Drafting of power of attorney in Bulgaria
POWER OF ATTORNEY IN BULGARIA
Every Bulgarian authority require a written power of attorney (PoA), when a proxy is going to check his rights or manage something in Bulgaria. Usually the power of attorney has been used in Bulgaria when there is a need to appoint a person (natural or legal) to perform legal actions on behalf of another person called “the principal” (the person who issues the PoA). This type of legal document can be particularly prepared by the Bulgarian solicitor and be very useful for foreign entrepreneurs who have businesses in Bulgaria, but they cannot be in the Bulgaria to sign their building permissions or other important documents.
Our law office recommended that the appointed individual is trustworthy c lawyers, because the legal actions which are performed on the basis of the power of attorney have direct legal effect in the legal area of the principal.
The principal is deemed obliged by the legal actions of the legal representative – mostly lawyer or solicitors in Bulgaria.
Some legal actions could be completed by the appointed person, who needs to be an attorney-at-law. For others, the power of attorney must be prepared explicit; meaning that it should contains the specific and concrete activities, which the legal representative might perform.
You should make a difference with the general power of attorney. In some instances the power of attorney in Bulgaria must be notarized & legalized with an apostille in order to be deemed valid. Our lawyers in Bulgaria can help you with any legal procedures and provide you with support concerning the draft up a power of attorney for your and will instruct you to get this power of attorney, notarizing it when necessary.
Legal content of a power of attorney
The empowered person may receive the rights to performing legal actions & representative power on behalf of the principal. The content of a power of attorney is thus adjustable according to the specific legal needs of the concrete transactions or the specific type of businesses, which is conducted in Bulgaria.
The power of attorney might be issued as a general one or may serve only for a specific purpose – for example concluding a legal representation in a contract or before he Notary public in Bulgaria.
Therefore, in Bulgaria, individuals or legal entities may choose to draft up a different type of power of attorney that allows them to appoint a special physical person, who shall represent their affairs, when they will no longer be able to doing this.
The requirement for the preparation of power of attorney in Bulgaria includes different legal rights for: extrajudicial legal representation, representation before Bulgarian courts of law or arbitral court in the country. The representative person must be an attorney-at-law as a legal requirement, to represent the companies before the Bulgarian administrative authorities, entering into agreements, including arbitration agreements, entering into settlements, receiving and issuing payments, securities, dealing with matters regarding debt collection and litigation in Bulgaria, representation in inheritance cases or even representation in criminal cases
DRAFTING UP A POWER OF ATTORNEY IN BULGARIA
The draft of the power of attorney in Bulgaria must contain complete and correct identifications & legal information regarding concerning the empowered person as well as the principal. It is recommended also to contain the place and date when it is issued. It should be borne in mind that the document should contain only the principal’s signature but not of the empowered person. As we have already mentioned, the signature of the power of attorney should be notarized in some rather frequent cases before the appropriate Notary public or consular section in the Bulgarian embassies abroad.
As civil lawyers in Bulgaria we would like to pay attention on the fact, that the draft of power of attorney could be signed before a Bulgarian notary or a Bulgarian consulate in the Bulgarian embassies.
The authorities in Bulgaria require a notarized power of attorney, which need to be signed before the Bulgarian consulate in Bulgarian language. If any of the aforesaid actions cannot be performed for some reason, you may sign the power of attorney before a notary public in your home country but in this case you will need to perform additional actions to legalize it in Bulgaria. However, this option will take some weeks or months (depending on whether an Apostille stamp might be put on the document) and you will entail additional costs. Read here more about what Apostille is.
If there are no provisions in the document stating otherwise, a power of attorney’s effect will not expire until the death, loss of capacity to act (due to mental illness) or the termination of the legal entity of either the principal or the empowered person. However, the power of attorney might be revoked at any time at the sole discretion of the principal. When you need a limited time power of attorney might also be issued for affairs that have a limited duration.
If you want to open a Bulgarian company, a power of attorney is the tool you need in order to empower another person to deal with all incorporation procedures, including any necessary banking activities.
For any matters regarding company registration in Bulgaria, please feel free to contact our lawyer & legal experts.