Progrеssive Legal

08/05/2026

⚖️ Update on our challenge against outdated barriers to doing business in Bulgaria

Those who follow us may remember that we filed a formal appeal before the Supreme Administrative Court against the “bank-only” capital evidence requirement applied by the Bulgarian Company Register.

In short: although Bulgarian law allows a limited liability company to be incorporated with a minimum capital of only BGN 2 / effectively EUR 1, the Ordinance still requires proof that the capital has been paid into a bank account. In practice, this creates unnecessary costs, delays and administrative friction for businesses.

We have explained our legal reasoning and the practical impact of this issue in more detail in our article here:
👉 https://progressive.legal/challenging-an-outdated-bank-only-capital-evidence-rule-in-the-bulgarian-company-register/

We also gave the Ministry of Justice the opportunity to resolve the issue without waiting for a court ruling, by amending the Ordinance on its own initiative. Unfortunately, the Ministry of Justice has decided not to proceed with such amendment at this stage. This means that the matter will now be reviewed by the Supreme Administrative Court.

📅 The hearing is scheduled for 11 May.

Part of our team working on this case - Georgi Traykov Atanas Petrov, Antonia Yakimova, Tihomira Stoycheva and Maria Vasileva - will continue to argue that the contested provisions are outdated, disproportionate and inconsistent with the purpose of the 2009 reform, which was to make company formation easier, faster and less expensive.

This is not just a technical legal issue. It is about removing unnecessary barriers for entrepreneurs, startups, foreign investors and growing businesses in Bulgaria.

We will keep you updated on the development of the case.

Our team has filed a complaint before the Bulgarian Supreme Administrative Court challenging two provisions of Ordinance No. 1 of 14 February 2007, insofar as they are applied as requiring that paid-in or increased share capital be evidenced exclusively through a bank-issued document. In practice, t...

29/01/2026

🚀 A breakthrough in the practice of the Bulgarian Company Register

Our team has successfully completed the registration of a capital increase for a Bulgarian company, where the capital contribution was made through a bank account held with a licensed EU credit institution outside Bulgaria — specifically Revolut

👉 Until now, the consistent practice of the Bulgarian Company Register was to refuse registrations of capital increases where the contribution was not made through a bank account opened with a Bulgarian bank. This created significant practical obstacles, particularly for companies operating in regulated and high-risk sectors.

This case demonstrates that:
- the European regulatory framework has real, practical applicability;
- the Company Register is beginning to adapt its practice to the realities of the modern financial services;
- Bulgarian companies now have a real opportunity to rely on EU fintech solutions, in proceedings before the Company Register.

⚠️ While this practice is still in the process of being established, the decision marks an important step forward.

📎 Read more in our article here:
👉 https://progressive.legal/breakthrough-in-the-practice-of-the-company-register-capital-increase-using-an-eu-bank-account/

If you have faced similar challenges, workable solutions may already exist.
💡 We may be able to break through together.

Our team has successfully completed the registration of a capital increase for a Bulgarian company operating, where the capital contribution was made through a bank account held with a licensed credit institution in the European Union, opened outside the Republic of Bulgaria. Until now, in practice,...

12/12/2025

Closing 2025 with three milestones we’re proud of:
- A new office 🏢
- A growing team with great people 👥
- And an updated logo that reflects our next chapter ✨

We marked the moment with a cocktail evening alongside friends, partners and clients 🍸 — and with the same belief that’s driven us from day one: progress in law comes from people, perspective, and the courage to evolve.

Here’s to growth, evolution, and what’s next 🚀

A few highlights from the evening below 📸

22/05/2024

📢 Hot Off the Press! 📢

We’re excited to announce that our Managing Partner, Atanas Petrov, Ph.D., is featured in the latest issue of Society and Law magazine! His captivating article, "Scope of court review in the legal proceedings to halt the registration in the Trade Register", explores the intricacies of court procedures in this specific commercial law procedure.

Atanas examines a landmark Supreme Cassation Court decision, breaking down the court's review process under Art. 536, Para. 1 of the Civil Procedural Code and Art. 19 of Trade Register Act. The article analyses the interpretative decision, examines various legal acts, and highlights the need for clear interpretation of key provisions affecting registry proceedings.

🎉 A must-read for legal enthusiasts and professionals alike!

07/03/2024

🌟 Reflecting on a Productive Morning at the Wirtschaftsagentur Wien - Vienna Business Agency Breakfast at WorkBetter 🌟

Today, we were privileged to join the Vienna Business Agency’s business breakfast at WorkBetter. A huge highlight was our senior associate, Aleksandra Kostadinova, introducing the innovative "FlexCo" - Austria's new flexible company model, designed for agility and efficiency in today’s dynamic market. FlexCo emphasises operational flexibility, streamlined processes and is promising to revolutionise how businesses operate and thrive in Austria.

A big thank you to the Wirtschaftsagentur Wien - Vienna Business Agency and Angel Velikov, the Agency’s representative in Bulgaria, for the invitation. We extend our deepest gratitude for showcasing to Bulgarian entrepreneurs the vast opportunities that Austria has to offer, and for fostering stronger connections between the Bulgarian and Austrian business communities.

For those looking to explore innovative legal solutions that propel your business forward, our team at Progressive Lawyers is ready to guide you. Let’s embrace the future with innovation and agility!

14/12/2023

🎄 **Festive Cheers from Progressive Lawyers!** 🌟

The team at Progressive Lawyers celebrated the festive season with our Christmas party. 🥳 This photo shows the joy and unity of our team. Together, we've navigated this year's challenges and celebrated our successes.

We're grateful for our incredible team and the opportunities we've had. Excited for the new year, we wish everyone a season filled with warmth and cheer!

07/12/2023

🌟 Progressive LawyersProgressive Lawyers Celebrates the Impact of the ABLE Activator Pre-accelerator Program!
As Progressive Lawyers, we are incredibly proud to announce the participation of our Managing Partner, Georgi Traykov, as a mentor in the ABLE Pre-accelerator program. This initiative, driven by ABLE Bulgaria (Association of the Bulgarian Leaders and Entrepreneurs) has proven to be an exemplary platform for growth and inspiration. Georgi's involvement in mentoring ambitious entrepreneurs reflects our firm's commitment to nurturing business talent and contributing to the vibrant startup ecosystem. We are pleased to note that last week marked the culmination of this program with its Demo Day, showcasing the progress and potential of the participating teams.

🤝 A Testament to Collaborative Success
The program's success is a direct result of the combined efforts of visionary mentors, dedicated participants, and the excellent framework provided by ABLE Activator. We extend our gratitude to the team, and especially to Jin and Kremena Dervenkova, for orchestrating such a dynamic environment where ideas flourish and future business leaders are born.

🚀 Unlock Your Entrepreneurial Potential: Apply Now!
The application window for the esteemed Pre-accelerator entrepreneurship program is currently open and will remain so until December 11th. Interested individuals can apply through the official website (link in the comments below). Seize this opportunity to embark on a potentially life-changing entrepreneurial journey. Apply today and ensure you don't miss out on this unparalleled opportunity!

27/10/2023

Celebrating Milestones and Achievements! 🎉

Last week, we hosted a delightful cocktail evening at Grand Hotel Millennium Sofia Ozone Skybar & Lounge not only to reconnect with our esteemed clients and partners but also to reflect upon our journey. As Progressive Lawyers continues to grow, we took a moment to cherish our significant milestones and accomplishments over the years.

Swipe to witness some moments from the evening!

At Progressive Lawyers, we take immense pride in our specialization within the realms of Tech Law and Entrepreneurs Law.
🔹 Tech Law: Over the years, we've assisted 50+ tech startups, leading IT firms, and innovative companies in navigating the complex legal landscapes of Web 3, intellectual property, AML compliance, data privacy, software licensing, and more.
🔹 Entrepreneurs Law: Our commitment extends to supporting 100+ entrepreneurs. From setting up new ventures, understanding compliance requirements, to structuring investor agreements – we've been the trusted legal partner for countless ambitious entrepreneurs.

From successfully representing numerous clients to expanding our services, the journey has been both challenging and rewarding. We owe our progress to our dedicated team and the unwavering trust our clients have placed in us.

Thank you all for being a part of our journey, and here's to more shared successes in the future! 🥂