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:

The requirements for registration of a company or branch are set out in the Commercial Law, the Commercial Register Act and the implementing regulations. The registration procedure depends on the type of company to be registered, considering that the registration of a Joint Stock Company (JSC) (as well as a Limited Liability Company) currently takes approximately five working days from the filing of the relevant registration documents. It takes about two weeks for a branch of a foreign company. The registered company or branch becomes a legal entity  from the date of its entry in the Commercial Register.

The first phase of setting up a new company is to choose the type of company among the ones provided by the Bulgarian legislation, as well as to have clarity on the following specific elements of incorporation: