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Talks to Extend Re-registration Period for Bulgarian Businesses

Talks are underway in the Bulgarian Parliament on the possible decision to extend the deadline for companies to re-register their business into the commercial register.

The original deadline was 31st December 2010, but could now be extended to 30th June 2011.

The Commercial Register Act made changes to the law in 2008, by which it required all active companies to re-register with a Registration Agency so a calculation could be made on firms that did not exist and could then be eliminated.

It was thought the three years that were given would be enough, but with only a weeks to go before the deadline, it appears that as many as 900 000 companies still have not done so.
Calculations so far state that 300 000 had re-registered their companies along with 129 000 companies that were new and set up after the 2008 changes.
The conclusion so far is that about a quarter of companies in Bulgaria are inactive.