5 reasons to trust the professional company registration

The creation of a business company or even a sole trader is an activity that is important to be done by the rules, because the appearance of a newly created business depends on it. Many people believe that they can successfully pass the administrative and bureaucratic procedures, with the intention to save the fee that would have paid the specialist performing the registration of companies. Not long after, the majority of these people find themselves so entangled in red tape that ultimately again recourse to expert, which is a waste of time and money.

If you want to avoid the bitter experience and start as soon as possible your business activity it is important to select a team to take on the entire burden of cumbersome procedure. During this time, you can focus to the activity, corresponding to your competence, laying the foundation for a successful and prestigious business.

5 reasons to trust the professional registration of companies

The reasons to trust the professionals are many, but here we will suggest only 5, we believe that their significance is greatest. Most of us don’t soberly judge the situation until we understand from experience how great is the difficulty to fight the bureaucracy not having the necessary competence and experience. Here are the main reasons ordered but not prioritized.

  1. The ability to correctly choose the right type of company

The fact that we have decided to list our activity in the Commercial Register is only the beginning of a series of important decisions. Choosing the type of company that we’ll register is much more important and responsible because it will affect both its appearance in front of customers and business partners, and the subsequent accounting and tax burden that we’ll have to take. Professional services enable us to be informed about the differences between sole proprietorship, Ltd., SA, joint-stock company, shareholding etc. and to register the type of company meeting our needs.

  1. Preparation and submission of the documents

The documents drawn up in the process of registration of a company are many, and for different type of companies are required declarations and applications within the meaning of various articles and paragraphs of different laws and regulations. Although around the Internet it’s possible to find the basic requirements and even forms to download and fill ourselves, nothing ensures us that our documentation will be in order. The preparation of documents is long and complex process and their acceptance as valid is not guaranteed in case of errors as inevitably any layman makes.

  1. Visiting various administrative institutions

The procedure of registering a company in the Commercial Register is not the end of the saga in launching a business. It takes visits to banks, NRA, NSSI, municipalities and all this is connected not only with time but also with a lot of nerves and patience. Once time is money it’s foolish to waste it in vain, renouncing the help of professionals who will take on the task as soon as we delegate them to make it through a notarized power of attorney.

  1. Option to take advantage of other services in the future

Many companies specializing in the registration of companies offer a wide range of legal and financial services. One such firm may become a permanent partner from which our business will only gain profit. Different companies also offer accounting services and preparation and filing of tax returns and publication of such – a mandatory requirement for certain activities.

  1. Preparation for audits and protection of our interests in front of the tax authorities

Each business is subject of control by the tax authorities; often because of lack of knowledge we make mistakes that create preconditions for serious sanctions. Using the services of the right company specialized in the registration of companies; we can call and ask for the assistance of a specialist to prepare our company documentation for upcoming inspections, audits and revisions in order to avoid any possibility of eventual sanctions.

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Announcement of annual financial report

What is an annual financial report?

The annual report gathers full information about the financial position of the company. It includes statement for revenues and expenses, balance sheet, statement for share capital and cash flow statement

The financial report is drawn up for one financial year , coinciding with the calendar year – from January 1st to December 31st. E.g: If you have a company created on 01.12.2015, you need to submit a report on the activity carried out in 2015 – in this case only one month.

Who is obliged to announce the annual financial report?

All the traders according to the Bulgarian Commerce Act, this includes Limited Liability Companies (Ltd.), Limited Partnerships, General Partnerships, Joint Stock Companies.

Financial statements shall be prepared by accountants or accounting firms. However, there are certain companies whose reports are subject to independent financial audit by registered auditors. These reports are also prepared by accountants but it is necessary to be verified by registered auditor before their announcement in the Commercial register.

These specific companies are several types:

  • Joint Stock Companies and Partnerships limited by shares;
  • Companies that issue securities for public offering;
  • Credit institutions, insurance companies, investment companies;
  • Companies involved in social insurance and funds management;
  • Companies that shall draw up consolidated financial statements – parent company and its subsidiaries;
  • Non-profit organizations in public benefit with assets over 1 million BGN or business income over 2 million BGN;

Announcement of the annual financial statements has certain deadlines as follows:

  • For sole proprietors – until 31.05 ;
  • For Limited Liability Companies – until 30.06 ;
  • For all the rest legal entities – until 31.07 ;

The deadline must be followed for each year thereafter. If the financial statements has not been announced on time, the fine that may be imposed to the company is from 500 BGN to 3000 BGN. Upon repeated violation the amount оf the fine is double.

How to submit annual financial report for company in Bulgaria?

Refer to our team of professionals. We will prepare the report, accounting records, together with additional applications – protocol of general meeting of shareholders / decision of the sole shareholder for adoption of the report, declaration of the truthfulness of the circumstances stated.