Buy & Sell Bulgaria Insight Newsletter

DEADLINE for Re-registration of Bulgarian Companies - 31.12.2010

  September 16th, 2010

With reference to the recent amendments made in the Bulgarian Commercial Law and the Commercial Register Law in accordance with the EU Legislation System, herewith we would like to inform you that the company, which you have in Bulgaria, has to be re-registered as required by the provisions of the above quoted laws. An announcement for the compulsory company re-registration was published on our company’s websites:

  • on April 4, 2008

http://www.buy-sell-bulgaria.com/newsletter/2008/04/04/new-trade-register-and-registrations-of-companies-in-bulgaria-all-existing-companies-must-be-registered-by-30062008/#more-333;

  • on May 8, 2008

http://www.buy-sell-bulgaria.com/newsletter/2008/05/08/news-%e2%80%93-the-commercial-register/;

  • and on June 17, 2009

http://www.buy-sell-bulgaria.com/newsletter/2009/06/17/legal-reminder-companies-registered-in-bulgaria/.

Most of our clients have already finalized the re-registration process for their companies in Bulgaria.

We would like to inform you that there are only a few months left before the deadline, set by the Commercial Register for completing the company re - registration process, expires.

Herewith we would also like to give you information about the legal consequences which will follow upon failing to perform as required by the new Commercial Law and Commercial Law Register amendments.

You should know that if you have not re-registered your company in due time, upon the expiry of the set term your company will be announced in liquidation, a liquidator will be appointed and the assets of your company will be sold.

To avoid, such an outcome of your investment in Bulgaria, we would like to suggest to you to re-register your company as soon as possible. Do not wait until the last minute to take the necessary actions. To this respect we would like to offer our professional assistance to you.

Our company lawyers are ready to help you step by step in the company re-registering process.

The highly professional lawyers of Eurolink Investment Group will :

  • explain in depth the entire procedure to you;
  • prepare the necessary documents; and
  • give instructions to you where and how to sign.

You can get their professional services for your company re-registration at the highly competitive fee of € 650.

You are kindly invited to contact our legal consultants via e-mail: legal@buy-sell-bulgaria.com or by phone: +359 52 699 731.

We thank you for your valuable time and kind collaboration in advance

The Ambassador of Cyprus on his first visit to Varna

  July 8th, 2010

Wednesday, 07th Jul, 2010

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The Regional Governor of Varna District, Mr. Dancho Simeonov had a meeting on Tuesday the 6th of July 2010, with the Ambassador of Cyprus to Bulgaria H. E. Mr. Stavros Amvrosiou and the Chairman and CEO of Eurolink Investment Group Dr. Christopher Violaris. The meeting took place at the conference room of the Regional Administration in Varna.

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Bulgaria with Steepest Income, Corporate Tax Reductions in EU

  June 30th, 2010

June 28, 2010, Novinite.com

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Bulgaria’s income and corporate tax rates have seen the greatest decreases in the EU in the period 2000-2010, according to Eurostat data released Monday.

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Important Notice for Owners of Properties in Bulgaria

  June 3rd, 2010

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Please be informed that if you have purchased properties in Bulgaria and due to changes in the Bulgarian Law on Local Taxes, all owners/companies registered in Bulgaria are obliged to submit tax declarations according to Article 14 of above law and to re-declare their properties by end of June, 2010.

Eurolink Financial Group offers you the service of organizing this on your behalf for EUR 100 per property, paid by June 29th, 2010.

Should you wish the procedure to be carried out by our financial specialists, please email us to confirm and arrange payment.

Bulgaria Marks International Children’s Day

  June 2nd, 2010

2nd June, 2010, by Lili Gospodinova

Many events were organized in Bulgaria to mark the day: the Bulgarian State Railroads, BDZ, offered free rides to children under 14 to all destinations in second class cars; the State Agency for Child Protection organized a student competition about knowledge of EU Member State. Education Minister, Sergey Ignatov launched a 3-day information “marathon” titled: “What Social Europe Can Do for You?” In addition to all events, drivers turn their lights on during the day.

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Eurolink Investment Group (EIG) marked this day with the kids from the village of Konstantinovo, Varna Municipality. The local Community Centre had organized many games, a concert performed by children trained at the Centre and a drawing competition. The first place was won by Stella, a girl in 3rd grade of the local school and was rewarded for her beautiful drawing by the Guest of Honor, Mr. Christopher Violaris, Chairman & C.E.O. of EIG. READ MORE »

Dogan’s circles buy bad loans

  May 27th, 2010

25th May, 2010, Novini.dir.bg

bad_loans.jpg Banks sell packages of toxic assets 25% of the value, a rim of the Political Party Rights and Freedom Movement (DPS) allocated € 300 mn for the fraud.

Groups associated to the leader of DPS Ahmed Dogan, have begun an invasion of the bank market. We are talking about an entirely new phenomenon. Many banks sell so-called toxic assets. These are loans that are not serviced more than four months. Their number has recently increased drastically due to the crisis and unemployment. The banks make full packages with 1800-2000 credits each - mainly mortgage and with a particular pledge, offering them secretly on the market in various forms.

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Bulgaria’s Varna Enjoys Parade of Sail of 2010 Tall Ships Regatta

  May 27th, 2010

24th May, 2010, Novinite.com

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The Parade of Sail amazed the viewers in the Varna Gulf before the 22 vessels from the 2010 Tall Ships Regatta set out of Bulgaria. Photo by BGNES

Thousands of residents and guests of the Bulgarian sea capital Varna have enjoyed the marvelous Parade of Sail staged by the participants in the 2010 Historical Seas Tall Ships Regatta.

Led by the Bulgarian barquentine Kaliakra, the 22 participants in the regatta sailed close to the coast in the Varna Gulf in order to demonstrate the beauty and splendor of their vessels.

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United Arab Emirates National Carrier Takes off to Bulgaria

  May 18th, 2010

16th May, Novinite.com

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Photo by EPA/BGNES

Etihad Airways, the national airline of the United Arab Emirates, has launched the sale of tickets for flights to Bulgaria and Romania following the signing of a new codeshare agreement with Greece’s Olympic Air.

The new deal, which comes into effect on Tuesday, 18 May 2010, will also give air travellers in Greece greater and easier access to the Abu Dhabi-based airline’s network of 61 destinations.

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The ruling circles resume bonuses for investments in golf and shopping centres

  May 11th, 2010

May 10th, Actualno.com

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Construction companies building golf courses, shopping malls, hotels and Spa resorts will once again enjoy the privileges offered by the state, says SEGA quoted by CROSS.

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French Company Saint-Gobain Weber Builds 2nd Factory in Bulgaria

  April 26th, 2010

Apr 22nd, 2010, Novinite.com

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Bulgarian Regional Development head Rosen Plevneliev (middle) together with managers breaks the ground of the new Weber factory near Varna. Photo by BGNES

French company Saint-Gobain Weber started Wednesday the construction of its second factory in Bulgaria.

The ground-breaking ceremony for the factory located near Izvorsko village, Aksakovo Municipality, close to Varna, was attended by Bulgaria’s Regional Development Minister Rosen Plevneliev.

The second factory to be built by Saint-Gobain Weber in Bulgaria will also be producing dry construction mixes.

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Bulgaria Aims to Increase Dental Tourism Sector

  April 26th, 2010

Apr 22nd, 2010, Novinite.com

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Xinhua News Agency

Bulgaria plans to put some teeth in its dental tourism sector by implementing a national policy for the fast-growing market as the global economic crisis increases demand for inexpensive treatment.

Bulgaria now attracts only three percent of the dental tourists in the world, said Ventsislav Stoev, a dentist and head of the Bulgarian Association for Health Tourism. “It is a very small part in this fast-growing market especially having in mind Bulgaria’s potential for health tourism,” Stoev told Xinhua.

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EC Grants EUR 20 M Aid to Bulgarian Farmers

  April 15th, 2010

Apr 15th, 2010, Novinite.com

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Agriculture Minister Miroslav Naydenov. Photo by BGNES

The European Commission has approved aid “de minimis” for Bulgaria in 2010, for farms in the country, Agriculture Minister Miroslav Naydenov stated Thursday.

Naydenov, speaking at the opening of the organic products exhibition “Green Days” in Sofia, said that the funding totaled EUR 20 M with a maximum of EUR 15 000 for each farm.

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Bulgaria Favoured For Real Estate Purchases

  April 13th, 2010

April 13, 2010, The Moscow Times

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Bulgaria was the country of choice for Russians buying real estate abroad in the first quarter до 2010, beating out warmer climes like Spain and Italy because of low prices and aggressive marketing, DOKI said in a report.

It’s a title that Bulgaria has held for three years already. But while it used to be the destination of choice for middle-age Russians looking for vacation homes, Bulgaria is now turning into a heaven for retirees looking for a cheap place to live away from Russian winters.

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Bulgaria - most attractive investment destination

  April 12th, 2010

8th Apr, Monitor daily

bulgaria655648.jpg Bulgaria is number one attractive destination for investors. This showed the results of the traditional annual poll of the German-Bulgarian Chamber of Commerce, which was released yesterday. According to it the investors evaluate Bulgaria’s charm for foreign investment with a total score of 2.4 at a maximum of 1 rating. Second, the German contractors rated their own country with an assessment of 2.9, followed by Slovenia, Slovakia and Poland, while China ranks only sixth for attractiveness. “93% of surveyed German companies are extremely pleased with chosing Bulgaria as an investment location and would not look for other places to invest their money”, said Mitko Vassilev, Chief Executive of the chamber. Over the past 8-9 years the trade turnover between Bulgaria and Germany has been constantly increasing, and 2008 was a record-breaking, Vassilev reminded. A turnover of € 4 bn was reported at that time. As a result of the economic crisis in 2009 there was a decline by 20% representing a turnover of € 3.3 bn, said Vassilev. The major loser of the reported decrease in his view, however, is Germany. The proof of that is the fact that in 2009 export to Bulgaria has decreased by 20%.

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Easter Holidays - April 2-5, 2010

  March 30th, 2010

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Dear Partners, Clients and Friends,

We would like to inform you that our Head Offices in Varna, Bulgaria will be closed from Friday, April 2nd, 2010 until Monday, April 5th, 2010 due to the Easter Holidays. Our office in Nicosia, Cyprus will be closed from Thursday, April 1st, 2010 until Monday, April 5th, 2010. Should you have any urgent queries, please contact our Office Manager, Ms. Nedyalka Aleksandrova at +359 894 417 675.

In this season of beauty, renewal and joy, wishing for you happiness and success & sending you our best wishes for a Happy Easter!!!

Bulgaria and Qatar to set up interstate company for joint projects

  March 23rd, 2010

Qatar to make USD 30 billion more investment:PM
23 Mar, 2010 - Qatar Tribune, by Rajesh Mishra

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Bulgarian Prime Minister Boiko Borissov and his Qatar counterpart Sheikh Hamad Bin Jassim Bin Jabr Al-Thani

RAJESH MISHRA

DOHA QATAR Investment Authority (QIA), the country’s sovereign wealth fund (SWF), invested a total of $30 billion last year and would invest an equal amount this year as well, said the Prime Minister and Minister of Foreign Affairs His Excellency Sheikh Hamad bin Jassim bin Jabor al Thani on Monday.

Addressing a press conference jointly with Bulgarian Prime Minister Boyko Borisov at Emiri Diwan to announce a cooperation agreement between the two countries, the premier said that Qatar was always ready to invest in a country where there were prospects of good return for both sides.

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Thousands of British expats due to lose their property in occupied Northern Cyprus

  February 4th, 2010

 

The British Court of Appeal (Civil Division) with its judgement in the Apostolides v Orams case (Case No: A2/2006/2114) on 19 January 2010 has created an unexpected new legal situation in the ongoing struggle in Cyprus between Greek-Cypriot owners of property who had been forced to flee in 1974 and whose land had been grabbed by the invading Turkish Army, and for the mostly foreign speculators who took control of those lands, building, at times, plush ‘holiday’ dwellings on them.

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Investment Promotion Act regulator

  January 20th, 2010

Having attracted over € 21 billion in foreign direct investment in the last three years alone, Bulgaria is ranked one of Europe’s top investment targets. The country is beautiful, something which many other countries still do not know and the population is very open to foreign investors. Bulgaria has a winning combination of culture, education and the cost of labour, which makes the country very competitive. The geographic location is another key advantage.

With the support of Invest Bulgaria Agency, which is part of the Ministry of Economy, Energy and Tourism of Bulgaria, Eurolink Investment Group provides crucial economic information to investors concerning opportunities in Bulgaria. The Group also aims at helping speed up the process of starting and certifying a new business, offering land at strategic locations in the area of Varna.

Eurolink Investment Group has always welcomed all types of investments, focusing on providing support for investors in key sectors, including industrial production, energy (especially renewable energy), medicine, information technology, real estate and education.

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In Pursuit of Happiness? Try Bulgaria, Says Moody’s

  January 15th, 2010

From Wall Street Journal (Blog)

By Joe Parkinson

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Hit harder in GDP terms by the financial crisis than any region on earth, citizens from across Central and Eastern Europe can, and often do, regale you with tales of economic woe.

But a new index published Wednesday says financial misery will be spread as unevenly across the ex-communist states this year as it was in 2009 — while optimism will be found in some surprising places.

According to Moody’ s ‘Misery Index’, which adds projections of fiscal deficits to unemployment numbers as a measure of economic gloom, the least miserable of the 23 states ranked will be (drum roll)… Bulgaria.

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Beloslav - the municipality, which has contributed to perfection for the program “Environment”

  December 11th, 2009

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Mr. Emil Dichev, Mayor of Beloslav

The experience of the Municipality of Beloslav was presented at a forum, held in Sofia on 3 Dec, 2009, for the realization of the “Environment 2007 - 2013″ operative program, proved to be a very good practice. Currently, 29 projects in total are being carried out for construction under the program “Environment”, where the project of Beloslav was defined as leading, according to quality of execution. READ MORE »

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