financial institution

FINANCIAL INSTITUTION REGISTRATION IN BULGARIA

June 2, 2019

The registration of a financial institution is a specific procedure regulated by the Credit Institutions Act. Our team offers a full range of legal services and advice on terms and conditions for licensing and carrying out activities of credit and non-banking financial institutions in Bulgaria.

We provide advice on capital requirements for the registration of a financial institution, as well as on criteria for a significant activity. We can assist you if you plan to establish/develop a business related to carrying out one or more of the following activities:

–  financial leasing through a leasing company;

–  guarantee transactions;

– dealing on own account or on the account of customers in foreign currency and precious metals, with the exception of derivative financial instruments on foreign currency and precious metals, as a licensed investment or financial intermediary;

– provision of services and/or performance of activities under Article 6, Paragraphs 2 and 3 of the Markets in Financial Instruments Act;

– money broking;

– acquisition of credit receivables and other forms of financing (factoring, forfeiting, etc.);

– issuing electronic money;

– acquisition of holdings in a credit institution or another financial institution;

– granting loans with funds, which have not been raised through public attraction of deposits or other repayable funds, as a quick loan company.

We prepare all documents required for the entry in the register of financial institutions under Article 3a of the CIA. We render assistance in filing necessary documents in electronic form to the Bulgarian National Bank, as well as in filing documents in hard copy required for licensing in accordance with the requirements of Ordinance No.26 of the Bulgarian National Bank.

In the event that you already own a financial institution in respect of which changes in circumstances need to be made, we can assist you in preparing all necessary documents (including those required for the Commercial Register with the Registry Agency, if the change should be entered therein as well), including in submitting them to the BNB.

In accordance with the requirements of the law, registered financial institutions under Article 3a of the CIA shall file quarterly and annual financial statements for supervisory purposes in a form and with contents determined by the BNB. In view of the requirements for filing financial statements only in electronic form, which shall be signed by a qualified electronic signature of persons managing and representing the company, authorised persons and persons who have prepared them, we can also render assistance in filing financial statements provided that we are duly authorized to do so as required by law.

We can also offer you to prepare documents and draw up contracts relating to activities of credit and financial institutions – quick loan companies, leasing companies, investment brokers, etc. We draw up general terms and conditions for non-banking financial institutions. We can provide you with a full range of legal services legal services for the activities of your credit and non-banking financial institutions.

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