Law in Bulgaria feed

41 PER CENT OF BULGARIANS BELIEVE EU MONEY WILL CONCENTRATE AROUND THE AUTHORITIES

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 07:27:38 -0800

Forty-one per cent of Bulgarians think that the money from the EU funds will concentrate in narrow circles close to the authorities. Thirty-four per cent think the money will remain unused due to lack of capacity and misuse, and only 21 per cent believe the money will be distributed in a fair and transparent way.

These numbers came from the survey by Alpha Research agency on Bulgaria's first year as an EU member. The survey was presented by Alpha Research managing partner Boryana Dimitrova at the Foreign Ministry, Focus news agency said on December 19.

At the same time, Bulgarians' support for Bulgaria's EU membership remains extremely high – 79 per cent. The positive sides of Bulgaria's EU membership, according to those polled, were the chance to travel and work freely in the EU, as well as the EU's engagement in freeing the Bulgarian medics from Libya.

The main negative side of Bulgaria's EU membership, according to 54 per cent of those polled, was price increases.

ADMINISTRATIVE COURT IN SOFIA MAY STOP WORKING

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 07:06:55 -0800

The work of the Administrative Court in Sofia might be blocked due to the lack of a building, Supreme Administrative Court (SAC) chairperson Konstantin Penchev warned Prime Minister Sergei Stanishev in a letter.

In the letter, Penchev called on the Cabinet to give the Sofia Administrative Court with normal work premises by the end of 2007, mediapool.bg reported.

“Unfortunately, for more than a year now, the executive has not managed to fulfill its obligation to provided all new courts with suitable buildings, where administrative judges can administer justice in normal working conditions,” the letter said.

The problem with the buildings of the 28 administrative courts in Bulgaria was more than worrying because most of these courts did not have buildings, mediapool.bg commented. The courts were created with the adoption of the new Administrative Procedure Code, which became effective on March 1 2007.

“I fear the energy and enthusiasm of the young colleagues working at the Sofia Administrative Court are not inexhaustible and the unbearable working conditions will very soon bend the sincere will with which they entered the judicial system – to make it fast, transparent and effective,” Penchev said.

What is the meaning of guarantees according to the Bulgarian law?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:11:10 -0800

What is the meaning of guarantees according to the Bulgarian law?

“Guarantees” - Corporate guarantees are not governed by the Bulgarian law. Therefore, this security instrument is used mainly when issued by banks. In case of companies or individuals instead of guarantee promissory note is used being out-of-court ground for issuance of writ of execution.

Spanish Consultants Balms Group Steps on Bulgarian Market

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 07:01:10 -0800

Spanish investment consultants and legal firm Balms Group stepped on the Bulgarian market, opening an office in capital Sofia on Friday.

The local arm of the group, Balms Abogados Bulgaria, will start with 15 employees and will be managed by Juan Luis Balmaseda de Ahumada.

"I believe an increasing number of companies in Bulgaria need professional consultancy services," Balmaseda said.

The group focuses on foreign investments, corporate and commercial law, property taxation, real estate law and business, as well as legal services in related areas.

Balms Group International was founded in 1996 after the merger of Balms Abogados and Black Graf&Co. and is an association of medium sized independent law firms with offices in 28 countries and more than 3,000 employees.

The group is also one of the leading consultants specializing in the utilization of European structural funds for infrastructure in EU newcomer states.

EU CITIZENS TO BE ALLOWED TO BECOME BULGARIAN STATE EMPLOYEES

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 06:54:59 -0800

Citizens of EU member states and of countries which were party to the European Economical Union, including Switzerland, would be allowed to be hired as state employees in Bulgaria, the parliamentary press office announced on December 20.

Limited access was granted to higher positions in state administration, was well as those functions, which were deemed important for national sovereignty including in the fields of defence, public order, international politics, national security and state secrets, Dnevnik daily.

Government approved amendments for the Law on state employees on December 20.

The Bulgarian parliament approved the government's 2008 budget law

info@solicitorbulgaria.com (SolicitorBulgaria) — Tue, 25 Dec 2007 05:43:05 -0800

SOFIA, Dec 20 (Reuters) - The Bulgarian parliament approved the government's 2008 budget law on Thursday, with a fiscal surplus of 3.0 percent of gross domestic product, aimed at countering risks arising from growing external imbalances.

The 2008 budget set revenue at 27.2 billion levs ($19.94 billion), some 27 percent more than the initial plans for 2007. Spending, including a contribution to the European Union budget is set at 25.4 billion levs, up 21 percent on 2007 plans.

The new European Union member expects to end this year with a budget windfall of 3.5 percent, well above initial plans of 0.8 percent, in an attempt to dampen strong domestic demand that is likely to boost the current account gat over 21 pecrent of GDP.

Under the budget law, the government expects the external deficit to expand further to 21.9 percent of GDP next year. It sees end-2008, EU-harmonised inflation easing to 4.5 percent from an expected 9.3 percent this year.

Fiscal policy is the main tool for Bulgaria to influence the economy as the country has pegged its lev to the euro in a currency straightjacket that significantly curtails monetary operations.

Despite the planned budget surplus, the government plans to increase its capital spending by more than 50 percent to 4.25 billion levs next year, mainly for improving infrastructure.

Sofia will also increase social and education expenditure and aims to hike public wages and pensions by between 5 and 10 percent as of July.

Bulgaria Lawmakers Pass Flat Tax Reform

info@solicitorbulgaria.com (SolicitorBulgaria) — Tue, 25 Dec 2007 05:58:58 -0800

Bulgaria's parliament passed on second reading on Monday the amendments introducing a flat tax rate in the country.

Despite extensive criticism from the opposition and trade unions, the Socialist-led ruling coalition decided also to drop the provision that exempted the first BGN 200 of all wages from tax.

Under the new tax regime, all who earn below BGN 490 will end up paying more in taxes, starting from January.

The amendments are final and only a veto from president Georgi Parvanov can stop them from becoming law, although he has given no indication he plans to do so.

Bulgaria's parliament has been busily amending the tax legislation over the past month, ringing in the changes required before it can pass the draft budget for next year at second reading.

The leaders of the three parties in Bulgaria's ruling coalition have agreed in summer on the tax reform, with a flat rate of 10%, the lowest in Europe, replacing the progressive taxation system with three brackets.

Since Estonia introduced a flat tax system in 1994, enjoying stable GDP growth, eastern European countries have been attracted to the flat tax that promises to attract foreign investments and increase transparency.

Slovakia, Romania, Albania and many former Soviet republics have all adopted a flat tax.

Legal tips

info@solicitorbulgaria.com (SolicitorBulgaria) — Tue, 06 Nov 2007 02:50:49 -0800

Legal Tips

It is virtually impossible for the average person to maintain a good understanding of their legal rights in every given situation. Police training programs spend months teaching their future officers about the law, and even they need to look up certain statutes from time to time.

Knowing your legal rights, as a situation unfolds, is often crucial to protecting your interests. The law is a complex and complicated area. It is also pervasive, which means legal tips can help you stay out of trouble.

This section will include tips about how to proceed in certain situations in order to protect and maximize your rights.

It is important to understand the following tips are general in nature.

They may or may not apply to your situation, so do not rely on them in lieu of legal advice from an attorney in your area. This is general information only and intended to help you ask the right questions. You should consult your lawyer for further details.

It is important to always keep in mind that laws are subject to change. The information supplied in this section, while as accurate as possible, is not infallible. These legal tips do not replace the advice and counseling of a qualified and experienced legal attorney. If you have additional questions about your legal rights you may contact us to get a free initial advice.

Testimonials

info@solicitorbulgaria.com (SolicitorBulgaria) — Tue, 06 Nov 2007 02:50:29 -0800

Testimonials

What is assignment of a right of ownership?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:33:32 -0800

What is assignment of a right of ownership?

“Assignment of a right of ownership” - Assignment of the right of ownership from the debtor to the creditor is not regulated by the Bulgarian law. There is similar mechanism namely – the transfer of ownership with a back purchase option, however it is allowed only in relations between merchants.

What is right of retention?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:32:40 -0800

What is right of retention?

“Right of retention” - The right of retention is governed by the Commercial Act and the Contracts and Obligations Act.There are no specific regulations with respect to the right of retention in case of lease relation. Generally, the landlord has no right of retention with respect to the movable assets of the tenant as a security for the payment of the lease price or any other receivable related to the lease relation.

What is mortgage?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:31:54 -0800

What is mortgage?

“Mortgage” - A mortgage is created on the basis of a notary deed. Mortgages on real property, flats or non-residential premises are subject to registration with the localrecordation office. The mortgage notary deed has to be submitted for registration with the recordation office not later than 3 pm of the date of its execution by the parties before notary public. The process of recordation requires not more than 3 working days. The rank of the mortgage depends on the date and time of the application for registration with the recordation office. This rank cannot be altered by contractual agreement.

What is VAT?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:31:13 -0800

What is VAT?

“VAT” - The VAT rate is 20%. According to the VAT Act transactions involving development land are VAT taxable except when the transaction concerns land adjacent to used buildings. In general, land transactions and limited real property rights over land transactions are supplies free from VAT. For the purposes of VAT Act “land” is defined as agricultural land, farming land, woodland and forest. However, the seller is free to elect such transaction as VAT assessable. The establishment of right of construction is considered VAT exempted until the completion of the basic construction. Transactions involving used buildings or their parts are VAT exempt.

What is the meaning of capital gains according to the Bulgarian law?

“Capital gains” - Capital gains arising from the sale of land and buildings are taxed at the usual corporate tax rate of 10%. If the capital gain is realised by a foreign legal entity the respective double taxation treaty should be checked.

What is land revenue tax?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:30:15 -0800

What is land revenue tax?

“Land revenue tax” - There is no land revenue tax in Bulgaria.

What is the meaning of exemptions of payment of property tax?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:29:22 -0800

What is the meaning of exemptions of payment of property tax?

“Exemptions of payment of property tax” - No local taxes are levied upon agricultural lands and forests, except in case the latter are developed. Further, real property with a tax evaluation up to BGN 1,680 is exempt from local real property tax. Local real property tax is due on new buildings from the month following the month ofcompletion of the building or its operation.

When is payment of the property tax?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:28:19 -0800

When is payment of the property tax?

“Payment of the property tax” - The real property tax is payable in four equal instalments until 1st February, until 31st March; until 30th June; until 30th September and until 30th November of the year for which the tax is due.

What is property tax?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:26:56 -0800

What is property tax?

“Property tax” - The owners or the users of real property have to pay:

local property tax at a rate of 0.15 % of the annual tax evaluation of the real property
local household waste fee, the rate of which is determined on an annual base by the respective town / municipal council.

What is the meaning of land registry fees?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:16:00 -0800

What is the meaning of land registry fees?

“Land registry fees” - The charge for registration into the land registry held by the recordation office is 0.1% fee based on the purchase price agreed between the parties or estimated according to the tax evaluation of the property, whichever is higher.

What is transfer tax?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:15:18 -0800

What is transfer tax?

“Transfer tax” - The sale of property is generally subject to transfer tax. Transfer tax is levied at a rate of 2% of the purchase price agreed between the parties or estimate according to the tax evaluation of the property, whichever is higher. Generally, the transferee has the legal obligation to pay the tax, unless the parties have agreed to share the tax. The tax should be paid on the day of execution of the notary deed. The payment is condition precedent for the registration of the transaction with the recordation office.

The following sales of real property are exempt from transfer tax:

the property is contributed to the share capital of a company by means of contribution inkind. In such a case the specific procedure provided for in the Bulgarian Commercial Act has to be observed and a notary deed should not be drafted
the property is transferred between two companies pursuant to a merger, a de-merger or a partial business transfer

What is a legal fee?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:14:27 -0800

What is a legal fee?

“Legal fees” - There are no statutory restrictions on legal fees.

What is the meaning of notary fees?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:13:08 -0800

What is the meaning of notary fees?

“Notary fees” - The amount of the notary fee is calculated on the basis of the transaction value. The maximum notary fee cannot exceed BGN 3,000 (approximately EUR 1,500). Depending on whether the notary is VAT registered, VAT could apply.

What is the meaning of limitations on acquisitions of properties?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:10:34 -0800

What is the meaning of limitations on acquisitions of properties?

“Limitations on acquisitions of properties” - Before the accession of Bulgaria to the EU ownership of land could only be acquired by Bulgarian citizens and companies duly registered in Bulgaria. Bulgarian companies 100% owned by foreign entities or individuals were entitled to acquire land as Bulgarian entities. Foreigners and foreign entities had limited property rights (right of construction, right of use) and could obtain ownership over buildings. In fulfilment of Bulgaria’s obligations under the EU Accession Agreement and the Protocol for the transitional measures, respective amendments were made to the Bulgarian Constitution. Since 1st January 2007, foreigners and foreign entities are entitled to acquire ownership rights over land in the following cases:

under the terms and conditions related to the EU accession
on the grounds of international agreements and treaties, duly ratified, promulgated and entered
into force
in cases provided by the law of inheritance

Bulgaria, however, is entitled to restrict the acquisition of land for second homes of EU citizens and

EU entities for a 5-year period from the date of the accession; that is until 1st January 2012. This restriction is not applicable with respect to EU citizens with a duly issued resident permit. An EU citizen with a duly issued resident permit is entitled to freely acquire ownership over land.

What is acquisition of property?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:09:41 -0800

What is acquisition of property?

“Acquisition of a property” - Property in private ownership is acquired through an acquisition agreement in form of a notary deed. The deed is signed between the parties before a notary public. State or municipal real property is acquired by virtue of a written contract. The respective title documents (being a notary deed or written contract) are subject to registration with the recordation office at the recordation agency.

What is the meaning of ownership rights according to the Bulgarian law?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:09:00 -0800

What is the meaning of ownership rights according to the Bulgarian law?

“Ownership rights” - Full ownership of real property is recognised under Bulgarian law. Ownership can be private or public. Further, ownership rights benefit from constitutional protection.1 Private ownership is generally inalienable. However, private properties can be subject to alienation for state and municipal needs. Such alienation must have legal grounds and the state or municipality must demonstrate that the needs could not be satisfied otherwise. In the case of alienation fair compensation must be offered to the owner of the real property.

What is Notary Deed?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:05:46 -0800

What is Notary Deed?

"Notary Deed" means the notary deed for the sale-purchase of the Apartment between the Seller and the Buyer, which the notary shall deliver for registering before the Registry Agency immediately after its signing.

What is Stage of completeness?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:05:09 -0800

What is Stage of completeness?

"Stage of completeness" means the stage of construction, installation and finishing works, accomplished in the Apartment, including the class of interior, furnishing and equipment, as agreed upon in the Preliminary agreement and the annexes to it concluded between the Buyer and the Seller.

What is the meaning of Latent defects according to the Bulgarian law?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:04:25 -0800

What is the meaning of Latent defects according to the Bulgarian law?

“Latent defects” means the defects, which cannot be detected by the Buyer by way of a regular inspection of the Apartment.

What is Act 16/Operation permit?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:03:36 -0800

What is Act 16/Operation permit?

"Act 16/Operation permit" means the certificate for entering into exploitation of the Development issued by the competent authorities after examining the completeness of the construction papers.

What is Protocol (Deed 15/Act 15)?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:02:33 -0800

What is Protocol (Deed 15/Act 15)?

"Protocol (Deed 15/Act 15)" means the conclusive deed, drawn up and signed by the participants involved in the construction works: the designer of the Design, the constructor, the engineer, etc., which establishes the suitability of the site to be accepted.

What is Protocol (Deed 14/Act 14)?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 05:00:55 -0800

What is Protocol (Deed 14/Act 14)?

"Protocol (Deed 14/Act 14)” means the conclusive deed, drawn up and signed by the participants involved in the construction works: the designer, the constructor, the engineer and etc., which establishes the suitability and approves the construction design.

What is the meaning of Permits according to the Bulgarian law?

info@solicitorbulgaria.com (SolicitorBulgaria) — Thu, 20 Dec 2007 04:59:50 -0800

What is the meaning of Permits according to the Bulgarian law?

"Permits" means any consents, permits, verifications, licenses, acts and protocols during the construction works, reports andregistrations, necessary for starting and completion the construction works for the Site and its entering into exploitation.

What is the meaning of Architect’s drawings or designs according to the Bulgarian law?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:12:07 -0800

What is the meaning of Architect’s drawings/designs according to the Bulgarian law?

“Architect’s drawings/designs” means the investment designs in their completeness, including drawings, an explanatory note, calculations, which are coordinated and approved by the competent authorities and in accordance to which the construction of the Development shall be performed.

What is Handover date or Delivery date?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:11:16 -0800

What is Handover date/Delivery date?

"Handover date/Delivery date" means the specified by the Parties date after signing the Notary Deed, on which the executed construction works and the possession of the Apartment are to be handed over by the Seller to the Buyer and accepted by the Buyer, ready for occupation.

What is Protocol?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:08:11 -0800

What is Protocol?

"Protocol" means the protocol, which is to be signed by the Buyer and the Seller and which proves the handover of the completed construction works, the Stage of completeness of the Apartment and the quality of the completed construction works.

What is Purchase price?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:07:17 -0800

What is Purchase price?

“Purchase price” means the amount set forth in the Preliminary agreement, payable within the time limits and in the way as set forth in the Preliminary agreement and which price shall be included in the Final agreement as a purchase price of the Apartment.

What is the meaning of Service Areas according to the Bulgarian law?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:06:33 -0800

What is the meaning of Service Areas according to the Bulgarian law?

"Service Areas" means the areas situated on the Site, which may represent separate units in the Site, owned by the Seller or a third party, and the areas situated on the External Areas designated for the common use of the dwellers of the Site and/or by the public at large free of charge or against payment.

What is the meaning of External Areas according to the Bulgarian law?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:04:57 -0800

What is the meaning of External Areas according to the Bulgarian law?

"External Areas" means all those areas located upon the Land Plot within the Complex but outside the Site.

What is the meaning of Common Areas of the Site according to the Bulgarian law?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:04:10 -0800

What is the meaning of Common Areas of the Site according to the Bulgarian law?

"Common Areas of the Site" means all those areas within the total built-up constructed area of the Site, below the surface and above (including any structures, additions, amendments and modifications thereto which may be added or executed from time to time), which are designated for the common use and are not Service Areas.

What is Built-up Apartment Area?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:03:24 -0800

"Built-up Apartment Area" means the area limited by the external constructional outlines of the external walls of the Apartment and the axis lines of the partitioning walls to the neighbouring apartments or the common areas in the building, together with the total area of the terraces and balconies, calculated on the basis of their external constructional outlines.

What is Total Apartment Area?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:01:49 -0800

"Total Apartment Area" means the area limited by the external constructional outlines of the external walls of the Apartment and the axis lines of the partitioning walls to the neighbouring apartments or the common areas in the building, together with the total area of the terraces and balconies, calculated on the basis of their external constructional outlines, together with the areacorresponding with the respective shares in the common areas of the building.

What is Final agreement?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 03:01:18 -0800

“Final agreement” means the sale and purchase agreement of an Apartment, land or house, concluded in the form of a notary deed (Notary deed) within the time limits and in compliance with the requirements under the Preliminary agreement.

What is Apartment?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 02:48:52 -0800

"Apartment" means a differentiated apartment within the building of the Development, described in the Preliminary agreement concluded between the Buyer and the Seller, together with the adjoining common areas and the respective construction or ownership right over the Land plot.

What is Development?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 02:58:02 -0800

"Development" means the development which shall be built on the Land plot in compliance with the Designs and the Construction permit.

What is Force majeur?

info@solicitorbulgaria.com (SolicitorBulgaria) — Wed, 19 Dec 2007 02:59:37 -0800

“Force majeur” means an unforeseen and unpreventable event with extreme nature, which occurred after signing of this Agreement, including but not limited to natural disasters, state of war, bad weather conditions and other events with extreme nature, as well as suspension of construction works by state and/or municipality bodies or delay in the issuance of any official documents due to reasons outside of the Seller’s reach. The force majeur could be proved through a certificate issued by the Bulgarian Chamber of Commerce and Industry.

Tax diagnostics

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 03:06:05 -0800

TAX DIAGNOSTICS

A tax analysis performed by us discloses any existing tax risks, as well as any overpaid taxes that might be recovered or offset either administratively or through the courts.

Tax and customs

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 03:00:06 -0800

Tax Advice & Tax Litigation

Excellent tax work requires a deep and detailed knowledge of the Bulgarian tax law, along with the ability to interpret the latest tax changes – and to understand what those changes mean to the client. We possess extensive consulting and bar experience and use advanced techniques and certified accountants to ensure tax safety for companies.

Whatever your business, we can probably make it more profitable.

Our services span a wide range of tax issues:

Tax advice
Preliminary assessment of the tax implications of contemplated transactions and investment projects
Tax diagnostics: identification and assessment of tax risks and tax optimisation potential, refund of overpaid taxes, including support in court
Legal examination of tax authority actions and decisions
Tax litigation
Personal income tax consulting
Avoidance of double taxation

Tax advice

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 03:04:55 -0800

TAX ADVICE

Clients undertaking domestic and cross-border business need cogent, commercial advice on the tax implications of current and planned activities. Our tax expertise enables us to find the tax solution most suited to the client's needs in terms of corporate structure, contractual relationships, tax planning, commercial operations, etc.

We have extensive experience of advising clients on a wide range of Bulgarian tax issues, calculation and payment of taxes, in particular, resolving complex issues involved in enforcement of the Bulgarian legislation on VAT, profit tax, application of VAT and profit tax benefits, recovery of export VAT, calculation and payment of excise duties, subsoil use taxation, tax treatment of securities trading, etc.

Taxation issues

Our lawyers successfully resolve issues associated with taxation of banking, investment and financial activities. Bulgarian banks and finance companies do not always make full use of the quite extensive opportunities offered by the Bulgarian tax legislation for choosing a course of action.

Elaboration of tax accounting policy with the help of professional lawyers helps reduce the risk of accounting errors in calculating taxes and the likelihood of conflicts with the tax authorities.

Banking and Financing

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 04:46:51 -0800

Banking and Financing coming soon!

Dispute Resolution

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:35:36 -0800

Dispute Resolution

The challenge for us is to bring order out of chaos quickly so that we can offer you a practical strategy and timetable to deal with your dispute. Our timing and responsiveness is critical and we understand the importance of providing straight forward commercial and accurate advice. In such a dynamic environment we take a flexible approach predicting and responding to changes as they occur.

Ability to think strategically

Often the key to successful dispute resolution is our ability to think strategically as it is not a formulaic process. We are interested in achieving the best solution for your business and part of this process is ensuring that we understand your business and it’s commercial objectives.

We are involved daily in full time client work and business development. We believe our success is built on the twin pillars of full partner involvement and the allocation of the day to day work to a fee-earner at an appropriate level to ensure maximum cost effectiveness.

We are able to offer advice and assistance in relation to all forms of business and contract disputes regional for the territory of the Republic of Bulgaria and aboard, including commercial contracts and terms of business disputes.

We help all businesses whatever their size and as well as contractual disputes we cover:

debt recovery
employment disputes
shareholders and partnership disputes
land and property disputes
intellectual property disputes
professional negligence
insolvency

Many professionals now prefer to use alternative dispute resolution like mediation or arbitration as a means of resolving a dispute before litigation or trial, since litigation is often considered to be an expensive and time-consuming process, especially in Bulgaria.

We handle mediations, settlement conferences, binding and non-binding arbitrations. Solicitor Ltd. offers a pragmatic, merits-based approach to getting all parties to reach agreement in the mediation process, as well as thoughtful and prompt decisions in the arbitration proceedings.

Our company can address disputes of nearly every type. These include a broad range of business and commercial disputes. Other areas include disputes concerning construction, employment, professional liability and many other matters.

Intellectual Property

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:07:05 -0800

Intellectual Property

What is intellectual property? How is it regulated on the territory of Bulgaria and in its EU partner countries legal interactions?

Put briefly it is an intangible property asset. This covers a whole range of matters from software to literature and art.

What can you do if someone is using your ideas? How do you protect your intellectual property?

There are specific ways to safeguard software applications, the written word, inventions, designs and distinctive marks used in business.
Advances in technology, globalisation, the Internet, the expansion of the European Union, the emergence of the Asian markets, and a host of other factors have combined to push intellectual property, the bundle of laws that aim to protect innovation, creativity and/or reputation, to the forefront of commercial activity and corporate decision-making. In order to adapt to these dynamic developments, intellectual property has had to evolve.

As such, at a national and international level, the challenge facing the owners of intellectual property is multi faceted. You must identify what rights are available to you; how to secure such rights; how best to exploit the rights; and how to deal effectively with those who may threaten your intellectual property.

We can help you with:

software protection
trade name protection
protection for inventions
patent & IP litigation
IP securitisation
licences and collaborative agreements
domain name disputes
trade mark & design prosecution
I.T. Projects
database & data protection
sports, merchandising

Public and administrative

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:56:24 -0800

PUBLIC & ADMINISTRATIVE

Solicitor Ltd. advises on all aspects of Bulgarian public/administrative law including proceedings for judicial review.

This law applies to decisions taken by public bodies such as government departments, local authorities and regulatory bodies and also to quasi public bodies exercising public functions.

Our expertise includes:

Advising regulatory bodies on the extent of their powers and on their decision making processes
Advising individuals and organizations on how to challenge decisions of regulators and governmental bodies
Advising on human rights issues affecting the decisions of public bodies
Acting for applicants, respondents and interested parties in applications to Court for judicial review of public law decisions

Capital markets

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:15:18 -0800

Helping our clients accomplish their capital-raising needs

Helping our clients accomplish their capital-raising needs in ever changing markets is challenging. It's not always amenable to simple solutions. It requires equal measures of understanding and listening. We work hard to understand our clients' businesses and listen intently as they describe their objectives. Our clients appreciate our dexterity and experience in crafting new financial products and offering methodologies when off-the-shelf approaches do not work.

Solicitor Bulgaria advises its clients on the full spectrum of equity-related transactions and financial products including syndicated lending, leveraged and acquisition finance, asset and project finance, derivative products, and financial services regulation.

Our practice is thematically divided into the following areas:

Asset and project finance
Corporate finance including debt and equity capital markets
Mergers and acquisitions (M&As)
Initial Public Offerings (IPOs)

This practice area cuts across much of our corporate & commercial work, from which it draws expertise relating to competition, due diligence, private equity investments and funds, and strategic alliances.

Employment

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:47:50 -0800

Employment

Your workforce is a vital cog in the success of your business. It is vital that you and your management team understand and implement the huge amounts of employment legislation coming into force.
It is never sensible to spend valuable management time dealing with grievances or, at worst, a formal tribunal claim if it is possible to avoid it.

Advice taken from us before you implement policies, change working practices etc., can prevent you making costly mistakes.

Employment issues also arise when buying new businesses, moving to new locations and restructuring as you grow. Our employment team has a wealth of experience and a high degree of commercial awareness. Together we can help keep you ahead of the game.

The introduction of low flat tax rate in Bulgaria makes it more attractive for foreign businesses moving partially to Bulgaria which opens a significant employment rules understanding gap into the management expertise of most investors. This is where our knowledge of the Bulgarian labor legislation comes to be more than necessary.

Our specialist services include:

unfair dismissal and redundancy claims
compromise agreements
discrimination claims
breach of contract
contracts, procedures and policies
restrictive covenants
termination of employment
recruitment issues
data protection issues
disciplinary and grievance procedures
consultancy and service agreements

Environmental

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:52:15 -0800

We distinguish ourselves as a full-service practice

We distinguish ourselves as a full-service practice based on an in-depth knowledge of the Bulgarian environmental laws and regulations and provide legal support for companies in various industries and spheres of business focusing on environmental regulations that might impact on their activities.

We distinguish ourselves as a full-service practice on the regulatory and administrative framework for environmental issues, obtaining licences and permits, preparing and obtaining government approvals for corporate environmental safety plans, and reimbursement for environmental damage, and of providing legal support to clients in the course of environmental compliance inspections conducted by government authorities.

We render legal services on a wide range of environmental issues, in particular, in the spheres of:

construction
industrial operations
supply and transportation issues
land, subsoil, forest, water and other natural resources use and protection;
air pollution
sanitary and other safety zones
specially protected areas
continental shelf development
resolution of various legal issues arising from projects impacting the environment

Energy and resources

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:51:15 -0800

ENERGY AND NATURAL RESOURCES

Energy and natural resource matters pose unparalleled business, scientific, legal, and political issues. Only when all of these facets are addressed together can a satisfactory resolution be achieved. Advice limited to legal issues may defeat long-term business goals. We work to resolve legal issues with a broader perspective.

We begin each project by gathering information about the client's business in Bulgaria and abroad and by gaining a basic understanding of the client's goals and limitations. We also seek a general understanding of the industrial processes at issue. In most cases, this involves a visit to the client's facilities at the beginning of the project.

Solicitor Bulgaria provides legal services with regard to a broad range of interests in the energy and natural resources sector, providing clients with a comprehensive, full-service practice.

We can help you with:

Compliance Counseling
Transactional Practice
Acquisitions, Sales and Exchanges
Management and Utilization
Strategic Planning
Permitting and Development
Financing and Taxation
Legislation
Litigation

Foreign investment

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:54:39 -0800

FOREIGN INVESTMENTS

Solicitor Ltd. has extensive experience in the provision of legal services with respect to Foreign Investments on the territory of the Republic of Bulgaria. We have successfully represented numerous multinational companies in projects involving direct investments in Bulgaria; and in establishing foreign-invested enterprises.

Our experience encompasses the following areas:

Participating in the integrated decision-making scenarios of foreign investment projects in Bulgaria
Investigating and participating in negotiations in each stage of an investment project
Facilitating the establishment, merger, division, share transfers, restruction or liquidation of foreign-invested enterprises
Assisting foreign investment companies with respect to establishment, share transfers, restruction, business scope extension, liquidation. and setting-up of branches and regional headquarters
Consultation on acquisition of administrative examination approval with respect to commercial market access
Facilitating the applications for business scope extensions for production enterprises
Consultation on investments in tax-protected zones and export processing zones all over the world
Assisting in applications to establish or transform foreign-invested direct-marketing enterprises
Consultation on foreign-invested projects of employment and labor export services

Real estate

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:57:45 -0800

Bulgarian Residential and Commercial Real Estate Transactions

We have been representing buyers, sellers, lessors, lessees, and lenders in commercial and individual real estate transactions on the Bulgarian property market for quite a long time. We are committed to providing high quality, accessible legal representation calculated to promote efficient, predictable real estate transactions with no surprises.
To schedule a free consultation about your purchase or sale, zoning and planning, or real estate financing issue anywhere on the territory of Bulgaria, contact our legal office.

We represent clients in a wide variety of residential and commercial real estate transactions:

Real estate property purchase and sale in Bulgaria
Bulgarian real estate closings for purchasers, sellers, and lenders
Construction- and asset-based financing control in Bulgaria
Mortgage and title issues, including marketability and easements or other land encumbrances on the Bulgarian properties, subject of transaction
Negotiation, drafting, and review of Bulgarian commercial leases
Zoning and planning for both Bulgarian residential and commercial properties

Purchase Evaluation and Real Estate Law Advice from Start to Finish

Clients who purchase Bulgarian real estate property for the first time do not feel comfortable that they know the right questions to ask when evaluating a Bulgarian real estate property. We help our clients to know the type of questions to ask and the issues involved.

We counsel on the type of title insurance to purchase, and we encourage property inspections that may uncover hidden defects. We help our clients evaluate other options, such as purchasing a property with appliances or other items sellers wish to include in order to raise or lower the price. We hold discussions with our clients to help them decide if they wish to purchase a townhouse or condominium where maintenance is included in the homeowner association fees, or if they would prefer to maintain their home and land on their own.

We can refer clients to Bulgarian real estate brokers

We can refer clients to Bulgarian real estate brokers, explain their rights when dealing with a broker, and make sure they understand when the broker's commission is due. We can refer clients to mortgage brokers to ensure the best mortgage interest rates are obtained. Similar issues arise in Bulgarian commercial and small business transactions.

Whether your interest in Bulgarian real estate property is as a purchaser, seller, lessee, lessor, or lender, schedule a free initial consultation regarding your real estate matter.

Solicitor Ltd. serves Sofia, nationwide, and international clients by assisting in actions for the recovery of money and enforcement of judgments and by offering legal service in real estate transactions throughout Bulgaria.

Property Development

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:25:25 -0800

Property Development

We act for major Bulgarian and foreign developers and handle a development from inception to completion of the subsequent residential sales.

Expertise includes:

regulations of land
conditional contracts
construction agreements
strategic land deals
planning permissions
provision of services
sub-contractors
property sales
property transfer and purchases

Share transfers

info@solicitorbulgaria.com (SolicitorBulgaria) — Fri, 14 Dec 2007 02:30:23 -0800

Share transfers

When buying or selling a business it is vital that you are aware of exactly what it is you are purchasing and what obligations you will be taking on; knowing what your liabilities are going to be is of paramount importance.

There are likely to be issues relating to business contracts, employment rights, property obligations, taxation, product liability and many other areas.
Getting the right advice can help you avoid unpleasant surprises.

Recently, there have been many property buyers in Bulgaria setting up Bulgarian limited companies with the purpose of acquiring real estate not being fully aware of the responsibilities that come with the company registration.