Despite the recent bad image of Bulgaria, the country still got its business benefits. It’s has the lowest corporation tax in EU, along with Cyprus, but also has the advantage of lowest labour costs. If you consider the EU principle of free movement capitals this makes Bulgaria highly valuable place for outsourcing of company services. Create and run my business remotely over Internet and using Bulgarian solicitor Almost anything in Bulgaria can be done remotely, by using certified Power of attorney.
October 2012 has come and there is no sign of the lists containing all un-reregistered companies which had to be produced by the Regional Courts of Bulgaria. The lists were necessary for initiation of the compulsory company liquidation. As solicitors who actively work in the company law area, we have tried many times to contact the courts and have asked when the lists will be available. Normally the chairman of the court couldn’t tell us anything in particular.
Last week we were instructed by a client to represent him and attend an Annual General Meeting (AGM) of the condominium apartment hotel at the Black Sea. The AGM was convened by the maintenance company, which claimed also to be the Manager of the complex. The invitation didn’t indicate any details, such as, who represents the maintenance company in its capacity of Manager or even how a third party, not owner, can be a Manager at all.
The Economist has a great article about the current role of the notaries all over the world. Their services vary depending on the jurisdiction and the local laws in effect - certification of various documents, exclusive conveyancing services etc. In general, notary role depends on whether the practice is located in common law legal system or in the continental legal system. Difference between UK and Bulgarian Notary Public Unlike in the UK, where solicitors can certify documents along with the notaries public, in Bulgaria solicitors registered in the Bar, can not certify documents.
After Jan 2012, EU citizens are allowed to own regulated land property on their personal names. I have covered this topic few times in the past months, so I’m not going to enter another useless dispute with yet another notary, scared to apply the law. The purpose of this post is to inform the property buyers what they are obliged to do after they actually purchase the regulated land and/or house.
Summer season is in its peak and property management and maintenance companies are already rubbing their hands for the new season maintenance fees. There is still room to business expansion since there are still apartment complexes in ski and sea resorts which doesn’t have a proper maintenance and management company. Let the condominium maintenance war begins Usually the developer of the building has been “converted” to a property maintenance and management company.
After the Health Insurance Bill has been passed to the Parliament for voting, the controversial obligation for payment of all health insurance contributions upon selling a property was waived. After discussions in the Bulgarian Parliament, the MPs voted against the suggested amendment. Most of them considered it as unconstitutional and as restraining the right of private property (e.g. freedom of disposing property). This amendment was suggested by the Ministry of Health as a measure for collection of the unpaid national health insurance contributions.
We have moved our office to e better location. Our new address is Varna 9000, 12 Konstantin Velichkov Str., floor 1, office 8 [map w=“940” z=“16” address=“Bulgaria, Varna, ulitsa Konstantin Velichkov 12” marker=“yes”]
Property deals during summer increase, so is the greed of property agents. Britons who buy for first time in Bulgaria usually trust property agents as the profession of the property agent is very well regulated in UK. However it is not the same case in Bulgaria. Legal status of property agents in Bulgaria Currently anyone can become property agent - they just need a website and an advert on some of the biggest property portals.
It has been half an year since EU citizens are allowed to buy regulated land on their personal names. Initially notaries in Bulgaria, refused to certify deals at all. Their fear was of how one can interpret the EU Accession Treaty if there is no explicit article in the law. By “explicit”, I mean one that a 1st grade child could understand and explain. Well, there were no such thing, so notaries were very cautious (groundlessly).