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 announce its accountancy report without re-registering. Consequently the re-registering deadline happens to be 30 June 2008.

A debate about the above said legal “misunderstanding” took place last week in the Bulgarian Parliament. Unfortunately no particular measures were suggested. The Minister of Justice, kindly avoided to give a straight answer about what shall be done to solve the re-registration issue.

So the shorter term is mandatory for the managers of the companies, until the Government and the Ministry of Justice in particular, find a solution for this “legislative mistake”.