Foreign citizens and companies can start a business in Bulgaria under the same conditions as those applyed to bulgarian natives. The companies established by foreigners are treated as bulgarian local juridical persons.
The most popular juridical form for registering business entities in Bulgaria by foreign citizens is the Limited Liability Company. A limited liability company, called in Bulgaria 'OOD', is formed by one or more individuals or companies. A Limited Liability Company which has only one shareholder is known in Bulgaria as 'EOOD'.
The main advantage is that the shareholders' liability for the company’s obligations is restricted only to the value of their share in the company’s registered capital. A LLC exists as a separate legal entity and provides its shareholders for a limited liability.
Bulgarian legislation offers fairly good conditions for company registration. The minimum amount of the registered capital of a LLC in Bulgaria is just 2 leva (BGN), or about 1 euro.
In Bulgaria a financial system called 'currency board' is applyed and the exchange rate of the bulgarian leva to the euro is fixed by the Bulgarian National Bank:
1 EUR = 1.95583 BGN (leva).
Immediately after its registration, the capital of the company can be drawn from the temporary bank account in which it has been deposited.
In Bulgaria company registration is done at the Trade Register and can be made in any of its branches regardless of the district in which the company headquarters is based.
The main steps for setting up a new company are:
Choosing one or more objects or types of business activities for the company.
Choosing the appropriate juridical form. Perhaps you'd prefer to register a LLC. It may have only one partner or be a partnership of several persons.
It is also possible to register a branch of an existing foreign company.
Reserving a company name. You may select company's name. Availability can be verified online in the Trade Register's website, but it's recommended to be officially reserved as well.
Company headquarters. Every company must have its main office. "Contabil" Ltd. offers you the headoffice needed for the registration.
Capital. The necessary capital is to be deposited in a commercial bank. The minimum capital required for a limited liability company is only 2 leva (about 1 euro). Owner's capital has to be deposited into a bank account that has been specially opened for this purpose. Every partner must deposit in person his own share of the capital in the bank.
Notary public. The manager's signature must be legalized by the notary and therefore the manager must be presented in person.
Charges. Expenses related to the company registration amount to 250 leva (130 Euro) plus fee for the preparing the documents - 180 euro.
Contalil Ltd. accepts new clients no more.
Trade Register. In the Trade Register must be presented:
Application for reserving the name of the company
Minutes from the shareholders' founding meeting
The contract of incorporation
A declaration made by the manager
A specimen from the manager's signature
The management contract
Documents proving the required capital is deposited in the bank
Receipts for paid state taxes
Application for the company registration.
The procedure of company registration takes about 2 workdays.
Immediately after the completion of the registration the manager of the company may draw out the capital from the bank and use it for the business of the company.
Once the company is registered at the Trade Register, it can apply for a registration under the VAT law. This procedure takes upto 14 days after the necessary documents are submitted to the National Revenue Agency, the fiscal authority in Bulgaria.
Infiintare firma in Bulgaria
Foreign citizens and companies can start a business in Bulgaria under the same conditions as those applyed to bulgarian natives. The companies established by foreigners are treated as bulgarian local juridical persons.
In Bulgaria a financial system called 'currency board' is applyed and the exchange rate of the bulgarian leva to the euro is fixed by the Bulgarian National Bank: