(English) Bulgarian Company Setup Process – 10 Major Steps
Step 1: Major Legal Business Forms
Bulgaria’s legislation is synchronized with The EU legislative forms in terms of ventures’ registration. There are several options that can be chosen as the most common of them are:
• “Single person Limited Liability Company ” (EOOD) – an entity with one single owner with limited responsibility
• “Private Limited Liability Company” (OOD)– owned by two or more partners with limited responsibility
• “Sole Owner” (ET) – a simplified entity form which is appropriate for very small ventures (full owner’s responsibility)
• “Freelance” – a personalized individual registration
• “Public Limited Company” (AD) – joint stock company –commercial company with share capital owned by its members
• “Branch in Bulgaria” – Foreign legal entitles registered abroad can register a branch in Bulgaria
Step 2: Name of the Company
You must pick a name of the company which will identify your venture on the market as well as before government institutions. Certain name parameters must be taken into account. The name itself could be chosen and occupied prior to the entire registration process (the latter is not compulsory but could represent a useful move in some cases).
Step 3: Escrow Bank Account Registration
You will be required to register a special escrow account in some Bulgarian bank for the purposes of the entity’s equity and legal registration. The initial bank account registration is a mandatory step according to the Bulgarian rules and regulations.
Step 4: Equity
The initial equity registration is one of the major characteristic features of the venture’s formation, representing a mandatory procedure in Bulgaria. What is more – the government has recently introduced a uniquely low minimum equity for “Ltd.” registration in Bulgaria – 2.00 BGN (1.00 EUR). The latter is considered a key factor for the economic stimulation by increasing the number of the registered active business ventures.
Step 5: Business Address Registration
The address registration is the next mandatory step in the process of your company’s setup. You could rent an office physically in Bulgaria or contact an accountancy company for further alternatives. That would represent no difficulty to you as “RPN Accounting” is offering the service of address registration using specially designed for that purpose Bulgarian address.
Step 6: Documentation preparation
The overall documentation preparation is an essential part throughout the entire venture registration process. That is why it must be executed precisely and according to all relevant requirements. A professional accountancy company like “RPN Accounting” can handle that area in a competent fashion so that each single document gets available and applied for the registration purposes. You can trust our rich experience and high level of expertise.
Step 7: Registration in the Government Official Register
According to Bulgarian laws every new business venture must be registered in the publicly available Official Commercial Register. Although that procedure can be both time-consuming and efforts-worthy, it could be executed in a smooth and fast manner so long as you are aware of all data and specific peculiarities of the institutions’ requirements. The importance of this step requires special extra attention so that it could be accomplished successfully.
Step 8: Registration Timeline
The registration procedure stages described above can take up different timeline parameters depending on the way as well as the professionalism and experience they get executed with. Time acceleration can be achieved through getting competent assistance from a specialized accounting company like “RPN Accounting”. Our experience allows us to reach full-scale registration level within one-week time frame which can be especially useful to projects counting on time-saving.
Step 9: Stamp Registration (additional operation)
Each newly registered business venture must practically possess an official stamp that can be used for endorsement of its formal activities. Despite being an additional after-registration step, the stamp registration has basically an obligatory function for the business setup in Bulgaria.
Step 10: Active Bank Account Registration (additional operation)
Another after-registration procedure is the active operational bank account registration that follows the escrow bank account closure. The active bank account stands for opening of the venture’s official bank account with the help of which it will step into relations with many of its partners – customers, providers, contractors, employees, etc. That will make the overall business setup process successfully concluded.
Trust our rich experience and high level of expertise.
Contact us and we will execute the entire business setup process in Bulgaria quickly, smoothly and successfully.