Bulgaria Company Formation

Opening a Company in Bulgaria

What are the advantages in the country of Bulgaria?
Bulgaria, a country that is part of the European Union, is a convenient solution for many entrepreneurs.

The country borders Turkey to the southwest, which makes Bulgaria a convenient solution for imports from Turkey and exports to Turkey.

The local currency is the Bulgarian Heart (BGN), and living is cheap in the country.

Bulgaria is a convenient gateway to the European market, with cheap maintenance costs and a local market that understands the English language very well. Therefore, registering a company in Bulgaria gives the entrepreneur many advantages.

The process of opening a company in Bulgaria
Opening a company in Bulgaria begins with the signing of a notarial power of attorney to open a company by a local agent. The document is then sent with a courier urgently and the company is established.

In Bulgaria there is no need for a local director or a local shareholder.

In Bulgaria you also do not need any European citizenship to open a company. You can open a Bulgarian company even if you are an foreign citizen.

This means that it is possible to open the company with 100% shareholding in the name of an foreign citizen - in your name, or even in the name of a foreign company. The director can be foreign and there is no need for a local director.

As part of the process, a bank account is opened for the purpose of depositing the equity, which can be as low as 1 lev only, i.e. 1 BGN.

After opening the bank account and depositing the equity capital, the company is opened and a "registration certificate" (Bulgarian certificate of incorporation) is issued, like the one we issued:

Opening a bank account in Bulgaria - current account for the company
After opening the company, it is time to open a current bank account in Bulgaria for the company.

Since this is a European country, more or less starting in 2018, those who want to open a bank account are required to come to the country.

However, there is an alternative, and that is opening an internet bank account. Indeed, similar to our "Zero One" bank, there are internet banks in Europe that would be happy to accept your company in Bulgaria as a customer.

VAT registration
After the opening of the company, at the same time as the opening of the current bank account for the company, the registration of the new company with VAT will also be carried out. The company will receive a VAT number and can start trading.

EORI number
If you need to, we can obtain an EORI number for you so that you can import or export with the company within Europe.

EORI is an abbreviation of Economic Operators Registration and Identification number.

Company maintenance
The company requires annual maintenance of payment of fees, annual submissions, local address (which we will provide for you), as well as submissions to the tax authority.

However, all costs in Bulgaria are low due to the relatively cheap cost of living.

Tax in Bulgaria
The corporate tax in Bulgaria has been at a very low rate of only 10% for years.

For sales to the local Bulgarian market, the VAT is 20%.

Questions and answers
Question: Who provides the local address for the company in the new Bulgaria?
Answer: We will provide the local address.

Question: How can I find a good accountant who can take care of the company in our new Bulgaria?
Answer: We will connect you with a local accountant.

Question: If I want to come to Bulgaria to open a bank account, what should I do?
Answer: We will try ahead of time to arrange a meeting for you at the branch in order to sign the account opening forms, so that everything will be in order before you arrive, so that you will not wander around the city in order to find a branch that will accept you and open a bank account for a company in your new Bulgaria.

Question: How long does the process take?
Answer: The process of opening the company, including signing the power of attorney and sending it, should take about 3 weeks. After that, the process of opening a bank account takes between 1-3 weeks, depending on the readiness of the banks to accept the new company as a customer. Of course, these are times that depend on third parties, so this is only an estimate.

Question: How much does it cost to open a company in Bulgaria?
Answer: Click here to contact us and get a current quote without obligation!