Capital:               Sofia

Languages:        Bulgarian

Currency:           Lev (BGN)

 

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• Start to finish your company registration process
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Bulgaria

 

Bulgaria is a country located in southeastern Europe, bordered by Romania to the north, Serbia and North Macedonia to the west, Greece and Turkey to the south, and the Black Sea to the east. Bulgaria has a rich history, culture, economy, and politics.

History:
Bulgaria has a long and complex history, dating back to ancient times when it was inhabited by Thracian tribes. The country was later conquered by the Romans, and then by the Bulgars, who gave the country its name. In the Middle Ages, Bulgaria was a powerful kingdom, with its capital in Veliko Tarnovo. However, the country was conquered by the Ottomans in the late 14th century and remained under Ottoman rule for almost 500 years. Bulgaria gained independence in 1878 and became a republic in 1946.

Culture:
Bulgaria has a rich cultural heritage, with influences from Thracian, Roman, Byzantine, Ottoman, and Slavic cultures. Bulgarian folk music is renowned for its unique rhythms and melodies, and traditional Bulgarian dance is also popular. Bulgarian cuisine is based on fresh vegetables, meat, and dairy products, and includes dishes such as banitsa (a savory pastry), shopska salad, and kebabche (grilled minced meat). Bulgarian literature has produced many famous authors, including Ivan Vazov, Hristo Botev, and Elisaveta Bagryana.

Economy:
Bulgaria has a diverse economy, with agriculture, industry, and services all playing important roles. Major industries include food processing, machine building, and electronics. Bulgaria has a well-developed tourism industry, with visitors attracted by the country’s natural beauty, historic sites, and cultural attractions. Bulgaria joined the European Union in 2007, which has helped to stimulate economic growth and attract foreign investment.

Politics:
Bulgaria is a parliamentary republic with a multi-party system. The President is the head of state, but the Prime Minister holds the most power in the government. Bulgaria is a member of NATO, the United Nations, and the European Union. The country has been working to address corruption and improve governance in recent years, and has made progress in areas such as judicial reform and anti-money laundering efforts.

In conclusion, Bulgaria is a fascinating country with a rich history, diverse culture, and growing economy. Despite some political challenges, Bulgaria has made progress in recent years and is poised for continued growth and development.

 

Types of company registration 

 

Sole proprietorship (Еднолична търговска дейност, EOOD) – This is the most straightforward type of company in Bulgaria. It is owned by a single person who is responsible for all aspects of the business. The benefits of this type of company are that it is easy to set up and maintain, and there is no minimum share capital required. However, the owner is personally liable for any debts or obligations of the company.

Limited liability company (Дружество с ограничена отговорност, OOD) – This is the most common type of company in Bulgaria. It is owned by two or more individuals or entities who are responsible for the company’s operations and management. The main benefit of this type of company is that the liability of the owners is limited to the amount of their investment. There is a minimum share capital requirement of 2 BGN (approximately 1 EUR).

Joint-stock company (Акционерно дружество, AD) – This is a type of company that is owned by shareholders who hold shares in the company. The shareholders are not personally liable for the debts or obligations of the company. The main benefit of this type of company is that it can raise capital by issuing shares to the public. There is a minimum share capital requirement of 50,000 BGN (approximately 25,000 EUR) for a public joint-stock company and 1 BGN for a private joint-stock company.

General partnership (Дружество с неограничена отговорност, SD) – This is a type of company where two or more individuals or entities share ownership and management of the business. The partners are personally liable for the debts and obligations of the company. The main benefit of this type of company is that it is easy to set up and maintain. There is no minimum share capital requirement.

Limited partnership (Командитно дружество, KD) – This is a type of company that consists of two types of partners: general partners who manage the business and are personally liable for its debts and obligations, and limited partners who contribute capital but do not participate in the management of the business and are only liable up to the amount of their investment. The main benefit of this type of company is that it can raise capital without exposing all partners to unlimited liability. There is a minimum share capital requirement of 1 BGN.

 

Advantages of company registration in Bulgaria

 

Low corporate tax rate: Bulgaria has one of the lowest corporate tax rates in the European Union at a flat rate of 10%. This makes it an attractive destination for companies looking to reduce their tax burden.

EU membership: Bulgaria is a member of the European Union, which means that companies registered in Bulgaria can take advantage of the EU’s single market and free movement of goods, services, capital, and people.

Strategic location: Bulgaria is located at the crossroads of Europe, Asia, and the Middle East, making it a strategic location for companies looking to expand their business into new markets.

Skilled workforce: Bulgaria has a highly skilled and educated workforce, with a large number of professionals working in fields such as IT, engineering, and finance.

Low operating costs: Bulgaria has relatively low operating costs compared to other EU countries, with low labor costs, rent, and utility expenses.

Easy company registration: The process of company registration in Bulgaria is straightforward and can be completed quickly, with a minimum amount of bureaucracy.

Access to investment incentives: Bulgaria offers a range of investment incentives to companies, including tax exemptions, reduced social security contributions, and grants for research and development.

 

“Our team can provide assistance if you need help registering a company in Bulgaria”

 

Common questions

 

Why should I register a company in Bulgaria?
There are several reasons why one may consider registering a company in Bulgaria. Bulgaria has a favorable tax system, low corporate tax rates, and is a member of the European Union. Additionally, the country has a stable political and economic environment, a highly educated workforce, and a strategic location between Europe, Asia, and the Middle East.

What types of companies can I register in Bulgaria?
There are several types of companies that can be registered in Bulgaria, including sole proprietorship, limited liability company (LLC), joint-stock company (JSC), partnership, and branch office.

What are the minimum requirements to register a company in Bulgaria?
The minimum requirements to register a company in Bulgaria include having at least one shareholder and one director, registering a unique company name, and providing a registered office address in Bulgaria.

What is the minimum share capital requirement for a Bulgarian company?
The minimum share capital requirement for a Bulgarian LLC is 1 Bulgarian lev (BGN), which is equivalent to approximately 0.51 euro.

Can I register a company in Bulgaria as a foreigner?
Yes, foreigners can register a company in Bulgaria without any restrictions. However, if the foreigner is not an EU citizen, they may need to obtain a visa or work permit to live and work in Bulgaria.

Do I need a Bulgarian address to register a company in Bulgaria?
Yes, you need to provide a registered office address in Bulgaria to register a company.

Can I register a company in Bulgaria without visiting Bulgaria?
Yes, it is possible to register a company in Bulgaria without visiting the country. However, it is recommended to have a local representative or hire a legal service provider to assist with the registration process.

What is the procedure for company registration in Bulgaria?
The procedure for company registration in Bulgaria involves selecting a unique company name, obtaining a registered office address, preparing the necessary documents, submitting the documents to the Commercial Register, and obtaining a registration certificate.

How long does it take to register a company in Bulgaria?
The registration process typically takes 5-7 business days, but it can take longer if there are any delays or issues with the application.

Can I register a company online in Bulgaria?
Yes, it is possible to register a company online in Bulgaria through the Bulgarian Commercial Register’s e-portal.

What documents do I need to register a company in Bulgaria?
The required documents to register a company in Bulgaria include the company’s articles of association, a declaration of the initial share capital, a notarized power of attorney if the registration is done by a representative, and identification documents for the shareholders and directors.

Do I need to have a bank account in Bulgaria to register a company?
No, you do not need to have a bank account in Bulgaria to register a company. However, it is recommended to open a bank account once the company is registered to facilitate financial transactions.

How do I open a bank account in Bulgaria for my company?
To open a bank account in Bulgaria for your company, you will need to provide the company’s registration documents, identification documents for the shareholders and directors, and a notarized signature card.

Can I register a company in Bulgaria with a virtual office?
Yes, it is possible to register a company in Bulgaria with a virtual office. However, it is important to note that the virtual office must be a physical address and not a post office box.

Can I register a company in Bulgaria with a non-Bulgarian director?
Yes, it is possible to register a company in Bulgaria with a non-Bulgarian director. However, at least one director must be a resident of the European Union.

How many directors are required for a Bulgarian company?
At least one director is required for a Bulgarian company.

Can I be the only shareholder and director of a Bulgarian company?
Yes, you can be the sole shareholder and director of a Bulgarian company.

Do I need a lawyer to register a company in Bulgaria?
No, it is not required to have a lawyer to register a company in Bulgaria, but it is recommended to seek professional advice.

How much does it cost to register a company in Bulgaria?
The cost of registering a company in Bulgaria varies depending on the type of company and the services required, but it can range from around €200 to €1,000.

Are there any ongoing fees or taxes associated with owning a Bulgarian company?
Yes, there are ongoing fees and taxes associated with owning a Bulgarian company, including corporate income tax, value-added tax (VAT), and social security contributions.

What is the corporate tax rate in Bulgaria?
The corporate tax rate in Bulgaria is a flat rate of 10%.

Are there any tax incentives for companies registered in Bulgaria?
Yes, there are tax incentives for companies registered in Bulgaria, including a 0% tax rate for companies operating in certain priority sectors.

What is the VAT rate in Bulgaria?
The standard VAT rate in Bulgaria is 20%.

What is the social security contribution rate in Bulgaria?
The social security contribution rate in Bulgaria is 18.8% for employers and 13% for employees.

Do I need to register for social security contributions for my employees?
Yes, employers are required to register for social security contributions for their employees.

What are the employment regulations in Bulgaria?
The employment regulations in Bulgaria cover areas such as working hours, leave entitlements, and termination of employment.

Do I need to provide employee benefits in Bulgaria?
Employers are required to provide certain benefits to their employees, such as health insurance and paid leave.

How do I hire employees in Bulgaria?
Employers can hire employees through a written employment contract.

Do I need a work permit to hire foreign employees in Bulgaria?
Foreign employees may need a work permit to work in Bulgaria, depending on their nationality and the type of work they will be doing.

What are the regulations for foreign workers in Bulgaria?
Foreign workers are subject to certain regulations, such as obtaining a work permit and complying with immigration requirements.

Can I hire contractors instead of employees in Bulgaria?
Yes, employers can hire contractors instead of employees in Bulgaria, but the legal requirements differ.

How do I terminate an employee in Bulgaria?
Employers can terminate an employee through a written notice and payment of severance pay, depending on the circumstances.

Can I sell shares in my Bulgarian company?
Yes, shares in a Bulgarian company can be sold to another party.

How do I transfer shares in a Bulgarian company?
Shares in a Bulgarian company can be transferred through a written share transfer agreement.

Can I merge my Bulgarian company with another company?
Yes, Bulgarian companies can merge with other companies, subject to certain legal requirements.

What are the regulations for mergers and acquisitions in Bulgaria?
The regulations for mergers and acquisitions in Bulgaria cover areas such as shareholder approval and notification requirements.

Can I close my Bulgarian company?
Yes, Bulgarian companies can be closed, subject to certain legal requirements.

What is the process for closing a Bulgarian company?
The process for closing a Bulgarian company involves a liquidation procedure.

What are the costs associated with closing a Bulgarian company?
The costs associated with closing a Bulgarian company vary depending on the circumstances, such as outstanding debts and legal fees.

What are the legal requirements for accounting and reporting for a Bulgarian company?
Bulgarian companies are required to maintain accounting records and file annual financial statements.

How often do I need to file tax returns for my Bulgarian company?
Bulgarian companies are required to file an annual tax return with the National Revenue Agency (NRA) by March 31 of the following year.

What are the penalties for non-compliance with Bulgarian tax regulations?
Penalties for non-compliance with Bulgarian tax regulations can include fines, interest, and even criminal charges in some cases.

Can I outsource my accounting and reporting for my Bulgarian company?
Yes, outsourcing accounting and reporting for a Bulgarian company is allowed and can be a cost-effective option for some businesses.

What are the regulations for intellectual property in Bulgaria?
Bulgaria has laws in place to protect intellectual property, including trademarks, patents, and copyrights. These laws are enforced by the Bulgarian Patent Office.

How do I protect my intellectual property in Bulgaria?
To protect intellectual property in Bulgaria, businesses should register their trademarks, patents, and copyrights with the Bulgarian Patent Office.

What are the regulations for data protection in Bulgaria?
Data protection in Bulgaria is governed by the Personal Data Protection Act, which is in line with the EU’s General Data Protection Regulation (GDPR).

What are the regulations for e-commerce in Bulgaria?
E-commerce in Bulgaria is regulated by the Electronic Commerce Act, which outlines requirements for online businesses, including information that must be provided to customers, rules for electronic contracts, and dispute resolution procedures.

Can I sell goods and services online in Bulgaria?
Yes, businesses can sell goods and services online in Bulgaria.

What are the regulations for advertising and marketing in Bulgaria?
Advertising and marketing in Bulgaria are regulated by the Advertising Act and the Unfair Competition Prevention Act. These laws cover topics such as false advertising, comparative advertising, and unfair competition.

Can I use social media for marketing in Bulgaria?
Yes, businesses can use social media for marketing in Bulgaria. However, they must comply with advertising and marketing regulations, including rules related to false advertising and comparative advertising.

What are the regulations for online advertising in Bulgaria?
Online advertising in Bulgaria is subject to the same regulations as other forms of advertising, including requirements related to false advertising and comparative advertising.

What are the regulations for consumer protection in Bulgaria?
Consumer protection in Bulgaria is governed by the Consumer Protection Act, which sets out rules for product safety, fair trading practices, and consumer rights.

Can I sell goods and services to consumers in Bulgaria?
Yes, businesses can sell goods and services to consumers in Bulgaria.

What are the regulations for product safety in Bulgaria?
Product safety in Bulgaria is governed by the Consumer Protection Act, which sets out requirements for product labeling, packaging, and safety.

What are the regulations for competition in Bulgaria?
Competition in Bulgaria is regulated by the Protection of Competition Act, which is enforced by the Commission for Protection of Competition. The law prohibits anti-competitive practices, including price fixing, market sharing, and abuse of dominant market position.

Can I engage in anticompetitive practices in Bulgaria?
No, businesses are not allowed to engage in anticompetitive practices in Bulgaria, and doing so can result in penalties and fines.

What are the regulations for environmental protection in Bulgaria?
Environmental protection in Bulgaria is governed by the Environmental Protection Act, which sets out requirements for waste management, pollution control, and environmental impact assessments.

 

Documents required to register a company

 

Articles of Association: This document outlines the structure and objectives of the company.

Identification documents: For each shareholder and director, a copy of their identification documents, such as a passport or ID card, is required.

Notarized power of attorney: If someone other than the company’s shareholders or directors is responsible for completing the registration process, a notarized power of attorney is required.

Proof of registered address: This can be a lease agreement or a letter from the property owner confirming that the company is authorized to use the address as its registered address.

Bank certificate: A certificate from a Bulgarian bank showing that the minimum share capital has been deposited is required.

Application form: This form provides details about the company’s shareholders and directors, as well as its business activities.

Decision of the shareholders: A decision of the shareholders approving the company’s incorporation and the appointment of the directors is required.

 

Type of Banks in Bulgaria

 

UniCredit Bulbank – https://www.unicreditbulbank.bg/en/ – Offers a wide range of banking services, including personal and business banking, loans, credit cards, and investments.

DSK Bank – https://www.dskbank.bg/en/ – Provides a variety of personal and business banking services, including deposits, loans, credit cards, and insurance.

First Investment Bank – https://www.fibank.bg/en/ – Offers a range of personal and business banking services, including loans, deposits, credit cards, and online banking.

Raiffeisenbank Bulgaria – https://www.rbb.bg/en/ – Provides a variety of banking services, including personal and business banking, loans, and credit cards.

United Bulgarian Bank – https://www.ubb.bg/en – Offers personal and business banking services, including deposits, loans, and credit cards.

“Our team can provide assistance if you need to open a bank account in Bulgaria”

 

The top universities in Bulgaria

 

Sofia University “St. Kliment Ohridski” – ranked 801-1000 globally
Location: Sofia
Major Courses: Law, Economics, Psychology, Linguistics, Philosophy, Mathematics, Physics, Computer Science, Chemistry, Biology, History, Archaeology, Education, Journalism and Mass Communication, Political Science

Technical University of Sofia – ranked 1001+ globally
Location: Sofia
Major Courses: Engineering, Architecture, Computer Science, Mathematics, Physics, Economics

University of Plovdiv “Paisii Hilendarski” – ranked 1001+ globally
Location: Plovdiv
Major Courses: Philology, History, Archaeology, Philosophy, Sociology, Psychology, Education, Law, Economics, Mathematics, Computer Science, Chemistry, Biology, Physics

University of National and World Economy – ranked 1001+ globally
Location: Sofia
Major Courses: Economics, International Relations, Political Science, Law, Business Administration, Finance, Accounting, Marketing

Medical University of Sofia – ranked 1001+ globally
Location: Sofia
Major Courses: Medicine, Dental Medicine, Pharmacy, Public Health

American University in Bulgaria – ranked 1001+ globally
Location: Blagoevgrad
Major Courses: Economics, Business Administration, Political Science, Journalism and Mass Communication, Computer Science, Mathematics, Fine Arts, Music, Literature

New Bulgarian University – ranked 1001+ globally
Location: Sofia
Major Courses: Journalism and Mass Communication, Political Science, Law, Psychology, Business Administration, Public Administration, Sociology, History, Philosophy, Linguistics, Literature, Education

“If you need assistance registering for college or university, our team is here to help.”

 

Strange or unusual to visitors in Bulgaria

 

Greeting customs: Bulgarians often greet each other with a handshake, but it is also common to exchange kisses on the cheek three times.

Nodding for “no” and shaking head for “yes”: In Bulgaria, nodding the head up and down means “no,” while shaking it side to side means “yes.”

Cyrillic alphabet: Bulgaria uses the Cyrillic alphabet, which can be confusing for visitors who are used to the Latin alphabet.

Shopska salad: This traditional Bulgarian salad consists of chopped tomatoes, cucumbers, peppers, onions, and grated white cheese, and is often served as a side dish with every meal.

Rose oil: Bulgaria is known for its production of rose oil, which is used in many perfumes and cosmetics.

Ritual bread: Visitors may encounter a traditional Bulgarian custom of sharing a round, braided bread called “kozunak” during certain holidays and celebrations.

Public transportation etiquette: It is customary to give up your seat to the elderly or pregnant women on public transportation in Bulgaria.

Traditional dances: Bulgaria has a rich tradition of folk dances, and visitors may be surprised to see groups of people dancing in traditional costumes in public squares or at festivals.

Rakia: This traditional Bulgarian brandy is often served as a digestif after a meal, and can be quite strong.

Martenitsi: Bulgarians celebrate the coming of spring by exchanging red and white yarn bracelets called “martenitsi” as a symbol of health and happiness.

 

“Tips for Newcomers: Adjusting to Life in Bulgaria”

 

Learn the language: Bulgarian can be a difficult language to learn, but making an effort to learn the basics can go a long way in helping you connect with locals and feel more at home.

Be prepared for bureaucracy: Bulgaria can be known for its bureaucracy, so be prepared for paperwork and bureaucracy when it comes to things like registering for residency, opening a bank account, or getting a phone contract.

Embrace the local culture: Bulgaria has a rich culture, so try to embrace it by attending local festivals and events, trying the local cuisine, and learning about the country’s history and traditions.

Get involved in the community: Joining clubs or groups in your area can be a great way to meet new people and get involved in the local community.

Be open to making new friends: Bulgarians are known for their hospitality, so don’t be afraid to strike up a conversation with someone new or accept an invitation to a social event.

Learn the public transportation system: Bulgaria has a good public transportation system, so take the time to learn how to use it, as it can be a cost-effective way to get around the country.

Be patient: Adjusting to life in a new country can take time, so be patient with yourself and with the process. It may take a few months to feel settled and comfortable in your new home.

 

Top recruitment agencies in Bulgaria

 

JobTiger – https://www.jobtiger.bg/
HRS – https://www.hrs.bg/
Manpower Bulgaria – https://www.manpower.bg/
TBI Recruitment – https://www.tbirecruitment.com/
Adecco Bulgaria – https://www.adecco.bg/
GRAND HOTEL SOFIA HUMAN RESOURCES – http://career.grandhotelsofia.bg/
TalentHunter.bg – https://talenthunter.bg/
M3 Communications Group, Inc. – https://m3bg.com/
Questers – https://www.questers.com/
Adecco Professional and Executive Search – https://www.adeccoprofessional.bg/

 

Necessary phone numbers in Bulgaria:

 

• Emergency Services: 112
• Police: 166
• Fire Department: 160
• Ambulance: 150
• Roadside Assistance: 146
• Poison Control Center: 02 812 9191
• Bulgarian Red Cross: 02 981 4722
• Tourist Information Center: 02 491 8344
• National Revenue Agency: 0700 18 700
• Ministry of Interior Affairs: 02 982 2222
• Ministry of Foreign Affairs: 02 948 2999
• Bulgarian National Bank: 02 9149 2222
• Bulgarian Post: 02 949 3200
• Bulgarian State Railways: 02 932 3939
• Sofia Airport: 02 937 2211.

 

The best way to immigrate to Bulgaria

 

Business Immigration: One of the most popular ways to immigrate to Bulgaria is through starting a business in the country. You can apply for a Bulgarian business visa and invest in or start a new business in Bulgaria. After you have established the business, you can apply for a long-term residence permit or citizenship.

Work Permit: You can also immigrate to Bulgaria by obtaining a work permit. To do so, you will need to find a job in Bulgaria and have the employer sponsor your application. Once you obtain a work permit, you can apply for a long-term residence permit.

Study in Bulgaria: Another way to immigrate to Bulgaria is by studying in the country. You can apply for a student visa and enroll in a Bulgarian university or college. After completing your studies, you can apply for a long-term residence permit.

Retirement: If you are retired and have sufficient funds to support yourself, you can apply for a long-term residence permit as a retired person. You will need to provide proof of your retirement income and have health insurance.

Family Reunification: If you have family members who are Bulgarian citizens or have long-term residence permits, you can apply for a family reunification visa. Once you obtain the visa, you can apply for a long-term residence permit.

 

International Language Centre in Bulgaria 

 

• International House Sofia – https://ih.bg/
• British Council Bulgaria – https://www.britishcouncil.bg/
• Goethe-Institut Bulgaria – https://www.goethe.de/ins/bg/en/index.html
• Institut français de Bulgarie – https://www.institutfrancais.bg/
• American College in Sofia Language Institute – https://www.acsbg.org/academics/language-institute/
• Sofia University St. Kliment Ohridski – https://www.uni-sofia.bg/index.php/eng/the_university/faculties/faculty_of_slavic_studies_and_literatures/language_center
• Bulgarian Language School – https://www.bulgarianlanguageschool.com/