The Bulgarian measures against money laundering act sets up new requirements for the obliged persons Apr07

The Bulgarian measures against money laundering act sets up new requirements for the obliged persons

The new Bulgarian Measures Against Money Laundering Act (MAMLA) was promulgated in March 2018. The law sets up new requirements for 35 categories of persons listed in Art. 4 of MAMLA. The measures for the prevention of the use of the financial system for the purposes of money laundering are binding for the financial institutions, the...

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Types of companies in Bulgaria Sep19

Types of companies in Bulgaria

Foreign investors (natural or legal persons) may establish the same types of companies in Bulgaria as the locals. There is no legal restrictions for foreign investors from EU member states and non-EU countries. Any person may participate in more than one company. The different companies in Bulgaria ...

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Setting up a company in Bulgaria Sep26

Setting up a company in Bulgaria

Any foreign citizen can register a limited liability company in Bulgaria. There are no legal restrictions on whether the foreigner is a EU citizen or not. A foreign citizen does not have to live or reside in Bulgaria. . However, the presence of the company’s manager in Bulgaria in a one da...

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Transfer of shares in a limited liability company in Bulgaria Oct18

Transfer of shares in a limited liability company in Bulgaria

A transfer of shares in a limited liability company in Bulgaria depends on whether the buyer is already a shareholder or it is a third party. There are no legal restrictions based on the nationality of the seller and the buyer. The transfer of a whole company under the Bulgarian C...

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Setting up a joint stock company in Bulgaria Oct24

Setting up a joint stock company in Bulgaria

A joint stock company in Bulgaria may be founded by one or more local or foreign persons or legal entities. Foreigners or foreign companies who register a JSC in Bulgaria are subjected to the same corporate terms as that of locally-owned companies. Up to 100% of the registered capital of a Bulgarian company can be held by foreigner...

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Manager of a LLC in Bulgaria Nov01

Manager of a LLC in Bulgaria

A manager of a LLC in Bulgaria may be any local or foreign natural person of full capacity to act (regardless of residence). More often the sole owner of the capital or the partner with the largest share in the capital are appointed as a manager. But it is also possible a third party to bec...

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Trade secret protection in Bulgaria Feb21

Trade secret protection in Bulgaria

A trade secret protection across the EU is set up by the Directive (EU) 2016/943 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure. The new Bulgarian Trade Secret Protection Act transposes the requirements of the EU Trade Secret Directive and supp...

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Submission of a declaration of lack of activity to the commercial register and the register of non-profit legal entities Mar10

Submission of a declaration of lack of activity to the commercial register and the register of non-profit legal entities

Companies that did not carry out business activities in 2019 must file a declaration of lack of activity in the Commercial Register not later than 31 March 2020. Sole proprietors who are not subject to statutory independent financial audit, as well as sole proprietors who did not op...

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New requirements for the announcement of AFS in the Bulgarian Commercial and NGOs Register Mar18

New requirements for the announcement of AFS in the Bulgarian Commercial and NGOs Register

On 14 March 2020, new requirements related to the documents for announcement of AFS and annual activity report for the year ended 31 December 2019 in the Commercial Register and the NGOs Register entered into force. The new rules apply only to micro, small and medium-sized enterprises. ...

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Issuance of Force Majeure Certificate in Bulgaria Apr17

Issuance of Force Majeure Certificate in Bulgaria

The Force Majeure Certificate is a useful evidence of the occurrence of the force majeure event. A force majeure is an unforeseen or unavoidable event of an extraordinary nature which has occurred after the conclusion of the contract between the parties. A ...

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