Changes in the deadlines for filing annual tax returns (ATR) and for publishing annual financial statements (AFS)

From the beginning of 2021, the deadline for filing annual tax returns (ATR) for corporate tax (until March 31) has been changed, and the new deadline is now from March 1 to June 30. The same applies to the deadline for payment of corporate tax, which has been changed by 3 months and is now until June 30.

The deadline for paying tax on expenses has also been changed by three months and is now until June 30.

The change in the deadlines optimizes the preparation of the annual tax returns of the companies and improves the process of annual accounting closing. Systematic and predictable consistency in the fulfillment of the obligations for declaring and submitting information to the National Revenue Agency is also achieved. Continue reading “Changes in the deadlines for filing annual tax returns (ATR) and for publishing annual financial statements (AFS)”

Who are self-employed individuals?

Self-employed individuals are those who perform employment activities such as:
– persons registered as practicing a free profession and / or craft activity;
– persons practicing labor activity as sole traders, owners or partners in commercial companies;
– natural persons – members of impersonal companies;
– natural persons – traders within the meaning of the Commercial Law, but not registered as sole traders;
– registered farmers and tobacco growers. Continue reading “Who are self-employed individuals?”

Changes in the Bulgarian Commerce Act 2017

Significant changes in Bulgarian Commerce Act were adopted at the end of 2016, valid in the current year. We present below a summary of the most significant changes introduced with the present Act.

Validity form of certain documents is getting stricter

In addition to the current requirements for notary certified signatures on contracts for the transfer of commercial enterprise and contracts for the transfer of shares, a new requirement for additional notary authentication of the content of such contracts is introduced.

The same validity form will be required for the decisions of shareholders of limited liability companies for acceptance and exclusion of shareholders, increase and decrease of company’s capital, shares transfer to a new shareholder, appointment of company manager, acquisition and disposal of real estate and property rights thereto. Continue reading “Changes in the Bulgarian Commerce Act 2017”

5 reasons to trust the professionals for registration of your Bulgarian company

The creation of a business company or even a sole trader in Bulgaria is an activity that is important to be done by the rules, because the appearance of a newly created business depends on it. Many people believe that they can successfully pass the administrative and bureaucratic procedures, with the intention to save the fee that would have paid to the specialist performing registrations of companies. Not long after, the majority of these people find themselves so entangled in red tape that ultimately again recourse to an expert, which is a waste of time and money.

If you want to avoid the bitter experience and start as soon as possible your business activity it is important to select a team to take on the entire burden of the cumbersome procedure. During this time, you can focus to the activity, corresponding to your competence, laying the foundation for a successful and prestigious business.

5 reasons to trust the professional registration of companies

The reasons to trust the professionals are many, but here we will suggest only 5, we believe that their significance is greatest. Most of us don’t soberly judge the situation until we understand from experience how great is the difficulty to fight the bureaucracy not having the necessary competence and experience. Here are the main reasons ordered but not prioritized. Continue reading “5 reasons to trust the professionals for registration of your Bulgarian company”

Announcement of an annual financial report

What is an annual financial report?

The annual financial report gathers full information about the financial position of the company. It includes a statement for revenues and expenses, a balance sheet, a statement for share capital and a cash flow statement.

The financial report is drawn up for one financial year, coinciding with the calendar year – from January 1st to December 31st. E.g: If you have a company created on 01.12.2020, you need to submit a report on the activity carried out in 2020 – in this case only one month.

Who is obliged to announce an annual financial report?

All the traders according to the Bulgarian Commerce Act – this includes Limited Liability Companies (Ltd.), Limited Partnerships, General Partnerships, Joint-Stock Companies, Limited Partnerships with shares. The non-profit legal entities and the rest enterprises are also obliged. Continue reading “Announcement of an annual financial report”

Acquiring BG citizenship by investment

 I. Under Art. 12 of Bulgarian Citizenship Act

The physical person :

  1. Must be an adult;
  2. Before no less than 5 years has been given permit for permanent or long-term residence in Bulgaria;
  3. Has not been convicted of a crime by Bulgarian court or is not prosecuted for such a crime, unless rehabilitated;
  4. Has an income or occupation that enables him to live in Bulgaria;
  5. Is skillful at Bulgarian language;

Permit for long-term residence – requirements (LFRB art. 24, para 1, items 19, 20):

  • Visa D;
  • Investment of no less than 600 000 BGN or  investment in economically disadvantaged regions of no less than 250 000 BGN plus opened at least 5 workplaces for Bulgarian citizens;

Permit for permanent residence – requirements (LFRB art. 25, para 1, items 16, 17): Continue reading “Acquiring BG citizenship by investment”

What should you know about the business name reservation in the commercial register?

  Business name (known as a firm) is the name under which the trader carries his occupation and shall be signed. It must correspond to the truth, not be misleading and does not undermine public order and morality. Every firm has content prescribed by the law which may include indication of the sphere of activity, the persons involved and freely chosen supplement. The trader is obliged to write firm’s name in Bulgarian, as he could additionally inscribe it in a foreign language.

  The trader has an exclusive right over the firm. It can only be used by the trader who has made the registration. It can’t be identical or similar to a trade mark or earlier registered company. The firm can be changed upon request of the trader who has made the registration. Continue reading “What should you know about the business name reservation in the commercial register?”