Apparently the Ministry of Justice have not performed a successful reform in the Commercial register. The delays are growing huge! When you submit any documents, be prepared to wait at least 40 days, before your documents even get processed. It doesn’t matter if you re-register your company or forming a new one. The fact is […]

Read more ...

Banks in Bulgaria are competing which one will offer the best “bank product”. This is a result of the property boom during the last years. A lot of small and average sized companies are applying for bank credits in order to improve their market positions: increasing the production by purchasing high end technologies, bigger advertising […]

Read more ...

The new Commercial register started its work as from 1st January 2008 . Yet the registration process takes at least 15 working days. Although the maximum prescribed period is 2 days, the registration clerks can not catch up with the application submission flow. The first Registry Agency’s strategy was to simultaneously accept and digitize (scan) […]

Read more ...

The three years re-registration period set by the Commercial Register Act seems to be in collision with the provisions of the Accountancy Act. The latter obliges each company, registered in Bulgaria, to announce its annual accountancy report in the Commercial Register. The announcing deadline is 30 June 2008. The problem is that your company cannot […]

Read more ...

The promissory note is a common legal security tool in Bulgaria. Usually it is used by the banks, when providing loans to companies and persons. This way they increase the money payback, because both the loan agreement and the promissory note are used as securities of the debt. The advantages of the promissory note are: […]

Read more ...

Many non-Bulgarians buy property in the country by registering a company. If this is your case and you fail to re-register your company under the new Commercial Register Act in three years’ term, your property may be jeopardized. If you fail to re-register your company within the said period, the court will initiate a liquidation […]

Read more ...

Although Bulgaria is already an EU member state,  you can still find here fairly low-wage and yet well educated employees. Many western companies outsource their software routines to Bulgaria: development of stand alone application, web applications (php, .NET , java, ajax etc.), ERP. Usually the software companies choose to establish a separate business in Bulgaria. […]

Read more ...