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If you own property or land in Bulgaria through a registered company the Bulgarian government now requires that you re-register the company by the end of 2008.
Failure to re-register will result in the loss of the company and its assets (property, land etc.) and you will also incur a fine and will have to pay for the procedure to close the company.
Below is the basic protocol for the re-registering of a Bulgarian OOD (Ltd) company.
The re-registration has to be completed by the end of the year 2008* so despite the fact you have 6 months there will undoubtedly be a ‘last minute rush’ which will place even more pressure on the administrative process in the Bulgarian trade register. Failure to re-register will result in loss of the company and its assets (property, land etc ) you will also incur a fine and will have to pay for the procedure to close the company.
Many websites state... "you have to have your company re-registered by the end of June 2008". This June 2008 deadline is for larger commercial trading companies and does not apply to the trading style of the company you might own.
*The actual date for re-registering companies is the year 2011. However you have to have it
re-registered prior to the end of the year to be able to have the company audited. As your company owns the asset of your house/land the end of year audit is essential. Therefore re-registering is a very important issue.
THE RE-REGISTRATION PROCEDURE OPERATES IN 2 STAGES
The first stage:
Requires proof of the existing company, and the
correct Power Of Attorney to have a certification issued with the
current company status. Also a 'Request Application' form, signed
by the manager of the Bulgarian company, for the Bulgarian lawyers
to implement the legal process.
The second stage:
Requires that all company documents be processed
to the Trade Register to be re-accepted and the company re-registered.
This will need a second Power Of Attorney to be prepared.
The procedure will be as follows:
We will take care of the administration procedure on your behalf, through the following process:
1. You will need to sign an agreement for Homes in Bulgaria to proceed with administration management and legal requirement for the re-registering of your company. Return to our UK office.
2. Forward the legal and administration fee of £340 for the company re-registration process.
Payment to the UK office, by posting a cheque or by calling 01202 417760 and paying by card.
3. The manager of the company must sign an official,
English/Bulgarian copy of the Power Of Attorney and a 'Request Application'
form for the completion of Stage 1 of the process. Return the documents
to our UK office.
4. These will be passed to our Bulgarian office
and the first stage of company re-registration will be implemented.
5. We will create and forward to you the second Power Of Attorney which will need to be signed by the manager of the company.
When all correctly signed documents are in Bulgaria we will action and administrate the 2nd stage of re-registration.
Once your company re-registration is complete we will inform you of the new details from our UK office.
IMPORTANT INFORMATION
Power Of Attorney
A Power of Attorney is a legal document that you
sign to authorise us to carry out on you behalf the re-registration
process. None of the Power of Attorneys required for re-registration
of a Bulgarian company need to be notarised.
Also required is a 'Request Application' form,
signed by the manager of the Bulgarian company, for the Bulgarian
lawyers to implement the legal process.
Company papers and Company stamp
The secondary and as important issue relates to the papers of your company and your official Company stamp.
Company papers held in Bulgaria:
If your company papers and Company stamp are held
by us on file in Bulgaria there is no problem for us to prepare these
for representation to the authorities.
Company papers and Company stamp held personally
by yourself in the U.K. or with an agent in Bulgaria:
If you hold your papers personally here in the UK
then we have to be able to have these papers sent to Bulgaria for
processing the re- registration. If you have your documents please
call the UK office 01202 417760 and we can make specific arrangements
for the documents to be processed.
If another agent, either in the U.K. or Bulgaria, holds your papers we will require a letter of authorisation from you to enable us to obtain your papers from them. Depending on their location, this could incur an additional charge.
Please be aware that copies of the original papers
are acceptable, but the official Company stamp will be required and
this will incur a secure courier service charge.
If we did not originally register your company for you,
we will also require up-to-date copies of the manager's and all shareholder(s)
passports and a copy of the original BULSTAT card.
Lost or misplaced papers:
Lost or misplaced company papers can be replaced
but will incure additional lawyers fees.
Company auditing
Please do not confuse this re-registering with your annual company auditing. However it is important that the re-registration is all in place before the processing of the annual audit at the end of the year.
Our fees for re-registering a Bulgarian company are £340.00.
The fees cover the following procedures:
Lawyer fees, application for processing, creation of P.O.A.’s, documentation collection from regional municipalities, translations, collection and return of all documents to and from municipal/trade register offices, bank charges and transfer of currency to Bulgaria.
Please note that additional costs will be incurred
if you require name changes and share holding status.
Special delivery
by DHL for late payment/return.
The procedures detailed above are our understanding
of the Bulgarian Company re-registration process as of July 2008.
We will endeavour to keep the details up-to-date, but Homes in Bulgaria
will not be liable for any additional costs that might be incurred
due to changes in the procedures that are made by the Government of
Bulgaria. |