The European Commission has filed a lawsuit against Bulgaria before the EU court in Luxembourg after four years of the country refusing to connect its national business register to the EU Business Registers system (BRIS).
BRIS allows information from a specific company to be searched simultaneously in all EU member states and ensures transparency in the common European market.
The BRIS system helps attract foreign investment because it helps EU investors check company files and financial investments of companies were they to acquire in another EU country.
The actions of the European Commission come after many letters and warnings to the former government of Boyko Borissov, which never took measures. The deadline for Bulgaria to contact BRIS expired on 8 June 2017.
“Bulgaria’s failure to connect to BRIS makes it complicated for EU citizens, companies and professionals to obtain relevant information on Bulgarian companies. Furthermore, without BRIS, business registers cannot cooperate in cross-border mergers that involve Bulgarian companies or in procedures related to cross-border branches of Bulgarian companies,” the Commission said in a statement.