Company Formation Bulgaria

Bulgaria is a small country in Europe. It neighbours Romania, Turkey, Greece, Serbia, and Macedonia. The country joined the European Union in 2007 and has seen increased economic growth. Its GDP reached $168 billion in 2018 and is expected to grow by more than 3%. This is greater than the EU average of less than 2%.

Why Register a Company in Bulgaria?

There are several reasons you may want to register a company in Bulgaria:

  • Strong neighbouring countries – Bulgaria has relatively strong neighbours that are seeing impressive growth in the past few years.
  • EU member states – Bulgaria is an EU member country. This has a benefit in that it enables companies to conduct business internationally without paying border tariffs.
  • Low corporate taxes – Bulgaria has a corporate tax rate of 10%. This is the lowest rate in the European Union.
  • Low business costs – The country has low business costs like labour and office costs.
  • Young and well-educated workforce.

Types of Businesses You Can Register in Bulgaria

There are several types of businesses you can register in Bulgaria. These are:

  • Private Limited Liability Company (OOD) – This is a business that is suitable for small and medium enterprises. There is no need for minimum share capital.
  • Public Limited liability company (AD) – This is a limited liability company that must be formed by at least two members. The minimum share capital that is required is BGN 50,000. This is equivalent to EUR 25,000.
  • Sole proprietorship – This is a business that is suitable for solo entrepreneurs. The entire liability is on the entrepreneur.
  • Partnerships – These are companies formed by two or more partners.

Documents Needed to Register a Company in Bulgaria

There are a number of documents that are required to register a company in Bulgaria. The most important ones are:

  1. Identification card.
  2. Resident documents. This is for foreigners who are registering their companies in Bulgaria.
  3. Memorandum of association – These are prepared by attorneys.
  4. Education certificates – These are needed for certain professions. For example, you need to have a law education to start a law firm.
  5. Intellectual property documents.
 

FAQs on Company Registration in Bulgaria

How easy is it to register a company in Bulgaria?

Bulgaria is trying to attract many foreign companies. As a result, the country has been investing heavily to become a favourite destination for investors. Therefore, it has simplified the process of starting a company. Indeed, it takes less than two weeks to register a company in the country.

What is the corporate tax in Bulgaria?

The corporate tax in Bulgaria is 10%. There is also an addition tax of 20%. 

Do I need to be physically present to register a company in Bulgaria?

No. You can use a lawyer or a consultant to do the work for you. You will be needed to sign documents.

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