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The Bulgarian national assembly passed the amendments in the Commerce act
Last update: 2008-05-23 06:38:39

The Bulgarian national assembly passed the amendments in the Commerce act

The parliament included in its week agenda the Commerce act's amendments by which the capital needed for company registration shall be decreased to minimum. The bill was proposed by Martin Dimitrov from the Democratic Party. The amendments passed on first readings.

The amendments foresee that capital for company registration shall be decreased at least tenfold. For registration of a limited liability company shall be needed 500 BGN instead of 5 000 BGN and for a joint-stock company 5 000 BGN instead of 50 000 BGN.

The purpose behind the amendments is to stimulate the economic activity and to create more jobs.
Dimitrov pointed that the motion is influenced by the global practice where tendency is to remove the requirement for deposited registration capital. He quoted a research of the World Bank in 176 countries according to which 75 of them do not have required minimum capital for registration of Limited Liability Company. Countries like France have removed the minimum required capital.



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