Bulgaria's government has approved Wednesday the reduction of administrative fees collected by the Registry Agency.

This will allow the business sector to save BGN 4.1 M, the government press office informs. The calculations are based on the Agency's revenues which will decrease by about 22%.

The largest reduction is for fees for registering startup companies – about 31% lower.

For example, for limited liability companies the fee of BNG 160 will be BGN 110, for shareholder companies and for limited partnerships with shares it decreases from BGN 460 to BGN 360, for joint stock companies in the banking and insurance sectors - from BGN 1700 to BGN 1300, etc.

There further discounts for online submission of documents.

"The reduction will have a positive effect on starting and doing business in Bulgaria, competition and attracting new local and foreign merchants and will save time to citizens in the process of obtaining certificates, references and other documentation," the press office notes.