Business Training - S³ Entrepreneurship academy

Achieve Entrepreneurial Success
Master Analytical Thinking
Thrive in High-Stakes Ventures

Our academy cultivates a resilient entrepreneurial mindset, equipping future leaders with analytical precision, adaptive problem-solving, and a competitive edge—ensuring they navigate challenges with confidence and turn obstacles into opportunities for growth.

We have 20+ years of experience leading educational courses.

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Lack of Practical Business Knowledge – The Silent Killer of Tech Companies

Tech companies struggle to survive when senior management lack practical business knowledge, leading to poor decisions that drain resources and stall growth.

The Problem

Struggling with business fundamentals – No solid grasp of pricing, positioning, and financial planning.
No market need – Entrepreneurs build based on assumptions instead of real customer validation.
Poor decision-making – Lack of framework for prioritization, fundraising, and scaling.

The Solution

Business training – Our course teaches managers financial, marketing, and growth essentials.
Market validation algorithms – Our algorithms ensure products solve real customer needs even before company is started.
Strategic decision-making guidelines – We equip you with frameworks for growth and fundraising.

Course Modules & Benefits

Module	What you learn
Fundamentals	Explore what it means to be an entrepreneur, why it matters, and the essential steps to start a business.
Finances	Learn financial structures, company power dynamics, traditional vs. crypto finance, taxes, and budgeting.
Investments	Understand investment types, funding stages, investor differences, IPOs, ICOs, legal aspects, and ESOPs.
How to build a team	Discover startup team-building, values, budgeting, hiring, problem-solving, and fostering the right mindset.
Motivation and leadership	Define leadership, recognize bad leadership, motivate teams, and design effective compensation strategies.
Branding	Learn startup branding, company vs. personal brands, marketing channels, case studies, and brand protection.
Corporate security	Explore security fundamentals, information management, public image risks, red vs. blue teaming, and budgeting.
Exam	Teams pitch their startup idea in a 20-minute simulation to persuade investors.

Frequently Asked Questions

What sets this course apart from the rest?

🔹 With 20 years of experience in training software engineers—some of whom have gone on to work at organizations like Google, X, AWS, Dash, and ETH University—we bring a proven track record of excellence.

In addition, we have led university courses on "Design and Analysis of Computer Algorithms", "Competitive Programming" and "Entrepreneurship in IT". Combined with over two decades of experience in technological start-ups, our course delivers the perfect blend of practical expertise and deep theoretical knowledge.

How long is the course?

🔹 Our course spans 30 hours, with 25 hours dedicated to lectures and the remaining 5 hours allocated for the final exam. It follows a standard university format, including lectures, homework assignments, and a final coursework component. Lectures take place on weekends.

We don’t follow a strict schedule—we start as soon as a group is formed.

Contact us to reserve your spot.

Who is suitable for this course?

🔹 Prior experience in a tech company is required. This course is ideal for those aspiring to become founders of technology start-ups or professionals aiming for managerial roles in start-ups and scale-ups.

Do you accept crypto?

🔹 Sure! We accept cryptocurrency as payment. However, we will need your company or personal details to issue an invoice.

Do you provide company-wide trainings?

🔹 Absolutely! You and your entire team can enroll together, and we'll offer you a generous discount, of course.

What else?

🔹 Upon graduation, we add your contact information to our database and may recommend your profile to interested start-ups and scale-ups.

In search for team members for your Start-Up? We can help!

Our vast network, built over decades, offers our clients access to top-tier talent and strategic partnerships, ensuring you have the resources needed for growth and innovation.

Hristian Bachkov

Graduate from S³ Academy

S³ Team gives you the solutions for the problems each start-up faces during their lifecycle. It allows and teaches you to make business using novel ways.

Georgi Popov

Graduate from S³ Academy

The academy gave me new perspectives to see the World.

Gergana Slavova

Graduate from S³ Academy

Education, which gives you the fundamentals and can eject you in the skies!

Petko Stanislavov

Graduate from S³ Academy

As part of the Academy can for sure tell you that the program prepares you to face the reality, gives you the proper way of thinking and the resources you receive from the team are priceless...

Enroll

                    GENERAL REGISTRATION TERMS FOR USING BUSINESS INCUBATOR S³ SERVICES

1. Registration is done on the website of the Business Incubator for individuals and legal entities.
2. In order to successfully register an individual, it is necessary to provide the following personal data - all names according to national legislation, a uniform civil number or an identical one, according to national legislation, an address for correspondence, an electronic address.
3. For successful registration of a legal entity, it is necessary to provide the following data - company and/or name of the legal entity, method of representation, names and uniform civil number of the representatives, addresses of the representatives, headquarters and address of management of the legal entity. In addition, it is necessary to provide the Business Incubator with evidence of the registration of the legal entity, which can be an extract from its national commercial register.
4. All users of the Business Incubator's services - individuals and legal entities - are obliged to provide bank data - IBAN of a bank account, bank card number, account holder, account holder, as well as other bank details, in order to make payments and obligating accounts to the Business Incubator.

GENERAL TERMS OF USE OF BUSINESS INCUBATOR S³ SERVICES

1. "Evocoding" EOOD, EIK 204167034, with registered office and management address, Burgas Region, Burgas Municipality, Burgas, p.k. 8000, "Lyuben Karavelov" Street No. 38, represented by GOSPODIN KONSTANTINOV BODUROV on the one hand, referred to as the Business Incubator or the Incubator for short, provides services for which users agree to the following:

I. SUBJECT:

1. The business incubator provides the client with three types of services:

1.1. S³ consulting - consulting services - business and technical consulting;
 - “Business Consulting”:
  - Create a company
  - Create a team hiring strategy
  - Recruitment
  - Create a business/financial/marketing plan
  - Create a business/financial/marketing presentation
  - Creating a business/financial/marketing model
  - Creating Work Schedules
  - People Management
  - Negotiations with investors
  - Negotiate with partners
  - Competition Analysis
  - Business Management
  - Expansion of business network
  - Access to business contacts owned by the business incubator
 - “Technical Consulting”:
  - Development
  - Creating a technical architecture
  - Source Code Reviews
  - Technical Audits

Technical consulting does not include creating source code. 

Results of the consulting activity are in the form of reports, documentation, diagrams, technical architecture, training people, prototypes, etc.

1.2. S³ academy - training within 32 hours, including the following program:
 - Initial Meeting
 - Introduction to entrepreneurship - 4 hours of lecture
 - Finance and types of business - 4 hours of lecture
 - Investments - 4 hours lecture
 - Composition of the team - 4 hours of lecture
 - Leadership and motivation - 4 hours of lecture
 - Catch up meeting
 - Branding and marketing - 4 hours of lecture
 - Corporate security - 4 hours lecture
 - Project work
 - Conclusion and presentations - 4 hours of lecture
 - Next meeting

At the end of the training, the trainees must provide:
 - Business Plan
 - Financial Plan
 - Marketing Plan
 - MVP
 - POC
 - Presenting a business idea

Lectures are held online via Google Meet or Zoom. The materials are the property of the incubator.

Access to personnel of the academy - mediation services for personnel selection and bringing in partners. The parties will consider a "referred partner" to be an individual and/or a legal entity who may have participated in the academy's services and for whom:
 - the client has been notified and the relevant person has concluded a contract with him; 
 - without notifying the client, the academy has made efforts to conclude a contract between this third party and the client; Correspondence - written or oral - with the third party, who subsequently concludes a contract with the client, as well as the third party's participation in the academy's services, are also considered sufficient efforts; 
 - any person, with headquarters and/or address on the territory of the Republic of Bulgaria, with whom the client concluded a contract, if the academy manages to prove gendermaking efforts to enter into a contract between this third party and the client; Correspondence - written or oral - with the third party, who subsequently concludes a contract with the contracting authority, as well as the participation of the third party in the academy's services, are also considered sufficient efforts;

1.3. S³ platform – is a complete set of tools for creating cloud-based software solutions - CRM systems, file storage, real-time communication systems, media design systems, planning and management systems, video conferencing systems, etc.

The S³ platform is delivered fully loaded and ready for production. Every feature is included, full access to the source code, as well as ready-made software packages (docker containers).

The S³ platform allows distribution of commercial projects without payment of incubator fees, including custom products delivered to customers, linear content (such as movies and TV shows) and any product that does not generate revenue or whose revenue falls below the royalty threshold. 

Remuneration is due only for the distribution or sale of a finished product or service that includes S³ platform code. Provided that the Incubator is notified in a timely manner, via the Release Form, the client owes royalties only when the lifetime gross revenue from the product or service exceeds the limit described in this agreement; 

S³ platform contains the following modules:

 - Module “Data Distributor” 
  - Functionality to write to and read from a distributed key-value store.
  - Functionality to write to and read from a distributed hash table.
  - Functionality to write to and read from a distributed sorted set.
  - Functionality to write to and read from a distributed datastore supporting multiple index.
  - Functionality to write and read a distributed search engine of data.
  - Functionality for high data availability in all parts of the system.
  - Automatic data balancing functionality between all parts of the system. 
  - Functionality to automatically clean up already invalid data.
  - Integration with databases like Redis, MariaDB, Postgresql, sqlite, CockroachDB, etc.
  - Integration with cloud providers and their databases such as AWS, Azure, Exoscale, DigitalOcean, etc.

 - Distributed Queue module
  - Functionality to receive and send messages to the queue
  - Functionality for high data availability in all parts of the system.
  - Automatic data balancing functionality between all parts of the system.
  - Integration with queues like RabbitMQ, Kafka, Redis, Apache ActiveMQ, etc.
  - Integration with cloud providers and their distributed queues like AWS, Azure, Exoscale, DigitalOcean, etc.

 - Distributed File Storage Module
  - Functionality to store and download files from storage
  - Functionality for high data availability in all parts of the system.
  - Automatic data balancing functionality between all parts of the system.
  - Integration with queues like Minio and other software products based on the S3 file storage protocol.
  - Integration with cloud providers and their distributed file repositories like AWS, Azure, Exoscale, DigitalOcean, etc.

 - Billing module
  - Functionality to evaluate each request coming to the system
  - Functionality to find the registered user by sent request 
  - Functionality to record and calculate system usage by a given user.
  - Functionality to manage and check usage limits of each user.
  - Functionality to register, manage and delete users from the system.
  - Functionality for high data availability in all parts of the system.
  - Automatic data balancing functionality between all parts of the system.

 - Module “Access Control”
  - Functionality to register, manage and delete users from the system.
  - Functionality to create and check for a valid session of each user.
  - Check functionality of user access to system resources. 
  - Functionality for high data availability in all parts of the system.
  - Automatic data balancing functionality between all parts of the system.

 - Module “SQLite Integration”
  - Functionality to create, delete, manage distributed SQLite files.
  - Functionality to send SQL queries to distributed SQLite files.
  - VFS integration with prebuilt system libraries for fast integration with existing solutions

 - Module “FUSE Integration”
  - Functionality to create, delete and manage distributed files on the system.
  - Functionality to create, delete and manage distributed directories on the system.
  - FUSE integration with prebuilt system libraries for fast integration with existing solutions

 - Module "Vector Database” 
  - Functionality to add, get and delete vectors from search storage.
  - Functionality to add and remove workers from the index.
  - Functionality to search the k-nearest neighbors of a vector.

 - Module "SQL RESTFul API” 
  - Functionality to add, get and delete SQL tables.
  - Functionality to add, update, query and remove rows from SQL tables.

 - Module “Backup Export/Import”
  - Functionality to export data backups.
  - Functionality to import data backups.

 - Module “Tooling”
  - Various tools for better DevOps automation and support.

 - Module “Sample Projects”
  - Software projects showing good practices for using the S³ platform.

 - Automatic tests module
  - Quality tests of all modules and parts of the system.

II. REWARD:

2. The remuneration of the business incubator is owed by the client and is:

2.1. For S³ consulting services - monetary remuneration and/or shareholding in a certain company - by agreement with the client; the exchanged online correspondence is considered such a contract; in case there is no such agreement, a fee is paid for the given consultation in the amount of BGN 300/hour, and the billed time is for no less than one astronomical hour. 

2.2. For S³ academy services - monetary remuneration and/or shareholding in a certain company - as agreed with the client; the exchanged online correspondence is considered such a contract; in the absence of such an agreement, remuneration equal to one average remuneration, according to NSI statistics for the sector "Creation and distribution of information and creative products" is paid; telecommunications" announced here - https://www.nsi.bg/bg/content/3928 /%D0%BD%D0%B0%D1%86%D0%B8%D0%BE%D0%BD%D0%B0%D0%BB%D0%BD%D0%BE-%D0%BD%D0%B8 %D0%B2%D0%BE for the year preceding the year of the conclusion of the contract between the Client and the brought partner. The Client undertakes to report to the Business Incubator for the concluded contracts with the brought partners, in order to determine the remuneration of the business incubator . The Business Incubator has the right to request data from the brought partners about the contracts concluded with the contracting authority.

2.3. For the S³ platform services, on the basis of Art. 70 ZAPSP, the parties agree that the customer can legally use the services of the S³ platform for the duration of the contract. The client owes remuneration to the Business Incubator, at his choice, from among the following three possibilities: 

  - Solidarity Package - remuneration is due in the amount of 5% of the material interest of the transactions concluded between the client and third parties on an annual basis. The annual period is calculated for 365 days, starting from the date of provision of the S³ platform service. The material interest of the concluded transactions is reported to the Business Incubator in accordance with Art. 2.4. down. "Solidarity" package provides full access to S³ platform services and online support. Remuneration is due for each 365-day period thereafter, determined in the same manner. The payment thresholds are determined individually, and the Business Incubator does not provide access to its services before the parties reach an agreement on this threshold.
  - Co-Branding Package - a one-time payment of EUR 125,000 is due, and the parties expressly agree that when using this package, the Client undertakes to provide full access to its customer list, including ensuring their consent to be provided with advertised content by the Business Incubator. The establishment of the list of the Client's customers takes place in accordance with Art. 2.4. Package "Co-Branding" provides full access to S³ platform services, and online support.
  - Unicorn Package - a one-time payment of €250,000 is due. Package "Unicorn" provides full access to S³ platform services, and online support.

The S³ platform service is the exclusive property of the Business Incubator and cannot be used after the termination of the contractual relationship between the client and the Business Incubator. Immediately after the termination of the contract, the client is obliged to delete all data representing the intellectual property of the Business Incubator. If the use continues, a penalty is due.

2.3.1. The client undertakes to report to the Business Incubator for the material interest of the concluded transactions, in order to determine the remuneration of the Business Incubator. Business. The reporting can be done voluntarily, according to the order of the previous sentence or through the module under Art. 2.4. The Incubator has the right to request data from the brought partners about the contracts concluded with the Client.

2.3.2. The reporting obligation becomes due within 7 days of the Business Incubator's request for it. The obligation to pay becomes due within 7 days from the receipt of the voluntary report by the Business Incubator. In the event that there is no voluntary report, the obligation to pay becomes due within 7 days of a subsequent invitation to pay, withholding the claim for remuneration, determined on the basis of the data from the module under Art. 2.4.

2.4. When using the services of the Business Incubator, the client undertakes to use a program module with which to report to the Business Incubator the material interest of the transactions concluded by him, which are the basis for charging the remuneration according to Art. 2.3. above, as well as the Customer's customer list. The module will be provided by the Business Incubator. In the event that the services are used without using the module and/or in any way the information from it sent to the Business Incubator is manipulated, the Business Incubator has the right to stop providing all services immediately, including canceling the contract. The right to cancel the contract in case of non-use of the module and manipulation of the information sent by it to the Business Incubator can also be exercised in the event that the client does not report voluntarily in accordance with Article 2.3.1., if by using the module he does not the data necessary to determine the remuneration can be established.

III. OBLIGATIONS OF THE BUSINESS INCUBATOR:

3. The business incubator is obliged to fulfill the objectives set by the client in relation to the services provided, fulfilling its obligations under the contract with the care of a good merchant.

IV. TERM AND TERMINATION OF THE AGREEMENT:

4. The contract is concluded for a period of 6 months, and either party can terminate it after the sixth month with a one-month written notice.

4.1. After the expiration of 6 months from the conclusion of the contract, in case the client wishes to terminate the contract with the one-month written notice under Article 4, the client must first fulfill his reporting obligation and pay the due remuneration, if any. 

4.2. The business incubator has the right at any time after the expiration of the sixth month to terminate the contract with one month's notice.

V. NOTICE:

5. The parties agree to carry out correspondence with each other by e-mail at the e-mail addresses specified in the contract. The parties expressly agree to receive all correspondence in connection with their current legal relationship by e-mail. Pursuant to the ZEDEUU, the parties accept that any electronic letter and all attachments contained therein, received/sent from the following e-mails shall be considered an electronic statement of the party that indicated it.

Email address of the business incubator: info@s-3.team 

VI. PROHIBITION OF COMPETITIVE ACTIVITY:

6. The client undertakes while this contract is in effect and up to 5 years after its termination not to carry out activities similar to the business incubator, such as: 

6.1. The customer has no right to carry out activities similar to those under this contract expressly, but not limited to, consulting, mediation, personnel training, provision of computer programs for remuneration. Specifically, the services subject to this contract and similar to these services cannot be the subject of any transaction with a person other than the business incubator for the duration of this contract and 5 years from its termination.

6.2. The client has no right to use the personnel and partners recruited through the business incubator S³ without the mediation of the business incubator and without payment of the agreed remuneration. Staff and partners recruited through business incubator S³ are considered the third parties with whom the business incubator has established commercial or civil relations prior to the commencement of the execution of this contract and/or with whom the business incubator will establish such relations after the commencement of the contract. 

6.3. The client undertakes that these prohibitions for the established period will be observed by third parties - these are the persons who participate in the management of the client, the ownership in the capital of the client, persons who, in relation to the client, exercise control within the meaning of § 1c. of the ToL, persons who, in relation to the client, are related persons within the meaning of § 1. of the ToL, persons who fall into the category of § 2 ZMIP, as well as persons who are in a family relationship or de facto cohabitation with the persons who participate in the client's management or ownership in the client's capital.

6.4. The above prohibitions apply for the duration of the contract and 5 years from its termination.

VII. TRADE SECRET:

7. In connection with known circumstances during this contract, no party will disclose to third parties any data belonging to the definition of Article 3 of the Law on the Protection of Trade Secrets, including, but not limited to, data that expressly represent "confidential information". 

7.1. "Confidential information" should be understood as any information that is directly or indirectly related to the provision of goods and/or services under contracts concluded by the parties, or that results from the provision of goods and/or services by the parties, anythe plans and projects of the parties regarding their business operations, information of any kind, including business and strategic plans, trade practices, trade and production secrets, know-how, formulations, structure, organization, processes, policies and procedures, models, suppliers, customers, contracts, offers, prices, terms of trade, costs, data, investments, sales, capacity, demand and other information that the party will receive directly or indirectly or otherwise acquire, in connection with, on the occasion of and on time of negotiations. Confidential information may be provided in writing and/or orally, and in any form, including but not limited to paper, written notes, copies, reports, documents, surveys, analyses, letters, computer printouts, software, specifications , data, tables, diagrams, etc., any information concerning the parties, including information about current or planned innovations, products, brands, services, activations, creative ideas (for a campaign, slogan, BTL event, promotion, etc. activations ), drawings, or any other information provided by one party to the other; 

7.2. No information shall be considered confidential for the purposes of this Agreement that has been, or after the signing of this Agreement becomes public knowledge (except as a result of a breach of confidentiality obligations under this Agreement) or is received by a third party who has right to receive it or it was disclosed by order of the law, a court or other competent state authority or it was disclosed after the prior consent of the party;

7.3. Neither party shall reproduce (copy, record/store), distribute or in any other way use, without the prior written consent, part or all of the above-mentioned data disclosed by the other party or resulting from the nature of the contract, for any any purposes other than the purposes of this contract. The parties undertake to strictly protect the data and will not disclose it publicly or to a third party, including the content of conversations held related to the activities of either party, as well as any information related to them. The parties will protect confidential information in a manner that prevents its unauthorized use, distribution or disclosure. When interpreting the will of the parties, the principles laid down in DIRECTIVE (EU) 2016/943 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of June 8, 2016 on the protection of undisclosed know-how and commercial information (trade secrets) against their illegal acquisition will be taken into account. , use and disclosure of the EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION.

7.4. The customer assumes an obligation, the prohibitions under Art. 7 to 7.3. including, to be respected by third parties - these are the persons who participate in the management of the client, the ownership in the client's capital, persons who, in relation to the client, exercise control within the meaning of § 1c. of the ToL, persons who, in relation to the client, are related persons within the meaning of § 1. of the ToL, persons who fall into the category of § 2 ZMIP, as well as persons who are in a family relationship or de facto cohabitation with the persons who participate in the client's management or ownership in the client's capital.

VIII. PENALTIES:

8. For violation of the payment terms, the client owes a penalty in the amount of 0.2% of the remuneration of the business incubator for each individual service for each day of delay.

8.1. For violation of the client's obligation to report under Art. 2.2, if the client does not do so within a week of receiving the inquiry from the business incubator, he owes the incubator a penalty in the amount of twice the amount of the average remuneration, according to NSI statistics for the sector "Creation and distribution of information and creative products; telecommunications" announced here - https://www.nsi.bg/bg/content/3928/%D0%BD%D0%B0%D1%86%D0%B8%D0%BE%D0%BD%D0%B0% D0%BB%D0%BD%D0%BE-%D0%BD%D0%B8%D0%B2%D0%BE for the year in which the inquiry was made by the Business Incubator. 

8.2. For violation of the obligation, the client must report under Art. 2.3.1. and/or in case the Customer uses the S³ platform services without the module under Art. 2.4. and/or manipulates this data, he owes the Incubator a penalty equal to twice the amount of remuneration paid for the last 365-day period before the date of the Incubator's request for a report. If this period is not complete, the penalty is determined based on the remuneration paid up to the date of the incubator's request for a report.

8.3. For violation of the obligations related to the prohibition of competition, including in the hypothesis when this prohibition is violated by third parties for whom the client has undertaken not to violate it, the client owes a penalty in the amount of twice the amount of the remuneration paid for the last 365 days period before the claim datethe incubator's reporting. If this period is not complete, the penalty is determined based on the remuneration paid up to the date of the incubator's request for a report.

8.4. For violation of the obligations related to trade secrets, as well as in the event that this prohibition is violated by third parties for whom the client undertook not to violate it, the client owes a penalty in the amount of twice the amount of the remuneration paid for the last 365-day period before the date of the incubator's request for a report. If this period is not complete, the penalty is determined based on the remuneration paid up to the date of the incubator's request for a report. 

8.5. For violation of the obligations related to the obligation to delete the intellectual property of the Business Incubator after termination of the contract and if its use continues, the client owes a penalty in the amount of twice the amount of the remuneration paid for the last 365-day period before the date of the request by the incubator for reporting, but not less than BGN 10,000, and this penalty is due for each 6-month period in which the use continued unregulated. If this period is not complete, the penalty is determined based on the remuneration paid up to the date of the incubator's request for a report. 

X. APPLICABLE LAW AND COMPETENT COURT:

10. The parties expressly agree that Bulgarian law shall be applied in their relations and that the Bulgarian court shall be competent. The parties agree that the court in the city of Sofia shall have local jurisdiction.

10.1. Each party may request a supplement to the contract, on the basis of Article 300 of the Civil Code, when, in the event of a dispute between the parties, there is no provision that regulates a certain hypothesis, as well as when the law has not provided for such a legal provision.

10.2. The parties declare that, when concluding the contract, they had the necessary representative and dispositive power, they acted within the scope of their competence, and there are no legal obstacles or obstacles of another, objective or subjective nature to the conclusion of the contract, which can significantly affect the reality or the content of this contract, that the same was not concluded under mistake, fraud, threat or in a state of extreme need, and that the amount of the agreed penalties is not excessive for them.

10.3. These general terms and conditions may be amended and supplemented, outside the hypothesis of Article 10.1., expressed in writing in an annex, duly signed by the parties, and representing an integral part of this contract.

IX. APPENDIX:

Art. 70 ZAPSP Unless otherwise agreed, it is considered that the person who has legally acquired the right to use a computer program can load the program, display it on a screen, execute it, transmit it remotely, store it in the memory on a computer, translate it, rework it and make other changes to it, if such actions are necessary to achieve the purpose for which the right to use the program was acquired, including for debugging.

§ 1c. ТZ (1) "Control" within the meaning of this law is present when a natural or legal person (controller):
1. owns more than half of the votes in the general meeting of another legal entity, or
2. has the right to appoint more than half of the members of the management or supervisory body of another legal entity and at the same time is a shareholder or partner in this legal entity, or
3. has the right to exercise decisive influence over another legal entity by virtue of a contract concluded with it or by virtue of its company agreement or articles of association, or
4. is a shareholder or partner in another legal entity and by virtue of an agreement with other shareholders or partners independently controls more than half of the votes in the general meeting of this legal entity.
(2) In the cases under para. 1, items 1, 2 and 4, the votes of the persons controlled by him shall be added to the votes of the controller, as well as the votes of persons who act on his own behalf, but at his expense or at the expense of another person controlled by him.< br>
(3) In the cases under para. 1, items 1, 2 and 4 are not considered to be votes of the controller, the votes on shares or units held by him at the expense of another person who is not controlled by him, as well as the votes on shares or units that the controller holds as collateral, if the rights under them are exercised by order or in the interest of the person who provided the collateral.
(4) In the cases under para. 1, items 1 and 4, the total number of votes in the general meeting of a controlled person is reduced by the votes on shares or shares owned by him, by a person he controls, or by a person acting on his own behalf, but for his account.

§ 1. TK "Related persons" within the meaning of this law are:
1. spouses, relatives by direct line - without restrictions, by silver line - up to the fourth degree inclusive, and relatives by matchmaking- up to the third degree inclusive;
2. employer and employee;
3. the persons, one of whom participates in the management of the other's company;
4. the partners;
5. a company and a person who owns more than 5 percent of the shares and shares issued with voting rights in the company;
6. the persons whose activity is controlled directly or indirectly by a third party;
7. the persons who jointly directly or indirectly control a third party;
8. the persons, one of whom is a commercial representative of the other;
9. the persons, one of whom made a donation in favor of the other.
(2) "Related persons" are also the persons who participate directly or indirectly in the management, control or capital of another person or persons, which is why conditions different from the usual ones can be agreed between them.

§ 2. (1) ZMIP "Beneficial owner" is a natural person or natural persons who/who ultimately own or control a legal entity or other legal entity, and/or a natural person or natural persons, on whose behalf and/or for whose account a certain operation, transaction or activity is carried out, and which meet at least one of the following conditions:
1. With respect to corporate legal entities and other legal entities, the beneficial owner is the person who directly or indirectly owns a sufficient percentage of the shares, units or voting rights in that legal entity or other legal entity, including by holding bearer shares, or through control by other means, except in the case of a company whose shares are traded on a regulated market that is subject to disclosure requirements in accordance with European Union law or equivalent international standards ensuring an adequate degree of ownership transparency .
An indication of direct ownership is present when a natural person/persons owns at least 25 percent of a stock or equity interest in a legal entity or other legal entity.
An indication of indirect ownership is present when at least 25 percent of the shareholding or participation in a legal entity or other legal entity belongs to a legal entity or other legal entity that is controlled by the same natural person or natural persons, or of multiple legal entities and/or legal entities that are ultimately under the control of the same individual(s).
2. With respect to trusts, including trusts, trust funds and other similar foreign legal entities established and existing under the laws of jurisdictions permitting such forms of trusts, the beneficial owner is:
a) the founder;
b) the trust owner;
c) the guardian, if any;
d) the beneficiary or class of beneficiaries, or
e) the person in whose main interest the trust property is created or managed, when the natural person who benefits from it is to be determined;
f) any other natural person who ultimately exercises control over the trust property through direct or indirect ownership or through other means.
3. With regard to foundations and legal forms similar to trust property - the natural person or persons who hold positions equivalent or similar to those specified in item 2.
(2) The natural person or natural persons who are nominal directors, secretaries, shareholders or owners of the capital of a legal entity or other legal entity is not an actual owner, if another actual owner is established.
(3) "Control" is the control within the meaning of § 1c of the additional provisions of the Commercial Law, as well as any opportunity which, without being an indication of direct or indirect ownership, enables the exercise of decisive influence over a legal entity or other legal entity when making decisions to determine the composition of the management and control bodies, transformation of the legal entity, termination of its activity and other matters of essential importance for its activity.
(4) An indication of "indirect control" is the exercise of ultimate effective control over a legal entity or other legal entity through the exercise of rights through third parties, including, but not limited to, granted by virtue of an authorization, contract or other type of transaction, as well as through other legal forms providing the possibility of exercising decisive influence through third parties.
(5) (Supplement - SG No. 42 of 2019, in force from 28.05.2019) When, after all possible means have been exhausted and provided that there is no reason for doubt, it cannot be established as the actual owner, a person according to para. 1 or when there are doubts that the established person or persons is not the beneficial owner, the "beneficial owner" is considered to be the natural person who fulfills the position of senior management officer. Obliged persons keep documentation for the actions takenactions aimed at establishing the actual owner under para. 1.

Art. 300. TK When the parties agree upon the occurrence of certain circumstances to supplement the contract and upon their occurrence cannot reach an agreement, each of them may request the court to do so. When rendering the decision, the court takes into account the purpose of the contract, its remaining content and commercial custom.

Last revision: 06/01/2025

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