Family Business Association – Bulgaria puts its accent on attracting members meeting the criteria, sharing the principals and popularizing the philosophy and meaning of the Association for the development and strengthening of family business in Bulgaria.
An applicant company must have been built entirely on the idea and registered and established its activities on the initiative of a family member.
A family company must have reached at least a second generation succession, i.e. have working or preparing to work children or parents or direct line relatives from different generations. This new generation must be involved as an owner, manager or participant.
It is recommended that the company name should coincide with the family name.
The origin for starting the activities and crediting of the company must be clear.
The company should have an annual income of 5 000 000lv or total amount of the assets of 5 000 000lv.
The company must have existed for 5 years at least.
For the period of its existence the company must have good references and reputation as to the quality and responsibility in carrying out its business.
The company must have clearly recorded objectives and strategies for the development of its business on the “family business” principle.
Membership in the Association is voluntary. Members may be Bulgarian or foreign legal entities or capacitated individuals accepting the ideas, objectives and Articles of the Association, respecting family business traditions and determined to contribute with their personal participation to the strengthening of family business in Bulgaria.
Those invited to become members of the Association should be respected representatives of the Bulgarian family business, proven professionals and partisans of the development of family business.
Members of the Association are approved by the Managing Board.
An applicant must address to the Managing Board a written application, wherein they must state that they accept the provisions of the Articles of the Association.
The Managing Board resolves on the application. The decision of the Managing Board is communicated to the applicant in writing.