(POA) *This is very important*
A POA is a very important document, and very specific. Basically this will allow a 3rd party to act on your behalf in your absence, for you as a physical person or for your company. In the UK we take a lot of the things we do for each other for granted, but in Bulgaria the situation is very different, there has to be a paper trail, confirmation, authority contracts signed, specimen signatures, POA's etc… It can be quite frustrating BUT this document is actually a safeguard for you and your company once you understand how it has to be worded. It can allow someone to do virtually anything for you if you allow it, or next to nothing if you so wish.
All POA’s have to be legalized by a Public Notary before it can be used. If the POA is prepared in Bulgaria, then it will be written in Bulgarian. Only agree to sign the POA if you are entirely satisfied with its content. Also ensure that you have the POA in dual text, this will also need be certified by a REGISTERED translator.
When you visit the Notary with your POA and your registered translator, the notary will ask you if you understand and agree with the text within, they will NOT try to explain the text or try to change your mind. BUT it will only be legalized if the content is legal and correct, slight mistakes will not be accepted.
A POA will allow a person to act on your behalf, but limited to the exact text within it. Unlike a management contract.
SEE MANAGEMENT CONTRACT
Once the document has been signed stamped and legalized by a Public Notary and signed by you in their presence, it cannot be amended nor tampered with, if it has been written to your requirements and wishes it is perfectly safe.
Official organizations such as banks and tax authorities are used to dealing with POA’s and can tell straight away if there is a mistake or a problem.
If you allow someone to set up a bank account, it does not mean that they can use it unless it is stated within your POA.
If you allow someone to establish your company for you, it does not mean they own any part of it or that they can make any personal gains from it.
If someone has a POA to buy a property, it does not mean they can sell it.
The term for validity can be set by time or by action, if you decide that there is only one task, state it within the POA.
We can help with the preparation, translation and legalization of your POA if required.
Also, if you are in the UK and you need a POA for someone to use in Bulgaria, we can also help you with it, we can prepare a draft of the POA for you to agree in English. I will be worded in a way which is acceptable within the Bulgarian law. We will supply you with a list of Public Notaries in your area, once an appointment has been booked; take the POA along with your passport for his signature and seal. Ask the Notary to send the document to the FOREIGN AND COMMONWEALTH OFFICE. This is where the seal of the Notary is checked and authenticated; they will legalize the document with their official apostil.
When we receive the document WE will then send it to Sofia (The Bulgarian capital city) where they will then check and authenticate the Foreign and commonwealth Apostil.
NOW IT IS READY!
This all sounds very complicated but it is not, we are continuously helping foreign investors with their POA’s
