Legal reminder - companies registered in Bulgaria
June 17th, 2009
As you may already know, there is a new law for the Trade Register that came into force on 01.01.2008. 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. According to this new law, 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).
The new Trade Register is hosted by the Registration Agency and is planned as a unified data base of all companies in Bulgaria and their details, which will be publicly accessible and centralized. This is a needed and helpful change in the administration and the results will soon be seen.
All companies, re-registered after 01.01.2008, are obliged to publish their annual financial reports in the new Trade Registry before 30.06.2009.
Companies, which are currently re-registered, have to publish their annual financial reports for 2007 and 2008 within a 3 months period from the re-registration. If they fail to do so, they will have to pay a penalty of approximately 3000 levs.
Our lawyers can help with this service, from answering questions to preparation and submission of the necessary documents. You can contact them for advice and to organize the process, at: legal@buy-sell-bulgaria.com.
