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Company Closure

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.


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Company closure procedure

It comes as a surprise to many people that registering a company is an easy and quick process, while closing a company is just the opposite.

But how do you close a company?

At MKA Finance, we can help by assisting you every step of the way. This way you will save unnecessary costs, wasted time and many headaches. First of all, closing a company starts with winding up its operations.

In the event that the activity is terminated in advance, we proceed to the closure of the company without activity. In case the company is still in business, notification to the territorial directorate of the NRA of the cessation of activity follows.
The next step is announcement of liquidation in the Trade Register ➡️ announcement of invitation to creditors TR ➡️ notification of the National Social Insurance Institution ➡️ provision of payrolls.

Lastly is the deletion from the Commercial Register itself. Our specialists can take care of all this for you.




Documents for closing a company

Once the certificate under Article 77 of the Tax Code has been issued, the documents for the company closure procedure are sent to the Commercial Register.

Here again, you can rely on our help in preparing and completing the required documents, which include:

  • Statement B6;
  • Minutes of a general meeting of the shareholders of an LLC, or of the sole owner of the capital of an LLC, for the dissolution of the company and its declaration in liquidation, election of a liquidator and determination of a term within which the liquidation shall be finalized;
  • Invitations to the members of the Ltd. for the General Meeting;
  • Notarized specimen of the liquidator's signature;
  • Certificate under Article 77 of the Tax Procedure Code;
  • Declaration on the authenticity of the circumstances declared for registration and the acceptance by the liquidator of the acts submitted for declaration pursuant to Article 13(4) of the Law on Liquidation of Companies;
  • A power of attorney if the application is not made by the liquidator in person;
  • Document of paid state fees for closing a company.

Our experience allows us to ensure strict compliance with all deadlines related to the successful completion of the procedure.

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Closing a company – price

Determining the cost of closing a company depends on a number of factors. It varies considerably depending on the complexity of the procedure and the region and the type of company. Here are some key factors that can affect the price:

  1. Different types of companies (sole proprietorships, limited liability companies, joint stock companies, etc.) have different closing requirements.
  2. The presence of multiple liabilities, a complex corporate structure or disputes between owners increases the complexity of the procedure.
  3. Closing a company requires final accounts and tax returns.
  4. The fees for removing a company from the Commercial Register and other administrative fees.

Depending on the circumstances, other fees may apply – for example for notary services, translation services, etc.

Cases in liquidation of a company

Our experts will make sure that your company is successfully wound up in the first place. This process results in a company freeze. It is important to note that freezing a company or freezing operations is not the same as closing a company by itself.

Notification to the NRA of a company closure procedure

An important stage of the process is the notification of the liquidation of the company to the NRA. We will submit to the NRA a notification under Article 77 of the Tax Code. In turn, the NRA will issue a certificate of notification within 60 days of receipt of the notification.

The company is yet to be audited by the NRA. We will help you prepare with any accounting documents that may be needed during the process.

Deletion of the company from the commercial register

The final step in the procedure of closing a company is precisely the deletion of the company from the Commercial Register. At this stage it is checked and certain that:

  • All payrolls have been submitted
  • All creditors are satisfied
  • The company has no liabilities

We submit an application to the Registry Agency, which is the official claim for deletion from the register.

Why trust MKA Finance for a company closure procedure?

Closing a company in Bulgaria can be a complex and time-consuming process, requiring knowledge of legal regulations and tax laws. It is therefore highly advisable to trust a professional.

There are several reasons why you should trust a professional when closing a company in Bulgaria:

Knowledge of Legal Provisions: A professional with experience in will have a thorough understanding of relevant legal provisions. They will guide you through the process and ensure that everything is done in accordance with the law.

Expertise in tax laws: Tax laws can be complex and it is easy to make mistakes that can lead to penalties or fines. A professional with experience in tax laws will help you avoid these problems and ensure you only pay what you owe.

Saving time: Liquidating a company in Bulgaria can take a long time, especially if you are not familiar with the steps involved. A professional can take care of the entire process and structure everything for you, allowing you to focus on other important tasks.

Avoiding mistakes: Mistakes can be costly. Experienced, qualified staff will help you avoid common mistakes with a guarantee of success.

We at MKA Finance are available anytime to help you achieve your goal quickly and easily and without fail!

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