Bulgaria's accession to the eurozone and the adoption of the euro as the national currency will lead to changes concerning the activities of commercial companies in the country. The procedure for implementing these changes is regulated in the adopted Law on the Introduction of the Euro in the Republic of Bulgaria, promulgated in the State Gazette, issue 70 of 20.08.2024.
Among the most significant innovations are the introduced rules for converting the capital of commercial companies from lev to euro, which will be carried out ex officio by the Registry Agency in the Commercial Register.
On the date of the introduction of the euro, the amount of capital of a limited liability company, joint-stock company and limited partnership with shares entered in the commercial register, as well as the registered nominal value of shares in a joint-stock company and in a limited partnership with shares, will automatically be replaced with the values in euros and euro cents.
The Euro Law also adopted amendments to the Commerce Act, which will enter into force from the date of the introduction of the single European currency - the minimum value of one share or one company share can now be 1 euro cent. The minimum amount of the capital of a limited liability company will be 1 euro, and the minimum value of the capital of a joint-stock company - 25,000 euros.
Companies will be required to bring their articles of association (constituent acts, articles of association, statutes, etc.) into line with the currency conversion rules. The law provides for the submission for publication in the Commercial Register, certified by the person or persons/authority representing the company, of a copy of the articles of association/contract of association reflecting the converted amount of capital and nominal value of the shares/units. Companies must make these changes within 12 months of the date of the introduction of the euro in Bulgaria.
The team of "Vatev and Partners" is already studying all aspects of the requirements for traders adopted by the Law on the Introduction of the Euro in the Republic of Bulgaria, as well as the key points related to the expected practical application of the law. If you have any questions or need assistance in connection with the issues raised, you can contact us. other contact channels of Vatev & Partners Law Office.