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Two Weeks to Register Bulgarian Firm as of August

by Sofia News Agency www.novinite.com

Companies will be able to incorporate under Bulgarian legislation within two weeks as of August 10 when a new law enters into force, Justice Minister Anton Stankov announced on Tuesday. Pursuant to the new statistical registration law of Bulgaria to become effective in the beginning of August, the term of court registration is considerably shortened compared to the current two-month period necessary for head-to-tail legalisation of companies. Minister Stankov also said that a unified e-register of all legal entities is set to start functioning by the end of 2006. The register however will exclude from enlisting certain types of legal persons, such as religious communities, political parties and trade union associations. The Statistical Registration (Bulstat) Act was adopted last month and envisions the replacement of all administrative actions to incorporate commercial companies with a single unified registration number at the Incorporation Agency established with the Justice Ministry.

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