The Commercial Registry Bill, which the Parliament passed in its second reading, was sent by the President back to the Parliament for discussion over again. The bill settles a new registration procedure for sole traders, trading companies and co-operations, based on the principles of cheap and prompt registration; simplified and secured procedures; electronic databases, open to public inspection via the Internet. The Commercial Registry Act is a step in the implementation of the Government Strategy for creation of central registry for legal entities and electronic registry center of the Republic of Bulgaria. In regard to the last fact, the Act is connected to the registration procedure of not-for-profit legal entities, because the commercial registry is envisaged to be extended to registration of not-for-profit legal entities, state enterprises and private entities established out of the registration procedure, as well as state institutions, and thus Central registry of legal entities will be created.

The President’s motivation for sending the Act back to the Parliament for a new discussion are related to several reasons: bringing the registration procedure only to technical entry, without examination of the compliance with the law of the circumstances which are being entered; the falling out of the rule for promulgation of entries, without substituting it with similar public announcement of the entered information; also, according to the President , the Act does not guarantee adequate professional experience and expertise of the registrators to handle the complicated issues of the commercial law; the requirement for submittal of new request for registration in cases when the registrator has not pronounced a decision within the timeframes set by the act, is groundless.

In order to pass the act for the second time, the National Assembly should vote with the majority of more than half of all its members. The passed-for-the-second-time act can not be sent back and the President is obliged to promulgate it within seven days from receiving it.