Bulgarian companies, like all companies in the European Union, must comply with strict anti-money laundering obligations.
Bulgarian companies that do not comply with these anti-money laundering obligations would simply not be able to operate (opening and operating a bank account, etc.).
Among all their obligations, Bulgarian companies must register the full identity of their beneficial owners and any intermediary structures in the official register of beneficial owners.
When no legal representative of the Bulgarian company resides permanently in Bulgaria, the Bulgarian company must also appoint, in addition, a representative who will be the Bulgarian company's correspondent with the authorities in matters of money laundering. The contact details of this representative must also appear in the official register of beneficial owners.
The role of this correspondent will then be decisive to enable the opening or maintenance of the bank account of the Bulgarian company whose directors do not reside in Bulgaria.
Under certain very strict conditions, LPG Bulgaria can assume the role of Bulgarian correspondent for the official register of beneficial owners.
Source: Bulgarian Law against Money Laundering.
