Forming and registering a business in Bulgaria is a straightforward endeavor. This is because the process, through legislation, has been streamlined over the years. Additionally, setting up a business in Bulgaria offers a myriad of benefits.
What are the types of companies you can register in Bulgaria?
There is a wide array of companies and businesses you can register in Bulgaria, and thus it solely depends on your preferences. There are, however, different sets of rules and laws that apply to the formation of different companies. They include:
Limited liability Company
This is without a doubt the most common type of business not only in Bulgaria but also in the rest of the world. Notwithstanding, many individuals prefer to set up their LLCs in Bulgaria because of the small amount of money you have to pay as the registration fee. For the minimal capital requirement, you only need 2 BGN, which is equivalent to about one euro.
There also other requirements, such as a partnership agreement between the shareholders, which should be in written form, and a listing in the Bulgarian Commercial Register. Both of the said requirements are actually easy to meet.
Join-stock company formation
This is a suitable option for large companies looking to start a branch of their business in Bulgaria. The minimal capital requirement for this particular type of company is slightly higher, as it is 50,000 BGN, equivalent to approximately 26,000 euros.
Setting up a bank account in Bulgaria.
Business is essentially about making a profit. Even if the said profit is in terms of assets and stock, eventually, it will trickle down to monetary value. As a result, during both company registration in Bulgaria and company formation in Bulgaria, an active bank account should be present and fully functional.
This is another reason why individuals and companies often prefer setting up their businesses and organizations in Bulgaria. When it comes to bank account registration and activation, it will take you only a couple of hours. You and the other parties involved in the business should be physically present. This way, you can ensure that the intricacies are sorted out, and everything is in perfect order.
Company registration in Bulgaria
Perhaps the most critical point as to why entities, be it, individuals, foreign companies or foreign organizations, have developed a preference for setting up a business in Bulgaria is the speed through which companies are formed and registered.
Before 2016, it would take you four working days in the least for the corporation or company you are trying to set up to be registered in the Bulgarian Registry Agency. That is an incredibly long time, especially if you have to be physically present throughout the process.
However, the Bulgarian Commercial Register Act was amended in 2016, and the said amendments made it possible for a company to be registered within twenty-four hours.
Irrespective of whether it is reviewing or registering a company, the fully-modernized register system will be able to do so within 24 hours. This makes it possible for individuals to take care of the entire process within a couple of days’ trip to the country.
Power of attorney
At times, the process of setting up a business in Bulgaria may seem a bit arduous, especially when it comes to traveling to the country and sorting out all the issues. As a result. Many people would prefer to have professional lawyers to handle the entire process.
In this respect, everything is simplified. The country is littered with a plethora of firms and individuals ready to take care of the process for you. You have a wide array of individuals that can take care of your every need, depending on the type of business you would like to set up.
Paralegals, accountants, and consultants all over the country offer the very best legal advice for you and your organization. Thus, the process is further streamlined.
