Changes in Foundations and Associations

The amendments to the Act on the Commercial Register and the Non-profit Legal Entities Register have entered into force since the beginning of 2018. The major change concerning the involved parties and managing associations and/or foundations is the transfer of the register of non-profit legal entities, such as associations and foundations, from the regional courts to the Registry Agency. This change means that all associations and foundations should be re-registered from the one register to the other.

What you have to know in order to make such re-registration:

Re-registration procedure is governed by the amendment to the Regulation on Keeping, Storage and Access to the Commercial Register and became effective on 1 January 2018.

The deadline set out for re-registration (i.e. for submission of an application for re-registration) of non-profit legal entities is 31 December 2020. It is expected, as it already happened with business companies a few years ago, the most of the applications to be submitted at the end of this deadline. Our advice to all our clients is to proceed with registration as soon as practically possible.

The application should be submitted to the non-profit entities register maintained by the Registry Agency. It should be also accompanied by certified current articles of associations/statute. According to the new Regulation, applicants are not under the obligation to enclose any further documents because all other documents required for this procedure will be collected by the agency officially.

Re-registration procedure is free.

With this re-registration any association and/or foundation will keep its name, as the same will be deleted from the BULSTAT register and BULSTAT number will be entered as its unified identification code (UIC).

 

Representatives of non-profit legal entities may authorize a lawyer to do all the procedure on their behalf.

 

In case you need any further information about the forthcoming re-registration and/or assistance with its performance, we will be happy if you contact us.

 

Dimitar Yanev, Attorney-at-law