site.btaBulgaria and EU Countries Strengthen Commercial Data Sharing

New functionalities in the Information System of the Commercial Register and Register of Non-Profit Legal Entities were successfully implemented on June 28, 2024, the Ministry of Justice said on Tuesday.

The improvements broaden the scope of information exchanged between the Bulgarian Commercial Register and its EU counterparts via the Business Register Interconnection System (BRIS). Thus, Bulgaria is among the leaders in the adoption of BRIS 3 version's technical functionalities.

Since March 30, 2022, the Commercial Register has enabled queries based on company names and uniform identification code (EIK) on corporate good standing, cross-border mergers, and additional information for EU companies, the Ministry of Justice added.

The updates enable an automatic exchange of data for cross-border branch registrations. Through BRIS, a company registering a branch in another Member State updates its account to include details of branch opening, closing, or any changes in the parent company.