Close
  • Home
  • About us
  • Practice areas
  • Blog
  • Contacts
  • EN
  • BG
kgk_logo_dark_red
  • Home
  • About us
  • Practice areas
  • Blog
  • Contacts
  • EN
  • BG

kgk_logo_dark_red
  • Home
  • About us
  • Practice areas
  • Blog
  • Contacts
  • EN
  • BG

Changes in the Commercial Register Act and the Register of Non-Profit Organizations

sc_admin
April 29, 2020
Blog

The amendments to the Law on the Commercial Register and the Register of Non-Profit Legal Entities (LTRNPO) were promulgated by by the State Gazette, issue 38 of 24.04.2020. The new rules are related to the submission of annual financial statements and annual activity reports. Most of the changes are deferred and will enter into force on 1 January 2022.

State tax

The acts referred to in Art. 3 of the Law on Companies, namely the annual financial statements and the annual report on the activity of the companies, are subject to publication in the Commercial Register. Currently, the Registry Agency collects a state fee of BGN 40 for applications submitted on paper and BGN 20 for applications submitted electronically. After 1 January 2022, this financial burden for businesses will be removed and such state fees will not be due.

Electronic submission of financial statements

Another change that will come into force in 2022 is the introduction of a one-off electronic filing of financial statements. The submission will be made to the Centralised Administrative Information System (CAIS) - Single Entry Point. It will be integrated with the systems of the National Revenue Agency (NRA), the National Statistical Institute (NSI) and the Registry Agency.

This is a positive change which aims to remove unnecessary administrative burdens. Currently, companies are obliged to submit to the Registry Agency some or all of the statements in the annual financial report, which are submitted to both the NSI and the NRA. The annual activity report and the annual financial statements are accompanied by a large set of documents which have to be submitted several times, given the current arrangements. CAIS will allow integration of data from the institutions' systems, introduction of complex administrative services and single submission of documentation.

The current campaign to announce the 2019 annual financial statements.

The next change of major importance will come into force on the day of the promulgation of the changes in the Official Gazette and will affect the applications for annual financial statements submitted so far but not processed by 24 April 2020. The fact that the acts referred to in Art. 38 para. 38(1) of the Accountancy Act have been adopted by the general meeting of the shareholders or by the relevant body of the company shall be certified only by a declaration pursuant to Article 13(4) of the Act on the authenticity of the facts stated and the acceptance of the acts submitted for publication. This means that the regularity of the convening and holding of a general meeting and its decision on the adoption of the annual financial statements and the annual activity report will be certified only by the declaration and not by all the documents that have been required so far - minutes, invitations and proof of return of invitations to convene general meetings, etc.

While this does not exempt companies from their obligations in relation to the regular adoption of annual financial statements and management reports, the change is controversial. On the one hand, it will ease the administrative burden for both companies and the officials of the Registry Agency. On the other hand, however, it runs the risk of misstatement with all its consequences.


Lawyer

Related Articles


New Whistleblowing act enters into force
New Whistleblowing act enters into force
April 26, 2023
Blog
Legislative changes to the CCP, the CPC, the PPC and the Emergency Measures Act
Legislative changes to the CCP, the CPC, the PPC and the Emergency Measures Act
November 20, 2020
Blog

Support in the form of creative grants for independent artists
Support in the form of creative grants for independent artists
Previous Article
Grants up to BGN 10 000 for micro and small enterprises
Grants up to BGN 10 000 for micro and small enterprises
Next Article

kgk_logo_dark_red
Renovating the legal service industry
Pages
  • Home
  • About us
  • Practice areas
  • Blog
  • Contacts
Traditional services
  • AML and CFT Compliance
  • Competition
  • Personal data protection,
  • Intellectual Property,
  • Litigation & Arbitration
  • Corporate & Commercial
  • Bad Debt Collection
  • Tourism
  • Public Procurement
  • Energy Law
  • Transportation
  • Real Estates
  • TMT
  • M&A
  • Labor and Employment
Innovative services
  • Blockchain & Crypto
  • NFTs & Virtual Reality
  • Artificial Intelligence
  • Social Media and Marketing
Contact us
Facebook Linkedin Instagram
+359 2 423 2273
office@kgk.bg
We accept payments from
  • revolut
  • binance
emea-leading-firm-2023
innovation_award
druzhestvo s promenliv kapital
Manage Cookie Consent

To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
General Terms and Conditions

Functional Винаги активен
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Управление на опциите Manage services Manage {vendor_count} vendors Прочетете повече за тези цели
View preferences
{title} {title} {title}