Restricted access to company files

company_files_restricted_accessThe new regulations in to the Commercial Register Act restrict free anonymous access to the company files, located in the online database of the Registry Agency. Together with the long anticipated mandatory liquidation amendments, the new articles impose requirements for authentication in the register.

No anonymous access to company files any more

No matter what are the reasons behind this new regulation, it surely casts some shadow over the free access to information. By free, I mean free as in “free speech,” not as in “free beer”. By now everyone could open any company file and gain access to and stay anonymous to the Register system. Only people who were submitting documents had to identify themselves. Now anyone who want to see any company documents have to identify themselves to the Register systems. The identification can be done in one of the following ways:

  • using an electronic certificate, issued to a person who have applied to the Registry Agency and had identified himself with an id card or passport.
  • using an electronic signature, issued by a certified electronic signature provider from Bulgaria or other EU member state.

Reasons for restricting access to company files

There is no official government position why the company files are now restricted. There has been some discussions on the media, suggesting that this would prevent documents fraud. This is the reason why a three days waiting term, after application is submitted, was set before any changes are made to the company files. Another suggestions is that this restriction will create obstacles for journalists who dig into company files and search for shady corporate deals (also involving government officials).

Whatever is the reason for this restricted access to company files, people having electronic signatures, such as our solicitors can check company files without any restriction. If you need to make a company due diligence we can do that for you.

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