Publication of annual financial statements
22.01.2014 | 2 comments | 115 views | Categories: Procedures Filings with the Commercial Register
Pursuant to Art. 53, par. 3 of the Commerce Act companies are required to summarize the results of their business based on their bookkeeping and inventory records by preparing annual financial statements (AFS). The financial statements must give a true and fair picture of the property and the financial status and performance of the enterprise, its cash flows and equity.
Every enterprise is put by the Accountancy Act under the obligation to prepare AFS as of December 31 of each calendar year. The annual financial statements need… Read the article
Reduction of the registered capital of a company
18.11.2013 | 0 comments | 213 views | Categories: Procedures Filings with the Commercial Register
The amount of the capital may be changed during the existence of a company. The Commerce Act provides for the reduction of the fixed (stock) capital – i.e., reducing the number that represents its value (the registered in the Commercial Register capital).
The reduction of capital is aimed at either the release of property (effective reduction) or bringing the capital into line with the value of the company’s net assets (nominal reduction). There might be various reasons for initiating effective reduction, such as: changes in the… Read the article
Increasing the registered capital of a company
15.09.2013 | 2 comments | 222 views | Categories: Procedures Filings with the Commercial Register
The amount of the capital may be changed during the existence of a company. The Commerce Act provides for the increase of the fixed (stock) capital – i.e., the registered (entered) in the Commercial Register capital.
The capital increase may be pursued in order both to expand the business activity of the company (by raising additional funds or other non-monetary resources) and to achieve greater trust among current and potential business partners (given the guarantee function of the capital), as well as in view of other legal and… Read the article
Registration in the Central Professional Register of Builders
21.08.2013 | 4 comments | 1328 views | Categories: Procedures Licenses and Registrations
Builders carrying out constructions of first to fifth category under Art. 137, par. 1 of the Spatial Development Act or certain types of construction and assembly works, indicated in the National Classification of the Economic Activities, position Construction, are subject to registration in the Central Professional Register of Builders. The registered builders may carry out constructions of the respective group and category that they have been entered into, as well as constructions of lower category within the same group.
The Central Professional Register of Builders is… Read the article
Registration of a Joint-Stock Company
06.08.2013 | 0 comments | 205 views | Categories: Procedures Registration of Companies
The Joint-Stock Company (JSCo.) may not be the most common legal-organizational company form but it is the company with the greatest economic significance. This is mostly due to the fact that the joint-stock company is the most effective company form for raising and concentration of capital. JSCo. has the characteristics of a capital company and it is the most typical representative of that type of companies. JSCo. has other distinctive (from legal standpoint) features as well which in certain situations make it more suitable and preferred form for registration and doing business… Read the article
Registration of a Sole Proprietor
05.06.2013 | 0 comments | 120 views | Categories: Procedures Registration of Companies
The Sole Proprietor is a type of merchant. Any natural person possessing capacity and whose permanent residence is in Bulgaria, including also a foreign citizen, may register as a Sole Proprietor. A person may register only one trade name as a Sole Proprietor. A Sole Proprietor’s trade name should include without abbreviation the person’s given name and either the surname or the patronymic by which he/she is generally known.
The registration of the Sole Proprietor is effected through entering into the Commercial Register with the Registry Agency.… Read the article