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Company Formation

Discussion in 'Bulgaria Property' started by flatron, Jul 2, 2008.

  1. flatron

    flatron Member

    If you are foreigner interested in buying a land in Bulgaria, you must register a Trade Company. In Bulgaria it is forbidden a foreigner to buy land as an individual. This limitation will cease after 2014. The procedure of realization as a legal person is the following: you have to pay the taxes and present the necessary documents in the court, for Sofia it is Sofia City Court. You can register a company in every court. No matter where the registration is done, your company will have the right to activity in the whole country. We recommend you hire a lawyer to do all paper work for you. Ask for a fixed price for all lawyer’s services, don’t agree on per hour charge. Here it’s OK to fix the price for lawyer’s services. If you qualify as a trader you can be a sole owner of the capital of the capital of the company and sole representative of it. Your company can have more than one partner in order to do business together as LTD Company. It is considered as a trading company from the day of the entry in the trade register of the Court. The company should also be registered with the National Statistics Institute (Bulstat), The National Social Insurance Institute (NOI) and The Tax authorities. After all this you receive original documents confirming that the company is registered according to all laws.Before the deal you have to sign a protocol, declaring the intention to buy a particular property. The difference between EOOD (Single person limited company), OOD (Multiple person limited company) and sole trader (ET) is that the sole trader is responsible for their duties regarding the business liabilities but if your company is a LTD (EOOD or OOD), each partner is responsible only to the extent of their share in the total capital.
     
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