Nowadays, you can almost do everything and track the results online wherever you’re located. This often leads to more operational control and additional time to invest in other initiatives.
How about running a business remotely in low tax country within the EU while taking advantage of the EU principles and benefits? Have you thought of doing business in Bulgaria fully remotely?
First, choosing the right destination to do business is one of the most important things to do. Bulgaria is one of the few countries in which almost anything can be done via an authorized representative by using certified Power of attorney.
There is no need to travel to Bulgaria to start your business. You can authorize someone to represent you with a Power of attorney. A limited liability company can be established in 3 days period. Moreover, the authorized person could:
- Open capital-raising bank account and deposit the statute capital in a chosen bank by the Client;
- apply for the company registration in the Bulgarian trade register;
- open a paying corporate account in any currency in a chosen bank by the client.
One of the biggest benefits of doing business in Bulgaria remotely is that the bank requirements are lower than the requirements in most of the EU countries. The bank does a very limited check on a Bulgarian company and in 99% opens a bank account. Furthermore, with a Power of attorney the authorized person could take the online banking and the debit card of the company and send them to the Client.
All banks in Bulgaria provide Internet banking with the newest verification methods.
Bulgarian Law does not require the company to own a property in order to set up the company. That’s why most of the investors prefer to use virtual office services. In case the Client receives a letter on the business address it’s instantly forwarded to him.
Our law does not even have requirements connected with the residence of the manager. It could be literally anyone. Only two documents from the whole set of incorporation documents have to be notarized, the manager of the company could notarize them in Bulgarian Embassy or Consulate all around the world without restrictions. They have the same power as the documents which were notarized in Bulgaria.
Once the company is established, few actions should be done in front of the National Revenue Agency, and the National Social Security Institute. As indicated above, the client doesn’t need to be physically in Bulgaria. All communication with the authorities can be done with a single certified Power of attorney, given to an attorney or accountant. Another option is to take an electronic signature which will allow the local representatives to communicate with the authorities with several clicks of the mouse even without of power of attorney.
The Bulgarian company will also need a trustworthy accountant. The good news is that there is an ongoing trend of full e-accountancy. That means that you do not have to send anything to your accountant in original. A scanned copy is more than enough. That’s a huge benefit for doing business in Bulgaria fully remotely.
All contracts during the activity of the company could be signed by PoA (Power of attorney). An authorized person could even sign on behalf of the investor in front of the notary with power of attorney.
Doing business remotely in Bulgaria is easy! You just need to find the right and trustworthy persons to support you. Though you should build a trustworthy relationship with your partners and virtual assistants, at the end of the day it is always smart to set certain parameters for your own security.
Innovires professional and experienced team will kindly assist you while you do business in Bulgaria remotely. We offer a full range of corporate services, including accounting and financial services through our partner.
Learn more about the company incorporation, bank account opening, taxation and nominee services HERE.
Do not hesitate to contact us in case you have any additional question.