Business Reforms in Bulgaria
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Getting Electricity: Bulgaria increased the reliability of power supply by implementing an automatic energy management system, the Supervisory Control and Data Acquisition (SCADA), to monitor outages and service restoration.
Starting a Business: Bulgaria made starting a business easier by lowering registration fees.
Resolving Insolvency: Bulgaria made resolving insolvency easier by expanding the basis for commencement of insolvency proceedings and making it easier to void suspect transactions.
Starting a Business: Bulgaria made starting a business easier by reducing the cost of registration.
Getting Credit: Bulgaria made access to credit information more difficult by stopping the distribution of credit reports to financial institutions by the private credit bureau (Experian).
Trading across Borders: Bulgaria made trading across borders faster by introducing online submission of customs declaration forms.
Resolving Insolvency: Bulgaria amended its commerce act to extend further rights to secured creditors and increase the transparency of insolvency proceedings.
Starting a Business: Bulgaria eased business start-up by reducing the minimum capital requirement from 5,000 leva ($3,250) to 2 leva ($1.30).
Paying Taxes: Bulgaria reduced employer contribution rates for social security.
Starting a Business: Bulgaria made starting a business easier by reducing the paid-in minimum capital requirement and enhancing efficiency at the company registry.
Registering Property: Bulgaria reduced the time required to register property by launching an integrated web-based property register making it possible to check the ownership and cadastre status of properties online.
Starting a Business: Bulgaria made starting a business easier by creating a centralized electronic database for commercial registration, consolidating registration procedures and eliminating some registration formalities.
Dealing with Construction Permits: Bulgaria made dealing with construction permits more complicated by increasing the fees, time and number of procedures for obtaining construction-related approvals.
Paying Taxes: Bulgaria made paying taxes easier for companies by introducing new corporate income and value added tax laws, abolishing the requirement for an additional annual value added tax return and reducing the employer share of social security contributions.
Enforcing Contracts: Bulgaria improved its contract enforcement system by amending rules for evidence and default judgment, raising the minimum threshold value for the lower jurisdiction and giving the civil court of last instance the power to select which cases to hear so as to limit abuse of the appeals process.
Resolving Insolvency: Bulgaria adopted a new civil procedure code and a new law for the commercial registry, introducing changes expected to reduce delays and allow for faster resolution of bankruptcy. Among other things, the commercial registry law requires that major decisions and rulings of the bankruptcy court be posted on the commercial registry’s website.
Dealing with Construction Permits: Bulgaria made dealing with construction permits easier by adopting new legislation clarifying the process.
Paying Taxes: Bulgaria made paying taxes easier and less costly for companies by encouraging electronic filing and payment and by reducing the corporate income tax rate and employers’ social security contribution rate.
Enforcing Contracts: Bulgaria made enforcing contracts easier by introducing changes to its judicial system, increasing transparency in the system and appointing private bailiffs.