Registration a company in Bulgaria can help you to expand your business in the European Union, search on new markets, create new business links and to get visa and residence permit in Bulgaria. Here are 4 easy steps to create your Bulgarian company.
STEP 1: Choose a legal form
First of all, you have to be aware what are the legal business forms of Bulgarian companies. According to Bulgarian law there are several forms to choose from:
- limited liability company (LLC) or дружество с ограничена отговорност (ООД);
- joint stock company (JSC) or акционерно дружество (АД);
general partnership (GP) or събирателно дружество (СД);
limited partnership (LP) or командитно дружество (КД);
- limited stock partnership (LSP) or командитно дружество с акции (КДА);
- sole entrepreneur (SE) or едноличен търговец (ET).
Most common legal business forms are LLC and JSC. They can be formed by one or more Bulgarian or foreign individuals or legal entities. So if you or your company is the only one shareholder, you can register single owner LLC or single owner JSC. There is no limit to the maximum number of shareholders. The advantages of LLC are that the minimum required initial capital is BGN 2 and the company can be managed from abroad.
STEP 2: Choose name, address and manager
After you have chosen one of the above-listed forms, you have to think about your company name, address and manager.
Company name must be unique and in Bulgarian. Check whether the name you have in mind is free or there is already a registered company with that name HERE. The reference should be made in Bulgarian. If you realy like your potential company name, you are entitled to keep the name in Bulgarian Commercial register and register of NPLE for a period of 6 months. During this period, only you can register a company with this name. When the period expires, you can file a new application and to keep the name for another 6 months.
Your company will need to have a Bulgarian address. The registration address could be home address in Bulgaria, rental office or even virtual office. Virtual office service often includes other professional services such as mail handling services, local phone number and live professional receptionist. Most important benefit of virtual office is that you can use the address for registration process and in all your company documents.
Manager of your company can be you or someone else. Have in mind that you can be both sole owner (or one of the company shareholders) and a manager of your Bulgarian company. If you have chosen JSC, you will be CEO of your company and you will be controlled by Board of Directors (min 3 and max 9 persons). According to Bulgarian law, the manager (or CEO) is the legal representative of your company and has wide range of powers like signing company documents, hiring employees and even selling company properties. So you have to choose trusted manager.
STEP 3: Deposit the capital in a bank
You are required to register a special bank account in some Bulgarian bank for the purposes of depositing the initial capital and company registration. The special bank account opening is a mandatory step according to the Bulgarian legislation. Right after the registration of the company, you can withdraw your company’s capital in order to make payments.
STEP 4: File a registration application
You already have a name, address, manager and bank account of your company. Then you are ready for documents preparation and filling an application for initial registration with Bulgarian competent authority – Commercial register and register of NPLE. State fee must be paid also. The application and documents thereto can be submitted by the legal representative of your company or by a proxy. The application for registration a company in Bulgaria is reviewed within a short period of 1 business day. If all the documents are meeting the local requirements, your company will be registered and you can issue a Certificate of good standing.
Our team can help you with the whole registration process of Bulgarian company, including preparation of necessary documents in Bulgarian and English, keeping a company name, filling applications and full scale legal services for companies. Do not hesitate to contact us and to start the procedure as soon as possible. You can send us an inquiry via our CONTACT FORM.