A brand-new Act of the Business Pc registry will be in pressure from 01.01.2008. It worries the treatment of registration of industrial firms in the area of Bulgaria, which procedure shall be modified at whole. This fact might be fascinating for the capitalists who would love to execute company task in Bulgaria with realty deals.
As you are aware, after signing up with of the Republic of Bulgaria to the European Union there are still constraints for the foreign residents that wish to acquire a land or first part of an area in Bulgaria. They could possess a nation with a business signed up on the territory of the Republic of Bulgaria under the neighborhood demands, which company will be entitled to buy the residential or commercial property as an independent legal individual.
Until completion of 2007, the industrial companies in Bulgaria shall be developed under the present procedure controlled by the Commercial Act. According to the legislation, the company is established under court choice issued by the respective skilled court where the head office of the business lies. The court choice is final as well as might not be appealed.
According to the brand-new act stated over the files for setting up for business activity, companies have to be submitted before a licensed person (jurist) who will inspect it as well as take choice to register or to not sign up the business. His refusal can be appealed on trial of 2nd circumstances and also the decision of the court might be called before the Supreme Court, which determination is final.
Following the above, you can conclude that the procedure under the new act will undoubtedly be longer and also might be more difficult. There is still no method as well as there are no prepared design templates of the files for registration. Therefore in our expert opinion, the capitalists could utilize the rest of the time till the end of the year for registering a firm under the old procedure to avoid future problems and also problems.