Our client - a foreign bank, asked us for assistance in its penetration of the Bulgarian market. Intentions of the client were to create a representative office at the territory of the country and to launch a network of contacts and find a potential partners. The Law Firm was assigned to carry out a procedure for the establishment and registration of a trade representative office of a foreign bank in Bulgaria. Our team has provided in this regard legal services included the preparation of a legal opinion on the requirements of the Bulgarian and European legislation.
In this case it was necessary to comply with the specific local customer legislation governing the banking Institution, the bank's internal rules related to the establishment of trade representative office abroad and powers of the governing authorities and the documents that the parent company was required to prepare and present to the Bulgarian authorities. In this regard, our team has been working with members of the legal department of the client.
The client was consulted in connection with the structuring of the trade representative office, including we have prepared relevant internal rules and documentation for the representative office and its personnel. Some of the provided services include entering of representative office in the Commercial Register at the Bulgarian Chamber of Commerce and Bulstat Register.
In addition, our team advised the client on tax and labor issues related to the operation of the trade representative office. We have provided consultations on employment rights and obligations of trade representative office in its role of an employer in its relations with the person referred to its supervisor and ways the representative office to recruit personnel. At the same time, the client was consulted in matters of tax law related to the status of the representative office and its tax obligations and legal responsibilities.
Practice: Corporate and Commercial Law
