STEPS YOU NEED TO TAKE
ТSTEP I – Currency Conversion of Capital and Shares
А) Check the current status of capital and shareholdings in your company (JSC, PLC, LLC, GP);
B) Calculate the new values in euro by dividing the BGN amounts by the official exchange rate (example: 1 EUR = 1.95583 BGN);
C) Round the values to euro cents;
D) Update and amend documents (statutes, contracts, registers) with the new values, in accordance with the rules for modifications – for example, if necessary, adjust within the allowable margin of up to 5% of the registered capital;
E) Submit changes to the Commercial Register through the appropriate registration procedures by providing certified copies of the updated documents;
F) Account for differences – if there is a discrepancy between calculated values, record it as retained earnings or loss.
STEP II – Amendment and Disclosure of Documents
А) Review the statutes, articles of association, and other internal acts and update them in line with the new values;
B) Prepare certified copies for submission to the Commercial Register for disclosure;
C) For LLCs – if changes exceed 5%, carry out an amendment to the company’s articles of association according to the capital change procedure.
STEP III – Automatic Currency Conversion in the Commercial Register
A) On the day of the euro introduction, verify the automatic update of teh registered capital and nominal value of shares in the Commercial Register;
B) Ensure that the data in the Commercial Register reflects the updated euro values accurately.
STEP IV – Preparation of Software and Systems
А) Check and update sales management software (SUSMS), automated systems (IASUTD), fiscal devices, vending machines, etc., to support euro functionality – i.e., to operate in euro;
B) Update fiscal devices so they display and print fiscal receipts in euro, including the exchange rate;
C) Adapt systems for automatic submission of data to the NRA in euro;
D) Conduct testing and obtain approvals for the new versions of software and fiscal devices.
STEP V – Compliance with Regulatory Requirements
А) Pay attention to minimum capital thresholds (e.g., minimum EUR 1 for LLCs, EUR 25,000 for JSCs);
B) Carry out necessary administrative procedures if capital must be increased or decreased in line with new requirements.
STEP VI – Compliance with Regulations for Commercial Documents and Fiscal Devices
А) Update the formats and templates of fiscal receipts according to the new models indicating the converted values;
B) Carry out necessary administrative procedures if capital must be increased or decreased in line with new requirements.
C) Train staff to work with the new systems and documents.
Have additional questions about the euro introduction?
Contact us – the team at Sb Accounting & Consulting is available to provide you with information and practical support for a smooth transition to the new currency.