Scope of activity change
The subject of this article is to explain the process of the scope of activity change of a Bulgarian company.
According to the Bulgarian law, evеrу соmраnу in Bulgaria nееdѕ а scope of activity in оrdеr tо bе rеgіѕtеrеd іn thе Соmmеrсіаl Rеgіѕtеr. Іt іѕ forbidden tо hаvе а соmраnу wіthоut а filled and submitted scope of activity.
In general, the scope of activity of the company is one of the most important things that you need to think about when you are in the process of the registration of your company. Moreover, the scope of the activity shall include all the activities that you are planning to perform with your company.
On the other hand, the scope of the activity is the thing that the National revenue agency (tax authority) is taking into consideration when they do their regular checkups of the Bulgarian companies. Sometimes, it is very important to have some specific activities like forwarding services etc. as this might give you the opportunity to deduct some of the expenses for the company cars.
Most of the Bulgarian companies write in their submitted scope of the activity the following phrases:
– “…..and any kind of commercial activity which is not prohibited by law.” Or
– “… and any activity which is regulated by the law and after obtaining the necessary license.”
These two options are good to be added, as they would give you the chance to perform much more activities even without being explicitly listed.
The scope of the activity can be changed at any time during the existence of the company.
Changing the scope of the activity of a Bulgarian company is a process, which shall meet several requirements. Depending on the company form the shareholder/s shall take a decision to choose to amend it. It is not possible to leave the company without a listed scope of activity.
In order to apply in the Trade register for registering the changes of the scope of the activity, the shareholders have to sign new an updated Articles of Association and the manager shall sign few declarations and a power of attorney. Of course as any change of circumstances also a state fee shall be paid.
The whole process takes around 5 (five) working days from signing the whole documentation and submitting it in the Bulgarian Trade register.
Innovires law firm can fully assist you with change of the scope of activity of your Bulgarian company. Our lawyers can take the representation in front of the Trade register and submit the changes.
Contact us in case you need additional information regarding the scope of activity change of a Bulgarian company. Click here to go back to the main corporate tab – a full guide of running your business. Lower your taxes and become free! Check Bulgarian tax residency options here.