re-registering your company

A Forum aimed at individuals or companies who can give or need advice about doing business in Bulgaria and related information and news.

Moderator: Moderator

User avatar
DANNIA
Mega User!
Mega User!
Posts: 3417
Location: BULGARIA

Postby DANNIA » Fri Oct 19, 2007 4:41 pm

We have the same, company in Bourgas, house in Yambol, we had to go to Bourgas to register our car (not as far as you have to go granted, but still a pain in the backside)
I have heard but still am unsure it is true that individuals can now buy a car in their own name if they live here, I guess you would need your long term residency permit.

Nikki

User avatar
oldtimer
<b>Prop Management/Transport/Sales</b>
Posts: 3176
Location: Bulgaria
Contact:

Postby oldtimer » Fri Oct 19, 2007 5:36 pm

Martymun, I would suggest that as you are 600kms from Varna and that is were you company is registered that it would be wise to re-register your company were you are living it does not take long and will be worth the expense rouas one round trip in travel expenses will be let than re-registering. Sorry but you will have to go to Varna to register your car, a wayround it is to start re-registering your company before you buy the car and if you fast track it through the court you should all be in place by the time you buy the car.

User avatar
Adolf
Super User!
Super User!
Posts: 1141

Postby Adolf » Fri Oct 19, 2007 8:02 pm

The most important thing about having a company anywhere is to ensure that you or someone who knows what to do will receive any correspondence sent to its registered address.

Thousands of companies are struck off the register in the UK every year because warning notices have gone unheeded. If that happens the company's property passes to the Crown and to get it back you've got to do a lot of legal work and spend a lot of money.

Similar things can happen in Bulgaria, judging by this extract from
http://bulgarianlawyer.net/bulstat.html. Considering how casual Bulgarians seem to be about mail and house addresses it seems to be vital to ensure that you have a reliable accountant/lawyer to handle these things so long as you are not living in BG.

Suppose you don't know that you owe 20 Euro to the Bulgarian state, say from some unpaid tax, penal ordinance or the like. Or suppose that some Bulgarian clerk mistakenly thinks you owe it. He sends you a message to your apartment in Bulgaria as you have declared its address as your correspondence address. There's nobody there, so the message is returned to sender as nobody is found. Or there's some neighbor who receives it, but never informs you because he is absent minded or because he doesn't care. It doesn't matter why. What matters is that there's no reaction on your part about the order to pay the 20 Euro. You neither pay the sum nor appeal it and this way the term for the appealing is missed. The clerk then sends the unpaid order to the bailiff who in turn sends you a notice to pay the sum. Naturally he sends it to the same correspondence address as this is what you have written in his database. Again you don't receive the message and again in the eyes of the law you have received it. Meanwhile the 20 Euro have become 200 as expenses have been added. After you don't pay these 200 voluntarily, the bailiff has nothing to do, but to execute the order forcefully. His options here are limited. You don't receive your salary or pension in Bulgaria therefore he can't deduct the sum from these. So he has no alternative, but to look at your property and this means to sell your apartment. He warns you about it through sending a message to – guess where to? Yes, to your correspondence address. Again there's no payment, so he sells your 80 estate for 60 thousand Euro, he pays the state its 200 Euro and the 59 800 Euro minus the transfer expenses he deposits in a bank for you to take.

User avatar
DANNIA
Mega User!
Mega User!
Posts: 3417
Location: BULGARIA

Postby DANNIA » Fri Oct 19, 2007 8:29 pm

There was a lot of talk of the companies being registered nationally not by area, is this still going to happen does anyone know??
I know it was held up as the admin was not prepared in time or something like that.

Nikki

User avatar
Adolf
Super User!
Super User!
Posts: 1141

Postby Adolf » Sat Oct 20, 2007 12:18 am

It's been postponed numerous times and Bulgaria appears to be in breach of EU law now. The latest postponement is to 01.01.08.

User avatar
martymun
Newbie
Newbie
Posts: 4

aaargh

Postby martymun » Sat Oct 20, 2007 10:35 am

OK
How do I re-register a company, I spoke to a solicitor and they told me that it is impossible (I think that the truth was they couldn't be bothered!) or can anyone reccommend a good solicitor near the Bansko area?
Thanks Again!

User avatar
scot47
Mega User!
Mega User!
Posts: 9517
Location: Clyde Estuary
Contact:

Postby scot47 » Sat Oct 20, 2007 10:45 am

Maybe it is impossible ? In which case you woulod have to register a new company and then have that company buy the assets (ie house). What selling price would you go for ? And what implications might that have for eventually selling the property ?

User avatar
Richie
Senior Member
Senior Member
Posts: 196
Location: Varna
Contact:

Postby Richie » Tue Nov 20, 2007 8:41 am

If you want to change the company address within the same municipality, it is fairly easy but still requires lawyer's personal attendance at the courts to submit/receive documents... I think around 300 leva is average.

To change the company address from one municipality to another is a lot of work and more or less involves disolving and re-forming the company, so costs are basically the same as setting up a new company.

Roll on the change in the law that will centralise these registrations!

User avatar
zhelyazkoge
<b>Property Sales</B>
Posts: 4
Location: Sofia
Contact:

Postby zhelyazkoge » Fri Jan 16, 2009 3:29 pm

Under the new Law all companies, and branches of foreign companies listed in the commercial register must be re – registered within three years starting from 01.01.2008 on at the Registry Agency in Bulgaria.

Since the new law for the Commercial Register has been in power all entries, erasures and promulgations in an existing company could be done only according to the rules stated in it. In Practice, in order to claim any kind of entry, promulgation or erasure in the United Electronic Commercial Register, all companies and branches of foreign companies must be reregistered according to the new rules first.

The preregistration will bring number of advantages to the companies and branches of foreign companies as to send and receive to and from the Commercial Agency documents in electronic format through internet or to receive information references in any territorial section of the new Commercial Agency and many more. The BULSTAT code that currently is a part of the documentation of each company will become the only Identifying code for the company. By providing this unified code, the companies will be exempted from the obligation to prove certain circumstances entered in the Commercial Register, to public services and to the local and government authorities, or to present acts entered in the Commercial Register.

The procedure for company preregistration starts on their initiative with request to the local court where the company was initially registered for issuing a certificate for current status for the company. This should take no more than 3 days and should be free of charge. After the certificate is ready the company or the branch of the foreign company through the authorized public authorities should announce the entry in the Commercial Register in front of the Commercial Agency. The announcement is made with applying with a blank type A1 to A9 (depending on the form of the company) , for example in order to preregister a LTD a blank type A4 should be filled and submitted in the Agency.

According to the law the companies do not owe any taxes to the Agency in order to preregister . However the whole procedure requires certain knowledge and is time consuming so it is quite convenient to use lawyer’s services for that purpose.

The property comapny I work for provides company re registration. Please PM me for more info.




Edited to remove the sales pitch! Mod 8)
Last edited by zhelyazkoge on Mon Jan 19, 2009 1:37 pm, edited 1 time in total.

User avatar
funboyslim
Super User!
Super User!
Posts: 517

Postby funboyslim » Fri Jan 16, 2009 5:07 pm

Extortionate fee, I charge 100 lev and advise on all associated matters as well included in this fee.

Sorry MOD wasn't really a sales pitch as I don't need the work.


Return to “Business Link”

Who is online

Users browsing this forum: No registered users and 1 guest