Last Updated on June 28, 2022 by Bulgarian attorney
Sale of Shares in Bulgaria
If you would like to add a partner to your existing business or get rid of your shares to avoid liabilities, selling a Bulgarian company’s shares is a straightforward process.
Bulgarian legislation states that the sale of shares requires a certified authorisation. Based on your location, the authorisation also requires a legalisation in the form of an apostille. There are various certification and legalisation requirements based on the jurisdiction in which you reside.
For example, if you are currently located in France and would like to sell or buy a Bulgarian company’s shares, you will always have the traditional option to certify the Power of Attorney at the Bulgarian embassy in Paris. Should you not wish to visit Paris and queue at the embassy, you can certify it with a local notary. In this case, the Power of Attorney will be drafted in French. Apostille legalisation is not required, since there is a legal agreement between Bulgaria and France regarding the abolishment of further legalisation of certified documents in either of both countries.
Where there is no legal agreement between Bulgaria and the country of your residence, you will need the Power of Attorney apostilled, unless you certify it with the Bulgarian embassy, as is the case if you are based in the United Kingdom. If you do not certify the Power of Attorney with the embassy in London, you can hire a local solicitor or notary certify it, and then obtain an apostille from the Foreign Office. There are many agencies available to assist you in getting an apostille. A good partner can be found at https://www.hagueapostille.co.uk/ .
Like the United Kingdom, the same rules apply in Hong Kong. After the Power of Attorney is certified by a local notary, the Power of Attorney must be apostilled.
For more information about the available certification and legalisation options in your jurisdiction, please get in touch with our team.
How long does it take to sell the shares of a Bulgarian company?
The sale of shares, like any other changes in a company’s circumstances in Bulgaria, takes 5-7 working days from the day of receiving the duly certified and legalised Power of Attorney.
Limitations in third-party sales
If there are several partners in the same company, the leaving partner should first offer their shares to the other partners. The leaving partner can sell their shares to a third-party only after all existing partners have refused to buy their share.
Inheritance of shares
Shares can be inherited following the limitations involved in third-party sales. If the company partners do not wish to accept the heir as a new partner, the heir will be paid out an equivalent of his shares. You can find more information about Inheritance of company shares in Bulgaria.
To learn more about selling shares of a Bulgarian company, please do not hesitate to contact our team.