Buy & Sell Bulgaria Insight Newsletter

One of the legal aspects, concerning Bulgaria’s membership in the EU, was its obligation to introduce a new Commercial Register. It represents a centralized database, containing a list of all companies, registered in Bulgaria, as well as details about them - name of traders, branches, managerial staff, company’s address, specific documentation, etc. Up to now all these were kept only in the courts’ filing sections as simple paper files. By introducing this innovation, it was made possible for all files to be scanned and entered in the Bulgarian Commercial register in the form of electronic files.

The Register is completely accessible through the internet from any computer, in any country in the world. Presently it is only in Bulgarian and it will take some time for its English version to be introduced as well.

One of the main advantages of the Register is that it offers the possibility for accepting applications, acts of the court and others in electronic form. The only requirements are that you have electronic signature and follow the legal procedure for applying through electronic documents. This will significantly speed up the applications’ processing times and will make the registration of new companies easier.

The Register is maintained by the Bulgarian Registry Agency and they are responsible for guaranteeing the security of the data, contained in it.

In conclusion we would like to inform you that all companies, registered in Bulgaria before 2008 must be pre-registered, in order to be entered in the Register. This is compulsory, but the government has provided a 3-year period for doing it. If you have not done it yet, we advise you to contact your lawyer who can easily do this for you.

To improve is to change; to be perfect is to change more often.

Winston Churchill

There is a new Law for 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. 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.

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Varna Airport offers convenient flights and very good connections to Varna. There are regular flights to and from Vienna, Sofia, Odessa, Tel Aviv, Budapest and London, and during the summer season - Copenhagen, Munich, Amsterdam, Stuttgart, Berlin, Luxembourg, Oslo, Warsaw, Moscow, St Petersburg, Bratislava, Manchester, Brussels, Oslo, Gothenburg, Stockholm, Helsinki, Marseille, etc, as there are many charter flights. More information about the schedule of the regular flights from and to Varna, you can find at: www.varna-airport.bg

British Airways fly from London Gatwick to Varna every Tuesday, Saturday and Sunday, and returns are the same days. During the Summer Season there are flights on Wednesday and Saturday, and returns are the same days. Expansion of British Airways services in Bulgaria demonstrates the company’s dedication to the rapidly developing aviation market and tourism industry in Bulgaria. For more details visit: www.britishairways.com

Read about other airlines at: http://www.buy-sell-bulgaria.com/varna_flights_information.php

As the end of the Bulgarian financial year is coming (31^st March 2008), we would like to remind you of the necessity to have the accountancy for your Bulgarian Limited Liability Company arranged. Please let us know as soon as you make your decision and if you would like us to file your company end-of year financial tax return, contact miro@eurolink-finance.com.

As the end of the Bulgarian financial year is coming soon (31^st March 2008), we would like to remind you of the necessity to have the accountancy for your Bulgarian Limited Liability Company arranged. Please let us know as soon as you make your decision and if you would like us to file your company end-of year financial tax return, contact miro@eurolink-finance.com.

As the end of the Bulgarian financial year is coming soon (31^st March 2008), we would like to remind you of the necessity to have the accountancy for your Bulgarian Limited Liability Company arranged. Please let us know as soon as you make your decision and if you would like us to file your company end-of year financial tax return, contact miro@eurolink-finance.com

Ingredients:

• 1/2 kg spinach
• 60 g butter
• 2 tbsp plain flour
• 500 ml milk
• pepper
• salt

How to cook:

Boil the chopped spinach in salted water for about 15-20 minutes, drain, leave to cool for 10-15 minutes, then puree. Heat a pan, melt the butter, add the flour, stir well, fry for 1-2 minutes, then add the pureed spinach. Add the milk and 200 ml of the water in which the spinach was cooked. Simmer for 5-10 minutes and season with pepper.

Serve with croutons (bread cubes fried in butter).

Richard Payne
BA(Hon), CEng, MIET
Director of EnergyFree Technology

While preparing for relocation from UK to Bulgaria, I considered worthwhile to include my 42” HD-Ready Plasma TV into a shipping package. This TV features SCART and HDMI interface, a standardised connection between TV equipments for the majority of the country.

On arrival, I installed the TV in my apartment with an ordinary rooftop TV aerial and hey presto, I have Bulgarian TV, about 65 channels!

But when I turn on the sound all channels came out with a hissing sound. Hmmm!? What went wrong?

My good friend Mario who worked in a TV shop in Malta and pops in for a visit suggested that the Bulgarian TV broadcast sound is not compatible with the UK’s TV and can only be fixed by a hardware modification. From my comprehensive experience with electronics, it would be a difficult job.

Rather than fixing the Plasma TV, I decided to buy a DVD-RW recorder which comes with aerial input and is compatible with the Bulgarian TV broadcast. After shopping around, I bought a Samsung DVD-RW recorder with HDMI at a special price 230 BGN (€115) with a free 10 disc set of DVD-R, from a large store.

Using an HDMI connection (dedicated connection for the HD technology), it worked like a dream and I enjoyed VH-1 pop channel, I’m very pleased to see my favourite pop video - Vienna from Ultrafox! I made a test again with a SCART connection and again it worked well including the audio. I’m very pleased with the results. I can confirm there are several English channels, including CNN, but no UK channels (i.e. BBC).

The correct name of this dish in Bulgarian is actually yaitsa po panagyurski (say it, “yite-SA po pan-a-GYOOR-ski”), but learning to say the name correctly so that you can serve the dish without resorting to cue cards may take longer than the cooking time. Then again, the town for which the dish is named is the tongue-twisting Panagyurishte. If you were to cheat and call the dish “poached eggs with yogurt”, I don’t think your guests would complain, particularly after trying it.

What do you need:

• 3 eggs
• 1 cup strained yogurt
• 1 teaspoon oil
• 1 pinch of paprika
• salt to taste
• 2 tablespoonfuls of vinegar
• 1 clove garlic, crushed (optional)

How to make it:

Add the vinegar and a pinch of salt to about 1 liter (1 quart) of boiling water. Break the eggs directly into the water. Boil for 3 to 5 minutes, depending on how runny you like your eggs. Strain the eggs and set them aside to cool. Stir the yogurt together with the crushed garlic and very little salt. Pour it over the eggs. Meanwhile, heat the oil and sprinkle the paprika on top, but be careful not to burn it. Immediately pour the oil over the yogurt and serve. Enjoy!

According to the Wikipedia - an architect is a person who is involved in the planning, designing and oversight of a building’s construction……architects must frequently make building designs and planning decisions that affect the safety and well being of the general public……as well as occupier.

The picture above was recently posted to me from an independent agent in Varna, who was keen to arrange a viewing appointment. The photo suggests that it has a rather nice compact kitchen design for a small apartment. However I was distressed to discover a precariousness practice of placing electrical main socket outlets, just above the kitchen sink and oven area.

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Varna Airport offers convenient flights and very good connections during this winter season. The schedule of the air-lines, which will be flying more regularly this winter, begins from 28th Oct, 2007. You are now able to fly more often and at suitable days and time to Vienna, London and Budapest.

Every day there are flights to Sofia, eight times a week to Vienna, six times a week to Budapest, six times a week to London, new flights to Odessa and convenient connections to every part of the world – a good offer from Varna airport for the winter season. More information about the schedule of the regular flights from and to Varna, you can find at: www.varna-airport.bg

Reviewed by Diana Georgieva

Q: What is the best way to transfer money to Bulgaria?

A: When buying property overseas you need to cope with complex bank transfers that usually take a few days to arrive into the recipient’s bank account and in addition you are charged considerable fees for it. Furthermore, it is not always possible to do the transfer in pounds – you are more likely to be paying for your property in Euros, or some other currency as well.

Now, to appease the concerns of clients who are new to the foreign exchange process here comes a new service, offered by Eurolink Finance, in association with Globex Foreign Exchange. It guarantees that our clients get the best exchange rates and provides personalized service so as they know exactly where they stand through the entire funds transfer process. Not only we will provide you with the best rates for FX transfers, but we will also offer faster transfers and free WIRE transfer of funds to the beneficiary account.

For more information please send your questions to: diana@eurolink-finance.com

Reviewed by Diana Georgieva

Q: How can we find our dream property in Bulgaria?

A: Buying a property overseas can be one of the most rewarding investments you will ever make, as long as you take it easy and approach it slowly and attentively. A recent poll revealed that 40% of Brits are actively thinking about buying overseas .

This impulse usually arises after spending your holiday at a place which you simply fall in love with – our experience has proven this many times. If you decide to buy a property in Bulgaria, make sure you visit the place at least a few times over the course of a year to get a realistic idea of life there 24/7.

Also, don’t forget to look out for all facilities that are important to you – such as shops, transport links, healthcare, etc. Here applies the well-worn (actually true) quotation that it’s all about “location, location, location”.

Most important is to trust your real estate agent who should be able to answer all your queries and guide you through the entire purchase process. They will defend your personal interests and take care of the complete transfer of the deeds, advise you on building permits and all kind of state regulations, taxes, etc.

When buying a property with Buy-Sell-Bulgaria Ltd. you will receive the utmost attention and respect of your needs and requirements, professional advice and be sure that no information will remain hidden from you!

I’m waiting for your comments and questions on e-mail: diana@eurolink-finance.com

Ingredients:

- 1 1/4 kg aubergines (about 4-5 large aubergines)
- 200 g white brined cheese or feta cheese
- 50 g breadcrumbs
- vegetable oil
- 100 g plain flour
- 6 eggs
- parsley
- a bunch of dill
- black pepper and salt

How to cook:
Wash and dry the aubergines, slice 1/2 cm thick, sprinkle with salt and put aside for 10-15 minutes. Drain any juices which are running from the aubergine slices. Put each slice in flour and fry for about 3-4 minutes on each side.
Make a filling by mixing 4 eggs, cheese, parsley and pepper. Place a tbs of the mixture onto one slice and cover with another slice, making it look at as a sandwich. Do the same with the other aubergine slices.
Then dip the “sandwiches” in the remaining 2 eggs (beaten), cover in breadcrumbs and fry for about 2-3 minutes on each side.
The same recipe can be made with peppers, but instead of slicing them, you simply fill them.

Provided by Richard Payne

Here are some useful tips:

(a) If the car is less than perhaps £1500, maybe it is best to sell it and buy another car in Varna, considering the cost of shipping and re-registering a UK car. Around Varna, there are a lot of new car shops and 2nd hand car supermarket zones (essentially no difference to UK prices). Furthermore, the car in UK is right handed while in Bulgaria they are left handed. It is a good idea to hire a bulgarian friend to do the negotiation for you, so you may get 20% lower price than yourself. If you’re not sure about the paperwork, your friend can help you.

(b) Shipping to Bulgaria, they consider quotation primary on shipping volume, not weight. Smaller volume (20m3 versa 10m3) reduce the cost and hence 20% VAT surcharge.

(c) Since the furnish items take a lot of volume (ie draw units), it may be a lot cheaper to dispose them (ie ebay, charity, etc) and buy new furniture. For example cheap MFI bedroom draw unit cost £50 to buy, but may cost £50-£150 to ship it, where you may sell it for £10 and buy new one. Take what you really need and be crucial about it. When you start living in Varna or the region, there is plenty of good furniture stores around there. There is Ikea in Romina not far from the Bulgarian border if you like Swedish style and you can hire a large transit.

(d) Do communicate with the shipping company, do not pre-assume there is complete understanding, the shipping company would be very concerned how to deliver the goods when they get to Varna…they may use a very big lorry, which cannot drive into small streets (which in fact is impossible). You may need to hire a transit or large SUV car to transport the goods between the main road and house/apartment on the small street, they may do that for you but at extra cost.

(e) Do try to pack way ahead of schedule, so you can work out the shipping volume, making sure it does not exceed the contract limits.

(f) Do consider insurance, so your stuff would be protected. The company may have a policy that they perfer to pack the stuff themsleves (at extra cost) and hence validate the insurance policy…..read the small print. They may use a good money making scheme.

(g) Each box must comply to weight specification provided by the shipping company, if it is too heavy, they may refuse to handle it due to H&S policy.

Above all…do communicate with the people at the shipping company, do not pre-assume, keep communication on records, any charge:- record it on writing, approved and signed!!. See you in Varna!

Reviewed by Diana Georgieva

Ask our Eurolink Finance
specialists anything you want to know about financial and social services to guarantee your pleasant stay in Bulgaria!

Q: We are thinking of relocating to Bulgaria and need some advice what company to use and how much they would charge us?

A: Relocating to a new house can be a troublesome experience when moving within the country, but moving internationally can get twice as bad as it requires a lot more planning and thought. When you’re considering moving to Bulgaria, make sure you’re aware of all the common problems and pitfalls which may occur unless you want to see your removal costs skyrocket in no time.

BUT with good organization and a bit of research your new life in the sun will begin as smoothly as you planned it straight from Day One! One of our clients and good friend, Richard Payne, did some investigation on the procedure for relocating and here is what came out. If you contact a professional removal company, they will assist you at every step, from picking up your luggage through arranging the customs clearance and insurance, helping with wrapping and delivering everything to your new Bulgarian home. Once you decide for a date when you wish to move you must call your preferred removal company and they will give all documents you need to complete. Among them are Removal Info Sheets where you fill in your name, addresses (both new and old), phone number, also a List of Contents where all larger items should be described and some other documents needed for customs clearance and insurance. As this is an overseas shipment you will be advised to have insurance which amount is usually for the replacement value of the goods.

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Ingredients: 500g minced veal, 300g minced pork, 1 bunch of spring onions, half a cupful rice, one cupful yogurt, parsley, mint, paprika, pepper, 30-40 vine or cabbage leaves, 100g butter or half a cupful of sunflower oil, salt.

Fry the finely chopped onions in part of the oil for 10 min. Add the paprika and some water, stir and take off the stove. Add the meat, rice, pepper, mint and finely chopped parsley. Pour over with warm salted water and simmer until the water has been absorbed by the rice. Scale the vine or cabbage leaves with salted hot water and put 1 tsp. of the prepared mixture on each leave. Roll together and arrange in a saucepan, pour over 3/2 cupful of warm water and 1 tsp. oil, close with a lid and simmer on a low heat. When ready, pour over the beaten yogurt and melted butter with paprika in it. Serve with vegetables. The same recipe may be used for stuffed peppers and eggplants.