Sole Trader / Sole Proprietor Company in Bulgaria (SPC)

Definition
Any natural person possessing capacity whose domicile is in the country or foreigner with permanent term stay in Bulgaria may register as a sole proprietor.
Restrictions
Ineligible to be a sole proprietor shall be a person:
1. who is bankrupt and his rights have not been restored;
2. who has intentionally gone bankrupt and has left unsatisfied creditors.
3. who has been convicted for bankruptcy.
Registration
A sole proprietor shall be registered on the basis of an application which shall state:
1. personal data;
2. the trade name under which the activities shall be carried on;
3. the seat and the address of the registered office;
4. the purposes of the business.
A specimen of the merchant's signature and an affidavit stating that the person has not been deprived of the right to carry on commercial activities shall be attached to the application.
A person may register only one trade name as a sole proprietor.
Trade Name of Sole Proprietor
A sole proprietor's trade name shall incorporate without abbreviation the person's given name and either the surname or patronymic by which he is generally known.
Transfer of Trade Name
A sole proprietor's trade name may be transferred to a third party only together with his enterprise.
A sole proprietor's heirs, on acquiring the enterprise, shall be free to retain its trade name.
In cases under the preceding paragraphs the new owner's name shall be added to the trade name.
The transfer shall be registered in the Trade register.
Deletion from the Trade register
The entry of the sole proprietor from the Trade register shall be deleted:
1. in case of termination of his activity or establishment of a residence abroad - upon his written request to the court;
2. in case of his death - upon written request by his successors;
3. in case of his judicial disability - upon written request by the guardian or trustee.