A brand-new Act of the Industrial Computer system registry will be in force from 01.01.2008. It concerns the procedure of registration of business firms in the region of Bulgaria, which treatment shall be amended at whole. This fact might be interesting for the investors who would love to perform organization task in Bulgaria with realty transactions.
As you are aware, after joining of the Republic of Bulgaria to the European Union there are still constraints for the foreign people who desire to buy a land or optimal part of area in Bulgaria They can possess a land via a firm signed up on the territory of Republic of Bulgaria under the regional demands, which business will be qualified to purchase the residential property as an independent legal individual.
Up until the end of 2007, the commercial firms in Bulgaria will be established under today procedure controlled by the Commercial Act. According to the law, the firm is developed under court decision released by the particular qualified court where the head workplace of the firm is located. The court decision is last as well as could not be appealed.
According to the new act stated above the documents for setting up of industrial firms have to be submitted before an authorized individual (jurist) who will examine it and also take the decision to sign up or to not sign up the firm and business in Bulgaria with branch in Greece. His refusal can be appealed before the Court of second circumstances, and the choice of the court can be called before the Supreme Court, which decision is final.
Adhering to the above you can make a verdict that the procedure under the brand-new act will undoubtedly be longer and maybe more difficult. There is still no practice as well as there are no drafted layouts of the papers for enrollment. For that reason, in our expert viewpoint, the capitalists could utilize the remainder of time till completion of the year for signing up a firm under the old procedure to avoid future issues and also problems.