An amendment to the Bulgarian Trade Register Act has resulted in a greatly reduced wait time for those registering a new entity in the country.
The period for consideration of a commercial entity applying for inclusion in Bulgaria's trade register shall now take place in two days. This reduction is warmly welcomed as it accelerates the registration of new entities, and facilitates a swifter start to business activity.
As per the new provision, registration officials shall consider applications for initial registration by close of business on the day following the day of submission. Officials shall come out with pronouncement on the application and announce the entity registration immediately after reviewing all submitted documents.
This is excellent news for all who plan to start business activity in Bulgaria, as it will allow them to very quickly register an entity in the country and then focus on their actual business. By making this amendment to the legislation, the Bulgarian authorities aim to reduce administrative obstacles and create more favourable conditions for foreign investors to commence business.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
