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.

Micro-enterprises are enterprises which at 31 December of the current reporting period do not exceed at least two of the following criteria:
  1. book value of the assets – BGN 700,000;
  2. net sales revenue – BGN 1,400,000;
  3. average number of employees for the reporting period – 10.
Small enterprises are enterprises which at 31 December of the current reporting period do not exceed at least two of the following criteria:
  1. book value of the assets – BGN 8,000,000;
  2. net sales revenue – BGN 16,000,000;
  3. average number of employees for the reporting period – 50.
Medium-sized enterprises are enterprises which at 31 December of the current reporting period do not exceed at least two of the following criteria:
  1. book value of the assets – BGN 38,000,000;
  2. net sales revenue – BGN 76,000,000;
  3. average number of employees for the reporting period – 250.
For announcement of AFS and annual activity report in the Commercial Register and the NGOs Register the micro, small and medium-sized enterprises submit the following documents:
  1. Application, Model G2;
  2. AFS and annual activity report in original, notarized copy or transcript certified by the applicant;
  3. Standard form Declaration under Art. 62a, para. 2, item 2 of the Ordinance No. 1 of 2007 on keeping, storing and accessing the commercial register and the register of non-profit legal entities;
  4. Standard form affidavit that the circumstance to be registered with the Commercial Register and the Register of non-profit legal entities are true and genuine;
  5. Power of attorney;
  6. Bank receipt evidencing the payment of the statutory fee.

The declaration under Art. 62a, para. 2, item 2 of Ordinance No. 1 of 2007 shall be signed by the legal representative of the company or non-profit legal entity. As well, the signature does not need to be notarized. This declaration certifies that the annual financial statement and the annual activity report were adopted by the relevant competent authority of the company or NGO.

The annual financial statements and the annual reports shall be published in the form and with the text on the basis of which the registered auditor has expressed his/her opinion. The full text of the audit report shall also be published.

Please note that the AFS and the annual report should NOT be stamped with the company or NGO seal.

Documents certifying the regular calling of the General Meeting, as well as Minutes of General Meeting, list of the members of the non-profit association, up-to-date certificate of good standing of a shareholder or partner, etc., shall not be enclosed with the Application, Model G2.

We can assist you and file the annual financial statement and the annual report of your company or NGO. You do not need to come to our office! Save time and efforts by contacting us via e-mail: office@kgmp-legal.com  We will submit your documents to the Commercial Register and to the NGO’s Register the same day and send you a notification with an incoming number.


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