Trade Representative Office
Advantages and Purposes of the Trade Representative Office registration in Bulgaria
One of the main purposes of Trade Representative Office registration of a foreign company in Bulgaria is the opportunity for advertisement of the company’s activity in search of new markets. Through this registration every international company can freely and legally promote its own activity or make research on the local market.
Although the opportunities are limited since the registration strictly prohibits economic activities, i.e. sales and purchases, the main goal behind it is determination of all perspectives for investments in Bulgaria and the economic considerations of the latter.
One of the advantages of such registration is the relatively smooth overcome of all bureaucratic procedures regarding the legal access in the country of a foreign citizen registered as Trade representative.
Legal form and procedures
The legal status of the Trade Representative Office is a non-profit organization which is the main difference compared to entities registered as Ltd. and other legal forms.
The registration itself takes place in the Bulgarian Chamber of Commerce and involves a foreign company as well as a person that is to be its representative. A minimal requirement is at least the manager of the foreign company to be listed as legal representative.
It is also essential to point out that the Trade Representative Office can have more than one representative.
The Trade Representative Office registration is inextricably bound to a unique “Bulstat” identification number which enables the entity to operate on the market (promotion and search for new clients). Further registration is done in the Registration Agency which is also related to a “Bulstat” identification number generation.
The only financing allowed is through the foreign company. Besides, the trade representative can hire and dismiss employees.
Another specific characteristic feature is the existence of an annual fee paybale to the Bulgarian Chamber of Commerce amounting to 60 BGN with no relation to the number of representatives whatsoever.
If you consider this type of registration appropriate for you and your future plans, do not hesitate to contact us.