Annual accounts and accounting service of the newly set up companies, with the help of the leading Company in this field – Property Management Ltd, and depending on the agreements with our clients and the activity which is registered in the relative Company.
According to the Bulgarian legislation, all foreign investors having bought property in Bulgaria in their capacity of legal entities, can be supplied with accountancy and administrative services through the companies registered on them in order to strictly keep all laws of the Republic of Bulgaria.
The Bulgarian laws don’t let foreign investors to own their own property on the territory of the country as physical persons. This however doesn’t concern legal entities with foreign participation, established by the Bulgarian legislation. For this reason in order to carry out their intention to purchase a property in Bulgaria most investors register a company. Owning a company in our country is a difficult, complicated process. Difficult because it is necessary to possess substantial, profound knowledge on the currently operating Bulgarian legislation; complicated because the laws concerning the accounting and tax policy of our country have to be strictly observed. The sanctions imposed for failure of or delay in their observing are very strong and are always accompanied by tax checkup of your company regardless of the fact that it can be kept open with the sole purpose of purchasing a property and it may not be actively functioning.
According to our Accounting legislation, each registered company is obliged to present annual balance by preparing annual tax report, which along with the tax declaration should be presented before the local Tax Office not later than 31 March each year. The penalty for failing to declare as well as for drawing up a document with untruthful content is imposing a fine which starts from 2000 BGN( about 1000 EUR).
If the overall accountancy servicing of your company hasn’t been accurately kept or the time terms haven’t been observed, your company will have to pay considerable fines, assuming the whole stringency of the Bulgarian laws and can expect audit inspection. Your company is considered to be functioning with the undertaking of all kinds of improvements in connection with the property purchased by you including partial repairs, overhauls or other reconstructions. Besides, your company is considered to be operational if you rent the property out and receive regular income from it. This includes accepting or issuing invoices, receipts, bank statements and documents, payment of local taxes and fees, as well as the services of a qualified accountant.
If you engage our company for carrying out the overall accounting and administrative servicing of your company then we will represent you in front of all state institutions.
For companies that have only been registered with the sole purpose of buying a property or which don’t perform any activity our company could prepare an annual tax report as well as the submitting of the annual tax declaration into the local Tax Office. If your company is operational the charge is payable on a monthly basis and is subject to additional agreement depending on the services that have been required. For further information refer your enquiries to info@propertymanagementbulgaria.com