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New Company Registration

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New Company Registration

Postby Steve1957 » Wed 6 Mar 2013 13:52 GMT

Hi. I am looking for advice about forming a new Bulgarian Limited Company for the purpose of buying property.

I will be visiting Bulgaria in September 2013 combining a viewing trip with some tourism thrown in, and I don't want to be held up by the process of registering a company while I am there.

Having done some internet research I am on the verge of engaging a legal company which offers an online service to register a company without the need for me to be in country.

Has anyone used a service like this?

What are the documents and forms they send for filling out and signing?

How long did the process take?

Were you satisfied with the service provided?

Regards, Steve
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Postby Dave » Thu 7 Mar 2013 02:26 GMT

Hi, Steve, and welcome. Good question, and one that I hope you'll get some answers to.

Just a reminder to anyone with information to post that we don't allow recommendations for or against specific companies on the public boards, so please don't name the company/individual that provided the service when answering Steve's question. Thanks. :)
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Postby bones » Thu 7 Mar 2013 14:45 GMT

Hi,

If you are only buying 1 property you don't need to form a company now, you can purchase in your own name, you'll just need to go to a notery with the sellers to complete the paperwork.

hope that helps
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New Company Registration

Postby Steve1957 » Fri 8 Mar 2013 11:20 GMT

Hi Bones, and thankyou.

I believe I do have to form a company as I am not an EU citizen.

As I said in my original post, I have researched the subject on the internet and to date I have not found any information that suggests that I do not need to form a Bulgarian Limited Company to purchase property with land.

I know I can buy a unit without land or similar property without needing to form a company, but that is not my aim.

If these laws have changed recently I would welcome further advice and perhaps a link to a website where the information can be found.

Thanks again.

Regards, Steve
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Postby bones » Fri 8 Mar 2013 11:39 GMT

Hi,

I will try and find out some information for you, but i'm sure some people just bought without a company and they are Russian.

Will post once i know for sure
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Postby Steve1957 » Fri 8 Mar 2013 11:52 GMT

Thanks Bones.
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Postby bones » Wed 27 Mar 2013 14:40 GMT

Had a word, and they didn't need a company, as long as they only own 1 property
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Postby Steve1957 » Wed 3 Apr 2013 08:50 GMT

Thanks Bones. It's strange that the legal company that I have been corresponding with in Bulgaria did not mention that. Although I guess that they won't volunteer information if it means missing out on business.

Cheers, Steve
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Postby Steve1957 » Fri 5 Apr 2013 05:57 GMT

Hi Bones,

I have had contact with several lawyers in Bulgaria and they all advise that as a Non EU citizen I must register a limited company to buy house with land in Bulgaria regardless of whether it is one property or more than one.

I also found this...

In general only Bulgarian citizens and companies can buy land in Bulgaria at the present time (2009). However foreigners can buy the “building rights” and the “usage rights”. Therefore property developers will typically sell these rights, and retain the “bare ownership”. The developer does not benefit from the “bare ownership”, and often has a contract with the foreign buyer, where the foreigner can buy the land when the law permits, for a nominal sum (for example one Euro). From 2012 EU and EEA citizens will be able to buy land.

If a foreigner wishes to have full ownership of the land, he can do this indirectly. To do this, he sets up a Bulgarian company which he owns 100%. His company then buys the land.


Maybe your Russian acquaintances have purchased the Building Rights and Usage Rights?

Thankyou for your input but I think I will stick with the advice from the lawyers.

So, back to my original questions...

"Having done some internet research I am on the verge of engaging a legal company which offers an online service to register a company without the need for me to be in country.

Has anyone used a service like this?

What are the documents and forms they send for filling out and signing?

How long did the process take?

Were you satisfied with the service provided?"


Regards, Steve
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On Line

Postby Jax » Sun 4 Aug 2013 15:31 GMT

I have been warned about doing dealings only online. Better in person maybe. I was asked by a solicitor for fee up front before I even left the UK - I refused. (Politely)
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Postby Steve1957 » Mon 5 Aug 2013 01:12 GMT

Thanks to those who responded to my original questions. I have actually gone ahead and I now have a Limited Liability Company registered in Bulgaria.

Apart from delays here in Australia with having documents notarised and legalised (I had to wait for the opportunity to visit the Bulgarian Consulate) The whole process went quite smoothly. I guess I was lucky to have selected a reputable legal firm.

Regards, Steve
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