Company formation from as little as £420!

We are now pleased to be in a position to introduce to our customers full company formation from as little as £420. Having negotiated these prefferential terms with our lawyers here in Dupnitsa we are able to pass on these savings to our customers,

The lawyer is "Irena Kuzmanova", who has been involved in legal representation for a number of years. Irena has an office very close to ours in Dupnitsa and has agreed to act on behalf of our clients when they are visiting Bulgaria. Irena will be happy to act as your power of attorney and organise all of the paperwork for you property purchases etc. Of course as a lawyer she is able to provide lots of valuable advice to both existing and future clients. Irena does not speak English herself, however as a client of ours you will have the services of our own translator, "Niki" free of charge for this transaction.

We do still offer the services of our lawyers based in Sofia as they are one of the top legal representation companies within Bulgaria and Irena is an option rather than a replacement. 

Of course we are always happy to liaise with the lawyer of your choice, please notify us if you have your own lawyer so we are able to introduce ourselves and work with him.

A new Act of the Commercial Registry is now in force as of 01.01.2008. It concerns the procedure of registration of commercial companies in the territory of Bulgaria, the procedure shall be amended in whole. This fact could be interesting for  investors who would like to carry out any business activity in Bulgaria through real estate transactions.

As you may be aware, after Bulgaria joined the European Union there are still limitations in place for foreign citizens who wish to buy land, or parts of land in Bulgaria, this includes most forms of property except apartments. You could own land through a company registered in the territory of Bulgaria (under the local requirements) and thecompany shall be entitled to buy the property as an independent legal entity.

Until the end of 2007 the commercial companies in Bulgaria were established under the then current procedure regulated by the Commercial Act. According to the law the company is established under a court decision issued by the respective competent court where the head office of the company is located. The court decision is final and could not be appealed.

According to the new act said above, the documents for set up of commercial companies have to be filed before an authorized person (jurist) who will check it and take decision to register, or to not register the company. His refusal could be appealed before the Court of second instance and the decision of the court could be appealed before the Supreme Court, whose decision is final.

Following the above we can come to the conclusion that the procedure under the new act will be longer and may be more difficult, involving further time for company formation. Company formation before 01/01/2008 took from 2-4 weeks and under the new system can take from 4-8 weeks. There are currently no plans to alter the system for buying property in Bulgaria and with the new system coming into force so recently, no sight of a further change to the laws covering the purchase of property by foreigners living outside Bulgaria. Many other EU members have different laws governing the purchase of property in their given countries and these laws have not changed since their entry into the EU. Therefore potential investors that may have been waiting for a change in the law to buy property in Bulgaria would do well to take heed of this and be aware that the requirement to purchase property without company formation could take years, if it ever comes into place.

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