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Bulgaria MPs reject reduction of minimum amount for business registration

Date: 10.11.2008

The Bulgarian Parliament on Thursday did not adopt the ten times reduction of the minimum capital requested to establish a limited responsibility company in the country.

The project for changes in the Trade Law provided for the minimum capital to go down from BGN 5,000 to BGN 500, which the Members of the Parliament (MP's) rejected at second read. They did, however, approve the article providing changes in the way the amount is deposited - the first installment would now equal 30% of the capital, instead of the current 70%.

The idea to reduce the minimum capital was introduced by the opposition MP Marin Dimitrov, who believes that the move would encourage entrepreneurship in Bulgaria. It became clear even before the vote, during the discussions, that the MP's would not approve the change.

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