Do you want to start your own business and to register a company?

First of all, you should choose the appropriate for you form. The Bulgarian Commercial Law provides for the following types of commercial companies: a general partnership, a limited partnership, a limited liability company, a joint-stock company, a limited stock partnership.

In practice, the limited liability companies are the most commonly used type. A limited liability company may be incorporated by one or more individuals. A set of documents should be prepared for this purpose and submitted to the Commercial Register at kept by the Registry Agency.

For this purpose, a set of documents should be prepared and submitted to the Commercial Register kept by the Registry Agency. Firstly, it is necessary an article of incorporation to be prepared (in case pf EOOD) or a memorandum of association (in case of OOD), which must contain the following: name of company, seat and registered address of the company; subject of activity and term; the amount of the share capital; the value of the shares with which the shareholders participate in the share capital; management and representation; any advantages of the partners, if agreed, etc.

The limited liability company’s share capital may not be less than BGN 2. It consists of the shareholders’ shares, which may not be less than BGN 1. Тhe shares of the individual shareholders may be of unequal value. A share may also be held jointly by several individuals.

In order to register the company in a Commercial Register, the following shall be provided:

1. a copy of the memorandum of association;
2. a manager/managers of the company to be appointed;
3. the legal minimum of the share capital to be paid out;
4. if the company is registered with capital higher than the minimum established by the law – at least 70 per cent of the capital to be paid.

If a company’s business requires a special permit or license, the latter shall also be submitted to the Commercial Registry.

Three declarations signed by the manager, a protocol of a meeting of the company’s incorporation meeting, as well as a specimen of the manager, with which the latter expresses its consent to be a manager and a representative of the company, shall be submitted together with the application for registration. If you submit your application through a proxy, a power of attorney should also be submitted. Last but not least, a document for a paid state fee should be presented. In case you submit the documents electronically, the state fee is 2 times lower.