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 Re-registering a company & Liquidation

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loopeylou
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PostSubject: Re-registering a company & Liquidation   Tue Mar 23, 2010 7:58 pm

First topic message reminder :

When we bought our house in 2007 we did not realize that BPA put our address as a shopping mall in Veliko Tornovo, We had our company moved to Shoumen in order to register our car. We have found out today that when we moved it ,it was automatically put on the company register, so we do not have to re registerd,saved us a few bob!! It might vary region to region but that is our experience in NE BG
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starlite
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PostSubject: Re: Re-registering our company   Thu Oct 14, 2010 9:44 pm

you do have to re register even if you are inactive, when you bought your house through the buisness you were active, if you are no longer active ie came here to retire you submit a nil accounts. you cannot afford to go into liquidation as they are proposing, as you end up with the bill and nothing to show for it. not worth the risk. g
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PostSubject: Re: Re-registering our company   Fri Oct 15, 2010 11:23 am

[You must be registered and logged in to see this link.] wrote:
you do have to re register even if you are inactive, when you bought your house through the buisness you were active, if you are no longer active ie came here to retire you submit a nil accounts. you cannot afford to go into liquidation as they are proposing, as you end up with the bill and nothing to show for it. not worth the risk. g

Forgive me if I'm wrong? but I think you have missed the point of the latest new which is the deadline has now been extended :Headbang:which is shameful a lot of people have spent a lot of money, time, and not to mention the grief they may have had to go through to do this before the previous deadline.
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Carmen
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PostSubject: Re: Re-registering our company   Fri Oct 15, 2010 12:08 pm

Just been on another forum one I'm sure we all know and they have this as a banner



Talk about scare tactics and when you click it they want a fortune to register you :Headbang:looks like it may well be extended g

Deadline for company re-registration might be extended

The Ministry of Justice have drafted a bill for amendment of the Commercial Register Act, proposing extension of the deadline for re-registration of the Bulgarian companies. The new proposed deadline for re-registration is 30 June 2011. Along with the deadline extension, the other major amendment is that the applicants don’t lose the state fee if they have made mistakes in the application or in the enclosed documents. The current practice of the Commercial Register was to withhold the fees if the applicant has made mistakes to the documents. This was considered by the Bulgarian court as illegal and rip-off of the local business. In spite of the court practice, the Commercial Register continued to withhold the state fees. Hopefully, the new amendments to the Commercial Register Act will make the register follow the logic, court practice and the law.

The above mentioned bill will be passed to the Parliament for approval, only after that it will it enter into force.
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PostSubject: Re: Re-registering our company   Fri Nov 19, 2010 8:42 am

[size=55:1w6u5q1m]Dnevnik November 18, 2010


Companies will be able to re-register by July 2011

Businesses would have six months to re-register. The deadline for this expires at the end of the year, but after today, members of the legal parliamentary committee approved on first reading amendments to the Commercial Register, the deadline is extended. So it gives them respite until June 30, 2011 to the Ministry and the Agency for the entries show that on 1 October nearly 900 thousand companies have not applied for re-registration.

One of the ideas the author of change - Ministry of Justice - is being shut down free access to the register and to introduce paid. This, according to the authors of the project will help protect data and prevent theft of companies.

For access to commercial register will require an electronic signature or credit card. In other cases, information will be obtained locally in the Registry Agency against ID.

The project remains a free and publicly available information only for the company name, date of registration, registered office and its registered office. Anyone can view a list of acts announced by the company, but to read them, you have to pay.

Some time ago the "
Access to Information Programme"
spread opinion that the proposal is unreasonable and contrary to basic legal principles. "
"
More than a convincing argument in the grounds of the bill that the introduction of paid access to the commercial register contribute to the protection of personal data in it. It is a measure not merely disproportionate, but inadequate for the target,"
said another of Agenda access to information.

Publicity of information on companies is critical to the security of business and it is with this basic motif four years ago was the single electronic commercial register, to which everyone has unlimited access.

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therowfamily
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PostSubject: Re: Re-registering our company   Fri Nov 19, 2010 5:32 pm

I'm getting confused about this, does this now mean that property owners have until July next year to re-register?
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oddball
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PostSubject: Re: Re-registering our company   Fri Nov 19, 2010 7:10 pm

s

therowfamily, quite right, a little confusing but I think it is saying the companies MUST BE re-register by July 2011 Either the cut off date is 30th June or could be the Commercial Register is published 30 June 2011 Not sure on that one - Someone will put us straight shortly. g

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PostSubject: Re: Re-registering our company   Fri Nov 19, 2010 7:12 pm

I'm trying to get a definitive answer g

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Daisy
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PostSubject: Re: Re-registering our company   Fri Nov 19, 2010 10:08 pm

Thank you Ashley I must admit I am getting a little confused too because everyone is under the impression that it's the end of this year? s
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bulgariabill
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PostSubject: Re: Re-registering our company   Sat Nov 20, 2010 6:13 am

Not sure if it is the definitive answer, or will help or confuse more, but below is the reply from my solicitor regarding a couple of questions regarding tax and Registration. As I read it, deadline has been extended, but as yet not fully accepted by Government and may not be declared legal until late Dec, so if it is rejected ??? Dec is still deadline? ( date of information 08-11-2010)

After you complete the re-registration procedure, you have a three months period to submit the financial reports to the company register. As the re-registration procedure was ought to be done from 2008, if you have done it in 2008, then you would have the obligation to submit the financial reports only for 2007. However as most of the companies are waiting until the deadline which is December 2010, if you complete now, you still have to submit the financial reports from 2007, 2008 and 2009.
Once you complete the re-registration, each year, you would have a deadline by end of June to submit the financial reports for the previous accountancy year. Financial reports are part from the annual tax return, the problem is now when the accountant has only submit the annual tax return to the Tax Office but did not prepare the financial reports (could be the accounatnt cannot do it, or the service was very cheap, which generally means reports are not included and now are refusing to do that for their clients).
The regular tax return for non-active companies is only 4 pages, where you write your details and company details, right 0 activity, sign and submit. The financial reports that are required now are around 40 pages to 70 pages, and consists of reports for the assets, for the bank activity, for the persons employees, for the amortisations, etc, and they have to be prepared even those the company is still non-trading.

The deadline for re-registration has been extended by June 2011, however that is still to be accepted by the Parliament, so we expect that legally it will be declared in late december.

2. People who registered a company after a certain date? Does not get issued a 'Bulstat card, these people do not have to re register their company?
The company register started work on 1.01.2008. Companies registered after that date are not issued a Bulstat card but only an identification number, which is called EIK number. That number is the same as the Bulstat card's number which have all companies registered before that date at the Company department of the respective regional court. That is why when you do your re-registration for the company to the new company register, you have to have a copy of your old Bulstat card, to present to the company register- only as a proof of identification number.

3. Everyone who purchases a property in Bulgaria must have a Bulstat registration number. This is a personal number and has nothing to do with your company if you have one. This must be applied for within seven days of registering the title deeds. Failure to register could incur substantial fines.

That is correct, you are talking of persons, who are buying other than land properties- such as apartments, rights to build over properties, etc. Then Bulstat card is still issued, although there are discussions that cards should not be required but only a paper certificate with the number. As long as you have your Bulstat card number details and you know them, hardly anyone requires the presence of the card itself. The Bulstat number is required for tax purposes, for payment of bills, etc., although the tax authorities require additional number of the foreigner to be issued especially for their needs.
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PostSubject: Re: Re-registering our company   Sat Nov 20, 2010 11:49 am

Thanks Bill for your experience I'm sure other members who haven't yet done this will find it of use. Having read through the article again I think its quite clear now that what is being said is that the dead line is being talked about and the idea of extending the deadline maybe extended and I believe the fact that its been past at the first stage its more than likely going to be accepted. s

Companies will be able to re-register by July 2011

Businesses would have six months to re-register. The deadline for this expires at the end of the year, but after today, members of the legal parliamentary committee approved on first reading amendments to the Commercial Register,
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PostSubject: Re: Re-registering our company   Sat Nov 20, 2010 1:34 pm

Thank you Bill very helpful indeed and it does look like what you've said here daisy may well be right so I guess its another waiting game ?
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PostSubject: Re: Re-registering our company   Mon Nov 22, 2010 9:29 am

Reading this an wondered it people realised that you can do a majority of this via the Bulgarian embassy in the UK!! Which is what I did in March 2008 before I came out. Costs more than doing it here, but saves the flight costs. You just need someone (accountant) to send you the documents over with all your company info on it ready to be checked and stamped.

I think it cost me 90 pounds and the train ticket there are back, then posted it back to Bulgaria to my accountant to submit. Then i think it took the best part of 6 months for them to process it!!!!!! But I did get a certificate to state that the documents had been submitted for process.

For once this isn't Bulgaria's fault, it is an EU directive to have all companies on one national (online) register, where as before your company would have been registered under the region that you live in or set up in i.e. VT now it will just be under Bulgaria with an address. If your company name has already been taken by someone else on the register you are given the chance to change it without charge. This is another reason for the national register to stop duplication of company names... So those that leave it until the last moment may find the name that they have chosen and been using, has now been taken..
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PostSubject: Re: Re-registering our company   Mon Nov 22, 2010 9:34 am

Good information seven and I'm sure that this will help the members who haven't yet done this or for various other reasons can't get out to Bulgaria to do it themselves
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sallyann
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PostSubject: Re: Re-registering our company   Thu Nov 25, 2010 12:20 pm

From what I can see there isn't any change at the moment this is the latest from the ministries site

Re-registration of companies (Text in English)

Under § 4 of the Transitional and Final provisions of the Commercial Register Act, effective as of January 1, 2008, traders and branches of foreign traders entered in the respective Registers within district courts are subject to re-registration in the Registry Agency not later than January 1st, 2011.
No re-registration state fee shall be charged.
Traders that do not file a re-registration application form shall cease its activity and shall be subject to liquidation.
Detailed regulation of the re-registration procedure is provided in the following provisions of the Commercial Register Act.

§ 4 Amended, SG No. 105/2006, No. 50/2008) (1) Traders and branches of foreign traders entered in the Commercial Register and the Corporations Register within district courts are subject to re-registration under this Act within three years of the enforcement thereof. No re-registrations state fee shall be charged.
(2) The re-registration referred to in Paragraph (1) shall be effected by entry into the Commercial Register of the trader or the branch of the foreign trader, as well as the respective circumstances thereof on the basis of the application form from the trader or the manager of the branch of foreign trader, respectively, as well as a certificate reflecting the current status of its registration, wherein the court shall quote the BULSTAT code of the trader or the branch of foreign trader, respectively, which shall be issued upon the enforcement date of the Act and shall contain exhaustive data about the entered up-to-date circumstances. In the cases of pending proceedings under § 6, such certificates shall be issued upon completion of the entry by the court. Companies and cooperatives shall also submit Articles of Incorporation or Statutes in effect as of 31 December 2007, certified by their management body.
(3) Re-registration under Paragraph (1) shall be also conducted on the basis of an act of court, of another state authority or of private enforcement agent, or on the basis of a statement by an interested party, authorized by law to request entry, expungement or disclosure under the batch of a trader in the Commercial Register. In this case the Agency shall require the district court governing the registration of the trader or of the foreign trader branch, respectively, for which entry, expungement or disclosure is requested, to issue a certificate, reflecting the current status, containing exhaustive data about the entered up-to-date circumstances, as well as a copy of the up-to-date Articles of Incorporation or Statutes of the trader. Upon re-registration under this procedure of a trader having branches, the Agency shall require the court, where the seat of each branch has been registered, to issue a certificate of current status of the branch and provide company’s files for scanning the documents relevant to the entry of the circumstances concerning the respective branch.
(4) The court in which the registration has been made shall issue certificates referred to in Paragraphs (2) and (3) within three days from the date of the request. No state fee for one-time certificate issue shall be charged.
(5) In the cases referred to in Paragraphs (2) and (3), the court shall immediately grant the Agency access to scan the entire company file. The scanning shall be conducted jointly by a court official and a representative of the Agency. The official of the Agency shall certify that the scanned paper documents from the company file are identical to the documents in electronic form, by affixing an electronic signature. After the electronic copy of the company file has been processed and entered into the Commercial Register by the Agency, the court shall archive the company file.
(6) Within the time limit referred to in Paragraph (1), check-ups and certificates of the documents on the basis of which the entries, expungements or disclosures of re-registered traders or branches of foreign traders, made prior to the re-registration, shall be issued by the Agency within 14 days from the date of the request.
(7) (Effective 1.01.2008, SG No. 50/2008) Upon re-registration under paragraph (1), traders shall be entered in the Commercial Register with the business names they had prior to re-registration.
(8) An application for entry of a new circumstance, expungement or disclosure may be filed simultaneously with the re-registration application, except for the cases where a transformation of a commercial company, or cooperative restructuring, or commercial company transfer is made. The respective state fee shall be charged for the entry of circumstances or disclosure of acts.
(9) Along with the re-registration of a trader, all branches of the said trader shall be re-registered as well. In such cases, the trader shall submit a certificate of current status for re-registration of each branch, issued by the respective district court where its seat has been registered and attached to the application.
(10) Upon re-registration traders and branches of foreign traders shall be excluded from the BULSTAT Register and the BULSTAT code shall become SIC of the trader.
(11) Within the re-registration timeline referred to in Paragraph (1), the term for pronouncement under Article 19, Paragraphs (2) and (3) shall be 14 days.
(12) Within the timeline referred to in Paragraph (1), the district courts shall ensure to anybody the right to review the commercial registers for unregistered traders and documents on the basis of which entries have been effected and shall issue copies of such documents, as well as certificates of current status.
(13) Until re-registration certificates referred to in Paragraph (2) are obtained, within the timeline under Paragraph (1), the district court where the company has been registered shall issue certificates of current status upon request.
§ 5. (1) With the expiry of the time limit under § 4 (1) the court shall issue an official certificate pursuant to § 4 (2) to sole traders and branches of foreign traders who have not re-registered and shall send them to the Agency under the procedure of Article 14. The Agency shall make ex officio entry into the Commercial Register of the sole traders and branches of foreign traders who have not re-registered and shall expunge, respectively close, them immediately.
(2) With the expiry of the time limit pursuant to § 4 (1) the court shall issue an official certificate pursuant to § 4 (2) to commercial corporations and cooperatives that have not re-registered, send them to the Agency under the procedure of Article 14 and provide the Agency access for scanning the company files according to § 4 (4). Upon conversion and entry by the Agency of an electronic copy of the company file in the Commercial Register the court shall archive the company file. The Agency shall enter ex officio the trader and its dissolution thereof, shall appoint a liquidator, determine his/her remuneration and the term of liquidation.
(3) A partner of unlimited liability in case of a personal companies or a member of the management body in the case of a capital company or cooperative shall be appointed as liquidators of traders dissolved under Paragraph (2). If such persons cannot be found within six months following the dissolution of the trader, the Agency shall appoint ex officio a liquidator from its list of liquidators.
(4) The costs for the procedure of liquidation shall be born by the trader. The members of management bodies shall be jointly and unlimitedly liable for trader’s obligations related to the liquidation proceedings.
(5) Where a liquidator is appointed under the procedure of Paragraph (3), sentence two, and the property of the trader is insufficient to cover to costs of the liquidation, these shall be covered by the Agency on account of the fees collected pursuant to Article 12. Liquidators appointed ex officio shall terminate the proceedings within six months from their appointment.
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PostSubject: Re: Re-registering our company   Thu Nov 25, 2010 2:52 pm

Thank you Sally I see this is the same as its always been so I wonder why they have printed in the news that its changed or going to change? I would have thought if there were any changes they would have told everyone by now, lets face it some people are having to move the earth to get out there before the deadline and if this is being extended then they should know as soon as possible! or is this another money making scam from Bulgaria
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