There are many disappointed UK investors in Bulgaria. Some of them are leaving the country and want to sell their investment and recover at least some of the money they have put in property or business. The problems each foreigner is facing are:
- How to sell the property at a decent price so that at least 70% of the investment is recovered and
- What will happen to the Bulgarian company
As the first problem is connected mainly to the market demand, the second problem can be resolved with a help of a lawyer. Usually when you sell you property the company is becoming dormant and you are not trading anymore. IF you intend to leave the country for ever it will be not so good idea to leave a company with your name in it. Sooner or later the National Revenue Agency might want to make an inspection and will find out that you haven’t submitted annual tax declarations. This will be quite suspicious so your company will be marked as one to be surveyed. The tax and financial information in the EU is quite easy transferable. It might turnout that you will be charged with the Bulgarian fine in UK, which is quite unpleasant experience for your UK tax record.
The solution to get rid of the Bulgarian company is to close it by liquidation. The liquidation process takes about 6 months, having in mind that the company has no public or other debts. A liquidator has to be appointed who will take care of the whole process, prepare and submit the necessary documents, so your company will be removed from the Companies register of Bulgaria. Since I am professional liquidator I take care of all the procedures and have your company closed as smooth as it should be. No stress, no problems for you. I am also a registered liquidator with the Registry Agency of Bulgaria. My office is based in Varna so should you have a company registered in Black sea region, do not hesitate to contact me.
9 comments
add yoursHello
How much does it cost to close a company in Bulgaria with one shareholder/director and with no activity for the entire time(1 year) of its existence. Please send me an email with all the costs and what documents do I need to have. I’ve lost the company documents … so please advise.
sure, email on the way.
Hello Milen..
I am a New Zealand citizen..with a bg company..(inactive)..which i have had for 4 yrs..i am the sole shareholder/ director. The company was formed to allow me to buy my house here in the hills 70 ks from Varna. It is registered in Varna, and was reregistered as required a few yrs back.
I now have 3 houses and 2 blocks of land ?wned “by the company, as well as my work van and motorbike.
There seems a lot of confusion amongst the expat community regarding our obligations to keep these companies going, and whether they can be disbanded and a more direct ownership framework …ie..me directly owning the houses land and veihicles ..as from 2012.
Also, for me, not being a EU citizen…is i wonder a further problematic in deregistration. I in effect am only here as a “tourist”, on a tourist visa when i am here…
Could you please write me advising me:
If indeed we expats can deregister our companys from 2012…and the advantages and disadvantages of this.
A breakdown of costs that i would incur..(my paper work is up to date..my annual nul tax accounts are up to date)…
as in your personal legal costs in total… and what are the other bureaucratic costs associated with such a closure..
Would i in fact have to “buy”each property from my company and then be confronted with transfer taxes for each property to get it from the company name to my name..
and if there is any other problematics given my Non EU citizen status and direct ownership.
Cheers Milen…i look forward to your reply…and maybe in 2012, if it makes sense, ill get you to undertake the process for me
Dean
Hi Dean, unfortunately buying land directly is valid only for EU member states or for citizens of countries which Bulgaria has international agreement with. I don’t know if Bulgaria has such with New Zealand, but I will check and post again here.
As for the other questions, I will write a detailed post about pros and cons for having the land on personal name. The transaction of the properties doesn’t require title deed, but only a decision of the liquidator, registered at the Registry Agency. this will save some notary fees.
need to liquidate my company ,i sold the house i purchased for a very small sum just to get rid ,that was a year ago ,so where do we go from here i need to no what its going to cost me in total cheers trevor.
I have emailed you.
I have a Bulgarian company from 2008 all returns have been filled one share holder and it was used to purchase a house what costs legal and other would be involved to close the company as I am an EU citizen and no longer need the company to own the property
Hello Helen, I have sent you an email with detailed explanation of the options you have.
Hello Milen, we owe the majority of an “AD” company which was not registered before the end of Dec 2011 unfortunately. The company owns some land structures but we think no accounts were filed nor local taxes paid since the company was set up 8 years ago. What are the possibilities to recover the company and/or assets and what are the costs involved please?