First topic message reminder :

When we bought our house in 2007 we did not realize that BPA put our address as a shopping mall in Veliko Tornovo, We had our company moved to Shoumen in order to register our car. We have found out today that when we moved it ,it was automatically put on the company register, so we do not have to re registerd,saved us a few bob!! It might vary region to region but that is our experience in NE BG

Gimp wrote:

I see the Antique forum is still trying to put the fear of god into its members I just found this in one of their many adds, you would think that now its common news they would let everyone know instead of rubbish like this, anyway I'm pleased to say I have done mine but if any of you do see anything like this don't let it worry you the date has been extended for another 6 months but don't leave it till the last minute.

Scare tactics

On-line re-registration just ₤ 200

All companies registered in Bulgaria before January 2008, MUST re-register before 31 December 2010 !!!

If you miss the deadline your company will be liquidated and you will be fined!!!

All company assets (houses, land, car etc.) will be sold to cover the fine and the expenses for the liquidation !!!

We are happy to announce our new service - Online re-registration for just ₤ 200!

I think that people just don't have to worry about their companies. There are another 6 months to do this and it is not fair to scare people and to attract clients in that way.

Bulgaria Lawyer

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There is still some uncertainty about this 6 months extension I am under the impression that it has not been passed yet but only at the 1st stage? can you confirm this BulgariaLawyer

I am not sure if this will confuse, complicate or panic? but I posed the below question to my solicitor and got the following reply

Q Looking on some of the forums there still seems to be a little confusion,
One states its official- the deadline for re registration HAS been extended to June next year so no need to re register yet?
Another states people who bought land and property before 2008 MUST re register before 31 Dec 2010?
I thought the change had only had its first reading? Could you clarify please

A. The change to the law only has been approved on first hearing, so until approved on second hearing by the parliament, the re-registration has a deadline of 31st of |December 2010. a lot of sites/people simply heard the news and wrote things, however maybe they dont understand the difference between 1st and 2nd voting of parliament

I am beginning to wonder if anyone knows what is what?
Bill

All very confusing Bill and I see the lawyer who added his comments hasn't refuted anything here so I guess we are in the dark again

Got this from Pari.bg sorry about the google translation but I think reading this nothing has yet been agreed read the last para

Pari.bg 17/12/2010
Instead of crossing the fraud company information, the state resorted to the easiest, but the controversial decision - to limit access to the Commercial Register.

You are British, Irish or Russian citizen, owner of real estate in Bulgaria. Now they give you basically lose but their yours. Or so you think until you find the company through which they own, without your knowledge has passed into other hands. Among scalded by a similar scheme is Russian singer Philip Kirkorov, who lost several summer apartments in Sunny Beach resort. In such a situation, however, and many business owners in the country regardless of their nationality.
The phenomenon is called theft of companies and anxiety increased. According to prosecution only for the last few months have recorded six new cases with scalded foreigners. The scheme is often re-registration of companies with fake certificates, which takes full ownership change. Aliens are a favorite prey because they're thousands of miles and likelihood to respond next month when traces are zameteni is great. But practice shows that Bulgarian business owners are not insured. In these cases, fraud is difficult to assess, to sharpen litigation for months and the good end is not guaranteed. According to people familiar with the case of Philip Kirkorov he still fight for their property.

Debate
Noise around the theft of firms give rise to debate once to protect the information in the Commercial Register. The fact is that when company data is accessible to everyone. However, instead of crossing misuse, the state now chooses the easy way - to limit their visibility.
Continue reading
Advertising

Database
Proponents of this measure determines the trade register as a favorite search engine people with criminal intentions. There, according to them can be found everything - from scanned cards, specimen signatures, civil status documents and contracts with salaries of managers of companies to car slips and deeds. "
If some time ago in document fraud signatures cut with razor blade of business cases, now be downloaded online from the Commercial Register, an example of GERD lawmaker and member of the parliamentary legal committee Emil Radev. The lawyer was among the vocal supporters of limiting access to company data. This thesis protect American Chamber of Commerce, CEIBG and other large employers' organizations.
Disagree is Kashumov Alexander, head of the legal team of Program on Access to Information. According to him, limiting access to the Commercial Register will affect a wide range of individuals and companies that dealt in or planned investments in Bulgaria. The same applies to a professional, such as lawyers, notaries, private bailiffs, using daily data from the register, and last but not least - for investigative journalists. "
Changes in the rules for access to company data are actually won a retreat from publicity,"
summarizes Alexander Kashumov.

Essentially
The key to become hot debate are amendments to the Commercial Register, which passed its first reading in parliament last month. The version of the Justice Department remains open and free access to company data, but not to primary documents on which entries are made. This means that it will directly receive information about the owners, office, governing bodies and to a company, and its annual accounts. Public will and other legal acts, such as bankruptcy. Access to scanned documents, which are derived from these data, however, will be limited. They will become available only after registration of the user - via electronic signature on the internet or on site at the Registry Agency. The motives of the ministry, so that misuse of personal data to traders can be traced access. Proponents of open access to documents in the register does not think it will cross the fraud. "
If the publicity part of the company's data removed, they'll just become more popular. People who are interested to get hold of them, I will do so. Uneasy will all other loyal customers,"
said Alexander Kashumov. Such an opinion is Director of the Institute for Market Economics Svetla Kostadinova. According to her problem is not so much in the existence of document fraud, and in the inability of police and justice system for rapid and effective response. In support of this are data from a survey among businesses on behalf of the magazine "
Legal World"
at the end of 2008, over 88% of respondents believe that document fraud is proving difficult or can not be proved. And 64% of experts evaluated the return of lost property as extremely difficult.

Privacy
To counteract the poor efficiency of the institutions governing party GERB offers greater control over access to the registry. Lawmaker Emily Radev said that before the second reading of draft amendments to the Commercial Register will be offered access to company matters is not only registered but also limited to a range of officials. "
In our identification with signature and ID card does not ensure the protection of personal data. It will offer access to a registered company cases have only bodies of courts, prosecution and trial, and notaries, bailiffs, lawyers ..."
, list MP. According to him, in this case more difficult will lead to abuse because employees will risk their practice and professional reputation. Argument, which critics gatekeeper replied that in almost all cases of document fraud to date have been involved persons from the system.

Denouement
All in favor and against the amendments to the Commercial Register will emerge in early 2011 when the new project is expected to come for second reading in plenary. Expected to be adopted by the end of January. So spring businessmen interested can consult who is meddling in the files of their companies. Another question is how would feel more secure.

To try and clarify things a little more I submitted the below question to my Solicitor

Q. What is the difference between 1st and 2nd voting?
I presume 1st is the proposal which has to be read in parliament and accepted, and the 2nd is the confirmation that it has been accepted?


AnsYes, more or less the meaning is that, but between the two votings can be a change of the proposed texts.

Plus the below

Now the re-registration has been officially prolonged by the parliament with another year, so it is by the end of 2011.
So it looks like everyone can breath again ----??????????????????
Merry Christmas

Thanks for the update Bill!! I'm ok but I'm sure this will be good news for a good many who haven't yet done it :Good post:and this may also help those who are considering leaving Bulgaria or worse

Winding up (liquidating) a Bulgarian company

Many foreigners have been setting up limited companies in order to own land in Bulgaria. Now as the year 2012 is approaching, the restriction will be removed and there will be no need of the limited company for this purpose. Many people will prefer to have the property on their own name. So how you can do that? The legal way is to wind up your company and transfer the property on your name.

The liquidation process

If the limited company has been set up only for the purpose of owing a land we assume that the company is a dormant one. The easiest way to find that is to ask your accountant if they have filed nil annual accounts. So, if the company is dormant the liquidation should be a straightforward process. The biggest disadvantage of the liquidation is the time frame. The minimum legal term is 6 months. Basically the liquidation process can be divided in the following milestones:

appointing a liquidator and sorting all outstanding taxes (both state and municipal ones)
drafting the initial accounting balance report
announcing the liquidation in the online Commercial register and submitting an invitation to all potential creditors of the company to present their claims
transferring the property to the capital owners (company owners)
drafting the final accounting balance report
de-registering the company from the Commercial register

The longest stage is the waiting period after announcing the invitation to the creditors. The minimum legal waiting period is 6 months. This is why the liquidation lasts that long.

Liquidation costs

The liquidation process will involve accounting and liquidator costs, state fees and fees for transferring the property to the company owner(s). The final costs depend on the status of the company- are there any problems with it or its assets, how well the company papers were done during the years etc. A quote for liquidation costs (without property transfer fees) for well maintained dormant company would be about ?500.

Transferring the property on company owners’ name

This could be done in several ways, but the most common are either by simulating a sale (company sells to the company owner) or by transfer as a liquidation share from the company to the company owner. In both cases the property transfer needs to be recorded in the Land Registry.

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Thanks Bill

:Xmas3:

Thanks Bill - good job We had ours none active company re registered last year at a cost of 250euro then I found out our new accountant Nominal Limited could have done it for under 100euro Hence moved everthing to Nominal. The same with the tax returns, again was charged 160euro, Nominal limited charges around 38 to 40euro. Plus Borislav at Nominal has been donating 10% of all the tax returns he does to the Silistra Orphanage. March this year he donated £250

Oddy :Xmas4:

Hi Bernie
The costs for this service are bound to vary from company to company, but never the less have to be done, the problem seems to have been, have they been done correctly? and who do you trust. Below some further info

Quote:- The regular tax return for non-active companies was only 4 pages, where you write your details and company details, right 0 activity, sign and submit. The financial reports that are required now are around 40 pages to 70 pages, and consists of reports for the assets, for the bank activity, for the persons employees, for the amortisations, etc, and they have to be prepared even those the company is still non-trading. unquote

You can check if you have re registered by checking with the corporate register

Click this link :- [You must be registered and logged in to see this link.]

On the home page you will see the below statements

Направете Вашата справка = Make your statement

Underneath are two selections - Select the top statement

1. По физическо или юридическо лице = In natural or legal person (Select this)

2. Списък на запазени фирми = List of companies Reserved

The next page requires security information, this is timed so do not take too long or you will have to start again,

Answer security code and enter your bulstat / EIK number select individual (entity) and search

At the bottom of the page your company details should appear , you can click on and from there you can select various pages of information held about your company



In the event that you get the result - No records found, possible causes

1. The company is NOT re registered yet. OR 2. You entered details incorrectly

Bill

:Xmas4:

Thanks for that Bill - certainly worth keeping an eye on.

:Xmas4:

Bill this will be a good place for people to go and check that its all be done if they have any doubts

I see on some other forums that they are still talking about this matter and it hasn't yet be given the full go ahead ?

Very true Bigsavak but I do think that an announcement is about to be published in the state gazette so keep an eye on it

Re-registration deadline extended to 31 December 2011

Yesterday the official amendment of the law was promulgated and subsequently entered in force. Now the new deadline for re-registration of companies in Bulgaria is 31 December 2011. This amendment came by surprise preceding the actual bill of amendment of the Commercial register Act.

This extension is actually done by amending the Trade Act, rather than amending the Commercial Register Act itself. This is rather unusual way of the parliament to do it as it confuses the people who expect the actual law which regulated the re-registration process to be amended. In the end, this amendment will cause the actual bill for amendment of Commercial Register Act to be amended to match the new re-registration term. Once again we can see the legal ignorance of the ruling party’s members.