Many foreign
companies and people want to start a business in Bulgaria. The
reasons for this can be the small taxes and insurances related to
the activities, the high level of administrative services offered by
companies, the high quality of telecommunications, and the
possibility of communicating in English.
A limited liability company can be registered in Bulgaria with
minimum requirements. Generally, after submitting the documents in
the Bulgarian Commercial Register, the registration takes place in
about 2 or 3 days. The company capital cannot be less than 2.00 BGN.
It consists of the partners shares which cannot be less than 1.00
BGN. All registration costs related to meeting the minimum
requirements will not exceed 600.00 BGN.
1.00 ВGN corresponds to 0.69 USD, at the rate as of 20.01.2011
Limited liability company
1.
Brief features
1.1
A limited liability company is established by one or more legally
capable natural persons or legal entities (companies)
1.2
The term limited liability applies to the people who have
established the company. Their liability is limited in regards to
the company debts and they are liable to the size of their
contribution to the company capital.
1.3
As a separate legal subject, the limited liability company is liable
before its creditors with its full property.
1.4
The statutory capital of a limited liability company is subject to
registration with the Commercial Register. The statutory capital is
part of the company assets.
2.
Management bodies of a limited liability company
2.1
General meeting – summoned by the general manager at least once a
year.
2.2
Manager – a person who does not necessarily own a capital share to
run the company. The manager is liable to the amount of his or her
property for damages the company incurs.
3.
Termination of a limited liability company.
The
company is terminated with the expiration of the term as laid down
in the company articles of association; following a decision of the
partners taken with ¾ majority of the capital if the company
agreement does not stipulate bigger majority; through merging and
fusion into a joint stock company or another limited liability
company; in case of declaration of insolvency; following a decision
of the district court in cases provided for in the legislation.
Other grounds can also be laid down in the articles of association.
A company in which the capital is owned by only one natural person
is terminated upon his or her death unless stipulated otherwise or
the heirs wish to continue its activity. In some cases the
termination of a company involves going through a liquidation
procedure which can vary in length.
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