Банкеръ Weekly



Chances are growing that from the beginning of 2007 newly-established commercial companies will not be registered in court but in the divisions of the Registration Agency under the Ministry of Justice. On January 12, the Council of Ministers initiated the reforming process of the trade register by approving a bill prepared with the help of legal experts from the USAID and the Center for the Study of Democracy. According to the bill, within 24 months after it has become valid all commercial companies operating in Bulgaria should re-register, even though there might not be circumstances requiring obligatory registration in accordance with the Commercial Act. For this specific purpose companies will be provided with official information about their current condition. Entrepreneurs will be required to visit the company divisions of the regional courts in order to take the documents and then enter the new electronic register with the Registration Agency. The repeated registration of the companies will most probably be financed by the republican budget, therefore no fees will be collected. Once the information contained in the companies files is transferred, companies will be given a single identification code which will be identical to the currently valid BULSTAT number. It will enable them to prove their identity to the public institutions.
When a single national companies register is established, every citizen will be allowed to examine the documents upon which registrations are made as well as receive copies of them. According to the plans, inquiries will be possible by the name or the identification number of the trader in all local divisions of the Registration Agency as well as in the INTERNET. Fees that will be collected for entering the central register will be fixed by a tariff of the Council of Ministers.

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