Bulgaria to Interconnect Its Trade Register with the EU Business Register

Written by: Bridgewest

Bulgaria-to-Interconnect-Its-Trade-Register-with-the-EU-Business-RegisterNew changes have been brought to the Bulgarian Commercial Register Act earlier this year. The new legislation was drafted according to Directive 2012/17/EU of the European Parliament and was promulgated in the Official Gazette issued on March 24th, 2015. The Trade Register keeping records on all companies in Bulgaria will now be interconnected with the European Business Register.

Integrating the Bulgarian Trade Register

The amendments brought to the Commercial Register Act provide means for the modernization of the Bulgarian Trade Register’ electronic infrastructure and will interconnect it to other EU member states’ trade registries through the European central platform. The purpose of the new amendment is to transmit information from each EU country’s commercial registry in a standard format and in the relevant language.

The information collected and sent by the Bulgarian Trade Register will be free of charge. The new legal framework provisions the following information to be sent to the European Business Register:

- company registration details,

- termination or liquidation details about a Bulgarian company,

- insolvency declarations or deletion of the company from the Trade Register.

Foreign companies with branch offices in Bulgaria will benefit from the same services within the Commercial Register.

For company registration, you may rely on our Bulgarian lawyers.

New amendments to the Commercial Register Act

The Commercial Register Act was brought other amendments also, the most important one regarding the Act on the Economic and Financial Relations with Companies Registered in Preferential Tax Regime Jurisdictions, the Persons Related to Them and Their Beneficial Owners. This amendment refers to Bulgarian enterprisers opening companies in preferential tax jurisdictions which will have to provide the name of the company, the registration number, the legal form according to the Bulgarian Commercial Code, the legal address and the details about company administrators to the Trade Register.

Foreign companies opening branches or other business entities in Bulgaria will have the possibility to transmit the required information through the European Business Register which will send the documents to the Bulgarian Trade Register. However, this service will be available starting with January 1st, 2017 due to the fact that the appropriate infrastructure must be created.