SUBMITTING ANNUAL BALANCE & FINANCIAL STATEMENT OF BULGARIAN COMPANIES
Every year the companies must publish annual financial statements for the past year, as the deadline for sole proprietors (which are subject to statutory audit) is 31st May, for limited liability companies (LLC) – by 30th June, and for all other entities– by 31st July.
- Net asset value per December 31, less than BGN 8,000,000 ;
- Annual turnover of less than BGN 15 million ;
- Average number of employees less than 250.
Bulgarian financial statements include:
Balance sheet, the income statement, the cash flow sheet, the capital sheet, Annexes
The information presented in the annual financial statements must also meet the following requirements:
– Intelligibility,
– Relevance,
– Reliability,
– Comparability
Companies which financial statements are subject to mandatory verification by independent auditors & accountancy needs to prepare an annual activity report. Once approved by the general meeting of shareholders, the Bulgarian companies must publish their annual accounts and annual financial statements under the following conditions:
- Submission in the Bulgarian Trade Register before June 30 of the following year for Bulgarian regstered companies incorporated in the form of limited liability company (LLC) ;
- Submission in Bulgarian Trade Register before 31 July of the following year for other legal forms (SA, etc.).
The managers or legal directors of the Bulgarian companies are responsible for the drafting, preparation, content and the publication of annual financial reports & activity statements of their Bulgarian companies within the time prescribed by law reports.
Should you need more information concerning this matters, send us a legal inquiry on info@lawyer-bulgaria.bg or call us now on + 359 897 90 43 91
