The Deadline for Amending Corporate Documents under the Law on the Introduction of the Euro Has Been Extended
On September 2, 2026, the Parliament voted and adopted at first and second reading within the same session, amendments to Article 32 of the Law on the Introduction of the Euro in the Republic of Bulgaria. The amendments are expected to be published in the State Gazette this week.
Under these amendments, the deadline within which capital companies (LLCs, JSCs, Partnerships Limited by Shares, etc.) are required to bring their constituent acts, articles of association, and bylaws into compliance with the capital converted into euros[1] has been extended from 12 months to 36 months (3 years) from the date of the introduction of the euro in the country. At the same time, the requirement that the application for announcing the updated corporate documents be submitted simultaneously with the filing of the first subsequent application for entry, erasure, or announcement in the Commercial Register has been dropped.
Now, this change will be made when decisions are adopted by the sole owner of the capital or by the general meeting of partners/shareholders that require an amendment to the constituent act/articles of association/bylaws, and, accordingly, the announcement of an up-to-date copy of this document in the Commercial Register. For example, if you adopt a decision to change the management address of the company, which is associated with an amendment to the articles of association or bylaws and, consequently, an obligation to announce a copy of the amended act in the Commercial Register, in this case, you will also need to adopt a decision to bring the capital into compliance with the LIER and the Commerce Act.
Consequently, you can apply for the announcement of your annual financial report now, within the deadline until September 30, without the need to first apply for the announcement of your updated constituent act/articles of association or bylaws with the capital denominated in euros.
However, we advise you not to postpone bringing your corporate documents into compliance with the capital conversion to the very last minute of December 31, 2028, in accordance with old Bulgarian traditions.
[1] The media incorrectly refers to an extension of the deadline for converting the capital. The conversion of the capital was performed ex officio by the Registry Agency upon the introduction of the euro in the Republic of Bulgaria. Instead, companies were given a deadline to adopt a decision regarding their capital, recorded in levs in the constituent documents, to be recorded in euros.