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A company that will get for any non-EU national European residency for as quick as three months. Very neat! See the residency application contacts. The information is very useful and they have regularly updated residency news blog.

Echo of the Bulgarian property crisis

Yesterday I found an article in the Independent newspaper talking about how Irish are blaming the property journalists for misleading the investors for investment locations like Bulgaria. Indeed, I'm sure that there were a lot of paid publications (Articles) which presented Bulgarian properties as quick and easy investment return. However I hink most of the negative influence was made by the UK and Irish estate agents. Pursuing quick middle-man fees, they have convinced thousands of  investors to put their money into something that was not quite right. On the other hand, very few investors, have made the mandatory due diligence of what they actually buy.

In my practice I see a lot of Irish and British property investors mislead by their UK/Irish estate agents. The investors we let to think that the investment return will be within couple of years, which is not right. But how come all that property investors made the same mistake again? Have they forgotten the Span property rush? This is a question each investor need to ask themselves. Also, most of the developers who lied to the investors are actually British and Irish. I'm sure that they left Span to do the same thing in Bulgaria, and mislead the same investors again.

Liquidation of company in Varna

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:

  1. How to sell the property at a decent price so that at least 70% of the investment is recovered and
  2. 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.

The mass liquidation of companies in Bulgaria

The mid year passed and the deadline for re-registration all Bulgarian companies is fast approaching. January 2011 will become nightmare for company owners who haven't reregistered. Their companies will be forced into liquidation by the court and the all company assets will be sold on public tenders. Moreover, the court will appoint a liquidator and the company owner will have to pay their monthly salary. IF the company assets are not enough, the company owners will be liable for both company debts and for liquidator's salary.

Therefore we strongly urge all foreigners who still haven't reregistered their company to do it as early as possible.

Company registration getting slower

I just wanted to update all who are still to register/re-register their companies. The Commercial Register now is 18 days behind the normal deadline for application processing. As the end of the year comes closer, the company registration will  take longer. The solution would be that the Commercial Register to hire more people to process the applications.

Registration of companies: Commercial register overloaded

The registration, re-registration and changes in the files of the companies is delaying again. The reason is that the Commercial register receives more applications than they can handle. The result is one and a half weeks delay in processing the applications. This is valid for all type of applications, no matter if they are for registration, re-registration of companies or just application for filing changes to the companies files. I wonder what will happen in the end of year 2010, when thousands of companies will file their applications at once. The Commercial register will suffer a lot and most probably the business will suffer too. that's why they need to change their management and hire more employees who will process the applications and the documents. The lawyers will need to explain the situation to their clients, as the deadline for re-registration is coming and this issue will arise.

MHLegal is opening branch office in Varna

We are pleased to announce that as of June 2010, MHlegal will have an office in Varna, Bulgaria. This will ensure easier access to our legal services for the clients residing in Varna and the area around Varna. The contacts will be announced at the day of the official opening.