Private Limited Company is a limited liability commercial company with share capital owned by its members whose liability is limited to the amount of the capital subscribed. A private limited liability company can be founded by one or more persons, including foreign natural or legal persons.
The minimum foundation capital is Leva 2 divided into shares with nominal value of Leva 1 each. At least 70% of the capital must be paid up on foundation. Contributions to the foundation capital may be paid in cash or in kind.
The statutory bodies of the private limited companies are the general meeting of shareholders, which must be held at least once a year, and the managing director or board of directors.
What is needed to set up a private limited company in Bulgaria:
- produce the articles of association
- appoint a managing director
- pay up at least 70% of the statue capital