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Private Limited Company (a limited liability company) - "OOD" - it is a
commercial company with share capital owned by its members whose liability
is limited to the amount of the capital subscribed. A private limited
liability company may be founded by one or more persons, including foreign
natural or legal persons. The minimum foundation capital is Leva 5,000
divided into shares with nominal value of Leva 10 each and at least 70% of
the capital must be paid up on foundation. Contributions to the foundation
capital may be paid in cash or in kind. The statutory bodies of the private
limited companies are the general meeting of shareholders, which must be
held at least once a year, and the managing director or board of directors.
Here is a general explanation of what is needed to set up a private limited
company in Bulgaria:
- produce its articles of association (Memorandum of Association - in
the case of a single-person private limited company); the Law on Commerce
stipulates the obligatory provisions of the articles;
- have appointed a managing director (or board of directors);
- have paid up at least 70% of its authorized capital, including at
least one-third of each member's contribution.
This information together with details of the management, etc., is
recorded in the commercial register and promulgated in the State Gazette.
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Bulgaria Translation