The companies shall be registered not in the regional courts upon their location but at the Registry Agency at the Minister of Justice.
That is envisaged in the bill for new commercial law prepared by experts from the United States Agency for International Development and the Center for the Study of Democracy with agency’s help. It’s been drawn up from foreign experience, mainly Norway and is expected to come in force on September, 1st 2006.
The introduction of a central electronic commercial register to be completed by January 1st 2007 is required as directed by the First Directive of EU partnership law. Bulgaria, also, will join the European Commercial Register in which 14 countries participate.
Merchants shall be entered into an unified register for the whole country and not as now in 29 separate places – 28 Regional Courts with its company’s departments and Sofia City Court. The documents shall be submitted to the Registry Agency’s units at every regional court without necessity to be upon their location.
The registration shall be cheaper and faster - average time for processing 3 days (not for 21 days) and the procedure - simplified. The register shall be electronic, the references will be made via the phone and or via internet.
Furthermore, the register shall be public – everyone can look at it and request information. Due to the easier access publishing of some circumstances entered in register in the State Gazette shall not be mandatory.
Each merchant shall have its own identification number which will not be changed until its deletion. It is envisaged this to be a BULSAT Number. The merchant is obliged to include it in all correspondences. In this way, government authorities on their own will check data about the company which are in electronic way without requiring Certificate of company’s present status.
The request for registration or deletion of a merchant shall be considered immediately. If the requirements are met, the entry of the entrepreneur shall take some minutes, for more complicated transformation as of a big company it could take 3 days, explained Mr. Borislav Belazelkov, judge at the Supreme Court of Cassation and one of the authors of the Bill.