Announcing annual account to the Commercial Register

Announcing your annual accounts with The Commercial Register by 30th of June - P.O.A euro

This is another new regulation in force with the introduction of the Trade Register as of 01.01.2008. Any new or re-registered company after 01.01.2008 must declare in the Commercial Register at The Registry Agency its income and expenditure account and balance sheet for the previous calendar year.

The legislature has set a deadline for this no later than 30 June of the year or not later than 3 months from the date of re-registration of a company. The accounts and balance sheet shall be submitted by the Manager of the company or through authorized individual.

If the Manager authorized another person, part of the relevant documents must be signed by the manager of the company, and others - signed at a Notary or in any Bulgarian embassy abroad. Example: If a company was formed 2005, and 2010 re-registered, it must submit reports to the Commercial Register for 2007, 2008 and 2009 the longer it takes to comply with the law the more difficult it will become.

If this is not done in time, The Commercial Register will inform the respective Territorial directorate of the National Revenue Agency for establishing an administrative violation from that company. And in their turn, the inspectors from the National Revenue Agency will serve an act to establish an administrative penalty of the company.

The administrative penalty is expressed in a monetary fine, which is linked to fixed payment period. When the deadline for the payment of the fine is missed, there is interest.