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...
Registration of a NGO in Bulgaria
The Non-profit Legal Entities Act specifies the incorporation procedure of a NGO in Bulgaria.
The two main forms of NGOs are associations and foundations. This article examines the establishment and the registration of non-profit associations.
The legal requirements for the registration of an association d...
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...
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.
Setting up a Foundation in Bulgaria
Founders of a Foundation in Bulgaria may be Bulgarian and foreign citizens of full capacity to act, as well as local and foreign companies. The law does not differentiate between nationals and non-nationals for purposes of establishing, membership or management of the Foundation and does not specify any additional requirements on the...
The deadline for publishing the annual financial statements for 2019 is expiring
September 30, 2020 is the deadline for publishing of the annual financial statements and the annual activity reports for the year ended 31 December 2019 in the Commercial Register and the NGOs Register.
Due to the state of emergency imposed on 13 March 2020 in relation to COVID-19, the non-profit or...
Bulgarian companies and NGOs shall announce an AML contact person in the Commercial Register and the NGOs register
All business entities and NGOs incorporated within the territory of the Republic of Bulgaria shall have an AML contact person.
As per the companies and NGOs are obliged to obtain, hold and provide an accurate information on the natural persons who are the beneficial owners thereof.
The information about the natural persons wh...
Registration of an Association of condominium owners in Bulgaria
An Association of condominium owners may be established for one or more entrances of the building or for several buildings under condominium ownership arrangements, which are semi-detached in the process of construction. The owners may establish an association with the view of absorbing resources from the Eur...
Bulgarian dormant companies and NGOs shall publish non-activity declarations by 30 June 2022
Dormant companies and NGOs in Bulgaria shall publish a declaration of lack of activity for the year ended 31 December 2021 in the Commercial Register and the NGOs Register not later than 30 June 2022....