Bulgarian company (PLC). Registration and obligations. Bulgarian company re-registration - process and deadlines.
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All Bulgarian company directors (property owners who have registered a company in Bulgaria) must re-register their company. Those who have re-registered have only until 30th June 2009 to publish some compulsory documents including their their Annual Tax Return in Bulgaria, the consolidated Financial report for their activity and Memos of meetings. British Developments can take care of this legal requirement on your behalf at competative fee. For more detailed information on the new Bulgarian law for re-registering a Bulgarian company see below.
Art.6 (1) Each tradesman is obliged to ask to be entered in the Trade Register of Bulgaria, as he states the liable for entry circumstances and submit the liable for entry declared acts.
(2) Each person, who is obliged to submit entry of the circumstances or to submit the acts in the Trade Register of Bulgaria, must do so within a 7- day time limit from the begging of the circumstance, respectively from the acceptance of the act, if the law does not determine a different time limit.
(3) (Modified – State journal, issue 105 from 2006) the acts pursuant Art. 40, al. 1-3 from the Accountancy Act are submitted and presented for submission in the Trade Register according to the order and the time limits, stipulated in the Accountancy Act.
Article 40 from the Accountancy Act stipulates:
Art. 40( modified – State Journal, issue 96 from 2004, issue 105 from 2006) (1) Until the 30 June 2010 the companies publish their Annual Tax Return and the consolidated Financial report for their activity, approved by the partners’/ shareholders’ assembly and the relevant authority, as follows:
- the tradesmen according to the Trade Act – by statement and presentation of their submission in the Trade Register;
- the legal entities with non – economic purpose, appointed for community service- by statement for entry and their concession in the Central Register of Bulgaria of the Ministry of Justice of Bulgaria and according to the terms and the order of the Legal entities with non-economic purpose act;
- the rest of the companies- by economic edition or through the Internet
(2) Pursuant Al.1 the companies according to Art.38 publish:
- Their Financial reports – in the form, in which they have been certified by a registered auditor;
- Their Annual reports for their activity- in the form, in which the registered auditor has based his auditorial opinion;
- The auditorial report relevant to the reports pursuant sections 1 and 2;
(3) Pursuant Al.1 together with the Annual financial report the join-stock companies, the limited join-stock companies and the limited liability companies publish as well information about the offer to the management authority for profit distribution or losses’ cover for the previous year and decision of the Common Assembly of the shareholders/ partners for the way of profit distribution or the cover of the losses for the previous year.
(4) The Annual Financial Report of a company which draws up consolidated accounts is being published together with the consolidated account of the group, together with the reports of their activity.
(5) When the reports of the companies pursuant Al 1, section 3 are being published on the Internet, and a free access to them should be ensured for a time limit not less than three years after the date of their publishing.
(6) The companies, pursuant Al. 1, section 3 on request, should give information about the locality, where the reports have been published.
(7) Other than the cases pursuant Al. 1 and 2, when a company publishes shortened financial report, it is an obligation to announce that the report is shortened and to mention the locality, where the financial report has been published pursuant Al. 1. When the financial report has not yet been published pursuant Al.1, this fact should be mentioned as well. When a shortened financial report has been published, the auditorial report could not go with this publication, but it is compulsory that the auditorial opinion is mentioned – not qualified, qualified or negative, or the refusal of such an opinion , as well as the included in the auditorial report questions, that have been taken under consideration, without qualified auditorial opinion.
(8) Al. 1-7 are not applied for budgetary companies, as well as when a law stipulates otherwise.
The above mentioned means that it is necessary for each company to make the annual tax declaration till 31 of March of the financial year.
The second step is to prepare the special form and Record of Proceeding from the co-partners or the single owner of the capital regarding the company’s profit- to be given or not. These documents together with the parts of the documents from the annual financial report have to be entered in the Trade Register till the end of June of the current year.
