Bulgaria as part of EU offers only 10% corporate tax and has one of the most stable bank systems within the EU and most of the banks provide full English 24/7 support. In Bulgaria, there are 22 licensed banks and 7 branches of foreign banks of in total 27 banks of which the most well-known are Unicredit Bulbank AD, Raiffeisenbank (Bulgaria) EAD, First Investment Bank AD, Societe Generale Expressbank AD, Piraeus Bank Bulgaria AD, First Investment Bank AD and much more. As a result, the process of bank account opening becomes relatively easy to accomplish by international citizens who are looking to explore new business ventures or simply want to own a bulgarian bank account.
We assist our clients in the whole process of opening individual and corporate bank accounts in Bulgaria. Our expertise includes opening corporate bank accounts remotely in Bulgaria for 3 types of companies:
- EU and Bulgarian companies, which shareholders are EU nationals;
- EU companies, which shareholders are non-EU and
- Non-EU and Offshore companies.
Bank account opening in Bulgaria for a foreign entity
In order to open the bank account of a foreign entity in Bulgaria, a special procedure of pre-approval should be passed. The procedure takes between one and two weeks. Due to our partnership with the most of the Bulgarian banks, we use the pre-approval procedures which allows the bank to revise the documents of the company in English upon scanned copies. After the approval of the bank, we proceed with the translation and legalization of the documents and opening the bank account.
What documents do I need to open a bank account in Bulgaria?To open bank accounts for foreign companies in Bulgaria the bank requires a number of documents which vary depending on the specific company, its scope of business and the local legislation of the country where the company is founded and located, but the basics are: • Articles of Association of the company; • Certificate of good standing – official document issued by the registrar which shows the current legal state of the company, as well as the current directors, registered address, shareholders, etc.; • A signed copy of the valid passport or national ID card of the shareholders and the directors of the company. • Power of attorney in case the account will be opened via proxy. All document must be apostilled and translated in Bulgarian when the account will be opened.
Does the bank provide online banking and debit card?Yes, the banks in Bulgaria provide online banking services fully in English and have online support center 24/7. Each account has online banking and you can have active or passive rights. The username and password can be given to an authorized person and handed to the beneficiary. The bank also provides a debit card to each opened by its account. It usually takes a week or so to get a bank card, which can be delivered to your chosen address or collected from the bank in person.
No physical presence requiredOpening a corporate bank account in Bulgaria to your foreign entity could be done fully remotely. By providing our team with a Power of attorney, which is notarized in the Bulgarian Embassy abroad, we can open remotely the bank account Bulgaria, apply for bank card and online banking.
Minimum balance to preserve the accountEvery bank requires a minimum deposit amount to preserve the account which varies depending on the bank but usually is between 50-200 EUR.
Bank account opening of individuals
Opening a bank account of Bulgarian and foreign individuals.
In order to open a bank account of Bulgarian and foreign individuals, we need only ID card and power of attorney.
Bank account opening of Bulgarian companies
The bank account of a Bulgarian company could be open on the same day without any pre-approval procedure and additional documents. There is no translations and legislations.
Company registration in Bulgaria
Our lawyers can assist and advise you in setting up a Bulgarian company. It generally takes no more than one week to register a company in the Trade Register. The minimum starting capital of the limited companies is 1 Euro.
We will help you to choose the most suitable corporate form for your business, prepare the company documents and represent you during the registration procedure in front of the Bulgarian commercial register, as well as to open company accounts at Bulgarian banks of your choice, apply to the competent tax authorities for a Tax ID and a Value Added Tax Identification Number for your company.
As an additional service, we advise you on a suitable company headquarter and can even provide one. We assist you in finding qualified personnel, manager or company representatives. We have qualified accountants and tax advisers so that we can take over the tax affairs of your company in Bulgaria as well.
More information about company registration process and requirements, you can find here.
A Bulgarian limited liability company can be incorporated within one week, with a minimum of one shareholder and one director, who can be of any nationality and place of residence. Conveniently, the minimum paid up share capital is only €1 and there is an option for our Client not to travel to complete Bulgaria business setup.
Lowest taxes in Europe
We’ll let the fact speak for itself:
- Corporation tax: 10% (the average corporation rax rate in Europe is 25%)
- Personal income tax: 10% (the average personal income tax rate in Europe is 40%)
- Dividendbelasting: 5% (0% when the European parent/subsidiary directive applies)