Saturday 31 August 2013

How to register a company in Bulgaria

Execute the minutes of the constituent meeting of the shareholders in the ODD; obtain a notary certified statement of consent and signature specimen of the manager, and a certified copy of the articles of incorporation of the ODD.

The appointment of manager(s) is evidenced by a resolution passed by the constituent meeting of interest holders. The statement of consent and signature specimen is embodied into a single document, and notary certification of manager(s)' signature(s) is required.

Deposit paid-up capital in a bank

The capital-accruing bank account must be opened either by the company manager or by a person authorized by a notary-certified power of attorney. Those persons delegated authority over the bank account must provide a signature specimen in person or a notary-certified specimen. The amount of capital stays blocked in the bank account until the registry issues a decision on the company registration. The Commercial Act requires the minimum capital prescribed by law, i.e. BGN 2, to be paid-in prior to incorporation. After opening the escrow account and despositing the funds therein the company under incorporation is issued a certificate evidencing the shareholders' deposit of the capital. The certificate must be presented at the registry.

Register with the Commercial Register at the Registry Agency

The registration is done using a Standard Application (A4 Form – "Application for registration of circumstances

related to a limited liability company"). The following documents must be attached to the application: (1) Agreement of Association, (2) Resolution for appointment of manager(s), (3) Notary certified consent and signature specimen of manager(s), and (4) Bank certificate for deposited capital. The state fees are BGN 110 if the documents are filed with the Registry Agency on paper or BGN 80 if the registration documents are filed with the Registry Agency electronically.