The world is changing, and today the incorporation of a company in Bulgaria is not the same as it was 20 years ago. The good thing about change is that it also brings development and good things. If you are in the process of registering your company and seeking the right assistance, our company can help you.
There are several actions involved in company formation, which are mandatory before starting a business in Bulgaria. The first thing you need to consider is the type of business you plan to start. Every kind of business has its own form of registration.
The most popular option for small and medium businesses in Bulgaria is the limited liability company formation. With this type of business, you’ll be better positioned to do a lot of stuff. If you are an entrepreneur who comes from another country and wants to register a Bulgarian company, it is easy to do that with the help of professionals like us.
Note that the foundation documents of a Bulgarian company need to be executed in front of a notary. The first step is to deposit the minimum share capital after opening a bank account in Bulgaria, and the notarized documents should be registered at the Registry Agency with the Commercial Register.
If you need help finding the right company to register your bank account in Bulgaria, check this website.
Steps for Incorporation of a Company
Here are some of the steps you need to take before the incorporation of a company:
• You need to select one or more people to be the directors or managers of the company you want to register.
• You need to provide the legal address of the company to prove that it is legitimate.
• Once you provide all these documents, you’re required to wait for 3 working days once the completion and receipt of all the required documents.
• The income tax rate in Bulgaria is 10 percent for all commercial companies, regardless of the profit amount which is quite low in all the EU countries.
When you open a company in Bulgaria, you’ll have the chance to engage in all commercial activities, plus you can also purchase real estate or a vehicle.
Type of companies in Bulgaria
There are various types of companies that you can register in Bulgaria. They include:
• Private companies
• Public companies
• One person companies
Depending on the company you want to register, the process might be slightly different because the companies are different.
Other requirements for incorporation of a company in Bulgaria:
• EU residents need to provide a national identification document upon incorporating a company.
• EEA or EU non-residents need to provide a copy of their passport upon the incorporation of a company in Bulgaria.
• A foreign legal entity that is incorporated within the EU that holds shares in a new company registered in Bulgaria needs to produce a current legal status that is provided by the registrar of the country’s entity. It should also have the authorization of the shareholders that indicates the initial retention of the company.
You also need the power of attorney to open a permanent account for the Bulgarian company. You should also note that the Bulgarian Commercial Law is the one that governs the incorporation of companies in the country.
Benefits of Incorporating your Company in Bulgaria
You will be assured of a stable economy in a country that is a member state of the European Union. Its Euro run economy is stable and you will not have to fear for your business. The country happens to have one of the lowest taxations in the world, which is a huge relief for many businesses.
You will be impressed to learn that Bulgaria has incredible online banking infrastructure and you will never have trouble transferring money abroad. When you set up a physical location in Bulgaria, you get to enjoy amazingly low rental rates.
Bottom Line
It is important to engage the most experienced company incorporation service providers when setting up your business in the country. This will ensure that all considerations have been observed, and your company will reap all the benefits of doing business in the country.