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 2.00 divided into shares with nominal value of Leva 1 each. 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 manager or managers.
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 its authorized capital, including each member's contribution.
This information together with details of the management, etc., is recorded in the Trade register.