one.
Based on the type of investment you’re seeking; you’ll need a different form of the corporate model.
If your long-term goal is to manage a sizable travel business, you might be willing to apply for a loan. You’ll need a comprehensive organizational scheme with all the facts you require about your enterprise. If you’re keener to start your independent travel agency with your funds rather than requesting outside funding or loans. Your company might do best with a small business strategy that is lighter in complexity.
- Analyze the market
This entails conducting a competitive study to determine the type of travel agency or tourism company that the industry demands. For instance, perhaps there is a need in the tourism industry for honeymoon destinations that offer exciting journeys for newly married couples who prefer to hike than unwind on the beaches. Observe what is missing in the market and then try to fill the void.
Start by doing a thorough search on the tourism industry. Discover who the key competitors are that you’ll be up against, as well as who and what your prospective client wants.
- Create a brand
It’s critical to start working on developing a solid brand reputation as soon as you’ve discovered the market’s characteristics and the precise sector you’ll be occupying.
Given how fiercely aggressive the tourism industry is, establishing a strong reputation will allow your organization to stand out.
- Follow legal procedures
In Moldova, starting a company in the travel industry is not too difficult. When it pertains to licensing as a tour operator and beginning a tourism agency, there isn’t as much regulatory red tape as there is when launching a factory or a pharmacy. Following are the basic regulatory steps that you will have to follow:
Choose the corporate structure
The two types of businesses that can be established most frequently in Moldova are partnerships and corporations. Both general and limited partnerships are possible. The businesses are joint-stock or limited liability firms.
Businesses in Moldova can also be set up as sole proprietorships, cooperatives, or government and municipal companies.
Requirements for registration
Companies must abide by all applicable employment-related, bookkeeping, revenue, and filing requirements. The commercial income tax ratio in Moldova is 12%, although some enterprises that are not recognized VAT payers may be subject to a separate taxing procedure.
Not all business structures call for identical establishment procedures, but all demand state certification and the acquisition of the necessary permissions and licenses. Investors who desire to form an LLC in Moldova must provide the following documents:
- Articles of association;
- Share capital;
- Bank account;
- Objectives of the business; and
- Financial statements.
- Funding
Fortunately, your initial expenses should be manageable: You won’t have to purchase any specialized gear, and you certainly won’t want workspace at first. You might not even require an office building if your goal is to operate online most of the time.
But make sure you have a strategy for getting funds in hand. At the absolute least, you’ll require money for promotional supplies like leaflets, banners, business cards, and a company homepage. Your preliminary investment will probably also go toward any marketing or promotions. You may also decide to hire staff members which would be a fairly significant expense.
- Launch and market
You are now prepared to begin your business after obtaining the necessary approvals and funding. Before launching, begin marketing and promotions. After the business has launched, keep up the marketing. The bulk of your seed funding capital will probably go toward marketing because this is a crucial area to concentrate on when beginning a travel agency or other travel-related business. Developing a marketing strategy as soon as feasible is an excellent idea.
