REGISTRATION: "Private Limited Company"

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Essentially the process is as below:
Find a property and determine whether it is being sold with or without land. If it is being sold with land you need to form a company as the land owner (much the same as a "Limited" company in the UK)
Negotiate and agree the final price with the current owners.
After the verbal agreement, draw up the initial contract and get the property removed from the market. (Similar to "Sold subject to contract" in the UK)
Do the standard checks on: (Use a solicitor!)
Title documents
Licenses and permissions
Debts on title
Terms of contract
Sign the Notary Act (Contract of Purchase) in front of a Bulgarian Notary Public and the Final Legal Contract
You are the proud owner of a Bulgarian property!
Some brief information on forming a company (if you need to):
Private Limited Company (a limited liability company) - "OOD"(Ltd.) - it is a commercial company with shared capital owned by its members whose liability is limited to the amount of the capital subscribed. A private limited liability company may be founded by one or more persons, including foreign natural or legal persons. The minimum foundation capital is Leva 5,000 divided into shares with nominal value of Leva 10 each and at least 70% of the capital must be paid up on foundation. Contributions to the foundation capital may be paid in cash or in kind. The statutory bodies of the private limited companies are the general meeting of shareholders, which must be held at least once a year, and the managing director or board of directors.

Formation and registration of a company
A company is considered incorporated as from the date of its registration into the commercial register of the relevant district court. The application for registration furnished with certain documents required by the law shall be filed with the court by the elected managing body.

Private Limited Company - in order to be registered in a commercial register, a private limited company must:

produce its articles of association (Memorandum of Association - in the case of a single-person private limited company); the Bulgarian Commercial Law stipulates the obligatory provisions of the articles;
have appointed a managing director (or board of directors);
have paid up at least 70% of its authorised capital, including at least one-third of each member's contribution. (In round numbers just over 3 500 Lv.!)

Last modify date 7.3.2008 27204 visits