Changes in Bulgarian Commerce Act 2017

Significant changes in Bulgarian Commerce Act were adopted at the end of 2016, valid in the current year. We present below a summary of the most significant changes introduced with the present Act.

Validity form of certain documents is getting stricter

In addition to the current requirements for notary certified signatures on contracts for the transfer of commercial enterprise and contracts for the transfer of shares, a new requirement for additional notary authentication of the content of such contracts is introduced.

The same validity form will be required for the decisions of shareholders of limited liability companies for acceptance and exclusion of shareholders, increase and decrease of company’s capital, shares transfer to a new shareholder, appointment of company manager, acquisition and disposal of real estate and property rights thereto.

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Establish a FOREX company in Bulgaria

Global Consult Europe is a consulting agency specialized in international corporate law. We will provide you with all the necessary know-how on how to start your own Forex business. Thanks to our partners we can offer you a full range of services that include:

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Transport license in EU

Community license for international road haulage

Registration of transport company

How to get transport license in Bulgaria?

It is necessary to have a registered company (regardless of the legal form – LTD., JSC., etc.) and its scope of activity is specified for the carriage of goods against payment. Registration of company which carries out transport activity has its own peculiarities, therefore you can count on our qualified legal assistance in registration of transport company.

What documents are needed for Community license for international road haulage?

There are specific requirements for the head of the company’s activity:

Certificate of conviction of the person who manages the transport activity – should not be convicted or deprived of the right to exercise transport activity;

Certificate of professional competence, issued to the person who manages the transport activity – cannot manage more than two transport companies ;

Contract for the appointment of the person who manages the transport activity;

Regarding the company itself must be submitted:

Information for financial stability – it depends on how many vehicles will operate; For the first vehicle the company must have the equivalent in BGN of 9000 EUR and for each additional – the equivalent in BGN of 5000 EUR. Proof of financial stability can be achieved by deposition of the amount in the company’s capital, bank guarantee in Bulgarian bank or conclusion of insurance contract for a insured sum in the same amount.

Notification to the National Revenue Agency;

Declaration that the trader who applies for a license does not have an open procedure of bankruptcy;

Declaration of existence of own or leased garage area with exactly specified address in Bulgaria;

The license shall be issued within 30 days of submission of the documents.

The transport license is not unlimited, it is issued for a period of 5 years. Renewal is possible before the expiry date.

The transport company must comply with the requirements of the law not only when applying for a license but also during the entire period while exercising transportation. Companies which perform carriage of goods without required license shall be subject to large fines.

The requirements for obtaining a license should be carefully observed, therefore Global Consult Europe advises you to contact our team of professionals.

What you should know about business name reservation in the commercial register?

  Business name (known as a firm) is the name under which the trader carries his occupation and shall be signed. It must correspond to the truth, not be misleading and does not undermine public order and morality. Every firm has content prescribed by the law which may include indication of the sphere of activity, the persons involved and freely chosen supplement. The trader is obliged to write firm’s name in Bulgarian, as he could additionally inscribe it in a foreign language.

  The trader has an exclusive right over the firm. It can only be used by the trader who has made the registration. It can’t be identical or similar to a trade mark or earlier registered company. The firm can be changed upon request of the trader who has made the registration.

  Firm’s name reservation shall have effect for six months and prevents another trader to be entered in the commercial register under the same firm. The reserved firm cannot be estranged and transferred.

  Everyone can reserve a firm before submitting the application for registration but the trader must be entered in the commercial register within six months.

  Required documents :

  • Application for firm’s reservation;
  • A document certifying the representative authority of the applicant (when the application is submitted by a representative of the person concerned);
  • A document for paid state fee;

  You can check whether the chosen name is unique and does not repeat another already registered on the website of the Commercial Register – Using the English version, you should select section “References”, then “Rights over company”. In the field “Business name” you are typing the name of the company you wish to register. If an inscription in red “No results found” appears, this means that probably the name is available and can be used.

  To be completely sure that the name is free, you need to check also Bulstat Register – Since the access to it is limited and requires payment, Global Consult Europe can perform this check for you.