Important Topic You May Have Missed

Yes. This is completely right. Each company must prepares:

a Protocol of the decision of the Sole owner or the General assembly of the shareholders (EOOD or OOD/AD)

updates Articles with change of the currency from BGN to EUR, made according to the rules of the exchange.

The conversion from levs to euros shall be carried out by dividing the numerical value in levs by the full numerical value of the official exchange rate, expressed in six digits with all five decimal places, i.e. by 1.95583, and the resulting amount shall be rounded to the second decimal place based on the third digit.

In accordance with Regulation (EC) No 974/98, the values indicated in levs in existing legal instruments shall be considered as values in euros when applying the official exchange rate and the rules for conversion under Article 12 and, respectively, for rounding under Article 13 or under the special rounding rules provided for in this Act.

In the most common cases of OOD - If the conversion affects the rights of the partners and this requires a change of no more than 5% of the subscribed capital, the partners may adopt a decision to change the capital under a simplified procedure. The partners may adopt a decision to amend the partnership agreement, and the rules of the Commercial Act for increasing and decreasing the capital shall not apply (Art. 32, para. 5 ZVERB).

There are no state fees for this announcing, but some lawyers fees can occur.

The deadline is 31.12.2026. After that if the changes are not active there should be huge fines.

You may update the Subject of this article with more clear name, to be easily seen by everyone.

In case it's not already obvious, the Registered Capital of your company is NOT the same as the value of your house...

*sigh* There's always something!

The registered capital of my company is a whole 12 BGN.

So is this the correct form to update? https://portal.registryagency.bg/CR/en/services/198

Of course, the link is blocked. Who knows the danger linking to a Bulgarian government site might cause!

I saw it's only usable by someone with an official electronic signature, anyway.

@janemulberry

I believe that you MAY be able to go in person, with ID and the company documents, but it's a lot easier online, indeed only with your electronic signature. Note that you can get one - even as a foreign resident - in the name of your company (for the Commercial Registry etc al), or as an individual. Alternatively, just get your lawyer/accountant to do it and forget about it....

In case anyone's wondering - the registered capital of the company was automatically converted by the Registry on January 1st but you still need a "protocol" showing the official decision of the company director(s).

FYI, my company's registered capital is a princely €1.02...😁

Thanks for the extra info! I will never understand why government departments like making so much extra work for themselves -- and everyone else!

@janemulberry

I'd be more concerned if the government took unilateral decisions about how my company operated without my knowledge or agreement. This way, our signatures are on the company record and there's no argument about whether we agreed or not (if we don't, we can always wind the company up). There are around 1.5 million small enterprises registered here in BG and it would be hugely expensive and time-consuming if the government were to attempt to do it - not to mention that Bulgarians are nearly as litigious as Americans, even though no one actually trusts the courts...😎

True. Even such a small  seemingly insignificant change, when emotions are still running high about the currency change.

Hubby is in Bg now. None of the shops or buses will accept Euro notes, because they don't have enough coins to make change in Euro.

I have a huge box of 2 leva coins in my car - the local supermarkets are dreading seeing me these days. 😂

Your local shops/buses are taking the p*ss - it's illegal for them to refuse to take euros or leva until the end of January 31st, at which time the lev is out of circulation. It's still legal for the shops etc to give you change in leva, but ONLY if they can prove if challenged that they don't have any euro coins - otherwise they are obliged to give you change in euros, regardless of which currency you used to pay. Giving "mixed change" is banned.

The shopkeepers and bus drivers could be being bloody-minded about accepting euros, but I do believe it's also entirely possible that enough coins haven't filtered through to smaller shops in regions, more remote from the cities. https://www.novinite.com/articles/23626 … hange+Cash

This article is two weeks old now, so the situation should have improved considerably, but it does support what the shopkeepers say. Even the T Market in town says they don't have enough euro coins to make change so please pay by card if possible.

Edited to add -- the village post office also has no euro coins, only notes. She says she ran out of coins very fast and doesn't know when more will be sent.

Of course, the link is blocked. Who knows the danger linking to a Bulgarian government site might cause!
I saw it's only usable by someone with an official electronic signature, anyway. - @janemulberry

Hello,

Please note that the link is now visible.

Some links need validation when they are posted a 1st time.

Regards

Bhavna