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JUST FIND YOUR ANSWERS BELOW:

Q
What is the procedure and the documents needed for incorporating a company in Bulgaria?
AWe prepare all the documents in Bulgarian and English and we send them to the client for signature. We just need:

  1. a copy of his passport/ID;
  2. the chosen name of the company to check availability;
  3. a brief description of the scope of activity of the company;
  4. the amount of the share capital of the company – the minimum is 1 EUR;
  5. address of the company in Bulgaria.

Two of the incorporation documents have to be notarized – if the client will come in BG for the incorporation, we will go to a notary here. If he will not travel for the incorporation, we will send the documents in Bulgarian, they will have to be translated by a sworn translator from the list of the Bulgarian Embassy and then they will be notarized in the Embassy. Please have in mind that the signature of the documents in Embassy will have extra costs.

Q
Could you please inform me about the taxation in such company – corporate and VAT?
A Bulgarian companies are taxed with 10 % corporate tax, which fee is flat and is no dependable on the amount of the income.

As the Bulgarian company is in the EU the VAT within the EU is 0%.

Q
In case we move our firm in Bulgaria, can you propose us a head office?
A Yes, we provide registered address.
Q
Are we obliged to have a “natural” presence in Bulgaria?
A No, you are not but it is better to have the director of the company insured in Bulgaria.
Q
Can you take over the full process of registering a company in Bulgaria?
A Yes, we prepare the documents for the incorporation of the company. They are prepared in Bulgarian and English.
Q
Can you advise us on the best company type for Bulgaria?
AThe most common and preferred type of company by our clients is a Limited Liability company. It is due to the minimum required share capital which is 1 EUR.
Q
Are the partners of a company in Bulgaria obliged to pay for social security per month/year or not?
AThe shareholders are not obligated to pay insurance in Bulgaria, only the director if he is not insured elsewhere. We advise the company to have at least insured person.
Q
Our invoices (description of our services) should be on Bulgarian or is it allowed to be on our customer’s language?
AThey have to be in Bulgarian for the bookkeeping but there is no problem to issue them in another language too.
Q
What are the documents needed for opening a bank account?
AAfter the company is incorporated, with the notarized Power of attorney, we will be able to open the account, obtain online banking and a debit card. Otherwise, the director of the company can go in person and open the company account with a Certificate of good standing of the company.
Q
Can you open for us a bank account in Bulgaria? Is our “natural” presence an obligation?
AYes, we can open an account with a Power of attorney, no natural presence required. The POA has to be certified in the Bulgarian Embassy if it is not going to be notarized in Bulgaria.
Q
As a company can we have a debit or credit card?
AYes, debit card is issued on company accounts.
Q
Do you provide nominee services?
AYes, we do provide nominee director/shareholder services.
Q
Do you have ready-made companies?
AYes, we can transfer the shares of a ready-made companies.
Q
What are the costs for starting up a business in Bulgaria?
AYou can request a free quote for starting a business and incorporating a company in Bulgaria from our attorneys.
Q
What are the monthly and annual costs of preserving a business/company in Bulgaria?
AIt depends on the scope of activity of the company and whether it will be VAT registered or not.
– Bank account opening in Bulgaria for foreign entities and persons –

Q
Can you open a bank account in Bulgaria for a foreign entity? 
A Yes, we can open bank accounts remotely in Bulgaria for 3 types of companies plus natural persons:

  1. EU companies, where shareholders are EU nationals;
  2. EU companies, where shareholders are non-EU;
  3.  Offshore companies.
Q
What are the documents for opening a foreign company bank account?
A In order to open bank accounts for foreign companies 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 these are the basics:

  1. Memorandum and Articles of Association;
  2. Certificate of Incorporation;
  3. Certificate of Incumbency/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.

*This document must not be older than 3 months at the time of presentment to the bank*

  1. Copy/ies of the International passports of the director/s of the company;
  2. Official list of registered shareholders;
  3. Notarized Power of Attorney (PoA);
  4. Any licenses, permits or approvals if the scope of business requires such (i.e. weapons trade, investment consulting, financial services, etc.);

All documents should bare Apostille, should be translated in Bulgarian by a sworn translator and legalized by the Ministry of External Affairs /except the copy of the passports/. When you get the whole set of documents, you can have one Apostille for all of them.

Once all the documents are with Apostille, they have to be translated in Bulgarian and legalized in the Mistry of Foreign Affairs Bulgaria.

Q
Pre-approval
AThere are two banks in Bulgaria which will be able to revise the documents of the company in English upon a scanned copies set of the aforementioned documents in English and a filed Questionnaire for foreign legal entities. All the other banks require a full set of documents, along with the Power of attorney translated and legalized before the estimate the documents.
Q
What is the time scale for opening an account
A First, there is time for preparing and having an Apostille of the set of documents.

Then, there is time for translating the incorporation documents in Bulgarian and legalization – approx. 10 days. The fees of the translation agency vary upon the length of the documents but are approx. 100 EUR.

Then, revising the documents from the bank follows – approx. one week is the period for revising the documents for opening the account from the bank.

After the approval, the opening is made in the same day.

Q
What are the costs for opening a foreign company bank account in Bulgaria?
A Please, use our contact form and request a free quote.

In case you need additional support and information, do no hesitate to contact us via email or by phone.