Company registration in Bulgaria
Bulgaria is a land in Europe located on the picturesque Balkan Peninsula. This country is very popular and attractive to tourists. A strong economy, agricultural production, a developed service, and a tourism sector create conditions for a profitable business. Foreign investors can receive government benefits and support, and the laws of the country do not restrict small businesses.
Bulgaria company register is a profitable and promising opportunity to get all the privileges and advantages of the European Union. Since this country is not offshore, it has a small corporate tax and no double taxation like many countries.
Why do you need to set up a company in Bulgaria?
Company formation Bulgaria undoubtedly has a huge number of advantages. For example, you do not need to receive a work permit if you decide to enter commerce and work as a manager. It is also possible to acquire a business visa, purchase leasing vehicles, real estate, and necessary equipment, and get a car for a firm (with mandatory annual re-registration for foreigners). Receiving loans and mortgages for a company will be at an interest rate much lower than for foreign citizens. The procedure for opening an enterprise itself has a low cost.
Bulgaria is a member of the European Union and the Single Market. This provides establishments with all the business privileges available to the lands of the Eurozone. For example, acquiring a residence permit for three representatives of foreign organizations, enjoying low tax rates, and developing a banking system is possible. And since Bulgaria is a party to The Hague Convention, the company’s documents can be apostilled. Setting up a firm and an account is possible within the same state, while maintaining a corporate account in a country’s bank has a small tariff. Businesses always have a high reputation due to the lack of offshore status. There is access to the CIS and Turkey markets.
Benefits of www.fintecharbor.com among registration agents in Bulgaria
By choosing www.fintecharbor.com, you get an excellent opportunity to quickly list your company in the trade register Bulgaria while spending minimal funds and avoiding additional fees. A team of experienced lawyers takes into account all the features of your business and provides comprehensive information on the conduct of trading activities in the country. We offer full legal support. Our lawyers know the specifics of the law and the peculiarities of conducting local commercial activities.
Therefore, if you want to start working in 3 markets simultaneously and enjoy the tax benefits and advantages of the European Region, please contact www.fintecharbor.com. We will provide a decent quick organization and prosperity for your business!
Main types of companies in Bulgaria
To open a company in Bulgaria, it is necessary to study the types of economic activities provided for by the legislation of the country. The most popular among foreign founders are the following types of organizations:
- limited liability partnership;
- general partnership;
- limited partnership;
- limited liability company (LLC);
- joint-stock company (JSC).
Depending on the economic activity and business goals, our team of experienced lawyers will select the appropriate type of company and help with its registration.
How much does it cost for company registration in Bulgaria?
The cost of registration a company in Bulgaria is 2500 EUR.
Requirements for company formation in Bulgaria
There are no strict requirements for opening corporate organizations in the country. The only exception is the registration of a joint stock company. This type of company must have a minimum share capital of BGN 50,000 (about $27,000). In addition, investors and entrepreneurs from EU countries who have branches of their enterprises in Bulgaria do not need a visa upon entry.
Company registration in Bulgaria by non-residents is regulated by the Commercial Code, and business founders must conduct their activities in accordance with the Bulgarian Commercial Law.
Bank account opening
Opening a bank account is an important part of company incorporation in Bulgaria. To do this, you need to collect a package of documents:
- basic documents of the company;
- company registration certificate;
- company charter;
- signatures of directors/founders/shareholders;
- signed bank statements and an account opening form.
Note that various banking institutions may set their own requirements for the list of required securities or request additional information about the company.
To register a company, you must obtain a legal address. Founders who own real estate in Bulgaria can use their own residential addresses. If the applicant is not a citizen of Bulgaria and does not have an address, it is necessary to ask a specialized legal company for help.
The Fintecharbor team will help you find a legal address and register a company in Bulgaria as soon as possible.
Authorized capital for business registration in Bulgaria
The authorized capital in Bulgaria depends on the type of economic activity. For example, for a limited liability company, the amount must be 2 levs or more. This minimum amount is sufficient to set up a company in Bulgaria. Also, the entrepreneur must take into account the type of activity and the number of founders. For an LLC with several applicants, the minimum authorized capital is 1 lev.
Taxation of companies in Bulgaria
In accordance with the law, companies registered in Bulgaria are subject to a fixed 10% rate on profits. It must be paid by non-resident organizations that receive their income from sources in Bulgaria or through a representative office in this country. There is no capital gains tax or stamp duty.
How to open a company in Bulgaria
To open your own enterprise in the country, you need to determine the appropriate jurisdiction and collect a package of constituent documents. It is also important to familiarize yourself with the requirements, legal nuances and laws of Bulgaria that govern the business sector. All this may require a lot of time and effort, but partnership with a professional law firm will greatly facilitate the process of setting up a business abroad.
Company registration in Bulgaria can be fast and easy. Our experienced lawyers will help you understand all the intricacies of foreign legislation and advise on all emerging issues.
What documents do I need to register a company in Bulgaria?
Opening a company in Bulgaria requires careful preparation. The main time is spent on the collection and preparation of mandatory documentation:
- completed registration form in the Commercial Register of Bulgaria;
- general company documents;
- certificate confirming the institution’s name;
- company charter;
- signature samples of directors/founders (notarized);
- bank statement confirming the presence of a minimum capital;
- photocopy of passports of directors/founders of the enterprise.
Please note that this list of documents is suitable for opening the most popular type of company – LLC. For other types of organizations, minor changes are possible, so it is better to contact licensed specialists for advice.
Steps to incorporate a company in Bulgaria
Commercial Law provides for different forms of doing business. The most convenient and popular for non-residents are the LLC with one founder and the LLC with two or more founders.
For company registration in Bulgaria, the following documents are demanded (registration of OOD – Limited Liability Company or EOOD – Sole Limited Liability Company): application, first directors minutes meeting, shareholder agreement, director’s declaration (consent to be the manager), sample signature, management agreement between the company and the manager, a declaration of the absence of obstacles to the management of the company, a statement of the correctness of all documents for the commercial register, a receipt for payment of registration fees, a power of attorney for an authorized person when registering a company not independently, the need to deposit the authorized capital to the account and a corresponding bank statement about this.
When setting up a firm in the country, it is essential to remember that:
- A bank account can be opened not only domestically but also in other countries.
- The state fee is paid annually.
- It is obligatory to pay the authorized capital, the minimum amount is 1 euro, and to hold at least one meeting of the founders during the twelvemonth.
We are very grateful for the quick feedback and detailed consultation on how the Bulgaria company formation is going! This helped to collect all the essential documents quickly and start trade in Bulgaria. We were satisfied with the work of your firm. Thanks!
Found Fintech Harbor and did not regret the cooperation. We saved a lot of time, and now we can see the result! Thanks to your experts.
The term of enlisting the firm into the Bulgarian business register is influenced by the speed of the couriers who send copies of your documents to Bulgaria. The process will take from 4 days to 4 weeks.
To check if the ltd company registration Bulgaria has been made, you can go to the website of the commercial register www.brra.bg (https://portal.registryagency.bg/ “Reference” section).
Opening a business in this country is a fairly simple procedure. You can organize a business quickly; there are no strict requirements for the subject of activity. Flexibility lies in the fact that later the company can change the type of activity (from the sale of goods to the provision of services) without any formalities. Licenses are practically unnecessary and are required only for certain activities.
The answer is, of course, yes, since any foreigner can establish his company (legal entity) in the country, even if he does not have a residence permit. An exception is an individual entrepreneur since it is not a legal entity. A significant advantage is the preferential rate of 0% for various types of transactions, including export ones. The local currency is pegged to the euro and has remained unchanged for the last decade. All this, along with a stable political and economic environment, attracts investors from many countries and creates a favorable environment for trade.
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