Overview:

Bordering the Black Sea to the east, Serbia and Macedonia to the West, Romania to the north, and Greece and Turkey to the south, Bulgaria become a very interesting, strategic destination for business incorporation.

Add to that, being the 14th largest European country and having positive economic trends, low costs/ taxes for employees as well as bilingual (English and Russian speaking) staff.

Process:

Before Registration:

At the beginning of the company incorporation process, in Bulgaria, you will need to:

1. Have the entity’s representative executing the minutes of the constituent meeting of the shareholders or the general meeting of the general partners.

2. Obtain the following:

• A notary certified statement of consent
• The manager’s signature specimen (must be notarized)
• A certified copy of the articles of incorporation or the partnership agreement
• A Bank certificate stating that at least 70% of the minimum required capital has been paid
  Note: this must be obtained before starting the actual entity registration.

Company Registration:

To actually register your company, you will need to:

1. Deposit the notarized foundation deeds, minutes of the meeting of incorporation as well as the bank certificate stating the share capital to the Trade Register.

2. Fill an application to the National Revenue Agency, that should be accompanied with:

• The foundation deed
• The bank account document (or a document that attests the value of the contribution)
• An excerpt from the Commercial Register in order in order to get the VAT number.

After Registration:

Once your company is registered, you should hire a professional accountant.

Steps:

To open your business in Bulgaria, you should follow the following steps:

1. Choosing, verifying, and reserving your company name.
2. Appointing the representative agent for your company.
3. Depositing the minimum share capital in a local bank account.
4. Preparing and submitting the Articles of Association of your company.
5. Verifying and applying for business licenses.
6. Doing the Tax Registering and applying for Bulstat number (for an LLC).

Duration:

The whole process of company incorporation in Bulgaria, performed by a Bulgarian law firm, would take around two (02) working weeks.

Cost:

When incorporating your company in Bulgaria, you should consider the following costs: 

1. Registration fee: around EUR 983 including the fees of the company registration forms, the business name, the company’s documents as well as the certificate of incorporation.
2. Virtual office costs: around EUR 25 per month.
3. Minimum share capital: 1 EUR to open an OOD in Bulgaria.
4. Company formation fee: around EUR 800.
5. Accounting costs: around EUR 30 per month for different accounting services.

References
1. CompanyFormation Bulgaria, accessed November 2020, https://www.companyformationbulgaria.com/