The highly qualified lawyers at law firm Ruskov & colleagues advise and assist you in setting up a company in Bulgaria. We will help you to choose the most suitable corporate form for your business according to the Bulgarian Commercial Law, prepare the company documents and represent you during the registration procedure in front of the Bulgarian commercial register, as well as to open company accounts at Bulgarian banks of your choice, apply at the competent tax authorities for a Tax ID and a Value Added Tax Identification Number for your company.
As an additional service we advise you on a suitable company headquarter, and can even provide one. We assist you in finding qualified personnel, manager or company representatives. We have qualified accountants and tax advisers, so that we can take over the tax affairs of your company in Bulgaria as well.
We offer optionally:
- Application for a corporate name
- Preparation of company documents and company foundation
- Notarially certified Certificate of Incorporation with apostil
- Application for EU VAT number
- Tax advice on the issues of double taxation in border-crossing business activities European tax law, tax optimization of the branch in Bulgaria
- Opening balance sheet
- Commercial register extract with certified translation and apostil
- Translation of company documents
- Business accounts in a Bulgarian bank including internet banking services
- General Power of Attorney with certified translation and apostil
- Company address - domicile - in Sofia, Bulgaria
- Secretarial services
- Accounting, current VAT registration, declaring annual financial statements
Bulgarian law provides for the following forms of commercial activity:
Commercial registration of self employed persons (Bulgarian БУЛСТАТ) – Any legally competent individual, who exercises a freelance activity in Bulgaria (in Bulgarian legislation there is no exhaustive list of the freelance professions) or trade without it being organized in a commercial way, must be registered under the Bulgarian BULSTAT Act - thus, everyone who exercises a freelance activity for its own account.
Registration must be made within 7 days following the conduct of a commercial activity. The registration procedure itself is simple – it requires only the filling in of a form with assessment of the activity. The application must include an educational or qualification certification (diploma, profession certificate or degree). After the registration the trader or freelancer becomes subject to taxation, and if his annual turnover is above BGN 50,000 the application under the Value Added Tax Act is mandatory. Here you can read more about an entry in the BULSTAT register.
Company entity under the Bulgarian Civil Law (Bulgarian: Гражданско дружество) - This partnership arrangement combines the businesses of two or more persons in order to be achieved a common economic goal - Articles 357 and the following of the law on contracts and obligations. Thereto the associates can arrange contributions in form of certain amount of money or other movable property or real estate deposits. All that is acquired by the company becomes a common property of the partners. The shares of the partners are equal unless stipulated to the contrary.
Sole trader (Bulgarian: Едноличен Търговец, briefly: "ЕТ") – this is a person who on a commercial basis exercises one or more of the business activities enumerated in Article 1 Section 1 of the Bulgarian Commercial Act. A sole trader is further any person whose business enterprise, the type and scope of it are organized in a commercial way. Upon registration as a sole trader in the Bulgarian Commercial Register the unincorporated body of the natural person is expanded, and he becomes liable for the fulfillment of its obligations in its capacity as sole trader, as well as a private person. He is liable for all its obligations with all of its assets. A new legal entity does not evolve.
General partnership (Bulgarian: Събирателно дружество short, "с-ие") - is a company that is established by two or more persons and carries out a commercial enterprise that requires a commercially organized business. The partners undertake full responsibility for the company debts and are unlimitedly liable. This company is to be listed in the commercial register.
Limited commercial partnership (Bulgarian: Kомандитно дружество, short: "КД") - is a company established by two or more persons. By one or some of the company members the liability to the company's creditors is unlimited (General Partner - unlimited Partner), while the part of the partners are not personally liable (limited partners). The LCP must be registered in the commercial register on behalf of the general partners.
Limited liability company (Bulgarian: Дружество с ограничена отговорност, short: "ООД"), or one-man company with limited liability (Bulgarian: Еднолично дружество с ограничена отговорност, short: "ЕООД)" - is a company established from one or more persons, whereas the share holders are liable for the obligations of the company only to the amount of their deposits in the company. This corporation form emerges after the entry in the commercial register. The share capital consists of the partners’ contributions and according to the Bulgarian Commercial Act the capital must amount to the minimum of BGN 2. Here you can read more information about the bulgarian Limited liability company.
Public limited liability company/joint-stock company (Bulgarian: Акционерно дружество, briefly: "АД") - The main feature of the PLC is the participation of the shareholders in the company. For the company's obligations to the creditors liable is the company itself with its assets. The capital of the PLC consists of shares. The minimum value of a share must be not less than 1 BGN, whereas there is no limit on the maximum value of a share. For the foundation all shares of capital must be subscribed by the shareholders and at least 25% of its value must be prepaid. The minimum nominal amount of the share capital is 50,000 (fifty thousand) BGN. The establishment of a PLC requires an entry in the commercial register. You can find further information about the joint-stock company in Bulgaria here.