According to the decrees of the Constitution of the Republic of Bulgaria, foreigners and foreign juridical persons cannot acquire a right of ownership over land which is part of the territory of the country.
Bulgarian legislation gives an opportunity to the foreigners to acquire a right of ownership over land which is part of the territory of the Republic of Bulgaria solely through an establishment of a Bulgarian juridical person /with economic purpose/. The law allows for the establishment of five types of commercial companies. The company with limited responsibility (Ltd.) is historically the newest type of commercial company, the procedure for its establishment being possibly the easiest. As a legal figure the company with limited responsibility is defined as a company formed by one or more persons whose responsibility is limited to the size of their share payment in the company financial capital /the minimum size of the capital is 5 000 leva/. The juridical person concludes, through its organs, deals on its behalf and at its expense.
The commercial company passes through two consecutive stages: 1.establishment of a constituent act and the other law-defined documents; 2.court registration /entry into the Trade Registry/.
Jurists should prepare a full set of documents required for the court registration. The person – foreign citizen is necessary to present a passport; to give a name to the company, under which the merchant exercises his activity and signs his name; to open a chosen account on behalf of the company and depose an amount equal to the size of the nominal value of the registered shares of the financial capital. It is necessary for the person foreign - citizen personally to sign the documents for establishing the company.
The second stage of establishing the company with limited responsibility is its entry into the Trade Registry. The court comes up with a ruling for registration of the newly-established company in the Trade Registry within a period of 10 to 20 days. From the day of its entry the juridical person is considered established. The shareholders /the sole owner/ have the right to authorize a person who can request registration of the company.
There should be legal and factual activities on the initial registration of the commercial company in the registries of the Bulgarian institutions – BULSTAT; TDD; RUSO. A seal is being made for its newly-established company.
Each commercial company (including non-having activity) complies to draw up an annual report for its activity during the past financial year and submit it to the local tax services. This activity is being entrusted to an accountant.
Attorney-at-law Vanya Valkova, member of the Lawyers’s Association in Varna, is an established specialist in the juridical servicing of Bulgarian and foreign physical and juridical persons, in realizing legal analysis, giving legal aid, consulting and procedural representing in the field of commercial law, civil law – law of estate, obligation, labor, and insurance law, family and inheritance law, and tax law.
Attorney-at-law Vanya Valkova has a long-year experience in giving consultations and full juridical servicing of real estate deals /sale-purchase, renting out, management of real estate/, as well as in juridical analysis of deals on transferring/acquisition of real rights over real estate.
Cooperates with foreign citizens to receive a permission for a continued and permanent stay on the territory of the Republic of Bulgaria, and gives legal aid and cooperation in acquiring Bulgarian citizenship.
Attorney-at-law Valkova possesses the knowledge, skills, and professional experience to protect successfully the rights and legal interests of her clients.
Attorney-at-law Valkova has been protecting the interests of Amfora Ltd. and Georgi Tsvetkov constantly for the last 10 years.
