Timescale for setting a BG 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
greenday
Not 'so' Newbie!
Not 'so' Newbie!
Posts: 22

Timescale for setting a BG company

Postby greenday » Sat Feb 04, 2006 10:01 am

I would be so grateful that if anyone can give me some information that how long does it take to set up a limited company in BG.
I am going to BG by the end of this month, going to view some properties and possibly buy one.
I don't think I would have enough holidays to stay there for the whole process, so just set up a company first.
I need to book some holidays from work, so anyone can give me some infomation or guideline of how many days I should take. Not for the whole buying process but only for setting up a company with a BG solicitor/lawyer.
Many thanks.

User avatar
vlado
Senior Member
Senior Member
Posts: 159

Postby vlado » Sat Feb 04, 2006 10:08 am

It takes around a week .
If you need any help my accountant ( in Varna) could set it up for you.

User avatar
susanhutchings
Not 'so' Newbie!
Not 'so' Newbie!
Posts: 33
Contact:

time to set up a company

Postby susanhutchings » Sat Feb 04, 2006 10:22 am

My company took just over a week to set up but the solicitor told me it varies from region to region. Mine was registered in Plovdiv but had it been in Elhovo or Yambol she said it would have taken longer.

User avatar
greenday
Not 'so' Newbie!
Not 'so' Newbie!
Posts: 22

Postby greenday » Sat Feb 04, 2006 10:58 am

Thank you Valdo and Susan,

My friend has recommended a law firm in Sofia for me, I think that my company will be registered in Sofia. In fact, I am buying properties in Varna and Dobrich area.
Many thanks for your information.

User avatar
GarryN
Super User!
Super User!
Posts: 468
Location: East Sussex/near Sofia

Postby GarryN » Sat Feb 04, 2006 12:04 pm

greenday wrote:Thank you Valdo and Susan,

My friend has recommended a law firm in Sofia for me, I think that my company will be registered in Sofia. In fact, I am buying properties in Varna and Dobrich area.
Many thanks for your information.


My is being set uo in Sofia and I've been told it will take 4 weeks - hopefully thaqt doesn't mean I've got a slow lawyer! :(

Garry

User avatar
oldtimer
<b>Prop Management/Transport/Sales</b>
Posts: 3177
Location: Bulgaria
Contact:

Postby oldtimer » Sat Feb 04, 2006 8:27 pm

Why set your company up in Sofia when you are buying in the Varna area :?
Last edited by oldtimer on Sun Feb 05, 2006 11:33 am, edited 1 time in total.

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

Postby DANNIA » Sat Feb 04, 2006 8:41 pm

It is far easier to set your company up in the area you are buying your house, we have had a few niggles, sorted out by our agent fortunately, but they wouldn't have had them if we hadn't set up our company first when in Bourgas, and then we bought a year later in Yambol.
It was easier for us to leave POA for our agent to sort it all out.
We have never given POA on our bank accounts though if that reassures you.
Nikki

User avatar
carriemc
<b>Rental Agent</b>
Posts: 980
Location: Glasgow, Ford Argyll, General Inzovho
Contact:

Postby carriemc » Sat Feb 04, 2006 9:06 pm

I would agree with Dannia here. My company was set up in Bourgas and I have properties in Yambol area which has occasionally made things a bit tricky.

My advice would be to set up your company as close as possible to where you are buying your property.

Caroline

User avatar
dogsbody
<b>Property Sales</B>
Posts: 36
Location: Bolyarsko
Contact:

Postby dogsbody » Sat Feb 04, 2006 9:25 pm

Hi all

To let you know it takes around 15 days to set up your company in yambol properly and any POA for accounts would make life a lot easier for you and your agent as long as you make sure you ask for statements from your company account this should be provided on request. As has already been said any varients in region or even a slightly miss translated name can cause major paperwork problems at a later date but with some time and some money it can all be fixed. Some things are very hard hear if you do not know how it all works. Its a big step sooner or later you have to trust someone just make sure you ask lots of questions and are happy with the answers you are given

hope this help

dogsbody

User avatar
greenday
Not 'so' Newbie!
Not 'so' Newbie!
Posts: 22

Postby greenday » Sun Feb 05, 2006 11:45 am

oldtimer wrote:Why set your company up in Sofia when you are buying in the Varna area :?


As it is so hard to get a long "Holiday" from work, probably I can get 10 days is the most. So, I can set up a company for our first trip, if I found something I like, then I will sort out the purchase in the following week. My friend, a UK soliciotr said that I should set up a company before I put down the deposit on any land or properties in BG. Is it correct? Well, I don't really know that myself!!! He knows a reputable law firm in Sofia, that's why I'm going to instruct them. Honestly, I don't know whether that is the right way to deal with things in BG.....?????


Return to “Business Link”

Who is online

Users browsing this forum: No registered users and 1 guest