Until the latest amendments to the Commercial Law (SG 88/2018) came into force, the holding of bearer shares was allowed in Bulgaria.
Their legal framework provided the possibility of transferring them with a simple transmission, which in turn allowed the holder to remain formally anonymous.
With the amendment of the Commercial Law promulgated in the State Gazette. pcs. 88 of 23
October 2018, effective from the same date, the bearer shares issued (or temporary certificates thereof) are replaced by registered shares.
Pursuant to § 11 of the LCP to the Commercial Law, within the 9-month period from 23.10.2018, i.e. until 23.07.2019, the companies that have issued bearer shares or temporary certificates, shall be obliged to: