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Changes to the New Law on the Trade Register
Some changes have been made to new Law on the Trade Register that came into force on 1.01.2008. This Law refers to the registration of new business companies in Bulgaria as well as registrations of all existing companies in the new online trade register. The changes are a result of the confusion that started with the requirement the re-registration of the companies to take place before 30.06.2008 as now the Law states that all existing companies must be registered in the new register by 31.12.2010. If this is not done, they will be removed from the register of companies in Bulgaria resulting in loss of their assets (properties for example).
Now the company owners are also given the opportunity to give Power of Attorney for re-registration with an Apostille to their lawyer who will sign the declarations on their behalf while previously the owners had to sign the declarations in person before an embassy official. The new Law also allows the company owners to publish their financial reports online within a period of 3 months after their re-registration, as BULGARIAN PROPERTIES can assist them with that.
So, if you have a company in Bulgaria, you need to register it in the New Trade Register by 31.12.2010. Although there is suffucient amount of time it would be good to organise your company re-registration at your earliest convenience. A suitable time will be during your next visit to Bulgaria.
If you have any questions, please contact us
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