Company closing procedure
The procedure for closing a company could be extremely complicated, long and burdensome. Depending on the circumstances, the process of liquidating a company could take between 7 months and over a year, regardless of whether the company has been in operation or not. A lot of clients find it surprising that registering a company is an easy and quick process, while closing a company is the exact opposite.
But how do you close a company? We can help you by offering assistance through every step of the way. By taking advantage of our services, you can save unnecessary costs, wasted time and a lot of headaches. The process of closing a company starts with the termination of the company’s activities. In the event that the activity is terminated in advance, we proceed to closing the company without any activity. In the event that the company is still operating, the Territorial Directorate of the NRA must be notified of the termination of the activity.
The next step is the announcement of liquidation in the Commercial Register, the invitation of the TR creditors, the notification of the National Insurance Institute and the provision of payment statements. Finally, it’s time for the actual deletion of the company from the Commercial Register. Our specialists can take care of all this for you.
Termination of activity
Our experts can handle the successful termination of your company quickly and easily. This process results in the freezing of the company. It is important to note that freezing a company or freezing the company’s activity is not the same as closing a company. Upon termination of activity, the company remains registered in the Commercial Register and the mandatory documentation and various annual tax documentation continue to be a requirement.
During the process of termination of activity, a decision is made regarding the governing body who will terminate the activity of the company. At the same time, a liquidator is appointed. If your company is registered under EOOD, the sole owner of the capital is responsible for the decision. If your company is an OOD, the decision is taken by a supreme body or the general assembly.
Why outsource accounting to a professional Bulgarian accounting company
Regardless of the size of your company or area of expertise, as it grows, the necessity for accurate and transparent financial records rises with it. This is a compelling reason why such a part of your business should never be taken lightly. When you consider the connection between in-house accountants and other employees in your business, outsourcing your accounting duties is logically the wisest solution for ensuring full transparency in every area of your organization.
Here are some of the most significant advantages of hiring a professional accounting firm to handle your accounting tasks:
- Allows you to focus on your business – Outsourcing your accounting duties will allow you to devote all of your attention to other vital elements of your business. You may focus on providing high-quality services or products to your clients and prospects once you outsource your accounting duties.
- You won’t have to worry about late payments – By working with an external professional, there are no risks of missing payments. Unpaid bills or invoices that aren’t sent out on time after will be a thing of the past once you outsource your accounting services. If your invoices are delayed, so are payments, and your company’s cash flow is negatively impacted.
- Turnover or absence won’t be a problem – Your company accounting will be done every day, every week, and every month if your financial activities are outsourced. You won’t have to worry about things like holidays, sickness, or turnover.
- Reduce costs and save money – You don’t have to worry about things like health insurance, vacation, sick time, payroll taxes, retirement plans, or other expenses when you outsource your accounting functions.
Notification of the National Revenue Agency when closing a company
Another important stage of the process is notifying the NRA about the liquidation of the company. We will submit a notification to the National Revenue Agency under Art. 77 og DOPC. The NRA issues a notification certificate within 60 days of receiving the notification. Next, the company is to be inspected by the National Revenue Agency.
We will help you prepare with all the accounting documents that may be required during the process.
Entry of company liquidation
As soon as the certificate under Art. 77 of the Code of Civil Procedure has been issued, the documents for closing a company are sent to the Commercial Register. You can count on our help for preparing and filling the mandatory documents, which include:
- Application B6;
- Minutes of the General Meeting of Partners in Ltd., resp. to the sole owner of the capital of the EOOD, to terminate the company and declare it in liquidation, elect a liquidator and determine a deadline for the liquidation to be finalized;
- Invitations to the partners in OOD for holding the General Assembly;
- A notarized specimen of the liquidator’s signature;
- Certificate under Art. 77 of the Code of Criminal Procedure;
- Declaration regarding the truth of the circumstances requested for entry and the acceptance of the acts presented for announcement under Art. 13, para. 4 of ZTRRYULNC by the liquidator;
- Power of attorney if the application is not submitted personally by the liquidator;
- Proof of paid state fees for closing a company.
Our experience allows us to guarantee strict compliance with all deadlines related to the successful completion of the procedure.
Deletion of the company from the commercial register
The final step of the procedure for closing a company is the deletion of the company from the Commercial Register. At this stage it is verified and certain that:
- All pay slips have been submitted
- All creditors are satisfied
- The company has no liabilities
We are now ready to submit an application to the Registration Agency, which is the official request for deletion from the register. This is possible only after the liquidation of the company has expired.
VAT deregistration
VAT registration is not a mandatory activity in the liquidation of a company. By law, every business has the right to choose whether to de-register or to retain its VAT registration until the business is removed from the commercial register.
We can advise you on the right approach according to your expectations, views and wishes.
Take advantage of professional help when closing a company
Professional help in closing a company aims to save every business the most valuable resource – time. But in addition, by partnering with a specialist, you can enjoy extra benefits and advantages. The service gives you the opportunity to save yourself visits to institutions, waiting in lines and a number of misunderstandings. At the same time, by working with an expert, you can be confident that all deadlines will be met, that you will receive help in convening meetings and that you will have access to professional opinions and advice.
We are here for you anytime you need us to help you achieve your goal quickly and easily!
