One of the main questions which is quite normally for one to ask is about the competent body, authorized by the Bulgarian state to deal with the process of the registration of newly established companies. And the answer is very straightforward вЂ“ once this was within the powers of 29 Bulgarian Regional Courts while now there is only one body which is empowered to keep record of all activities of all commercial companies in Bulgaria вЂ“ and this is the Commercial Register, known also as the Trade Register.
According to Bulgarian Law every new single trading company in Bulgaria which has successfully passed the respective company formation procedure is subject to registration with the database of the said agency. If the owners or shareholders do not apply for registration, then it is considered that there is only a contract between all founding members but not duly formed commercial legal entity. In which case there is nothing that those founders could do on behalf of the company.
The Commercial register is a public one and hence keeps a public electronic database in which every single person who has internet access could do a check on the companyвЂ™s status. Unfortunately the interface is only in Bulgarian which makes is virtually impossible for foreign people to undertake such sort of checkups. Another thing worth mentioning is that not all data in the register is public вЂ“ only the most important details are so. In order to perform a deep research on the available database, one should have an e-signature вЂ“ in which case absolutely all available data is given to the client. This was a recent chance in Bulgarian legislation since a number of fraudulent cases broke out in Bulgaria in the last couple of years. This is sort of a precaution measure which has to prevent unauthorized (anonymous) access to the remote servers.