Company financial statements should be announced in the Commercial Register

All companies  has to prepare annual financial reports according to the Bulgarian and International Financial Reporting Standards. The reports of companies with turnover above EUR 1,000,000 are subject to compulsory audit.

Pursuant to Article 40 of the Accountancy Act all companies shall announce their financial reports to the Commercial register. You can read the provisions below:

Article 40      (Supplemented, SG No.96/2004, amended SG No. 105/2006)

(1) By 30 June on the following year, enterprises shall publish their annual financial statements and their consolidatedfinancial statements, their annual management report and their annual consolidated management report as adopted by thegeneral meeting of partners/shareholders or by the relevant body as follows:

1. merchants in the meaning of the Commerce Act , by filing and submitting them for the purposes of announcing them in the Commercial Register;

  1. non-profit legal persons designated as operating for the public benefit: by filing for recordation and submitting themto the Central Register with the Ministry of Justice under the terms and following the procedure set out in the Non-ProfitLegal Persons Act;

  2. the rest of enterprises, through a business publication or in the Internet.

(2) Following the procedure set out in paragraph (1), enterprises referred to in Article 38 shall publish:

  1. their financial statements, in the form in which they were certified by a registered auditor;

  2. their annual management reports, in the form on the basis of which the registered auditor expressed his/her opinion;

  3. the auditor's report on the statements and reports referred to in items (1) and (2).

(3) Following the procedure set out in paragraph (1), together with their annual financial statements, joint stockcompanies, partnerships limited by shares and limited liability companies shall also publish information on the proposal of themanaging body on the distribution of profit or for covering a previous year's loss and the decision of the general meeting ofshareholders/partners on the allocation of profit for distribution or for covering a previous year's loss.

(4) The annual financial statements of an enterprise which prepares consolidated financial statements shall be publishedconcurrently with the consolidated financial statements of the group, together with their respective annual managementreports.

All necessary documents for announcing the annual financial report of your Bulgarian company should be drafter be a professional lawyer .

The financial report DO NOT SHOW any details about your company. It shows only numbers without specifying the sources of your profit or the actual property, owned by your company.

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