Company Registration Procedure in Bulgaria (Step by Step)

Mina Boycheva 31/10/2019

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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.

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