Bulgaria has become an attractive destination in Europe for companies looking to maximize their income, deal with a simplified tax system lower than in the rest of the continent and enjoy a positive business environment.
The corporate tax, a flat rate of 10%, is the main appeal for companies considering moving to Bulgaria. However, other advantages include lower labour costs, social security contributions, and incentives for companies bringing business into the country.
But how easy is Company Registration In Bulgaria?
The simple answer is… a lot easier than it seems.
To take advantage of all the benefits available to those looking into company registration in Bulgaria, we recommend engaging the services of a reputable accounting firm like Accountancy Bulgaria. Not only will they be able to take care of all your company’s accounting needs, but they will also be able to advise you on taxes and what company may be best suited for your short- and long-term plans.
Start with a free consultation. Accountancy Bulgaria will be able to offer personalized solutions to your company so you can concentrate on growing your business.
Company registration in Bulgaria: requirements needed
Before starting the process of registering a company in Bulgaria, there are certain things to sort out, like the name of the company and the type of company to register. Once these aspects are decided, then it is time to register your new company.
Company registration in Bulgaria is a process that requires presenting certain documents to the Bulgarian Commercial Register. This is the office that will provide new businesses with a trade license.
Your lawyer and notary will take care of the details of this process.
The business can start its commercial activities once the company registration process is accepted and the trade license is provided.
The Bulgarian Commercial Register requires:
- The name of the company
- The bank account information. An account should be opened by a representative of the business.
- An address in Bulgaria, which will be considered the legal address.
- A description of the business activities.
The registration process usually takes about three working days.
After registering the company, the Bulgaria National Revenue Agency must provide a Tax Identification Number (TIN). Other steps include obtaining a business license and a VAT number.
How to get a residency in Bulgaria
Non-EU citizens must obtain the appropriate visa permit to register a company in Bulgaria.
There are different types of visa permits for foreigners looking to settle in Bulgaria. As the country belongs to the European Union, EU citizens can easily move into the country, though they still need proof of address to get residency.
For non-EU citizens, the most common visas are type A, which allows a short layover in the country; visa type C, for those intending to visit the country for a short period; or visa type D, the most common one in these cases and the that allows non-EU citizens to stay in the country long-term.
Residency permit in Bulgaria: requirements
The first step is to obtain a type D visa for Bulgaria and then a temporary residency permit, which is valid for one year. The following documents are necessary:
- A photocopy of the passport
- Photocopies of other visas
- A passport photograph
- Proof of medical insurance valid for all the EU for the length of the trip
- Either transport tickets as proof of entry and exit or a copy of the technical passport of the car used to enter Bulgaria
There are certain benefits for those who are interested in coming to Bulgaria and becoming residents in Bulgaria as long as they are committed to opening a business and promoting it within Bulgaria, establishing a company that will create a minimum of ten jobs in Bulgaria, or investing in real estate in Bulgaria.
Conclusion
Company registration in Bulgaria is easy and comes with an array of benefits.
To register a company, the person must be a resident, and the company must show proof of address and have a bank account.
No doubt the wisest decision for anyone looking into registering a company in Bulgaria is to count on the services of Accountancy Bulgaria, with multilingual experts that can help your business grow and best take advantage of the many options Bulgaria offers to new businesses.
