Many foreigners open companies in Bulgaria. This is done not only for doing business, but also for the purpose of buying land plots, registering cars. Such legal entities may not conduct any activities, but are required to submit annual reports.

All Bulgarian companies must submit three types of reports annually:

• HFOs (financial report for the year). It is published in the Commercial Register. If you do not have time to publish the report for the last year before the end June, then the fine will be 200 – 3000 leva. In case of a repeated violation, the amount of the fine increases to 6 thousand leva. • GDD (tax return) – submitted to the Tax Inspectorate, i.e. the National Tax Inspectorate until the end of March. For being late, the fine is from 500 to 1000 leva, repeated violation is punishable by a fine of up to 2 thousand. • YEAR (activity report) – to be submitted to the NSI. This abbreviation stands for National Statistical Institute. It is necessary to submit a report until the end of March. If you are late with the submission of the report or forget about it, then the fine will be from 200 to 2000 leva. Persistent violators pay more impressive amounts – from 2000 to 6000 leva. In 2018, the rules for submitting reports have changed for enterprises that did not conduct any activity last year – did not buy, sell, invest and did not receive income. The new changes were published in "Darzhaven Vestnik» No 92 of 17.11.2017 § 13. In the Law, for corporate income, taxation in the member. 92 al. 4 Behold, I am changing thus: «(4) The annual declaration and the annual report for the activity do not submit the data to the persons who presat the data period did not realize the action on the Law for accounting.» In connection with this change, we draw attention to the fact that the "Law on Accounting" defines the concept of "not being active". Within the meaning of the "Law on Accounting", enterprises that did not carry out activities during the reporting period are enterprises that: a) during the reporting period, they did not carry out transactions under Article 1. 1 of the Commercial Law; b) during the reporting period, conditions were not created for the recognition of revenue (income) in accordance with the Law on Accounting and applicable accounting standards; c) have not carried out activities related to investments, production and/or sale; d) did not purchase goods and services for the purpose of generating income and profit Such companies are now exempt from filing a tax return (GDD) with the NRA. If the company did not operate in the reporting period, it is necessary to submit a declaration of the absence of economic activity in the National Statistical Institute through the IS "Business Statistics". You can also prepare a declaration on paper and submit it to the territorial division of the NSI. If the company has been active, but in limited volumes (within the 500 lev), and cannot prepare a report on the activity, its head also needs to submit a declaration to NSI. Instead of publishing the HFO, it will now also be necessary to submit a Declaration to the Trade Register. Thus, the procedure for submitting reports for Bulgarian companies "zero" has changed. Now, instead of three documents, it is enough to prepare two declarations – in the NSI and TR. Nevertheless, the submission of such declarations is mandatory, and it cannot be neglected. Our specialists will provide remote assistance in the preparation and submission of the necessary annual reports. Price of the service. The changes affected only Bulgarian companies. Representative offices, as before, are only required to publish an annual report in the BCCI register.