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Important: The deadline to re-register your company in Bulgaria will expire soon!

Important changes in Bulgarian legislation regarding property issues:

 

Pursuant to the Constitution of Republic of Bulgaria and the Law on Ownership foreign nationals can not acquire ownership rights upon land in Bulgaria. This protective clause may easily be evaded with registering a company under the Bulgarian Law which will be the legal owner of the land on behalf of the persons.  The registration process does not take long and it is not so expensive. The problem then occurs with the current changes in the Bulgarian Law regarding re-registration of the existing companies.

If the companies do not re-register in the Trade register the consequences are crucial, i.e. the companies:

-         can not carry out their trade activity

-         can not claim and apply for writ of execution

-         can not sell or make any other arrangements with their property

-         can not manage their funds and payments except to pay off taxes and other state takings and salaries.

The deadline was set on 31.12.2010 but the Parliament extended it to 31.12.2011 in the last days of its sessions/20.12.2010/.