More about the director
The manager (commonly used for director) represents the company, organizes and manages its activity according to the law and the decisions of the general meeting.
A limited liability company in Bulgaria can only be registered if a director is appointed.
The manager has two main functions – one related to the “internal” activities – organizes and manages the activities of the company, and the second one – related to the “external” activities and is realized through representation of the company before third parties.
The director must be an individual, although there is no explicit provision in the matter. The director does not have to be a partner in the company.
Without the consent of the company, the manager has no right in his or her own name to carry out business transactions, to participate in the Board of Directors or CD, as well as in OOD, to occupy a position in the governing bodies of other companies, and not to register a new company on behalf of the company.
The manager may be specified in the memorandum of association. Otherwise, it is elected by the GA by a simple majority (unless otherwise provided in the memorandum of association).
The change of manager is also related to a decision of the General Assembly of the company. Entry in the commercial register is required.
There is no legal relationship between the manager as a body and the entity, and a written management agreement is signed between the manager as an individual and the entity.
The GA shall select a person to conclude the contract on behalf of the company. The management contract is a mixed contract – between an order contract and a work contract. The contract does not have to be submitted to the Commercial registar.
Our services related to company directors
The service may be appointing a new manager, releasing a manager, or both at the same time. The cost of replacing a manager is final and includes the state fee we will pay for you.
The registration is done within 5-6 days, and we will prepare the necessary documentation on the day you requested us.
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