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The law, as it stands right now, is this:
Bulgarian companies have to comply with the commercial register act (electronic commercial register). The time period for re-registering your Bulgarian company expires in 2010. This means that the dead line for Bulgarian company re- registration is effectively ONLY a few months away .....
There is no need to panic! Take action now and be assured that your property is safe. If you wait until the last few months you run the risk of not re-registering on time. You will loose your property. Act now while you have time!!!
Failure to complete this process will lead to the company being wound up, and all assets, property, cars, land etc, will be lost. Failure to re-register will result in the loss of the company and its assets and you will also incur a fine and will have to pay for the procedure to close the company. This may seem unfair, but this is a necessary process, and is part of the modernisation of Bulgaria. Plenty of notice has been given by the government, and there really is no excuse for non compliance.
The whole process can be arranged for you for an All-Inclusive fee of 245 euros. This includes all taxes, fees, and documentation. The work will be carried out by a lawyer and an accountant.
The fees cover the following procedures: Lawyer's fees, accountant's fee, application for processing, creation of the necessary documentation, collection from regional municipalities, translations, collection and return of all documents to and from municipal/trade register offices, bank charges and transfer of currency.
The deadline for this transition is strict as failure to re-register ones Limited company in the statutory timeframe will result in the liquidation of the company and seizure of all company assets by the government.
The re-registration has to be completed by the end of the year 2010, so despite the fact you have a few months, there will undoubtedly be a ‘last minute rush’ which will place even more pressure on the administrative process in the Bulgarian trade register.
Now you have the solution, relax, we are here to help! Do not hesitate to contact us!
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