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1 Bulgaria

2 2011 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington, DC Telephone Internet All rights reserved A copublication of The World Bank and the International Finance Corporation. This volume is a product of the staff of the World Bank Group. The findings, interpretations and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of the World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone ; fax ; Internet All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher,The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax ; Additional copies of Doing Business 2011: Making a Difference for Entrepreneurs, Doing Business 2010: Reforming through Difficult Times, Doing Business 2009, Doing Business 2008, Doing Business 2007: How to Reform, Doing Business in 2006: Creating Jobs, Doing Business in 2005: Removing Obstacles to Growth and Doing Business in 2004:Understanding Regulations may be purchased at ISBN: E-ISBN: DOI: / ISSN: Library of Congress Cataloging-in-Publication data has been applied for. Printed in the United States

3 Current features News on the Doing Business project Rankings How economies rank-from 1 to Business reformers Short summaries of DB2011 business reforms, lists of reformers since DB2004 and a ranking simulation tool Historical data Customized data sets since DB Methodology and research The methodologies and research papers underlying Doing Business Download reports Access to Doing Business reports as well as subnational and regional reports, reform case studies and customized country and regional profiles Subnational and regional projects Differences in business regulations at the subnational and regional level Law library Online collection of business laws and regulations relating to business and gender issues Contents Introduction and Aggregate Rankings 5 - Year Measure of Cumulative Change Starting a Business Dealing with Construction Permits Registering Property Getting Credit Protecting Investors Paying Taxes Trading Across Borders Enforcing Contracts Closing a Business Doing Business 2011 Business Reforms Contributors More than 8,200 specialists in 183 economies who participate in Doing Business Business Planet Interactive map on the ease of doing business

4 Doing Business 2011: Making a Difference for Entrepreneurs is the eighth in a series of annual reports investigating regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 183 economies, from Afghanistan to Zimbabwe, over time. A set of regulations affecting 9 stages of a business s life are measured: starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. Data in Doing Business 2011 are current as of June 1, 2010*. The indicators are used to analyze economic outcomes and identify what reforms have worked, where, and why. The Doing Business methodology has limitations. Other areas important to business such as an economy s proximity to large markets, the quality of its infrastructure services (other than those related to trading across borders), the security of property from theft and looting, the transparency of government procurement, macroeconomic conditions or the underlying strength of institutions, are not studied directly by Doing Business. To make the data comparable across economies, the indicators refer to a specific type of business, generally a local limited liability company operating in the largest business city. Because standard assumptions are used in the data collection, comparisons and benchmarks are valid across economies. The data not only highlight the extent of obstacles to doing business; they also help identify the source of those obstacles, supporting policymakers in designing reform. The data set covers 183 economies: 46 in Sub-Saharan Africa, 32 in Latin America and the Caribbean, 25 in Eastern Europe and Central Asia, 24 in East Asia and Pacific, 18 in the Middle East and North Africa and 8 in South Asia, as well as 30 OECD high-income economies. The following pages present the summary Doing Business indicators for Bulgaria. The data used for this economy profile come from the Doing Business database and are summarized in graphs. These graphs allow a comparison of the economies in each region not only with one another but also with the good practice economy for each indicator. The good-practice economies are identified by their position in each indicator as well as their overall ranking and by their capacity to provide good examples of business regulation to other countries. These good-practice economies do not necessarily rank number 1 in the topic or indicator, but they are in the top 10. More information is available in the full report. Doing Business 2011: Making a Difference for Entrepreneurs presents the indicators, analyzes their relationship with economic outcomes and recommends reforms. The data, along with information on ordering the report, are available on the Doing Business website ( * Except for the Paying Taxes indicator, which covers the period January to December of Note: Doing Business 2010 data and rankings have been recalculated to reflect changes to the methodology. 1

5 Economy Rankings - Ease of Doing Business Bulgaria is ranked 51 out of 183 economies. Singapore is the top ranked economy in the Ease of Doing Business. Bulgaria - Compared to global good practice economy as well as selected economies: Bulgaria's ranking in Doing Business 2011 Rank Doing Business 2011 Ease of Doing Business 51 Starting a Business 43 Dealing with Construction Permits 119 Registering Property 62 Getting Credit 6 Protecting Investors 44 Paying Taxes 85 Trading Across Borders 108 Enforcing Contracts 87 Closing a Business 83 2

6 Summary of Indicators - Bulgaria Starting a Business Procedures (number) 4 Time (days) 18 Cost (% of income per capita) 1.6 Paid-in Min. Capital (% of income per capita) 0.0 Dealing with Construction Permits Procedures (number) 24 Time (days) 139 Cost (% of income per capita) Registering Property Procedures (number) 8 Time (days) 15 Cost (% of property value) 3.0 Getting Credit Strength of legal rights index (0-10) 8 Depth of credit information index (0-6) 6 Public registry coverage (% of adults) 37.0 Private bureau coverage (% of adults) 13.1 Protecting Investors Extent of disclosure index (0-10) 10 Extent of director liability index (0-10) 1 Ease of shareholder suits index (0-10) 7 Strength of investor protection index (0-10) 6.0 Paying Taxes Payments (number per year) 17 Time (hours per year) 616 Profit tax (%) 4.6 Labor tax and contributions (%) 20.5 Other taxes (%) 3.9 Total tax rate (% profit) 29.0 Trading Across Borders Documents to export (number) 5 Time to export (days) 23 Cost to export (US$ per container) 1551 Documents to import (number) 7 Time to import (days) 21 Cost to import (US$ per container)

7 Enforcing Contracts Procedures (number) 39 Time (days) 564 Cost (% of claim) 23.8 Closing a Business Recovery rate (cents on the dollar) 31.0 Time (years) 3.3 Cost (% of estate) 9

8 The 5-year measure of cumulative change illustrates how the business regulatory environment has changed in 174 economies* from Doing Business 2006 to Doing Business Instead of highlighting which economies currently have the most business friendly environment, this new approach shows the extent to which an economy s regulatory environment for business has changed compared with 5 years ago. This snapshot reflects all cumulative changes in an economy s business regulation as measured by the Doing Business indicators -- such as a reduction in the time to start a business thanks to a one-stop shop or an increase in the strength of investor protection index thanks to new stock exchange rules that tighten disclosure requirements for related-party transactions. This figure shows the distribution of cumulative change across the 9 indicators and time between Doing Business 2006 and Doing Business DB change score 0.18 Doing business has become easier Czech Republic Poland Slovak Republic Bulgaria Moldova Hungary Note: This year's DB change score ranges from -0.1 to More details on how the DB change score is constructed can be found in the methodology section of the website. * Bahrain, The Bahamas, Brunei, Cyprus, Kosovo, Liberia, Luxembourg, Montenegro and Qatar do not feature in the new metric because they were included in the Doing Business report in years subsequent to the Doing Business 2005 report and hence, 5 years of data are not yet available.

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10 1. Benchmarking Starting a Business Regulations Bulgaria is ranked 43 overall for Starting a Business. Ranking of Bulgaria in Starting a Business - Compared to good practice and selected economies: 7

11 The following table shows Starting a Business data for Bulgaria compared to good practice and comparator economies: Good Practice Economies Procedures (number) Time (days) Cost (% of income per capita) Paid-in Min. Capital (% of income per capita) Denmark 0.0 New Zealand Selected Economy Bulgaria Comparator Economies Czech Republic Hungary Moldova Poland Slovak Republic

12 2. Historical data: Starting a Business in Bulgaria Starting a Business data Doing Business 2008 Doing Business 2009 Doing Business 2010 Doing Business 2011 Rank Procedures (number) Time (days) Cost (% of income per capita) Paid-in Min. Capital (% of income per capita) Starting a Business sub indicators in Bulgaria over the past 4 years 9

13 4. Overview of the steps to Starting a Business in Bulgaria It requires 4 procedures, takes 18 days, and costs 1.62 % GNI per capita to start a business in Bulgaria. No: Procedure Time to complete (days) Cost to complete 1 Execute the minutes of the constituent meeting of the shareholders in the ODD; obtain a notary certified statement of consent and signature specimen of the manager, and a certified copy of the articles of incorporation of the ODD. 1 BGN 5 2 Deposit paid-up capital in a bank 1 BGN BGN (depending on the bank) 3 Register with the Commercial Register at the Registry 4 BGN fee for Agency registration electronically 4 Register for VAT 12 no charge 10

14 5. Details on Starting a Business in Bulgaria This table summarizes the procedures and costs associated with setting up a business in Bulgaria. STANDARDIZED COMPANY Legal Form: Druzestvo s Ogranichena Otgovornost (OOD) Paid-in Minimum Capital: 0.0 (% of income per capita) City: Sofia Procedure 1 Execute the minutes of the constituent meeting of the shareholders in the ODD; obtain a notary certified statement of consent and signature specimen of the manager, and a certified copy of the articles of incorporation of the ODD. Time to complete(days): 1 Cost to complete: BGN 5 Comment: Procedure 2 The appointment of manager(s) is evidenced by a resolution passed by the constituent meeting of interest holders. The statement of consent and signature specimen is embodied into a single document, and notary certification of manager(s)' signature(s) is required. Deposit paid-up capital in a bank Time to complete(days): 1 Cost to complete: Comment: BGN BGN (depending on the bank) The capital-accruing bank account must be opened either by the company manager or by a person authorized by a notary-certified power of attorney. Those persons delegated authority over the bank account must provide a signature specimen in person or a notary-certified specimen. The amount of capital stays blocked in the bank account until the registry issues a decision on the 11

15 Procedure 3 company registration. The Commercial Act requires the minimum capital prescribed by law, i.e. BGN 2, to be paid-in prior to incorporation. After opening the escrow account and despositing the funds therein the company under incorporation is issued a certificate evidencing the shareholders' deposit of the capital. The certificate must be presented at the registry. Register with the Commercial Register at the Registry Agency Time to complete(days): 4 Cost to complete: Comment: Procedure 4 BGN fee for registration electronically The registration is done using a Standard Application (A4 Form "Application for registration of circumstances related to a limited liability company"). The following documents must be attached to the application: (1) Agreement of Association, (2) Resolution for appointment of manager(s), (3) Notary certified consent and signature specimen of manager(s), and (4) Bank certificate for deposited capital. The state fees are BGN 160 if the documents are filed with the Registry Agency on paper or BGN 110 if the registration documents are filed with the Registry Agency electronically. Register for VAT Time to complete(days): 12 Cost to complete: Comment: no charge The Value Added Tax Act (promulgated on August 4, 2006 in State Gazette issue 63) became effective on January 1, 2007 (Bulgaria's EU accession date). Under this new law, the company may voluntarily register for VAT purposes at any time, because the current threshold requirement has been abolished. A voluntarily registered person shall remain VAT-registered for 24 months starting from the beginning of the year following the year of VAT registration. The company must register for VAT purposes in Bulgaria if its turnover for 12 consecutive months exceeds BGN 50,000. Specific grounds for obligatory registration for VAT purposes apply when: - A person from an EU member state who is not established in Bulgaria and provides taxable supplies of goods that are to be assembled or installed in Bulgaria by that person or at his or her expense (if the recipient is not registered for VAT in Bulgaria). - A person from another EU member state supplies goods to Bulgaria exceeding total value of BGN 70,000 under the conditions of distance sales of goods within a given calendar year. - A person (whether resident or not) performs taxable intracommunity acquisitions in Bulgaria exceeding BGN 20,000 within a given calendar year. - A person (whether resident or not) receives supplies of services under chargeable supplies having place of performance on Bulgarian territory with respect to which the VAT is due by the recipient. - A Bulgarian resident performing supplies of services having place of supply the territory of another EU member state. 12

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17 1. Benchmarking Dealing with Construction Permits Regulations Bulgaria is ranked 119 overall for Dealing with Construction Permits. Ranking of Bulgaria in Dealing with Construction Permits - Compared to good practice and selected economies: 14

18 The following table shows Dealing with Construction Permits data for Bulgaria compared to good practice and comparator economies: Good Practice Economies Procedures (number) Time (days) Cost (% of income per capita) Denmark 6 Qatar 0.8 Singapore 25 Selected Economy Bulgaria Comparator Economies Czech Republic Hungary Moldova Poland Slovak Republic

19 2. Historical data: Dealing with Construction Permits in Bulgaria Dealing with Construction Permits data Doing Business 2008 Doing Business 2009 Doing Business 2010 Doing Business 2011 Rank Procedures (number) Time (days) Cost (% of income per capita) Dealing with Construction Permits sub indicators in Bulgaria over the past 4 years 16

20 4. Overview of the steps to Building a Warehouse in Bulgaria It requires 24 procedures, takes 139 days, and costs % GNI per capita to build a warehouse in Bulgaria. No: Procedure Time to complete (days) Cost to complete 1 Apply and obtain the designing visa from the chief architect 3 days BGN 300 of the municipality 2 * Sign preliminary contracts with the water authorities to 20 days BGN 162 connect to the water supply networks and obtain this connection 3 * On-site inspection from water authorities 1 day no charge 4 * Obtain approval from the electricity provider 30 days BGN Receive on-site inspection from Electricity provider 1 day BGN 86 6 Obtain preliminary survey from Telecom provider 15 days no charge 7 Apply for the approval for the investment design with the 30 days BGN 260 Chief Architect of the Municipality 8 * Request and obtain preliminary assessment of the building 2 days BGN 1,301 for its compliance with energy efficiency requirements from licensed company 17

21 9 * Obtain approval of the investment design project from the 30 days BGN 450 Fire Department 10 * Obtain an expert opinion on environmental impact 30 days BGN 50 assessment from the Director of the Regional Inspection for the protection of the environment 11 * Obtain approval of the investment project design from a 25 days BGN 70 Hygiene Epidemiological Expert 12 * Request the chief architect of the municipality to issue the 7 days BGN 11,705 permission for construction 13 Sign a contract with a surveillance company 5 days BGN 10, Map the building on the cadastre 1 day BGN * Sign contract with electricity company and receive 30 days BGN 9,600 connection 16 * Sign contract with water provider and receive connection 10 days BGN * Sign contract with telephone provider and receive 10 days BGN 84 connection 18 Obtain fire safety certificate 1 day BGN The construction surveillance files a report on the completed 1 day no charge construction 20 A technical passport is registered with the Chief Architect of 3 days no charge the municipality 21 A copy of the registered technical passport is filed with the 1 day BGN 2 Cadastre Agency 22 Request and obtain certificate for energy efficiency 7 days no charge 23 Receive inspection by the municipality 1 day no charge 24 The municipality issues the approval of the building 7 days BGN 750 * Takes place simultaneously with another procedure. 18

22 5. Details on Building a Warehouse in Bulgaria The table below summarizes the procedures, time, and costs to build a warehouse in Bulgaria. BUILDING A WAREHOUSE Estimated warehouse value:bgn 780,000 City: Sofia Procedure 1 Apply and obtain the designing visa from the chief architect of the municipality Time to complete: 3 days Cost to complete: BGN 300 Agency: Comment: Municipality To obtain the design permit, BuildCo must submit an application form, a title of property or proof of ownership, a sketch of the acting regulation plan, and a change proposal with tax receipts. The time limit for obtaining the design permit is 14 days, according to the Law of the Spatial Planning (Article 140). The design permit fees are set according to Decision No 894, Protocol No 93 (dated November 23, 2006) of the Sofia Municipal Council, Addendum 4, Article 2, as shown below. Fee schedule for design permit request: - Residential buildings: BGN Nonresidential buildings: BGN 150. As of January 2009, the design visa can be obtained in fast track option. For nonresidential buildings it will cost BGN 300. The documents required for issuance of a designing visa are: an application form, a title of ownership and a tax receipt. 19

23 Procedure Time to complete: 2 Sign preliminary contracts with the water authorities to connect to the water supply networks and obtain this connection 20 days Cost to complete: BGN 162 Agency: Comment: Water Authorities In principle, BuildCo must obtain approval from the water authorities. The approval is valid for a year. Several documents are necessary to obtain this approval, including proof of ownership, the plan, the application form, the design permit, and the investment design by the municipal?s chief architect. Because this procedure is carried out simultaneously with Procedure 2, the filing is submitted at the same time. On these grounds, the water company undertakes a preliminary survey and subsequently issues a report that contains the necessary technical data and the specifications for the network connection. Procedure 3 As of January 2009 the Water Company operating on the territory of Sofia has a new pricelist for the services provided. The fee amounting at BGN 162 is payable in regard with the issuance of a report containing the technical data and specifications of the water network connection. The expedited procedure is not effective anymore. It takes on average 20 days to complete this procedure. On-site inspection from water authorities Time to complete: Cost to complete: Agency: 1 day no charge Water Authorities Comment: Procedure 4 Obtain approval from the electricity provider Time to complete: 30 days Cost to complete: BGN 205 Agency: Comment: Natsionalna Elektricheska Kompania (NEK) Several documents are necessary to obtain this approval, including the request form, a copy of the title document, and the design visa obtained in Procedure 2. Electricity provider experts could provide BuildCo with investment-design project consulting services, at the following rates: - Up to 1 hour: 8.22 BGN. - Up to 2 hours: BGN. Procedure 5 A required document to obtain the municipality s chief architect s approval of the investment design is a preliminary contract with the electricity provider. Receive on-site inspection from Electricity provider Time to complete: 1 day Cost to complete: BGN 86 20

24 Agency: Natsionalna Elektricheska Kompania (NEK) Comment: Procedure 6 Obtain preliminary survey from Telecom provider Time to complete: Cost to complete: Agency: 15 days no charge Bulgaria Telecom (BTC) Comment: Procedure Time to complete: 7 Apply for the approval for the investment design with the Chief Architect of the Municipality 30 days Cost to complete: BGN 260 Agency: Comment: Municipality The approval of the investment design is the basis for issuing a construction permit. As of January 2009, after amendment of the Decision No 894, the fees for the approval of the investment design are BGN 0.20 per sq. m.. for the nonresidential buildings. The procedure for the construction permit may be completed at the same time and within 7 days if the investment designs are grounds for issuing permission for construction. A respective request must be included in the application for coordination. However, many opt for separate procedures. Procedure Time to complete: 8 Request and obtain preliminary assessment of the building for its compliance with energy efficiency requirements from licensed company 2 days Cost to complete: BGN 1,301 Agency: Comment: Procedure 9 Licensed Company Every investment project for construction, reconstruction and modernization, on the basis of which permission for construction is granted, has to be assessed for its compliance with the energy efficiency requirements. The assessment is made by a company licensed thereto. There is no a fixed price for the issuance of a certificate for energy effectiveness. The rates are subject of negotiation and vary between BGN 1 - BGN 1.5 sq. m.. The assessment is done by a privately licensed company. Obtain approval of the investment design project from the Fire Department Time to complete: 30 days Cost to complete: BGN

25 Agency: Comment: Procedure 10 Time to complete: Fire Department The fee for this procedure is equal to 50% of the cost of the certificate for fire safety issued after the completion of the construction. The latter depends on the construction category that the fire department has classified the warehouse. As of the Law of the Ministry of Interior (title amend.) SG 86/00: as of Article 31, Point 3a, Tariff No. 4), the fee formula for warehouses, industrial buildings and premises, and external facilities classified as a fire hazard "A" and "B" is BGN 250 plus BGN 0.50 per sq. m. As of 4 May 2007 fire safety procedures have been streamlined by an Order On Conduction Fire Safety Measures. The Order does not stipulate any new requirements regarding the construction process. However, the Order explicitly enumerates the attachments that have to be submitted together with the application in order to obtain a Certificate for Fire Safety. The validity of Certificate has been extended to 3 years. The procedure must be completed within 14 days. However in practice it still takes on average one month. Obtain an expert opinion on environmental impact assessment from the Director of the Regional Inspection for the protection of the environment 30 days Cost to complete: BGN 50 Agency: Comment: Procedure 11 Time to complete: Regional Inspection for the Protection of the Environment The Law on Environment Protection (Appendix 1 and Appendix 2) defines the investment projects subject to an environmental impact assessment. The warehouse building for storing books and stationary does not fall among the investment projects listed in both appendices. Thus, the issuance of such decision is not obligatory. However, an expert opinion adopted by the competent body (e.g., the Director of the Regional Inspectorate of Protection of Environment) is required to confirm that such decision is not necessary. The expert opinion is issued within 14 days of submitting the request form and paying BGN 50 The decision is valid for 5 years. Obtain approval of the investment project design from a Hygiene Epidemiological Expert 25 days Cost to complete: BGN 70 Agency: Comment: Procedure 12 Hygiene Epidemiological Expert Required documents for the issuance of a hygiene certificate are a request form, a permit for designing, approval letters from water and electricity authority, expert opinion from the regional sanitary inspector, and other project documents. The hygiene epidemiological expert s fees for consulting services are BGN 4.5 an hour. The overall cost of the approval is based on two criteria the number of experts involved in the inspection and billable hours. Request the chief architect of the municipality to issue the permission for construction Time to complete: 7 days Cost to complete: BGN 11,705 Agency: Comment: Municipality After the investment design has been approved, the permission for construction is issued within 7 days of the formal application being received. Both steps could be performed 22

26 Procedure 13 simultaneously if required in the application. The fees are BGN 9 per sq. m., according to Decision No 894, Protocol No. 93 (dated November 23, 2006, and amended in February 5, 2008) of the Sofia Municipal Council, Addendum 4, Table 1, assuming suburban Zone V. Sign a contract with a surveillance company Time to complete: 5 days Cost to complete: BGN 10,405 Agency: Comment: Procedure 14 Surveillance Company BuildCo should sign a contract with an independent construction supervision firm. This supervisor must be licensed by the Ministry of Regional Development and Public Works. The supervisor will sign all acts and records during construction. The firm s instructions and orders are binding for BuildCo and the technical manager. Within 3 days of being issued, objections against supervisory firm s instructions can be made before the Directorate for National Construction Control. Construction will be stopped until a decision is reached, and the decision is considered to be a new set of binding rules. The supervisor must notify the Regional Directorate For National Construction control of any irregularities within 3 days of detection. The supervisor will be responsible for damages caused to the assignor and to the other participants in the construction, and jointly responsible with BuildCo for damages caused by not complying with the technical rules and the approved designs. The supervision contract must be valid for the entire construction process. The rates for a contract are between BGN 6 and BGN 10 per sq. m. of built area. However, the cost for this procedure is subject to negotiation between the investor and the surveillance company. There is no legally regulated minimum cost, but the Bulgarian Association of Architects and Engineers has issued an act containing recommended fees. The fees depend on the value of the construction work but may not be less than BGN 800. After the end of the construction, the person exercising construction supervision will prepare a final report to the assignor. Map the building on the cadastre Time to complete: 1 day Cost to complete: BGN 30 Agency: Comment: Procedure 15 Agency for Geodesy, Cartography and Cadastre The Cadastre Agency issues a document after the building has been mapped. As of June 2007 the procedure can be done in fast track option in 4 hours for BGN 30. The fee is collected in the system of the Ministry of Regional Development and Public Works, according to Article 42, Paragraph 1, of the Tariff 14 promulgated SG No.94/1998. As of the Agency authorized to map the building on the cadastre is under the name of Agency for Geodesy, Cartography and Cadastre. The amendment is made by 7, item 1 of the Law of the Geodesy and Cartography. Sign contract with electricity company and receive connection Time to complete: 30 days Cost to complete: BGN 9,600 Agency: Natsionalna Elektricheska Kompania (NEK) 23

27 Comment: The fee is BGN 9,600 for connection to utility networks with a length up to 25 meters. Procedure 16 Sign contract with water provider and receive connection Time to complete: 10 days Cost to complete: BGN 500 Agency: Comment: Water Authorities The decision is valid for 3 years, according to the order of the environmental protection law. Procedure 17 Sign contract with telephone provider and receive connection Time to complete: 10 days Cost to complete: BGN 84 Agency: Bulgaria Telecom (BTC) Comment: Procedure 18 Obtain fire safety certificate Time to complete: 1 day Cost to complete: BGN 900 Agency: Comment: Procedure 19 Fire Department The fee for issuing fire certificates for buildings and premises with industrial purpose, warehouses, and external facilities with fire hazard category "A" and "B" is BGN 250 plus BGN 0.50 per sq. m. This fee is set according to Tariff No. 4 for the Charges Collected Within the System of the Interior Ministry, Under the Law of the State Fees, Article 3a (amend. SG 21/07). The construction surveillance files a report on the completed construction Time to complete: Cost to complete: Agency: Comment: 1 day no charge Construction Surveillance After the construction is finished, the assignor, the designer, the constructor, and the supervisor, must issue a document confirming that the construction has been carried out in accordance with the approved designs, the certified executive documentation, the requirements of the construction and the conditions of the contract. The records for conducted trials on the machines and on the facilities should also be attached. The transfer of the construction by the constructor to the assignor is also implemented. Procedure 20 A technical passport is registered with the Chief Architect of the municipality 24

28 Time to complete: Cost to complete: Agency: Comment: 3 days no charge Municipality The Law on Spatial Development was supplemented on September 15, 2006, State Gazette, Issue No. 76. The law contains a new requirement for licensed experts performing surveillance control. A technical passport for the construction should be prepared after the completion of construction. This document defines all terms for the performance of any major or current repairs and contains data on all certificates issued (those required by the construction legislation). Inspections should also be recorded in the passport. The technical passport must be prepared by the surveillance company. Either the surveillance company or the investor files two copies of the technical passport (one for the investor and one for the chief architect of the municipality) and an electronic copy with the Chief Architect of the Municipality, Office for Registration. The registration of the technical passport may take 2 or 3 days (no charge) after which the investor or the surveillance company may take back their original (it should bear a stamp with the date and the registration number). Procedure 21 A copy of the registered technical passport is filed with the Cadastre Agency Time to complete: 1 day Cost to complete: BGN 2 Agency: Comment: Procedure 22 Cadastre A copy of the registered original technical passport (notarization not required), along with the original technical passport, should be filed with the Cadastre Agency (this second procedure costs BGN 2 and is completed in a day). The copy is to be kept by the Cadastre Agency, while the original (with a stamped registration number) is returned to the investor. Request and obtain certificate for energy efficiency Time to complete: Cost to complete: Agency: 7 days no charge Licensed Company Comment: After completing a new construction a certificate for energy efficiency (energy passport ) has to be issued, which is a part of the technical passport of the construction. The issuance of the certificate is performed under a contract signed by the assignor and natural person / entity, entered in the Register for the persons authorized to perform certification for energy efficiency. Procedure 23 Receive inspection by the municipality Time to complete: Cost to complete: Agency: Comment: 1 day no charge National Construction Control Department A state commission coordinated by national Construction Control Department grants final approval of the building construction. The commission is comprised of members from 25

29 Procedure 24 different authorities, including the Hygienic Epidemiological Institute and the Fire Alarm Security Service. The municipality issues the approval of the building Time to complete: 7 days Cost to complete: BGN 750 Agency: Comment: Municipality After finishing the construction and tests of facilities, to obtain an occupancy permit, the assignor must register before the Chief Architect of the Municipality, present the ultimate report, the utility provider contracts, and document from the cadastral agency that its requirement has been fulfilled. In 7 days, the municipality issues the occupancy permit. 26

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31 1. Benchmarking Registering Property Regulations Bulgaria is ranked 62 overall for Registering Property. Ranking of Bulgaria in Registering Property - Compared to good practice and selected economies: 28

32 The following table shows Registering Property data for Bulgaria compared to good practice and comparator economies: Good Practice Economies Procedures (number) Time (days) Cost (% of property value) New Zealand 2 Norway 1 Saudi Arabia 0.0 Selected Economy Bulgaria Comparator Economies Czech Republic Hungary Moldova Poland Slovak Republic

33 2. Historical data: Registering Property in Bulgaria Registering Property data Doing Business 2008 Doing Business 2009 Doing Business 2010 Doing Business 2011 Rank Procedures (number) Time (days) Cost (% of property value) Registering Property sub indicators in Bulgaria over the past 4 years 30

34 4. Overview of the steps to Registering Property in Bulgaria It requires 8 procedures, takes 15 days, and costs 2.97 % of property value to register the property in Bulgaria. No: Procedure Time to complete (days) Cost to complete 1 * The sketch of the estate is drafted by the respective Municipality 4 days (express - simultaneous with procedures 2, 3, 4, and 5), otherwise 7 or 14 days 2 * Obtain a tax valuation of the property 4 days (simultaneous with procedures 1, 3, 4, and 5) 3 * Issuance of certificate of good standing for seller and buyer 1 day (simultaneous with procedures 1, 2, 4, and 5) 4 * Obtain a non-encumbrance certificate from the Real Estate Register Regular service (7 working days); Fast service (3 working days); Express service (8 hours) (simultaneous with procedures 1, 2, 3, and 5) BGN 40 for an express procedure (4 days), BGN 30 for a fast procedure (7 days), BGN 20 for a regular procedure (14 days) BGN 34 for an express procedure (4 days), BGN 25 for a fast procedure, BGN 17 for a regular procedure (14 days) BGN 5 each BGN 50 for Express service (8 hours), BGN 20 for Fast service (3 working days), BGN 10 for regular service (7 working days) 31

35 5 * Obtain a tax clearance certificate 7 days (simultaneous with procedures 1, 2, 3, and 4) no cost 32

36 6 The notary executes the transfer deed 1 day 2.5% of property price (local tax) + 0.1% of property price (Registration fee) + notary s fees according to the following scale and with a maximum of BGN 3,000: Value of Property Fees Up to 100 BGN 30 From BGN 100 to 1,000 BGN % of excess over BGN 100 From BGN 1,000 to 10,000 BGN % of excess over BGN 1,000 From BGN 10,000 to 50,000 BGN % of excess over BGN 10,000 From BGN 50,000 to 100,000 BGN % of excess over BGN 100,000 Above BGN 100,000 BGN % of excess over BGN 500,000, but no more than BGN The new notary's tarrif depends on the value fo the deal and is as follows: Up to 100 BGN - 30 BGN; BGN % for the amount over 100 BGN; BGN % for the amount over 1000 BGN; BGN % for the amount over BGN BGN BGN % for the amount over BGN; лв BGN % for the 33

37 amounht over BGN, but no more than BGN 7 Registration of the notarized deed at the Registry 1-2 days Already paid in Procedure 4 8 Parties receive a copy of the registered deed 1 day no cost * Takes place simultaneously with another procedure. 34

38 5. Details on Registering Property in Bulgaria This topic examines the steps, time, and cost involved in registering property in Bulgaria. STANDARDIZED PROPERTY Property Value: BGN 416, City: Sofia Procedure 1 The sketch of the estate is drafted by the respective Municipality Time to complete: Cost to complete: Agency: 4 days (express - simultaneous with procedures 2, 3, 4, and 5), otherwise 7 or 14 days BGN 40 for an express procedure (4 days), BGN 30 for a fast procedure (7 days), BGN 20 for a regular procedure (14 days) Local Cadastre Agency Comment: The draft of the estate is a graphic sketch of the estate with its borders, square meters, and number of the area where the estate is situated. This draft is issued at the Cadastre of Real Estate. If the skecth is for a real estate in the urban area, principally, the sketch is issued by the local Cadastre Agency. In case teh sketch is required for agricultural land, the skecth is issued by the respective municipal agricultual and forest agency. If for the respective territory there is no cadastre card adopted and approved, then the skecth is then issued by the Municipality. Procedure 2 Obtain a tax valuation of the property Time to complete: 4 days (simultaneous with procedures 1, 3, 4, and 5) Cost to complete: BGN 34 for an express procedure (4 days), BGN 25 for a fast procedure, BGN 17 for a regular procedure (14 days) 35

39 Agency: Sofia Municipality - Tax department Comment: Procedure 3 The tax valuation of the property is issued by the respective tax authorities. A tax valuation is mandatory for every property transfer. Issuance of certificate of good standing for seller and buyer Time to complete: 1 day (simultaneous with procedures 1, 2, 4, and 5) Cost to complete: BGN 5 each Agency: Registration Agency or Regional Court Comment: Procedure 4 Certificate will be obtained at the Registration Agency or Regional Court depending on whether the company has re-registration with the Commercial Register. As of January 1, 2008 all companies in Bulgaria are registered by the new centralized Commercial Register. The companies are to be re-registered until 31 December 2010 with the Commercial Register. Companies in Bulgaria are registered with the respective regional court depending on the address of the company. This certificate is issued by the registration court. The certificate is needed to show that the company is registered and existing, and that the person who signs on behalf of the company is actually the authorized person to sign. The certificate can be obtained online since Obtain a non-encumbrance certificate from the Real Estate Register Time to complete: Regular service (7 working days); Fast service (3 working days); Express service (8 hours) (simultaneous with procedures 1, 2, 3, and 5) Cost to complete: Agency: BGN 50 for Express service (8 hours), BGN 20 for Fast service (3 working days), BGN 10 for regular service (7 working days) Real Estate Registry Comment: Procedure 5 The express procedures are implemented in the Tariff for the taxes collected by the Registry Agency, published in State Gazette, issue 94 of 25 November 2005, last amended State Gazette issue 77 of 29 September Obtain a tax clearance certificate Time to complete: 7 days (simultaneous with procedures 1, 2, 3, and 4) Cost to complete: no cost Agency: Local Tax Department Comment: Procedure 6 The tax clearance certificate, showing that no taxes are owed, is obtained from the local tax department for both the buyer and the seller, according to Taxation and Insurance Procedure Code in effect as of 1 January 2006, namely Art. 87, paragraph 6. The notary executes the transfer deed Time to complete: 1 day 36

40 Cost to complete: Comment: 2.5% of property price (local tax) + 0.1% of property price (Registration fee) + notary s fees according to the following scale and with a maximum of BGN 3,000: Value of Property Fees Up to 100 BGN 30 From BGN 100 to 1,000 BGN % of excess over BGN 100 From BGN 1,000 to 10,000 BGN % of excess over BGN 1,000 From BGN 10,000 to 50,000 BGN % of excess over BGN 10,000 From BGN 50,000 to 100,000 BGN % of excess over BGN 100,000 Above BGN 100,000 BGN % of excess over BGN 500,000, but no more than BGN The new notary's tarrif depends on the value fo the deal and is as follows: Up to 100 BGN - 30 BGN; BGN % for the amount over 100 BGN; BGN % for the amount over 1000 BGN; BGN % for the amount over BGN BGN BGN % for the amount over BGN; лв BGN % for the amounht over BGN, but no more than BGN The notary executes the transfer deed and collects the money for payment of the state fee (transfer tax) and the registration fee. Usually the notary pays the state and registration fees. This is done for the clients convenience. The parties can pay the fees at the account of the tax authority where the estate is situated and bring the receipts to the notary. The local tax is now a subject of determination by each municipality on yearly basis. The local tax in Sophia increased from 2% to 2.5% in according to the Local Taxes and Fees Act. Procedure 7 Registration of the notarized deed at the Registry Time to complete: 1-2 days Cost to complete: Already paid in Procedure 4 Agency: Registration Agency Comment: The notary will register the notarized deed at the registration office with the respective district court. This can be done by the parties too, but it is most common that the notary will do it (and it is included in the above fees). The notary will pay registration and state fees collected previously. Registration should take 1 day, but it can take up to 3 days during busy periods. According to Art.25, para 5 of the Notary Public and Notarial Activity Law of 2009 (last amendment of the Notary Public and Notarial Activity Act was promulgated in State Gazette, issue 82 of 16 October 2009, the notary now has to submit the notarized deed in the same day it is signed. In practice, this generally happens in Sophia. If a notary public does not perform their obligation for entry of a notary deed or other notary certified act with the real estate register, the interested persons are entitled to claim the suffered damages. Furthermore, the interested persons may address the Notary Chamber regarding the violations of the notary's obligations. This may entail disciplinary proceedings against the respective notary public. This amendment also ensures that the notaries public have access to the National Database "Population" and to the National Automatic Information Fund for personal identity documents. It also introduced an obligation for the notaries public to make special checks in the database and the fund when performing notary certifications connected to rights over real estates. 37

41 Procedure 8 Parties receive a copy of the registered deed Time to complete: Cost to complete: 1 day no cost Comment: Parties will receive a copy of the registered deed the same or next day the deed has been registered by the notary 38

42 39

43 1. Benchmarking Getting Credit Regulations Bulgaria is ranked 6 overall for Getting Credit. Ranking of Bulgaria in Getting Credit - Compared to good practice and selected economies: 40

44 The following table shows Getting Credit data for Bulgaria compared to good practice and comparator economies: Good Practice Economies Strength of legal rights index (0-10) Depth of credit information index (0-6) Public registry coverage (% of adults) Private bureau coverage (% of adults) New Zealand Portugal 67.1 Singapore 10 United Kingdom 6 Selected Economy Bulgaria Comparator Economies Czech Republic Hungary Moldova Poland Slovak Republic

45 2. Historical data: Getting Credit in Bulgaria Getting Credit data Doing Business 2008 Doing Business 2009 Doing Business 2010 Doing Business 2011 Rank Strength of legal rights index (0-10) Depth of credit information index (0-6) Private bureau coverage (% of adults) Public registry coverage (% of adults) Getting Credit sub indicators in Bulgaria over the past 4 years 42

46 4. Details on Getting Credit in Bulgaria The following table summarize legal rights of borrowers and lenders, and the availability and legal framework of credit registries in Bulgaria. Getting Credit Indicators (2010) Indicator Private bureau coverage (% of adults) Private credit bureau Public credit registry 6 Are data on both firms and individuals distributed? Yes Yes 1 Are both positive and negative data distributed? Yes Yes 1 Does the registry distribute credit information from retailers, trade creditors or utility companies as well as financial institutions? Yes No 1 Are more than 2 years of historical credit information distributed? Yes No 1 Is data on all loans below 1% of income per capita distributed? Yes Yes 1 Is it guaranteed by law that borrowers can inspect their data in the largest credit registry? Yes Yes 1 Coverage Number of individuals 820,250 2,290,160 Number of firms 41, ,430 43

47 Strength of legal rights index (0-10) Can any business use movable assets as collateral while keeping possession of the assets; and any financial institution accept such assets as collateral? 8 Yes Does the law allow businesses to grant a non possessory security right in a single category of movable assets, without requiring a specific description of collateral? Yes Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of collateral? Yes May a security right extend to future or after-acquired assets, and may it extend automatically to the products, proceeds or replacements of the original assets? Yes Is a general description of debts and obligations permitted in collateral agreements, so that all types of obligations and debts can be secured by stating a maximum amount rather than a specific amount between the parties? Yes Is a collateral registry in operation, that is unified geographically and by asset type, as well as indexed by the grantor's name of a security right? No Do secured creditors have absolute priority to their collateral outside bankruptcy procedures? Yes Do secured creditors have absolute priority to their collateral in bankruptcy procedures? Yes During reorganization, are secured creditors' claims exempt from an automatic stay on enforcement? No Does the law authorize parties to agree on out of court enforcement? Yes 44

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