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 organizations and legal entities received a deferral until the end of September to fulfil this obligation. As well, according to the Bulgarian State of Emergency Measures Act the annual financial statements for 2019 may be signed electronically. Where all signatures on the annual financial statement and the audit report are electronic signatures, the registered auditor may not affix the professional seal thereof. 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.

Furthermore, on 14 March 2020 new requirements related to the documents for announcement 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 entered into force. The new rules apply only to micro, small and medium-sized enterprises.

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., will no longer be attached to the application for announcing the annual financial reports.

Please note that the rules for the regular convening and holding of a General Meeting for the adoption of the annual financial reports and the annual activity reports are still in force. The acceptance by the respective competent body of the annual financial statement and annual activity report subject to announcement shall be declared by the representative of the company or the non-profit organization with the new Declaration under Art. 62a, para. 2, item 2 of Ordinance No. of 2007. Therefore, the representative bears criminal liability for declaring false data.

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 the non-profit legal entity. Notarization of his signature is not required.

For publication of an AFS in the Commercial Register and the NGOs Register the micro, small and medium-sized enterprises submit the following documents:
  1. Standard 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.

A lawyer authorized by an explicit written power of attorney may also submit the documents. The power of attorney is not required to be notarized. This saves the fee for notarization of the signature of the representative of the company or non-profit organization.

The applicant may also be the accountant who prepared and signed the annual financial statement. In this case, however, his power of attorney must be notarized.

The documents can also be submitted by an ordinary proxy. He must have an explicit notarized power of attorney. In addition, the Application for publication of an AFS must also have a notarized signature of the representative of the company or non-profit organization.

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-mailoffice@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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