Changes in TRO program

Member since 21 August 2024

Mark SegalMember21 August 2024 17:19:08

Hey!

I've heard about the new proposed Foreigner Ack law changes that affects TROs, and requires a certain turnover (i think 500k BGN)

1. Do you know if the law has passed, or, when it will be passed?

2. How can a company prove such turonver? A large private foreign company wouldn't like to provide full economical data for obvious reasons. Will it be sufficient to prove, for example, that it has paid salaries in the sufficient amount?

Thanks!

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gwynj Bulgaria Expert

Member since 30 June 2020

gwynjBulgaria Expert22 August 2024 06:28:21

2584

@Mark Segal

1. Not yet, as far as I know. Certainly the TRO info at the BCCI (registration body) has not been updated to reflect any recent changes.

2. This link has all the requirements for a TRO registration. Most companies create some kind of accounts, even if they're not audited or publicly filed. If you think they're sensitive, you can prepare summary versions. You can also just put the key values into a BCCI declaration (Assets, Equity, Turnover, Profit/Loss) for the last couple of years. A bank reference is also mentioned, so if your bank will confirm your average balance or annual in/out, that might also be acceptable. Most folks will find it's easier to get an immigration attorney to guide them through the TRO process.

https://www.bcci.bg/tradereg-repres-en-2019.html

roywebb58 Active member

Member since 08 February 2024

roywebb58Active member22 August 2024 06:30:24

all companies have to be registered somewhere and in the Uk its companies house, where all companies can be searched, and information easily obtained, I can not understand why you think a company would want to hide data which is a legal requirement of running a company.

Paid salaries do not really prove a companies turnover.

I am not aware if this change has been passed into law