Changes in Bulgarian Commerce Act 2017

Significant changes in Bulgarian Commerce Act were adopted at the end of 2016, valid in the current year. We present below a summary of the most significant changes introduced with the present Act.

Validity form of certain documents is getting stricter

In addition to the current requirements for notary certified signatures on contracts for the transfer of commercial enterprise and contracts for the transfer of shares, a new requirement for additional notary authentication of the content of such contracts is introduced.

The same validity form will be required for the decisions of shareholders of limited liability companies for acceptance and exclusion of shareholders, increase and decrease of company’s capital, shares transfer to a new shareholder, appointment of company manager, acquisition and disposal of real estate and property rights thereto.

The requirement for such a form of validity will not be applicable if the respective Articles of Association/ Memorandum of incorporation explicitly provide simple written validity form for those decisions.

Amendments in the bankruptcy proceedings

Insolvent will be considered any trader that before filing an application for bankruptcy proceedings has not filed in the Commercial Register its annual financial statements for the last three years.

Stabilization proceedings of merchant/ company

The proceedings will apply to merchants/ companies which are not insolvent but are in a state of imminent danger of insolvency.

We advise our clients before undertaking any structural changes to their companies in Bulgaria to consult with us first.

Advertisements

Establish a FOREX company in Bulgaria

Global Consult Europe is a consulting agency specialized in international corporate law. We will provide you with all the necessary know-how on how to start your own Forex business. Thanks to our partners we can offer you a full range of services that include:

 

Licensing

After scheduling a consultation, we can recommend you the best regulatory solution depending on your budget and needs. Currently, we offer the following licenses.

 

Software & Liquidity

We can provide you with all-in-one brokerage solution consisting of a front end, server and back-end support. We can also offer you a low-cost forex broker start up solution. We give you a full guarantee that we will get your brokerage off the ground in no time flat.

 

Staff Recruitment

We work with several of the best Forex HRs in Bulgaria we can provide you with the best employees on the market as well as the fastest recruitment times. We will also offer:

  • Headhunting
  • Sales trainings
  • Team buildings
  • Development
  • Performance appraisals
  • Assessment
  • Reports
  • Talent management

If you want to start on a cheaper note we can help you with recruiting young people with no experience with base salaries as low as EUR 250; we will also assist you in training and developing their potential.

 

Office rental

We pride ourselves on working with all the real estate agents in Bulgaria. We can provide you with the lowest commissions and the fastest time for rental. We can help you start recruiting in your new office from the first day you arrive.

 

Legal support

Our experts will provide you with:

  • The best legal alternative to company creation and regulation to save time and money.
  • The most appropriate type of license, given the services you want to provide.
  • All necessary documentation delivered to your doorstep.
  • Legal representation. Don’t have the time? No problem let us do the heavy lifting.
  • Advise on the best legal form and capital, organization and management structure of your business.
  • Regulatory requirements
  • Preparation and execution of the complete set of documents necessary for incorporation of a company.
  • Preparation of a complete set of documents for receiving regulation

 

Accounting & Audit

We guarantee that you will receive the best accounting & audit services. We work with on partnership basis with accounting companies in Germany, Switzerland, US, UK, Australia and much more.

 

IT Support

We can provide you with full IT support for creating your company as well as maintaining it afterwards.

 

Call center solutions

We offer a full call center solution that includes the technology, cabling, software and set up. With prices starting from EUR 6 per computer. Monthly fees as low as EUR 3 per device. Contact us for the full price list.

 

Do not hesitate to book an appointment with our professional consultants – send us an email.

Transport license in EU

Community license for international road haulage

Registration of transport company

How to get transport license in Bulgaria?

It is necessary to have a registered company (regardless of the legal form – LTD., JSC., etc.) and its scope of activity is specified for the carriage of goods against payment. Registration of company which carries out transport activity has its own peculiarities, therefore you can count on our qualified legal assistance in registration of transport company.

What documents are needed for Community license for international road haulage?

There are specific requirements for the head of the company’s activity:

Certificate of conviction of the person who manages the transport activity – should not be convicted or deprived of the right to exercise transport activity;

Certificate of professional competence, issued to the person who manages the transport activity – cannot manage more than two transport companies ;

Contract for the appointment of the person who manages the transport activity;

Regarding the company itself must be submitted:

Information for financial stability – it depends on how many vehicles will operate; For the first vehicle the company must have the equivalent in BGN of 9000 EUR and for each additional – the equivalent in BGN of 5000 EUR. Proof of financial stability can be achieved by deposition of the amount in the company’s capital, bank guarantee in Bulgarian bank or conclusion of insurance contract for a insured sum in the same amount.

Notification to the National Revenue Agency;

Declaration that the trader who applies for a license does not have an open procedure of bankruptcy;

Declaration of existence of own or leased garage area with exactly specified address in Bulgaria;

The license shall be issued within 30 days of submission of the documents.

The transport license is not unlimited, it is issued for a period of 5 years. Renewal is possible before the expiry date.

The transport company must comply with the requirements of the law not only when applying for a license but also during the entire period while exercising transportation. Companies which perform carriage of goods without required license shall be subject to large fines.

The requirements for obtaining a license should be carefully observed, therefore Global Consult Europe advises you to contact our team of professionals.

What you should know about business name reservation in the commercial register?

  Business name (known as a firm) is the name under which the trader carries his occupation and shall be signed. It must correspond to the truth, not be misleading and does not undermine public order and morality. Every firm has content prescribed by the law which may include indication of the sphere of activity, the persons involved and freely chosen supplement. The trader is obliged to write firm’s name in Bulgarian, as he could additionally inscribe it in a foreign language.

  The trader has an exclusive right over the firm. It can only be used by the trader who has made the registration. It can’t be identical or similar to a trade mark or earlier registered company. The firm can be changed upon request of the trader who has made the registration.

  Firm’s name reservation shall have effect for six months and prevents another trader to be entered in the commercial register under the same firm. The reserved firm cannot be estranged and transferred.

  Everyone can reserve a firm before submitting the application for registration but the trader must be entered in the commercial register within six months.

  Required documents :

  • Application for firm’s reservation;
  • A document certifying the representative authority of the applicant (when the application is submitted by a representative of the person concerned);
  • A document for paid state fee;

  You can check whether the chosen name is unique and does not repeat another already registered on the website of the Commercial Register – www.brra.bg. Using the English version, you should select section “References”, then “Rights over company”. In the field “Business name” you are typing the name of the company you wish to register. If an inscription in red “No results found” appears, this means that probably the name is available and can be used.

  To be completely sure that the name is free, you need to check also Bulstat Register – http://bulstat.registryagency.bg/. Since the access to it is limited and requires payment, Global Consult Europe can perform this check for you.