What is the Beneficial Ownership Declaration and why should I submit it in Bulgaria?

The Βeneficial Οwner is defined as any natural person who owns or controls a legal entity and / or the natural person on whose behalf a transaction is carried out. It also includes those natural persons who exercise direct or indirect control over a legal entity.

• The possession of a percentage of shares of at least 25% or ownership of at least 25% of a company by a natural person is an indication of its direct control.

 

• The possession of at least 25% of the shares or of at least 25% of the ownership of one company by another company, which is controlled by natural or natural persons or by several companies controlled by the same or the same natural persons, is an indication of indirect control.

The Beneficial Owner Declaration must be signed by the legal representative (director)/attorney-in-fact (proxy) of the company. and by the beneficial owners as well in order to declare the identity of above natural persons, where their participation cannot be verified by other legal documents.

To print the Βeneficial Οwner statement in English click here.