The paper identifies the key elements ofthe regulatory environment for business in Bulgaria, toserve as a research guide, while recognizing that the rapiddevelopment of new legislative, and regulatory procedures,are greatly needed, largely to meet the EuropeanUnion's (EU) legal, and regulatory standards. Itdescribes business creation, with the Commercial Codeproviding much of the central, comprehensive regulation.Also, another route for business creation in the privatesector has been offered through the privatization process ofstate-owned assets, and, the use of concessions can also beviewed as another route to the creation of private business.However, and although concession legislation sets an overallframework of reasonable adequacy, reports from practitionersin the marketplace reveal much remains to be done to forwardthis agenda. In regulating corporate operations, the stakeof shareholders in the formation of corporate policy,reflects shared participation in the corporate capital base;thus to engender confidence in corporate managementstandards, and underpin the broadening of share ownership,priority actions should take place. Bulgarian competitionlaw, follows EU doctrine, which penalizes companies fordiscriminatory behavior, monitored by the Commission on theProtection of Competition, with defined discretionarypowers. The study further highlights accounting standards,investment channels, and the tax regime, suggesting priorityactions for company transformation such as enhanced trainingfor judges, and court administration procedures torationalize the case load. Overall, recommendations includeaccurate drafting of primary legislation; qualityimprovement of secondary legislation, setting the pace for atimely implementation, as well as a more effective judicialsystem for corporate affairs, and services delivered by thepublic administration to businesses.
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