How Setting Up a Bank Account Became The New Challenge For The Business In Bulgaria

Preventing and combating money laundering and terrorism financing has been a hot topic on EU level for some time now. As a result of the new rules and the implementation of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing in the national legislation of the Member States, banks and other entities covered by the EU anti-money laundering rules are required to apply increased checks to better identify any suspicious money flows. “The road to hell...

24 October

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Bearer Shares Banned

Posted by gkyoseva

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According to the latest amendments to the Bulgarian Commerce Act, promulgated in State Gazette No. 88/23.10.2018, in force as of 23 October 2018, issuing of bearer shares will not be possible anymore. Bearer shares or temporary certificates issued prior to the amendments are substituted by registered shares. The law provides 9 months period for the bearer shares of existing companies to be substituted by registered shares. The companies are obliged to amend their articles of association, to keep shareholder register and to publish them with the Commercial Registry and the Registry of the Non-Profit Legal Entities. Within two months upon expiry of the...

Author: gkyoseva

How Setting Up a Bank Account Became The New Challenge For The Business In Bulgaria

Bearer Shares Banned

Supreme Court of Cassation on Easement Rights in the Joint Use of Electronic Communications Infrastructure