FREQUENTLY ASKED QUESTIONS: REGISTRATION OF A COMMERCIAL COMPANY IN BULGARIA – LLC and JSC

May 3, 2020

In our current article we have tried to answer the most frequently asked questions by our clients, related to the establishment and registration of commercial company in Bulgaria (LLC or JSC).

If you have any further questions, please do not hesitate to contact us at the email addresses listed in the „Contacts” section.

1. How long does it take to register a commercial company in Bulgaria?

2-3 working days is the time for preparing a set of documents (including bilingual ones). *

*The period starts counting from the moment, when the client provides complete information and documents, if necessary.

1 business day is the legal deadline for registering a new company at the Commercial Register. In rare cases, the work of the register may be delayed.

*The deadline for entering the registration runs from the moment when all the documents are ready, signed and certified, and a fundraising account is opened, in which the capital of the company is deposited.

2. What is the minimum capital for incorporation of commercial company in Bulgaria?

BGN 2 /EUR 1/ – for a limited liability company /LLC/

BGN 50 000 /EUR 25 565/ – for a joint-stock company /JSC/, of which at least 25% must be paid upon incorporation.

3. What is the amount of state fees and other expenses?

BGN 55 – for a limited liability company /LLC/;

BGN 180 – for a joint stock company /JSC/;

BGN 650 – for a joint stock company with a special subject of activity;

BGN 6lv. – fee for notarization of specimen /specimen signature/ of the representative of the company before a notary public in Bulgaria;

BGN 20-100 – bank fees for opening a bank account;

* If someone of the shareholders is a foreign citizen, local banks may apply higher bank charges for opening a bank account;

** Our company submits the documents electronically, which saves our clients half of the state tax due.

4. What is the lawyer’s fee?

Our attorney’s fee depends on the specifics of the case involved, as well as whether you will require additional services (administrative address; opening of a capital account, etc.).

For more information, please request for free our Brochure “Company Registration” by sending us an inquiry at the e-mail addresses, listed in our “Contacts” section.

5. I am a foreign citizen and want to register a company in Bulgaria. Do I have to come to Bulgaria or is it possible to perform each step remotely?

Our company fully communicates electronically with customers who are not in Bulgaria. We can prepare all the documents and send them to the client by e-mail, and after signing them – the client can return the documents to us in the original by mail or by courier.

Based on a notarized power of attorney, provided by the client and sent in original, we can file documents for opening a capital (fund-raising) account at a bank, chosen by the client.

Opening such an account and depositing the capital of the company in this account is a prerequisite for registration of the company at the Commercial Register.

If the bank requires the personal appearance of the client (sole owner, partners, manager of the company), then that person should visit Bulgaria.

The registration of the new company can be done online without the need for the representative of the company to visit Bulgaria.

6. Do you provide the service with “administrative address of company” and at what price?

Our company provides the service “administrative address of company”.

For more information, please request for free our Brochure “Company Registration” by sending us an inquiry at the e-mail addresses, listed in our “Contacts” section.

7. Do you provide monthly subscription plans to commercial companies after their registration?

Our company provides flexible monthly subscription plans to its corporate clients according to their requirements and needs.

8. I already participate as a partner/manager in a company. Can I start a new business or is there a legal limit for this?

Yes, you can register another company, as long as there are no such restrictions listed in the Articles of Association of the current company.

9. I want to set up a company. Should I also be its manager, or can I assign this role to another person?

The law allows you to be a sole proprietor and, at the same time, a manager of the company. But you can outsource the management to another trusted person, who can represent the company.

10. After the registration of a commercial company is completed, are there any other actions that I need to perform or other registrations that I need to do?

Once the company is registered at the Commercial Register and has received a UIC (Unique Identification Code), and once you start the business activities, you should submit a notification for this before the local National Revenue Agency (NRA). Registration at the National Revenue Agency should also be carried out if the company wants to immediately register under the VAT Act.

Other registrations of the company or of properties of the company are made, if these are required by the Bulgarian legislation, depending on the specific business activity – licenses, permits, etc. (for registration of a retail outlet, for example).

For more information, please request for free our Brochure “Monthly Subscription Plans” by sending us an inquiry at the e-mail addresses, listed in our „Contacts” section.

FREQUENTLY ASKED QUESTIONS: REGISTRATION OF A COMMERCIAL COMPANY IN BULGARIA – LLC and JSC

May 3, 2020

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