Europe Emirates Group can help you start your business in Bulgaria
Bulgaria offers its own version of a private limited liability company (EOOD), which is limited to the amount of available capital. Foreign nationals or corporations can form companies and fees vary accordingly. Formation is usually completed in five days.
To complete the process of company formation, minimal documentation is required. The Memorandum of Association and the managing board of director – or details of a single director – must be provided with the information placed in the State Gazette and commercial register.
Share capital has to meet minimum requirements with required proof that the required percentage at the time of capital has been paid, and managers should be appointed at the same time.
Registration is obtained at the district court nearest the commercial registrar and the court decides upon the registration, following which notification is listed in the State Gazette.
Shareholders can be individuals or companies, as can the director. There are minimum requirements for share capital at time of the filing as well as meeting requirements (one shareholder meeting per annum).
Different types of company structures can be implemented with OOD companies that have one director and one shareholder minimum, which may be individual or companies; or EAD companies, which also have a single shareholder with a requirement that balance sheets are filed with tax authorities on an annual basis.
Minimal starting capital requirements are very low and it takes approximately 10 days to get an International VAT number. There are a variety of agencies that need to be involved from the IS and Ministry of Justice to the Court Register and State Official Gazette, plus local tax authorities.
Statutory records are required, as is a shareholder register and a director register. The company has to maintain a local registered office with annual maintenance fees and record-keeping requirements.