Bulgarians Can Start Business with EUR 1 from Monday on

Until now, the required capital to register a limited liability company (OOD) has been BGN 5 000. File photo

The legislation amendments that will allow people to star a business in Bulgaria with initial capital of BGN 2 (EUR 1) will come into force Monday.

Until now, the required capital to register a limited liability company (OOD) has been BGN 5 000.

The MPs approved the change in Bulgaria’s Commercial Law October 2 at the second and final reading of the amendments in the Trade Act.

The proposal had received the preliminary approval of the new cabinet in August and was promised by the now ruling Citizens for European Development of Bulgaria (GERB) party before the July general elections.

On his part, Finance Minister, Simeon Djankov, included the measure in the the anti-crisis packet as a way to encourage local business.

The business as a whole meets the government's decision with anticipation and approval. It will ease small businesses, and people will be able to develop easier.

On the other hand, some specialists have fears that this measure will increase the number of frauds.

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