Changes in the Trade Register Law

The changes in the Trade Register Law were promulgated in the State Gazette, Vol. 50/2008, in force from 30.05.2008

With the latest changes in the Trade Register Law the law-maker aims at getting rid of some weaknesses impeding the work of the Registry Agency. One of the more important amendments is that a lawyer is given the opportunity to be the declarer having an explicit Power of Attorney certified by a notary, a copy of which must be enclosed with the other necessary documents. This way the client must certify only the Power of Attorney and the declarations themselves are filled in and filed by their lawyer. However, the conditions related to those filing the documents have been tightened – they must present a written (not necessarily certified by notary) Power of Attorney from the declarer, as well as a declaration that the presented documents have been presented by the declarer. Of course, the declarations must be signed by the declarer, as this must be certified by notary.

The circle of persons (including administration on any level of authority, notaries, banks, organizations providing public services – water supply, heat supply, electricity) before which there is no need to present any document related to entered circumstances has been widened as the information is accessible online on the Registry Agency site – Trade Register: www.brra.bg. It is sufficient just to point to the Unique Identification Code of the trader.

Upon eventual refusal of making the entry, the deletion or the announcement a new declaration for the same action can be filed as the declarer may use the already presented documents enclosed with the declaration which has been refused by pointing to the number of the declaration and the type of documents.

In the temporary and concluding provisions of the Law on Accountancy a new paragraph 9 is added which gives a clear schedule for announcing the financial reports of the traders depending on the time of re-registration, as the term is three months and starts the moment the company is re-registered in the Trade Register. Currently the traders were obliged to publish their financial reports via an economic publication or on the Internet. This type of filing of financial reports, depending entirely on the time of re-registration of the traders, will be applied until the re-registration deadline elapses, which is 31.12.2010.

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