The necessity of an Economic Operator Registration and Identification (EORI) number for companies operating within or in conjunction with Bulgaria underscores more than just compliance; it’s about ensuring efficiency and legality in cross-border exchanges.
This article will delve into the crucial role of the EORI number in facilitating international commerce, offering insights on its importance, the application process, and how businesses can leverage this identifier to streamline their operations and secure their trade activities against regulatory and security challenges. Whether you’re a large corporation or a small enterprise aiming to broaden your international footprint, understanding the EORI system is your first step toward unlocking smoother, more efficient trade pathways across European borders.
Why Do Businesses Need an EORI Number in Bulgaria?
For companies operating in or with Bulgaria, an Economic Operator Registration and Identification (EORI) number is a critical component for legally importing and exporting goods. This number is not just a formality; it serves as a unique identifier for businesses across the European Union, streamlining customs procedures and enhancing security measures. Without an EORI number, businesses may face delays, fines, or even the inability to carry out cross-border transactions. It essentially acts as a passport for goods, facilitating smoother transactions and ensuring that businesses remain compliant with international trade laws.
Understanding the Importance of an EORI Number for International Trade
An EORI number is more than just a requirement for customs clearance; it’s a vital tool for businesses to maintain the efficiency and reliability of their supply chains. This registration assists authorities in tracking and regulating goods movement, thereby minimizing the risk of illegal trade practices. For businesses, the benefits are twofold: it ensures compliance with EU regulations and simplifies logistic operations. By having an EORI number, companies can access various customs services and information exchanges more quickly, leading to faster clearance times. Furthermore, this number is necessary for businesses to apply for customs simplifications and authorizations, which can significantly reduce costs and improve operational efficiency.
Who Should Apply for an EORI Number in 2025?
As we move into 2025, the criterion for who should apply for an EORI number remains broad and inclusive, catering to a wide range of economic operators involved in international trade.
Firstly, any business established in Bulgaria that is engaged in importing or exporting goods to and from the European Union must secure an EORI number. This includes both large corporations and small and medium-sized enterprises (SMEs) that aim to expand their market presence beyond national borders.
Additionally, foreign companies operating within Bulgaria, whether they have a physical presence or conduct transactions remotely, are also required to register for an EORi number. It’s essential for these companies to understand that possessing an EORI number is a prerequisite for legal trade activities within the EU.
Individual entrepreneurs and sole proprietors involved in international trade activities should not overlook the importance of obtaining an EORI number. Even if transactions are infrequent, having this registration ensures that when opportunities arise for cross-border exchanges, they are prepared and compliant with EU trade regulations. It’s a small but critical step towards globalizing a business and maximizing potentials in the European market.
In summary, the EORI number stands as a cornerstone for legal and efficient international trade involving Bulgarian businesses. By understanding its importance and ensuring timely registration, companies can safeguard their operations against regulatory hurdles and contribute positively to the seamless flow of global commerce.
The Step-by-Step EORI Registration Process in Bulgaria
Getting your business ready for international trade in Bulgaria involves obtaining an Economic Operator Registration and Identification (EORI) number. This number is crucial for customs and tracking, ensuring smooth transactions within the EU. Here’s a concise guide to the registration process:
Complete the Form: Start by filling out the EORI registration form accurately before initiating the application process.
Prepare the Documents: Gather the necessary documentation, including the company registration certificate from the Bulgarian Trade Register for businesses or a valid passport for individuals.
Apply: Submit your application to the Bulgarian Customs Agency along with the required documents for processing.
Start Trading: Once your registration is approved, you receive an EORI number, allowing you to commence export/import activities and other international operations.
If the application is not submitted by an authorized representative of the company, a power of attorney must also be included in the application.
Essential Documents for EORI Registration
Depending on whether you are an EU-established entity or not, the required documents for EORI registration vary:
For entities within the EU: A filled-out registration form, proof of registration from the Trade Register (for companies), and an ID card (for individuals).
For non-EU entities: A filled-out registration form in Bulgarian, proof of registration with the trade register from your country of origin, a certificate of good standing dated no more than 6 months before the application, and a valid passport (for individuals).
Applications generally take about three days to process, but this can extend if the documentation is incomplete or certain required documents are missing.
Applying Online: A Step-by-Step Guide
For entities within the EU, applying for an EORI number online is straightforward:
Registration on the e-Portal: Register in the Customs Agency’s e-Portal to exchange information electronically.
Request Access: Through the “User and Access Management” service, request an EORI2 service account.
This online process simplifies the registration, making it more efficient and less time-consuming.
Common Mistakes to Avoid During EORI Registration
Securing an EORI number is a straightforward process, but errors can delay your application. Here are common pitfalls to avoid:
Incomplete Forms: Double-check your application for completeness to avoid unnecessary delays.
Incorrect Documentation: Provide all the required documents, ensuring they are current and correctly filled out.
Failure to Translate Documents: For foreign entrepreneurs, ensure that all non-Bulgarian documents are accompanied by certified Bulgarian translations.
Avoiding these mistakes helps expedite the registration process, allowing you to focus on expanding your business internationally.
Timeline and Processing: What to Expect After Applying?
Once you’ve applied for your EORI number, understanding the timeline and what follows is crucial for smoothly integrating this step into your business’s trade processes. Here’s a concise guide to help you manage expectations and plan accordingly.
How Long Does It Take to Receive Your EORI Number?
Typically, the process of obtaining an EORI number is swift, taking around three days post-document submission. This timeline is based on the assumption that all submitted documents are complete and accurate. However, it’s important to remember that delays can occur, especially if the application is incomplete or if additional documentation is required. In such cases, the processing period may extend, potentially impacting your business operations. It’s beneficial to prepare and double-check all documents prior to submission to avoid any delays.
Immediate Steps After Receiving Your EORI Number
Following the receipt of your EORI number, your business is now ready to embark on or continue its trading activities with reduced hurdles. To ensure you make the most of this new development, consider the following steps:
Update Business Records: First and foremost, update all relevant business records and accounts with your new EORI number. This ensures that all future transactions will smoothly integrate this crucial piece of information.
Communicate with Partners: Inform your trade partners, suppliers, and logistics providers about your EORI number. This is essential for ensuring that shipments are processed without unnecessary delays, as having your EORI number on all documents helps customs authorities efficiently identify your business.
Review Trade Agreements: With your EORI number in hand, it might also be an opportune time to review and possibly renegotiate terms with trade partners, especially if the ease of trade positively impacts your agreements.
Stay Informed: Regulations and requirements can evolve, so staying informed about any changes related to EORI or customs procedures is essential. This proactive approach will help your business adapt more quickly to regulatory changes, reducing the risk of disruptions.
Navigating the EORi System in the EU
Trading within the EU has seen significant updates in protocol, particularly after changes like Brexit. Understanding the Economic Operator Registration and Identification (EORI) system is crucial for businesses involved in importing or exporting goods. The EORI system is a European Union (EU) initiative that helps traders and customs authorities communicate more effectively. Essentially, it assigns a unique identifier, known as an EORI number, to businesses, streamlining customs procedures and improving the security of trade. For businesses in Bulgaria, this means an efficient way to participate in international trade while complying with EU regulations.
Acquiring an EORI number is straightforward. Businesses simply complete a registration form, submit the required documentation, such as a company registration certificate and await processing by the Bulgarian Customs Agency. This process not only legitimizes businesses within the EU’s trade mechanism but also facilitates smoother transactions at the border. Importantly, having an EORI number is a prerequisite for engaging in import/export activities across all 27 EU member states, making it an essential step for companies looking to expand their reach within the internal market.
The Role of EORI in EU Trade Post-Brexit
Post-Brexit, the EORI number has become more pivotal for businesses within and outside the EU. For UK businesses trading with EU countries, including Bulgaria, obtaining an EORI number is necessary to move goods between these regions. The transition period highlighted the importance of the EORI system in avoiding trade disruptions and ensuring a continuous flow of goods.
It acts as a bridge for traders navigating the new trade landscape, offering a streamlined process for customs clearances and declarations. The EORI system simplifies the customs process, making it more transparent and easier to manage for businesses adapting to the post-Brexit trading environment.
How Does the Bulgarian EORI Integrate with EU Systems?
The Bulgarian EORI system is fully integrated with the EU’s customs ecosystem, ensuring seamless coordination between national and EU-level customs processes. This integration means that an EORI number obtained in Bulgaria is recognized across the EU, facilitating easy access to the single market for Bulgarian businesses. The system is designed to work with the EU’s central databases, enabling efficient data sharing and quicker customs clearances. By utilizing electronic data interchange and alignment with EU regulations, Bulgaria ensures that its businesses can engage in international trade effectively and without unnecessary delays.
Moreover, for companies and traders operating in Bulgaria, the integration of the EORI system with EU systems offers direct access to the wider European market, underpinning their ability to trade efficiently and competitively. It assures businesses that their operations align with EU customs security and safety measures, providing a much-needed sense of security in today’s complex trade environment. With the rise in e-commerce and digital trade solutions, having a streamlined and unified system like the EORi integrates Bulgaria more deeply into the fabric of EU trade, benefiting both the economy and individual traders.
Advanced Tips for Utilizing Your EORI Number Effectively
To navigate international trade efficiently, the EORI number is a cornerstone for businesses. Enhancing your understanding and use of this unique identifier can smooth out the customs clearance process and optimize your business’s logistics and shipment handling. Here, we delve into advanced strategies to make the most out of your EORI number.
Best Practices for International Shipping and Customs Clearance
Optimizing your approach to international shipping begins with a solid grasp of customs requirements and a strategic use of your EORI number. Here are some best practices:
Early Application: Apply for an EORI number well in advance of your first international shipment to avoid any delays.
Accurate Documentation: Ensure all shipping documents accurately reflect your EORI number and check that it’s properly listed on commercial invoices and packing lists.
Training and Awareness: Educate your team about the importance of the EORI number in your shipping processes to prevent mishandling.
Compliance Check: Regularly review customs regulations and ensure your business remains compliant with the latest international shipping laws and tax obligations.
Consultation with Logistics Partners: Work closely with your logistics providers to ensure they understand your business’s needs, including the efficient use of your EORI number for smooth shipments.
Adhering to these practices will save time and resources, reducing potential bottlenecks in your shipping operations.
Integrating EORI into Your Business Workflow
Incorporating your EORI number into the very fabric of your business operations is critical for seamless international trade. Here’s how you can achieve this:
System Integration: Embed your EORI number into your business’s ERP or logistics management systems to automatically include it in relevant documents and processes.
Vendor and Customer Communication: Clearly communicate your EORI number to vendors and customers involved in the international shipping process. This clarity helps in preventing delays and confusion.
Regular Updates: Keep your EORI information up to date with the customs authorities. Any changes in your business status or contact information should be promptly updated to avoid complications.
Monitor Shipments: Actively monitor your shipments and use your EORI number to track and manage customs clearances. This proactive approach facilitates quicker resolution of any issues that may arise.
By weaving the EORI number into the daily operations of your business and adopting comprehensive security measures, you can enhance efficiency, compliance, and peace of mind in your international trade endeavors.
Critical FAQs on EORi Registration in Bulgaria
Can Individual Traders Apply for an EORI Number?
Yes, individual traders can apply for an EORI number in Bulgaria. This process is essential for those intending to engage in import or export activities within the European Union. Individuals must submit a valid passport along with the filled-in registration form. For traders residing within the EU, an ID card and proof of registration, such as a Trade Register certificate, are also necessary. It’s imperative for traders to ensure their documentation is complete to avoid delays in the registration process.
What to Do If Your EORI Number Is Delayed or Rejected?
Dealing with a delayed or rejected EORI number application can be frustrating. In such cases, the first step is to contact the issuing authority directly to ascertain the reason for the delay or rejection. Common reasons include incomplete applications or missing documentation. Always verify that every required document is thoroughly completed and accurate before submission. If your application was rejected, understanding the specific reasons will allow you to rectify any issues and reapply. For unresolved delays, persistently follow up with the customs office to ensure your application is processed timely.
Is There an Expiry Date for the EORI Number in Bulgaria?
Once assigned, an EORI number in Bulgaria does not have an expiry date. This means that once you obtain your EORi number, it remains valid for as long as your business or trading activities continue within the EU. However, it’s critical to update your registration details if any significant changes occur, such as a change in your company’s address or legal status. Keeping your EORI registration information current ensures you remain compliant with EU customs regulations, preventing potential delays or complications in your trade activities.
Maintaining Compliance: Future-Proofing Your EORI Registration
In the dynamic sphere of international trade, adhering to regulations and keeping your documentation up-to-date is crucial for smooth operations. Specifically, for businesses moving goods into or out of the European Union, the Economic Operator Registration and Identification (EORI) number serves as a vital touchstone for customs and trade activities. As the landscape of trade regulations evolves, future-proofing your EORI registration is not just advisable; it’s essential to preserving the flow of your business operations and avoiding unnecessary hurdles. Here, we delve into key updates and annual considerations that can keep you a step ahead in maintaining compliance.
Upcoming Changes to EORI Regulations You Should Know About
With international trade policies frequently updating to adjust to new economic and political landscapes, staying informed of impending changes to EORI regulations is crucial for businesses engaged in export or import activities within the EU. Anticipated modifications may revolve around post-Brexit adjustments, data sharing practices, and enhanced security measures. For instance, businesses might need to adapt to specific changes pertinent to the UK’s departure from the EU or updates in the EU’s customs code. Staying informed through reputable sources, such as the official customs authorities’ websites of the EU or the UK, will help ensure your business remains compliant and ready for future regulatory shifts.
To adapt effectively, consider the following:
Regularly review updates from the customs authorities in both your home country and the EU.
Engage with trade associations and participate in informational seminars and webinars.
Consult with customs and trade experts or legal counsel specializing in international trade law.
Annual Requirements and Updates for EORI Holders
Annual reviews and updates are paramount for businesses holding an EORI number, ensuring that their registration details remain accurate and compliant with current EU customs regulations. This proactive approach not only assists in preventing delays and potential fines but also facilitates a smoother customs clearance process.
To remain on top of annual requirements, businesses should:
Verify that their EORi number and associated business details are up-to-date, including any changes in business address or status.
Confirm that their EORI registration aligns with other business registrations, such as VAT, to ensure coherent records across all government databases.
Periodically check if there are any new requirements or documentation needed for EORi registration, especially in the wake of significant political or economic events.
Remember, while the specifics of maintaining your EORi compliance may evolve, the foundation remains clear: regular updates, vigilance against regulatory changes, and a proactive approach to security are your best allies in navigating the complexities of international trade successfully.
Conclusion: The Benefits of Early EORI Registration For Your Business
Registering for an Economic Operator Registration and Identification (EORI) number in advance is a strategic move for businesses looking to import or export goods within the European Union and the United Kingdom. Early registration not only smooths out your customs clearance process but also positions your business to reap several significant benefits. At the heart of international trade, seamlessly moving goods across borders is crucial for maintaining the supply chain’s flow and ensuring your business can meet its delivery timelines. With an EORI number, your shipments are easily tracked and identified by customs authorities, dramatically reducing the risk of delays caused by clearance issues.
Moreover, having an EORI number is instrumental in qualifying for trade agreements and claiming preferential origin under the EU-UK Trade Cooperation Agreement. This can translate into considerable cost savings on tariffs, enhancing your business’s competitiveness in the marketplace. Furthermore, in the context of preparing for any unforeseen regulatory changes, such as those related to Brexit, possessing an EORI number ensures your business remains agile, capable of adapting quickly to new trade requirements without interruption to your operations. This proactive approach demonstrates to your partners and customers your commitment to reliable and efficient service, building trust and reinforcing your business’s reputation in the market.
Are you looking for office space for rent? Then you probably want to know what is the rental price of the office space that you need. Although the market for office rent in Sofia is large, when a person starts looking for an office, he often cannot find the desired office, or in case he finds it, it turns out that it is much more expensive than the budget he has set.
The cost of office rentals can vary considerably within the city and even within a certain area. Therefore, in order to help you better understand the lease prices of offices for rent, below we have prepared a list of the main factors that determine the rental levels for offices in Sofia.
The rental price for an office depends on several main factors:
– location of the office
– type of building in which it is located
– Features of the office itself
– The floor on which it is located (only in some office buildings)
Location of the rental office:
In recent years, several major business districts/clusters have developed in Sofia, which are a preferred location for most companies.
For Class A office buildings, the highest rental levels are for office buildings in downtown Sofia, Tsarigradsko Shosse blvd. and Lozenets in the area next to Paradise Mall. At the last location are some of the newest and most modern class A office buildings in Sofia, built in the last few years. At these locations, the office rental prices are 12 – 16 Euro / sq.m without VAT.
The middle price range includes the offices located in Mladost 4, Todor Alexandrov Blvd., Iztok, Lozenets, outside the Paradise Mall area, as well as the office buildings in the areas around Bulgaria Blvd. Here the rents vary between 8 – 12 Euro / sq.m without VAT, with of course exceptions for the newest class A office buildings, where rents are higher.
There are also class A office buildings, which are located in different and slightly more distant from the center areas, where you can rent an office for less than 8 Euro / sq.m. These are areas such as Druzhba, Sofia Airport, Geo Milev, Student City (Studentski Grad) and others.
The type of building is the other factor that determines the amount of rent
Offices in Class A office buildings are usually rented at the highest price levels specific to the area. However, this higher rental price allows for the use of many additional extras/amenities that the building offers. Such extras are the representative common areas in the building with a 24/7 reception, conference halls, designated places for recreation such as a park environment or large panoramic terraces, restaurants, in some cases a commercial area, fitness, underground and outdoor parking and more.
The rents in class B office buildings are lower, and those in mixed-use buildings or in residential buildings are the lowest and in some places can reach 5-6 Euro / sq.m.
Features of the office itself and the floor on which the office is located
The rental price of some of the rental offices also depends on their specific characteristics. These can be the layout of the office, the presence / absence of a kitchenette, bathroom in the office, bevels, etc. The features of an office affect the rental price mostly for offices located in mixed-use buildings or in residential buildings.
The floor on which the office is located can also affect the office rental price in some cases, including large class A office buildings. In some of them, the rents for the offices located on the higher floors are 1-3 Euro / sq.m higher than those for the offices on the lower floors. Ground floor offices are also generally offered at lower prices.
If you still have doubts about the best choice for you, according to your budget, you can contact us for a free consultation at: 00359 885 908 811; 00359 888 137 222 or e-mail: [email protected]
6 things to consider when looking to rent an office
Choosing an ideal office for your business is not an easy task, because there are a lot of factors which you have to take into consideration.
Because of that, a good understanding of the market can significantly cut the time you spend searching for an office.
То help you find an office we made a list with basic factors you have to take into consideration when looking for an office space to rent.
1) Budget
Determining your budget is the first thing we advise you to do when searching to rent an office so that you don’t lose time and energy in worthless viewings. The office market in Sofia is large and varies in price so your budget is the defining point between which offices might be suitable for you and which are not.
The rental price is determine by factoring the following points:
– The office location
– The type of the building where the office is
– The features of the office
– The floor on which the office is ( only for part of the office buildings)
Location is key when choosing an office space. The office should be easily accessible for both your employees and your customers (if they visit you often).
If your office is difficult to find or in an area with few transportation links, this can negatively affect finding new employees or retaining old ones, as well as your relationship with customers.
Very important for the location of the office is the existence of nearby dining areas, cafeterias, bank branches, parking spaces, public transport stops, etc.
If your company’s employees, as well as your customers, travel mainly by car, then it is better to choose an office with a location that is outside the most popular ones, but will provide you with easy accessibility and parking.
One of the most preferred areas in Sofia are those in the immediate vicinity of the metro, which provides fast movement, regardless of overground traffic. The proximity to the metro is extremely convenient, but it also brings with it higher rental levels for the offices around it.
3) Office size
The size of the office is the next thing you need to consider when looking for an office for rent. If your business is growing and you expect the number of your employees to increase, it is good to consider whether to take a slightly larger office that will meet your needs in 6-12 months or choose a larger office building that will be able to to provide you with a larger office for rent when needed. You can read more about how to determine the office space you need and what to consider at How much office space for rent do I need?
4) Amenities
Some of the offices nowadays come with a wide range of additional amenities. Before you start your search, we recommend that you decide what amenities your employees need to have access to. Those can be places for rest, meeting and conference halls, restaurants, fitness, bicycle parking, outdoor green space, etc.
Keep in mind that the more additional extras that are offered in an office building, the higher the rental price of the offices in it will be.
5) Term of rental agreements for offices
There is a significant difference in the conditions for renting an office in the different types of buildings. Below we will describe the main differences to help you decide more easily what type of office building would be most suitable for your business depending on your plans and resources.
In class A office buildings, the term of the contracts varies between 3-5 years, and in most cases this period is unbreakable. If you are not ready to commit to such a long-term lease, we recommend that you look for an office in one of the other types of buildings (class B, mixed-use buildings or residential buildings), where the term of contracts varies between 1-3 years and many contracts are often with more flexible terms and conditions.
6) Additional costs and fees for renting an office
The Service charge (maintenance fee) as well as the security deposit are an integral part of the rental agreement for each office and are important to consider when determining your budget.
– Service charge
In addition to the rent, in office buildings you have to pay a service charge, which is calculated based on the rental area. Usually for class A office buildings it varies between 2 Euro / sq.m – 3.5 Euro / sq.m without VAT, and for class B buildings it is between 0.8 Euro / sq.m – 2 Euro / sq.m without VAT. This fee is different for each building and is paid monthly, together with the rent for the office.
There is also a maintenance fee due for common parts in mixed-use buildings and residential buildings, but it is usually minimal and does not depend on the size of the office.
– Deposit for the office rental agreement
In every rental agreement there is a security deposit that has to be paid by the tenant, which serves as a guarantee for the good maintenance of the office premise and the timely payment of the amounts due under the contract.
For Class A office buildings, this security deposit is usually equal to of the sum of 2 or 3 monthly rents plus the subsequent service charge fees. For Class B office and mixed-use buildings, the deposit is the sum for 1-2 months
At Sofia Offices we know how important it is to choose the right office space. Our team is available to help you find the perfect place for your business without wasting time in unnecessary surveys and market research. Are you ready to start your search? Contact us by e-mail: [email protected] or call us at 00359 888 137 222; 00359 885 908 811.
How much office space for rent do I need? – Few useful tips
Taking an office space for rent is a very important decision, which is bounding by a contract for years to come, so choosing the right office size is very important. In addition, the right office size will provide you with a calm and pleasant work environment with enough space for you and your employees. Choosing the right size of the office depends on several key things:
1. Type of the office building
First of all, it is good to decide what kind of building you want your office to be situated at. In other words, whether you are looking for an office for rent in class A office building, class B, mixed-use building or office in a residential building.
In almost all cases, the offices for rent are offered with their gross area, which includes the net area of the office and added area for common parts of the building, corresponding to a percentage of the common parts. The rent is calculated on the gross area of the office.
An exception to this are the old administrative buildings, as well as the old residential buildings built before 1998, which offer offices for rent with their net built-up area.
What is the difference in % of common parts for different types of buildings?
Class A office buildings are the largest business buildings in Sofia with large and representative common areas. The rental area of the offices in these buildings includes a larger % of common areas, which is between 14 – 24% depending on the building.
For smaller, class B office buildings this percentage is between 10-12%, and for residential buildings – about 10%
What does “leasable area” mean and include?
The leasable area is the area on the base of which the rent for an office is paid. It includes the net area of the office (the built-up area of the office, together with the walls), as well as the area of common areas, in accordance with the above-mentioned percentages.
2. Additional premises in your office
The additional rooms that you will need are also important when choosing the right size for your office.
Additional, auxiliary rooms are the second thing you need to think about before determining the size of the office. It should provide enough space to work comfortably and without worries about lack of space or excessive waste of space in it.
In addition to the workrooms where your employees will work, you need to consider what additional rooms you will need – such as a meeting room(s), kitchen, lounge, storage room, server room, terrace, etc. The area of these additional premises should also be taken into account when determining the size of the office you are looking to rent.
Keep the following standards in mind when choosing an office space:
The standards assume an average of 7-10 square meters minimum space required per person in an office.
In open-space premises, you can put in more workstations than on the same area in an office divided into separate rooms.
If you’re seeking to set up a business in Bulgaria, you will certainly need to consider renting out an office. Local, as well as international realty firms operating the domestic market, are best placed to help you negotiate your way around the choices. Yet, we can certainly offer you a fast summary of your alternatives.
Modern office complex
Rental fees for Class A workplace in Sofia stand at 10-12 euro/m2 at the end of 2018. Although at first glance it appears like there are a lot of high office buildings around Sofia, it turns out there is actually sort of a lack of excellent office spaces that fulfills the requirements of international companies. Bulgaria’s popularity as an outsourcing destination has pushed up the leas and has led to reduced availability. Outsourcing businesses require class A workplace with all the modern-day services for their teams. Additional services related to safety, cleansing, hidden wiring, web and phone accessibility, cooling, cars and truck garage, restaurants and coffee shops, recreational locations, among others, are also needed. That’s why large workplace complexes like the Business Park Sofia still draw in many companies since they offer every one of these additional services, plus outside areas, a selection of dining as well as coffee shop choices, shops, and even dry cleaning. Business Park Sofia remains, in fact, a mini-city.
According to Forton, a real estate consultant, there is presently 1.7 million m2 of Class A and B office space in Sofia.
Most of this is located along the main web traffic highways such as Tsarigradsko Shosse, Bulgaria Boulevard, Todor Alexandrov Blvd, Nikola Vaptsarov Blvd as well as in the residential areas and also the area near Sofia Airport. Significant new projects currently being developed in the prime office segment in Sofia city centre include City Tower (34,600 sq m leasable office space) at Macedonia Square as well as Millenium Centre – 3 high structures near NDK.
Serviced office
Serviced workplace can be a remedy both for long term as well as short-term requirement. Serviced workplace gives fully furnished and also equipped workplaces, IT infrastructure, safety and security and secretarial as well as admin support. This can be a terrific benefit to companies not wanting to make capital expenditure on fitting out a workplace, authorizing long-term rental agreements. Serviced office suppliers offer a great deal of flexibility, consisting of the possibility to alter workplace dimension, per hour rental of conference room, online offices. This is specifically attractive for start-ups and also worldwide companies.
Workplaces in apartment
Many companies still choose workplaces in apartment buildings in the centre of Sofia in spite of negative aspects such as traffic jam, vehicle parking as well as the old facilities of a number of the structures. Most apartment or condos for rental as workplaces are on the ground or on the first floor. The convenience of being situated in the city centre is what leads most companies to select such offices, especially if their organization negotiations happen around. Furthermore, there are some very attractive older buildings around Rakovsky St., Physician’s Garden area, which can add prestige to the firm’s picture. Leas differ hugely from around 4 euro/m2 to equal those of the Course A workplace centres at 12 euro/m2.
Coworking
Coworking is becoming crucial in Sofia, and there are numerous coworking spaces. Such spaces are Soho, Betahaus,Cosmos Coworking Camp,Trevor Workspaces – Lozenets and more, which offers offices, coworking area, a coffee shop with a yard. Also hosts a variety of exciting events.
In this article, we will undergo the process of registering a company in Bulgaria. With time a growing number of individuals choose to start their own venture right here. This is primarily due to the mix of low company taxes as well as the open door to the European market.
We will try to answer some the most common concerns pertaining to business incorporation in the country, like who can sign up a firm, how much does it cost, what time does it take, etc.
Who can register a firm in Bulgaria?
Actually, any person who has reached the age of 18 regardless of citizenship. There are basically no official demands or conditions for international people that intend to sign up a firm. It doesn’t also matter if you are a European citizen or not.
What sort of firm should I register?
The type of company you need is most likely an OOD. This refers to the well-known and also favored around the world restricted liability business– LLC or Ltd. For a lot bigger companies it might be appropriate to register a joint-stock company but these cases are actually unusual.
How much does it cost?
Company registration in Bulgaria is relatively cheap compared to the majority of European countries. The state tax is approximately 55 EUR, yet it is lowered in half if the records are filed online. In order to do this however, one should have an electronic signature with an electronic certificate. Generally future firm owners license a lawyer or an additional expert that owns an electronic signature to file the company papers on their part in the Trade register.
Apart from this, you must add to the total costs a little notary cost and also an additional tiny fee for opening a checking account (integrated at no more than 15 EUR).
What must the future proprietor of the business do for the registration?
Although the procedure is definitely not complicated, there are a variety of documents that have to be presented to the Bulgarian trade register upon registration. They include the company by-laws, some official statements signed by the supervisor and evidence for paid state fee as well as deposited capital.
A few of the stated documents can be prepared by a legal practitioner while for others you have to go to a notary and a bank institution. At the bank, you open a firm account and also deposit the starting funding. Don’t stress too much over this. The minimum firm resources is 1 EUR although we extremely recommend signing up the business with a much bigger first financial investment. The factor for this is that the new firm resources need to be enough to cover at least the initial expenditures that your business may have, like office rental fee, acquisition of supplies and other.
Do I have to literally remain in Bulgaria for the registration process?
Staying in Bulgaria for the enrollment is useful, yet it is not completely mandatory. Instead of going to a notary you can visit a Bulgarian embassy or consulate abroad as well as you can license a third party to transfer the firm resources on your behalf. You can sign all the required files from another location.
How long does the process take?
Not too long, really. You can conclude the whole procedure from beginning to end in three service days. If you utilize the solutions of a professional, the things that you have to do shouldn’t take more than a number of hours in Bulgaria. What to keep in mind?
First, you must recognize that in Bulgaria you can just register a firm under a name written in Cyrillic. You are complimentary to add a name in Latin, however it should be identical to the Cyrillic one. This name must likewise be available, implying that there is no other business with the exact same name already registered.
Also note that the files for the business enrollment (or registration) must be written in Bulgarian. You can additionally make use of multilingual documents; still, the translation in Bulgarian is a must.
The best recommendation is that you employ an expert for the company registration. The process may not be that complicated but it is a strictly formal one. This suggests that any kind of blunder will certainly result in rejection by the Trade register and you will certainly need to invest more cash and time in the process.
This article will help you learn how to hire foreign student to work in your Bulgarian company in 2019
Foreign students admitted to training in the Republic of Bulgaria may be employed under a contract of employment without requiring a work permit from the Labor Offices. For them, a mandatory REGISTRATION REGIME is provided for in the Ordinance on the Terms and Procedure for Issuing, Refusal and Withdrawal of Work Permits for Foreigners in the Republic of Bulgaria. – within 3 days of entering the work, the employment contract must be registered at the “Labor Office” Restrictions on working hours and the duration of the employment contract are provided. It can be: – 20 hours a week during the school year and during the official holidays announced by the school concerned – the duration of the contract may not be longer than the period of validity of the residence permit The following documents are required to register the employment contract at the Labor Office Directorate: 1. 3 copies – Declaration for carrying out short-term employment without a work permit through the registration of students in the Republic of Bulgaria under Article 38 CTRM / Annex No. 6 to Art. 34, para 1, item 1 2. Copy of the Registration Certificate at the NRA / registration of the employee – PNL or SV number / 3. A Copy of a Passport 4. Certificate of Higher Education Certificate / that is enrolled as a student for the current year / 5. A copy of the Labor Agreement 6. Actual status of the labor contracts on ……. / last day of the month preceding the month of appointment of the employee / 7. Information about the Legal Register from the Commercial Register / download from the website of the Registry Agency – Commercial Register / All documents that are not originals must be certified with – True to the original, signature and stamp.
The newly established Bulgarian Outsourcing Association made prognosis for a stable increase in the number of companies that plan to outsource their business to Bulgaria. These companies be registered in Sofia and could come from many spheres of activity. The new association predicted that the increase in the number of companies will be around three times in the next five years. The outsourcing business is considered among the most dynamic industries in the country and currently it employs around 15 000 people in the capital. Their number is expected to triple according to the five year prognosis. The stable political situation, the low taxes and the acceptable wages in the country, the professional skills of the employees, as well as its being part of the European Union, make Bulgaria an attractive destination for the large and stable companies in Western Europe and the United States. These companies will look for business centers with offices of the highest class, which have central and convenient locations and perfect infrastructure, besides offering an impressive range of services and facilities. It is believed that these big companies will later open other offices throughout the country in cities like Varna and Bourgas, Plovdiv and Rousse.
Among the founders of the Bulgarian Outsourcing Association are companies like Coca-Cola Hellenic IT Services, AII Data Processing, Sofica Group, Atos Bulgaria and Bulpros. They believe that if the state and the companies join their forces, this will lead to a stable development of that industry sphere. If the proper activities are arranged and successful policies are followed, then Bulgaria can become one of the top ten destinations for outsourcing. Special attention has to be paid to the professionals who apply for work in these outsourcing companies. Usually, these are people with a lot of knowledge and skills, but they still need training in certain spheres. It is not a secret at all that some of the largest outsourcing companies that are working in Bulgaria are in direct connection with the universities where they look for ambitious students. They try to attract the talented ones and offer them a job before they head to a carrier abroad. There is potential in the rest of the big cities in the country besides Sofia, where there are no such projects and opportunities, but there are still good professionals. The outsourcing industry is in demand for different types of employees – from recent graduates to managers and strictly qualified professionals.
In general, Bulgaria has excellent reputation among the companies in the outsourcing business and it will continue to attract them. The reasons for that are not only the membership of the country in the European Union, but also the tax alleviations and the desire for less bureaucracy. Of course, we should also mention the welcoming atmosphere, the excellent infrastructure and the construction of business centers with prestige location that correspond to the needs and the requirements that are important to the foreign investors.
Back in 2016 opening of bank account in Bulgaria and starting any business was one of the easiest operation in whole EU. Today in 2018, In order to open an account in any bank and register company in Bulgaria, you should be aware of the new restrictions for any foreign individual or company.
The biggest banks in Bulgaria like UniCredit Bulbank bank, Raiffeisen Bank, First Investment bank , ProCredit bank are getting even more conservative and almost do not allows new foreign client accounts.
However if your business is very strict forward, transparent and you can proof that. You may not have any problems to open your new bank account and benefit from the Bulgarian lowest EU tax treatment. Great news is that Virtual Office is still very acceptable and the banks does not complaint with that.
2018 Bank Account Opening Procedure in Bulgaria
Ones you visit any branch of bank operated on the territory of Bulgaria be ready for the following list of questions:
What is the main activity of the company
Who is the beneficial owner of the company
Is there any local who can be contacted if necessary
Ones you pass this first interview you must be very strict with all you have declare. Invoicing, clients, payments from and to the account. Your account will be monitored in the first 1 year and if there differences from what you have declared first, you account can be in the risk to be closed immediately.
Normally different banks are entitled to proceed according to their terms on local or foreign clients or regarding the type of the accounts which they can open and hold. In general the most popular type of bank account remains the current bank account that serves for all kind of transactions such as depositing, storing, withdrawing and transferring money.
Other types of bank account that can be open are either an individual account or a business account (for different types of legal entity, joint stock company in the process of being set up, etc.) that can be a capital account. There are no legal restrictions on the number of the bank accounts you can open and hold in one or several banks but a certain bank may have its own policy or certain limitation.
Documents required to be presented for individuals are identity card (for a Bulgarian citizen or a EU member citizen) or another identity document such as passport (for a foreigner or a non-EU citizen) or another type of residence permit of the foreigner. This document must be presented both in original and copy.
Also some of the banks may require the foreigner to submit IBAN of an existing bank account in the foreigner’s country in order to confirm he has bank customer’s history as well as a recommendation letter, translated in Bulgarian language, from a Bulgarian who is a client of the same bank.
Bulgarian banks opens and maintains accounts and carries operations in local currency (Bulgarian levs) but also in all major foreign currencies such as Euro, US dollars, Swiss francs or British pounds both for local and foreign customers. Respectfully, money can be received into the account through cash payments or cashless transfers.
Once you are prepared to open an individual bank account, you have to sign a contract (obligatory in written and completing forms of the bank) with a request of opening and maintain a bank account under general terms governing the relationships between you and the bank including fees (monthly, yearly, etc.), commissions, termination and other terms of use of the account. Afterwards you will receive the unique personalized number of the newly opened account, IBAN, which is also an international number.
In case of opening a business account, you need also to present a Specimen of the signatures of your company. All the specimen signatures must be handwritten in front of a responsible bank employee or certified by a notary. You will also have to provide to the account an amount equal to the capital stated n the contract and in the articles of association of the company. Depending on the type of the entity the bank may require more additional documents such as a court decision to set up the company, a bank certificate, etc.
For the opened individual account the bank provides to the account holder a card containing the account number, the name of the holder, the personal identification number for the Bulgarian citizens and date of birth or personal number of the foreigner (in case he had already issued) and term of validity of the card. Most of the banks provides their customers with the online banking opportunity too by which you can execute various operations with your bank account in real time through your Internet profile on the bank website.
Banks are entitled to require opening fees or minimum amount for initial powering of a current account.
If you need someone else to operate of the funds of your current account, you must authorize the person to have the rights to dispose of this account by an authorized power of attorney.
Sources used:
1) Ordinance No. 3 of 18 April 2018 on the Terms and Procedure for Opening of Payment Accounts, for Execution of Payment Transactions and for Use of Payment Instruments
2) Payment Services Directive of EU of 1 January 2018 (PSD2)
In case you work as a feelancer but you want to explore Sofia , a remote worker or still planning the stages of your future start up or even if you have a big business already, choosing a coworking space option happens to be the most convinient idea for saving your capital and developing new contacts and creative opportunities.
And how to choose a co-working space in Sofia? This can be quite a challenge too, so don’t hurry before you answer some relevant questions regarding what would be the best for you or your colleagues among fitting personal requirements, budget, type and more.
1 Type of Coworking Space
What type of co-working space do you need? Coworking spaces vary accordingly to the needs of their customers. For example, If you are working in a small team than you may find appropriate leasing a whole prived serviced office. This type of office should be fully fitted with various kind of services to satisfy everyones needs in your team. If you work alone, then standard coworking space offer is for you.
2 What Rental Cost and Services Included
Sofia is budget destination, comparing with most EU cities. Rental cost and what it will cover are always important to be asked. The serviced offices require some deposit and no prepayment most often. Coworking office must have profitable membership schemes of using a coworking space only when you need, month-to-month leases, shared or flexible payment fees options that you can take advantage of or arrange it. A ready office space or coworking office should be providing an office infrastructure, enough utilities and functionality of the space. You should concider to have everything you need to maximize your productivity including access to all-in-one such as fast WIFI, prefered type of seating and desks, reception, meeting rooms, conference room, printing devices, breakout spaces, kitchen, coffee suply, etc.
3 Sofia Offices Location
Choosing a location goes as a must ask too. You should concider the transport network in Sofia and the costs of travelling to the place. It must also be close enough for your clients or other employees to visit. The central or downtown locations are usually the most wanted and adding up a sense of prestige too and value to your business.
4 Coworking Community in Sofia
By choosing your coworking space or private office in Sofia you will also choose community, future human capital as well as networking opportunities. Being surrounded by other likeminded professionals is a great benefit in attracting new talents, networking or even hiring a potential team, receiving a feedback when you need, socializing in a culture that you fit in well, following an industry development from the very heart of it and discovering brand new ideas in these hubs of innovations that unite creative people.
5 Working Environment
Growing your busineess or being productive once you accomodate yourself in a coworking space depends a lot also on the working environment. You should always visit a coworking space before you lease and be convinced that the environment will allow you to focus and think, to follow conversations with clients and meet deadlines of your projects as well as give you an opportunity to set clear goals for yourself or for your working community.
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