Банкеръ Weekly

Briefs

COMPANIES TO HAVE IDENTIFICATION NUMBERS

Each company will have its unique Unified Identification Number (UIN) after the company register is removed from court and made a part of the Registration Agency. This became clear after the parliamentary Commission on State Administration Issues approved on first reading the draft bill on the trade register. The judicial reform will be assisted as well by taking out the company registration from court because it will be relieved of extrinsic activities. The BULSTAT number of firms which have been already listed in the trade register will be their UIN as well after their reregistration which will be pay-free. However, amendments to the Commercial Code should be passed for the purpose, too. The draft bill projects also reregistration of companies to be effected within three years, and those which have already done that will be deleted from the trade register.
The draft bill stipulates that the applications for listing in the trade register shall be considered immediately, and in case of a refusal on the part of the Registration Agency to register a certain firm the decision shall be appealable to the justice minister or in court. In order to avoid frauds or fictitious deals the reregistration of companies will be done with a joint application in which the signatures should have a notarial attestation. The register will be public, but access to information shall be available upon payment of a state fee that will be additionally set by the government.
However, according to Vesselin Metodiev from DSB, Chairman of the Commission on State Administration Issues, there is a huge disproportion between the requirements to the firms and to the Registration Agency in the draft bill. Persons who want to register a company have much less rights. Mr. Metodiev specified that an ordinance under the law is necessary in order to clarify the obligations of the Registration Agency, and it would be best to include them in the act. Mr. Metodiev backed the law as a whole, but reserved the right to move in additional amendments to it during its second reading in the commission.

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