четвъртък, 5 януари 2017 г.

Annual Report Filing at Bulgarian Commercial Register - Official Company Register at the Registry Agency

Companies operating in Bulgaria are registered in the Central Commercial Register at the Registry Agency of the Ministry of Justice.

Under Article 40 of the Bulgarian Accountancy Act, traders under the Commercial Law must publish their Annual Financial Report - by filing it in the Commercial Register. The Sole Traders whose reports need independant financial audit have to publish accounts by May 31 next year. All Limited Companies are obliged to announce reports by 30 of June next year, others - by July 31 next year.

Please Note: This applies even to limited companies that are not operational during the reporting period. They should publish an 'empty income statement'.

In fulfillment of this obligation within the time stated, the laws provide strong sanctions. Under the Accountancy Act fines ranging from 1000 to 3000 lev, and under the Commercial Register Act - percentage of the net revenue. 

We offer our assistance in submitting Annual Financial Statements (AFS) in the Commercial Register. We shall prepare the necessary protocols for the adoption of AFS, profit-sharing and competently fill in the application forms for declaring the act. You are required to provide us certified by the Management Board Annual Financial Report for the year or we will be pleased to prepare the report for you.

State fee for publicating is 40 lev for manually submitting and 20 lev - electronically.

To do this for you, your accountant needs legalized at Notary Public Power-of-attorney.
If you have questions or would like to use our service, please contact us on: +35952615224 +359879615224 +359899134270 or visit our website http://www.balances-bg.com/en/index.html

сряда, 4 януари 2017 г.

Useful web links of Bulgarian authorities

http://www.nap.bg/ National Revenue Agency - Bulgaria
http://www.brra.bg/ Registry Agency, Official Company Register - Bulgaria
http://www.nsi.bg/ National Statistical Institute - Bulgaria
http://www.noi.bg/ National Social Security Institute
http://www.bnb.bg/ Bulgarian National Bank

Power of Attorney and requirements for authorization

In order your accountant to represent you before the National Revenue Agency,
Registry Agency, Municipality, you need to notarize duly Power of Attorney. Can do this at the nearest Notary Public offices. If you are foreigner not speaking Bulgarian, shall need a legal translator to accompany you.


           Need a certified legal translator?

Tax Calendar - Reporting Dates and Payment in Bulgaria

If you have a Company in Bulgaria, it is compulsory to file an annual balance sheet with the tax authorities. The tax year in Bulgaria is the year ending on December 31st. Limited Companies file an Annual Financial Report and Tax Declaration by March 31st. An individual must file an Annual Tax Declaration by April 30th. The term for promulgation the Financial Acts into the Registry Agency is May 31st for the Sole Traders whose Annual Financial Statements need independant financial audit, June 30th for the Limited Companies, July 31st for all others.
Important to know is that your accountant needs a notarized Power of Attorney to represent you before the Republic authorities.


Price For New Company - How much will it cost to form a new Limited Liability Company in Bulgaria?

Time to start something new?
The price for setting up new Limited Liability Company in Bulgaria depends on the Bulgarian Registry Agency tariff for filing the registration documents and the lawyer's fee. Also it depends on the way of submitting, manually on paper at the regional offices of the Registry Agency or electronically. The price contains the fees as follows:

Upon  application for Limited Liability Company circumstances registration (A4) in amount of 160 BGN for manually submitting / 80 BGN electronically.
Upon application for company name reservation (D1) in amount of 50 BGN  for manually submitting / 25 BGN electronically.
Lawyer' s service. We can offer you highly competent lawyers for a fee of 200 BGN.

Take in mind how much will be your Company' s registered capital! The minimum is 2BGN.

If you need our assistance, please contact us on: +35952615224 +359879615224 +359899134270 or visit our website http://www.balances-bg.com/en/index.html Would be glad to advise you!

вторник, 3 януари 2017 г.

Company Formation - How to form / set up a new Limited Liability Company in Bulgaria?

One shareholder for a Sole Limited Liability Company (EOOD) and at least 2 or more shareholders for a Limited Liability Company (OOD) are required to set up the company. The shareholders may be individuals or companies. They also could be foreigners. The minimum share capital is BGN2.00, with the minimum nominal value of BGN1.00 a share.
The first step in forming a new Company is its registration in the Central Commercial Register at the Registry Agency of the Ministry of Justice. Application for registration of EOOD / OOD may be filed in each of the regional offices of the Registry Agency, no matter where the seat of the Company will be. The application form should be stated by the manager / managers of the company or by a lawyer with explicit written authorization (recommended). The application for registration and its attachments may be submitted on paper or in electronic form. They must be applied in Bulgarian language. The documents can be filed in any official European Union language as well, but together with a certified Bulgarian translation.
Registration Officer shall review the application and shall rule on it. Usually takes 3 to 5 working days after submitting the documents.
Circumstances, subject to entry:
Company name, written in Bulgarian and Latin; 
Seat and registered office indicating the state, city, postal code, district, municipality, region, street, house number, number of managements' s apartment. If you wish can point phone, fax, email, website; 
Subject of activity; 
The main activity under the National Classification of Economic Activities; 
Managers - name and ID / PNF; 
Method of representation - together and / or separately; 
Company duration; 
Partners - name and ID / PNF, company name and UIC code of members, and the size of theirs holding; 
Capital - the amount and paid-in capital.

Enclosed to the application should be applied:

The articles of association (company contract); 
Document establishing the existence of a legal entity – partner (when one or more partners are companies); 
Decision of the authority of the legal entity - partner to participate in a limited liability company (when one or more partners are companies); 
Decision of the General Assembly or the Sole Shareholder to appoint a manager or managers; 
Notarized consent and sample of the signature of the manager / managers; 
License or permission, when carrying out certain activities require authorization of state authority; 
Bank document for the deposited capital.
Please Note: You can withdraw the deposited capital right after the Company registration and receiving the actual Company statute document at the Registry Agency.
In connection with the registration procedure Ltd will be charged a fee:

Upon application for registration of circumstances on a limited liability company (A4) in the amount of 160 BGN for manually submitting / 80 BGN electronically.
Upon application for reservation of company name (D1) in the amount of 50 BGN for manually submitting / 25 BGN electronically.
Lawyer' s assistance. We can offer you highly competent lawyers for a fee of 200 BGN.
+35952615224 +359879615224 +359899134270