Current macroeconomic indicators as of February 2004
Leagal framework

Bulgaria’s Law on Obligations and Contracts allows creditors to seek performance plus damages for non-performance. Bulgaria’s Civil Procedure Code also allows for resolution of disputes in an arbitration court abroad if one of the parties resides in another country. Bulgaria’s Law on International Commercial Arbitration provides for settlement of civil property disputes arising from foreign economic relations through the international arbitration when one of the parties is a legal resident of a foreign country.

In June 2003, Bulgaria passed the Law on Restraint of Administrative Regulation and Control of Business Activities and thereby reduced the potential for regulatory abuse at all levels of government.

In addition, the new law reduces the number of licenses, sets up permit and certification regimes, and requires that government at all levels must demonstrate good reason to impose any regulation affecting business.

The intellectual property in Bulgaria is protected to EU standards.
Bulgaria’s current laws comply with the main conventions, agreements, and treaties as administered by the World Intellectual Property Organization. As well, Bulgaria is a member of the European Patent Convention and of the Agreement on Trade Related Aspects of the Intellectual Property Rights (TRIPS Agreement).

©SG 2003