By Company Registrations Worldwide, 28th Mar 2018
Reforms to the Commercial Register and the Register of Non-Profit Legal Entities Act (State Gazette No. 74, 2016) have been passed in Bulgaria. The new regulation affecting the establishment, activities and termination of non-profit legal entities (NPLEs) entered into force on 1 January 2018.
Re-registration obligation
Currently, Bulgarian non-profit legal entities (NPLEs) are registered in BULSTAT Register through their respective district courts, however, they are now required to re-register in the electronic Commercial Register with the Registry Agency. The re-registration applications are being accepted from 1 January 2018 with the registration deadline on 31 December 2020.
The re-registration process will include removing the NPLE from the BULSTAT register and the BULSTAT code becoming an identification code in the Commercial Register. With a re-registration application, new information may be entered or deleted regarding the NPLE as it appears in the Register.
The following documents are required for re-registration:
- Re-registration application form
- Certificate of good standing of the NPLE, issued after 1 January 2018 by the respective district court
- The NPLE’s up-to-date articles of association (certified by the court or the legal representative)
Re-registration can also be done by a private enforcement agent; Company Registrations Worldwide can assist you in obtaining the necessary documents and submitting a re-registration application. Please contact us for more information.
New Registration procedure
As of January 1, 2018, any new Non-Profit Legal Entities will be registered within the Commercial Register maintained by the Registry Agency with the Minister of Justice. The electronic database contains all relevant information about NPLEs and the branches of foreign NPLEs such as:
- Registered name and business address
- Any additional economic activity
- Members of the management body
- Representatives and their positions
The register is unrestricted, offering free access to business associates who wish to verify or provide missing information. To request access, an individual will need to identify themselves with an electronic signature or a digital certificate issued by the Registry Agency.
Termination
Applications for terminated and/or deletion of Non-Profit Legal Entities from the Commercial Register must be submitted to the Registry Agency.
Purpose of the changes
The purpose of the change is to reduce the administrative burden on the district courts and to ensure transparency and accountability of Non-Profit Legal Entities’ when declaring their activities, members and representation.
If you would like more information about the Bulgarian Non-Profit Legal Entity reforms or if you require assistance with the establishment, re-registration, or termination please contact the experts at Company Registrations Worldwide on +353(0)1 687 4518 or click here.