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The next stage is to determine whether the property that you want to buy has land associated with it or not. The reason being that if it has land, then you will have to form a company in order to purchase it. In order to own land in Bulgaria, you either have to be Bulgarian or buy it under a Bulgarian registered company. This is because under the current legislation, Bulgarian law forbids foreign individuals from owning land. However, it's really just a formality On the other hand, if you are buying an apartment, you can generally get away without forming a company. Apartment purchases are, therefore, comparatively more straightforward. But there are exceptions. If you are buying an apartment that has land associated with it, you will also need to form a Bulgarian company. It can take between 1-2 weeks to register a company in Bulgaria on your behalf. Legal and administrative fees for registering a company are 400 pounds. This fee includes the client's obliged additional state and court taxes. The company does not need to operate but it is simply a tool to purchase the property. Once you have bought a property the company could be re-registered at the address of your new property. Our legal and administrative fee for re-registering a company is 100 pounds (VAT inclusive). Additional state and court taxes included. When we register your company you must deposit a sum of 5 000 lv /1,800 GBP (approx) into your company bank account whilst the registration is being carried out. This money can then be withdrawn once the company is registered. If you are buying an apartment it is not necessary to set up a company since the apartment block is legally distinct from the land on which the block is sited. Each year it will be necessary to file company accounts which we can organize for you through our Property management services. Once your company has been formed, you should expect a few documents. These include: 1. Tax registration, which takes the form of a plastic card, slightly larger than a credit card - this card is white and has an emblem containing two green lions. 2. Documents detailing the incorporation of the company 3. A company stamp, required when stamping various documents on behalf of the company As you will have set up a limited liability company, your company name will have the suffix OOD - which is the Bulgarian equivalent of a limited liability company (i.e. 'Ltd' in the UK). Having formed your company, negotiated the price and made a formal offer, you are now ready to sign the preliminary contract. In practice, it is also common to prepare the preliminary contract before the company has been formally registered. Of course, the final contract (notary deed) will clearly specify that the property is being purchased by the company (and its company representatives). |
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