Informes Sectoriales OP - Icex

TOURISM AND RELATED SERVICES IN BULGARIA
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have appointed a managing director (or board of directors);
have paid up at least 70% of its authorized capital, including at least one-third of
each member's contribution.
This information together with details of the management, etc., is recorded in the
commercial register and promulgated in the State Gazette.
Public Limited Company (a joint stock company) - "AD" - is a commercial company
with share capital owned by its members whose liability is limited to the amount of
the capital they subscribe. A joint stock company can be founded by two or more
persons, including foreign natural or legal persons. The only exception to this rule is
when the State is the only founder and, therefore, the sole owner of the whole capital
of the company - in this case we have a single person public limited company
("EAD").
The minimum capital of a joint stock company is BGN 50 000, increasing to BGN
100 000 if the capital is raised by a public offer. A capital higher in value is required
for the establishment of banks, insurance companies and investment companies:
♦ banks - the minimum capital required amounts to BGN 10,000,000,000;
♦ insurance companies - the minimum capital required amounts to:
♦ Leva 2,000,000 for life insurance and personal accident insurance;
♦ Leva 3,000,000 for property insurance;
♦ Leva 4,000,000 for reinsurance;
♦ Investment companies - the minimum amount and the structure of the required
capital as well as its relation to the assets and liabilities as per the balance
sheet are determined by the Securities and Stock Exchange Commission according
to the Law on Securities, Stock Exchange and the Investment Companies.
In the general case of a registration of a public limited company, contributions to
foundation capital may be paid in cash or in kind, in which case an independent
valuation is required, and at least 25% of the capital must be paid up on foundation.
A joint stock company may issue either registered or bearer shares. The general
meeting of shareholders is the highest body of the company, and must be held at
least once a year. The shareholder's meeting elects a board of directors (a one-tier
management structure) or a board of directors and a supervisory board (a two - tier
management structure). A public limited company must prepare a balance sheet and
financial statements each year. Special statutory instruments provide additional requirements
to the foundation of banks, insurance companies and investment funds
in the form of joint stock companies.
Below is a general explanation of what is needed to set up a public limited company
in Bulgaria:
♦ have adopted articles of association;
♦ have all of its authorized capital fully subscribed;
♦ have paid up at least 25% of its authorized capital;
♦ have elected a board of directors; and
♦ have met any other legal requirements.
Details of the official business name and registered office of the company, its management
bodies, and other facts related to its incorporation, existence and windingup
are recorded in the commercial register and promulgated in the State Gazette.
Spanish Economic and Commercial Office of the Spanish Embassy in Sofia 49