Registration period goes to 60 days!!

The registration period of the new companies in Bulgaria grows beyond common sense!! If you want to register a new company you will have to wait about 2 months. This almost kills any startup business which is not backed up with a great amount of patience and capital.

People who want to start business and have already established business relations may lose their business partners because they can't register as quick as the market requires. Absolute legislative madness!

As I wrote in my previous posting, the government undertook certain measures but they are not enough. At least the Act for amendment of the Commercial Register Act is finally a fact - it's promulgated.

The main changes are:

  • a company can be registered now with a power of attorney given to a lawyer, registered in a Bar Association
  • Not all companies are obliged to re-register up to 30 July, but only those which are under the requirement to publish their annual financial reports. These are primarily big companies with huge income. See the Accountancy Act for details.
  • New employees will be hired in the Registry Agency. This should decrease the paper load from the current personnel.
Personally I doubt that the latter will decrease the registration period.

EDIT: Please see Comment #2 below. I have explained the issue with the Annual Financial Statements more precisely.

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