The Registry Agency informs you that  with the regulatory changes there has been introduced a simplified requirements for submission of annual financial statements (AFS) and annual activity reports for small, medium and micro enterprises. According to the changes, there is no need to submit documents proving the acceptance of the annual financial report and the annual activity report (invitations to convene general meetings, minutes of general meetings, evidence of receipt of invitations, etc.). The circumstance that the annual financial statements have been accepted by the respective competent authority shall be proved by submitting a sample declaration (declaration under Art. non-agricultural aim. The changes took effect on 14.03.2020, with the adoption of an Ordinance amending and supplementing "Ordinance 1 on keeping, storage and access to the commercial register and to the register of non-profit legal entities".

The changes will not apply to large enterprises and companies of public interest *, According to statistics for 2018, these companies are about 3-4% of all enterprises.

According to the Registry Agency, the submitted annual financial statements from 01.01.2020 until now are 143 808.
76% of these,are submitted electronically, and 24% - at the counter. According to the number of submitted G2 (GFO) applications for 2019 (330 343), by the end of September 2020 (deadline for submitting GFO), more than 186 000 applications are expected to be submitted.

  

* Within the meaning of the Accounting Act (quoted):

Large undertakings shall be undertakings, which on 31 December of the current accounting period exceed at least 2 of the following indicators:

1. balance value of the assets – BGN 38 000 000;

2. net revenues from sales – BGN 76 000 000;

3. average number of staff for the accounting period – 250 people.

According to §1, item 22 "undertaking of a public interest" are:

(a) undertakings whose transferable securities are admitted to trading on a regulated market in a Member State of the European Union;

b) credit institutions;

c) insurance and re-insurance companies;

(d) pension security companies and the funds, managed by them;

e)investment intermediaries, which are large undertakings under this act;

f) collective investment schemes and managing companies in the meaning of the Act on the Operation of Collective Investment Schemes and of other Undertakings for Collective Investment, which are large undertakings under this act;

g) financial institutions in the meaning of the Credit Institutions Act, which are large companies under this act;

h) "Holding Bulgarian State Railways" - EAD, and the subsidiaries; National company Railway Infrastructure;

i) trade companies, whose basic activity is to produce and/or transfer and/or sell electric energy and/or heat energy and which are large undertakings under this act;

j) trade companies, whose basic activity is to import or transfer, or distribute or transit natural gas and which are large companies under this act;

k) Water and Sewerage operators within the meaning of Art. 2, para. 1 of the Regulation Of Water Supply And Sewerage Services Act which are medium-sized and large enterprises.