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Bulgaria company registration

DOING BUSINESS IN BULGARIA IN 2023

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Since 2003, Healy Consultants Group PLC has assisted our Clients with starting business in Bulgaria. Our services include i) Bulgaria company formation services ii) government license registration iii) corporate bank account opening services in Bulgaria and abroad iv) employee recruitment; v) employee visa strategies and vi) office rental solutions in Bulgaria.

Compare different Bulgaria entitiesLLCFast setup solutionsFree zone companyJSCLLPRepresentative officeBranch office
Also known asООДОДДФирма в Свободна ЗонаАДСООПредствителствоКлон на дружество
Best use of company?All products and servicesClient to fast close local dealManuf/ export tradingTo secure public fundingProfessional servicesMarketing/ researchSpecific projects
How soon to invoice Clients?2 months3 weeks2 months2 months2 monthsCannot trade2 months
How soon can you hire staff?2 months6 weeks2 months2 months2 months2 months2 months
How soon can you sign a lease agreement?ImmediatelyImmediatelyImmediatelyImmediatelyImmediatelyImmediatelyImmediately
How long to supply corporate bank a/c?2 months3 weeks2 months2 months2 months2 months2 months
How long to supply co. reg / tax numbers?2 months3 weeks2 months2 months2 months2 months2 months
Corporate tax rate on annual business profits?10%10%up to 0%10%0%0%10%
Limited liability entity?YesYesYesYesYesNoNo
Government grants available?YesYesYesYesYesNoYes
Res. director/partner/ legal rep. required?NoNoYesNoNoYesYes
Minimum paid up share capital? (EUR)11125,0002NoneNone
Corporate bank account location?UniCreditFibankDSK bankUBBUniCreditiBankSOCGEN
Can secure trade finance?YesYesYesYesYesNoYes
VAT payable on sales to local customers?20%20%20%20%20%No sales allowed20%
Average total business set up costs? (EUR)10,46014,04513,4009,160Inquire a proposal8,2608,160
Average total engagement period?2 months1 month2 months2 months2 months2 months2 months

See full table

Accounting and tax considerationsLLCFast setup solutionsFree zone companyJSCLLPRepresentative officeBranch office
Corporate tax rate on annual business profits?10%10%up to 0%10%0%0%10%
Legally tax exempt if properly structured?NoNoYesNoYesYesNo
Group HQ tax incentives?YesYesYesYesYesNoYes
Must file an annual tax return?YesYesYesYesNoYesYes
Must file annual financial statements?YesYesYesYesNoYesYes
Must appoint an auditor?NoNoNoYesNoNoNo
Access to double taxation treaties?YesYesYesYesYesYesNo
WH tax on payments to foreign s/holders?5%5%5%5%5%No5%
Company RegistrationLLCFast setup solutionsFree zone companyJSCLLPRepresentative officeBranch office
Res. director/partner/manager required?NoNoYesNoNoYesYes
Min. number of shareholders/partners?11112Parent companyParent company
Min. number of directors/managers?1113211
Min. statutory paid up share capital? (EUR)11125,0002NoneNone
Must sign an office lease agreement?NoNoYesNoNoNoNo
Shelf companies available?YesYesNoNoNoNoNo
Time to incorporate a new entity?1 month1 month1 month1 month1 month1 month1 month
Can easily convert to a JSC?YesYesYesYesNoNoNo
Can have preference shareholders/partners?NoNoYesNoNoNoNo
Business ConsiderationsLLCFast setup solutionsFree zone companyJSCLLPRepresentative officeBranch office
Good entity for trademark registration?YesYesYesYesYesNoYes
Can secure an import and export license?YesYesYesYesYesNoYes

Sponsorship by a local citizen required?No
Our Client must travel to Bulgaria?No
Temp. physical office solutions available?Yes
You need a local resident as bank signatory?No
Can be wholly foreign owned?Yes
The entity will likely be regulated by?Trade Registry
Monthly VAT reporting to the Government?Yes
Public register of s/holders and directors?Yes
Govt approval required for foreign owners?Yes
S/holder/director docs attested/translated?Yes
Can bid for Government contracts?Yes
Foreign director needs personal tax no.?No
Foreign non resident director needs a residence visa?No
Maximum number of staff allowed?No maximum number for any entity
Expatriate to local staff ratio?None
Can secure residence visa?Yes
Other useful information
What is included in my cust. sales invoice?Sample invoice
Bulgaria has signed free trade agreements?Yes
This country is a member of WIPO/TRIPS?Yes
This country is a member of the ICSID?Yes
Average custom duties suffered?1%
Govt foreign investment approval required?Yes
Maximum shareholding for foreigners?100%
Average monthly office rent? (EUR/sq m)12.5
Minimum statutory monthly salary? (EUR)240
Average EUR salary for local skilled staff?484
Security deposit kept with Govt?No
US$ deposit interest rate? (1 year average)0.45%
Overseas remittance currency controls?No
Banking considerations
Multi-currency bank accounts available?Yes
Corporate visa debit cards available?Yes
Quality of e-banking platform?Low
Crowd funding available in this country?Yes

Bulgaria business setup summary

  • Most of our Clients see Bulgaria as a relatively inexpensive option for entering the massive EU market and the Russian market;
  • The popular business entities for foreigners include LLC (to offer services) and free zone company (to operate an export oriented manufacturing business);
  • Bulgaria is a low tax jurisdiction – the corporate income tax is only 10%, while the withholding tax on dividends to foreign shareholders is 5%;
  • Bulgarian government offers several tax related incentives for foreign companies, which will invest in relatively poor municipalities;
  • Despite the advantages above, Bulgaria is still relatively small economy with one of the highest corruption rates in the EU.

Press the link headings below to read detailed, relevant, up to date information.

  • Advantages and disadvantages

    Advantages of Bulgaria company registration

    Bulgaria business registration advantages and disadvantages

    1. A Bulgaria limited liability company can be incorporated within two weeks, with a minimum of one shareholder and one director, who may be foreigners residing outside the country. Conveniently, the minimum paid up share capital is only €1 and our Client will not be required to travel to the country;
    2. Bulgaria is an ideal European Union country to register a Bitcoin company, because:
      • Bulgarian banks are flexible and allow corporate bank accounts for Bitcoin businesses;
      • There is no negative legal regulation on Bitcoin. Furthermore, Bitcoin in Bulgaria is considered as financial asset following statement from Revenue Agency in April 2014, confirming the same;
      • Bitcoin transactions in Bulgaria are exempt from VAT since 2015;
      • Russian Bitcoin investors are welcomed in Bulgaria;
      • Bulgaria is part of SEPA, consequently fund transfers within such payment union are low.
    3. Bulgaria is a prime setup location for our Clients willing to run a manufacturing business in Europe and the Middle East, because:
      • Because of its EU membership and free trade agreements, Bulgaria enables manufacturing businesses to reach to i) 500 million duty-free EU market; ii) 80 million duty free Turkey market and iii) booming Middle Eastern markets;
      • Bulgarian labor costs are the lowest in Europe with average hourly costs recorded at €4.1, against €28 for the EU average. Furthermore, skilled workers are also available, with good qualifications in engineering, sciences and languages. According to the National Statistical Institute of Bulgaria, 20% of the total population have college degrees;
      • Tax holidays of up to 5 years are available to qualifying manufacturing projects under the Corporate Income Tax Act;
      • Electricity costs in Bulgaria are estimated to be 30% lower than the standard EU rates. Standard KwH for corporates is just €0,165 per hour;
      • Plovdiv (Bulgaria’s second largest city) is a great place to relocate a manufacturing business, with the city boasting one of the largest manufacturing clusters in Eastern Europe. Furthermore, Bulgaria is a great place for companies selling products and services to the automobile industry. Large EU companies like i) Witte ii) Montupet and iii) others car parts suppliers have relocated their factories to Bulgaria. The only Chinese car manufacturer in the EU – Great Wall Motors – chose Bulgaria to setup their factory;
      • For these reasons and more listed below, Bulgaria is positively ranked 38th in the Doing business 2016 ranking of the World Bank.
    4. Registering a business in Bulgaria enables our Clients to legally minimize tax because:
    5. Bulgaria is the preferred investment location within the EU for Russian entrepreneurs because:
    6. Additional government incentives for investment projects in Bulgaria include:
      • R&D-oriented companies registered in Bulgarian industrial zones benefit from a 2-year tax holiday;
      • Foreign investments in Bulgaria have preferential access to EU structural funds, available only in Bulgaria and Romania;
      • Foreign entrepreneurs who create 50 jobs are automatically exempted from VAT for up to 2 years VAT under the new VAT Law;
      • Under the Renewable and Alternative Energy Sources Act, foreign investments in renewable energy are connected with priority to the electricity grid, otherwise a time-consuming process;
      • Foreigners investing more than €10 million in Bulgaria will qualify to become Class A investors and consequently obtain full 100% reimbursements of labor costs.
    7. Bulgaria has been positively ranked in the 49th position (out of 137 countries) in the 2017-2018 Global Competitiveness Index. This is due to the economy’s excellent macroeconomic environment along with the its technological readiness which further contributes to its capacity to innovate.

    Disadvantages of Bulgaria company registration

    1. Our Clients will make few domestic sales in Bulgaria because:
      • The Bulgarian domestic market is relatively small, with a declining population of 7.3 million people. Purchasing power in Bulgaria also continues to be the lowest in the European Union since the country became a member in 2007;
      • While Bulgarian summer resorts are preferred tourism location by Russians, the political tensions with this country resulted in a drop of Russian tourists to Bulgaria from 700,000 in 2014 to 160,000 in 2015, according to the Bulgaria National Statistics Institute;
      • The country suffers from high unemployment levels, recorded at an average 10% in 2015.
    2. Our Clients will face red tape and unpredictable bureaucratic practices in Bulgaria because:
    3. Bulgaria’s infrastructure and energy sector are not up to par with EU standards because:
      • Roads in Bulgaria are generally in moderate to poor condition, causing additional operational costs for logistics companies;
      • Railway infrastructure quality in Bulgaria is lower than other European States, according to the World Economic Forum;
      • Power outages, while quickly fixed, are not uncommon in suburban areas. According to the World Bank, it takes an average of 130 days for a new manufacturing business to get connected to the electricity network, the 5th longest period within the European Union;
      • Ukraine’s crisis is increasing the risks of a second gas crisis in Bulgaria. The 930km gas pipeline infrastructure project “South Stream” was suspended indefinitely by the Bulgarian Government in 2014;
      • The period 2013-2015 was marked by deadly floods, due to inadequate maintenance of water reservoirs;
    4. Bulgaria has been poorly ranked at the 71st position (out of 180 countries) in the Corruption Perceptions Index 2017. The nation’s inefficient and unstable government bureaucracy along with its unstable policy making and implementation procedures have largely contributed to this.

  • Best uses for a Bulgarian company

    1. Bulgaria is a great place for the formation of a manufacturing company, thanks to availability of low cost workers and limited operational costs;
    2. Bulgaria is also a good place to trade with Russia. While the country’s membership to the European Union enables foreign investors to protect their assets and make sure they can repatriate their earnings, the geographical proximity to Russia will also allow them to target such market.
Recruitment questionnaire: Bulgaria




  • Message from our Chairman

    In 2021, Healy Consultants Group PLC is increasing the strength of our European team, hiring X more accountants and X more client relationship managers. We work Monday to Friday 9am to 6pm. This is a home-office position for the first 6 months. Should Healy Consultants Group PLC manages to build a solid team in Bulgaria, our team will have opportunity to work from a modern office in a suitable location.

    Since 2003, Healy Consultants Group PLC assists multi-national Clients with business set up in every country on the planet. We need quality Bulgarian professionals to support our international offices and serve European Clients.

    Aidan Healy

    Aidan Healy

    Business owner

  • Message from our Senior Manager

    If you are interested in applying for a position in a young, dynamic international e-commerce boutique consulting company, please complete the 5 minute questionnaire below. Within two days thereafter, either Mr. Petar or our HR Department manager will email you to arrange a video call interview. Before your interview, it is wise you are familiar with our business web site.

    Petar Chakarov

    Petar Chakarov

    Senior manager

  • Your contact details

    To help our in-house Human Resource Department communicate with you, I would be grateful if you complete this form:

    1. Your name?*
    2. In which city do you live?
    3. Your email address?*
    4. Your Skype video call ID?
    5. Attach your resume here*
    6. Your cell phone number?*
    7. Your preferred date and time for a video interview?

  • Working with Healy Consultants Group PLC

    To help our in-house Human Resource Department evaluate your ‘fit’ in the organisation, I would be grateful if you complete this form:

    1. Are you willing to work from home for a minimum of 6 months*
       Yes No
    2. What are your monthly salary expectations?*
    3. Are you familiar with our Staff bonus policy (click link)?*
       Yes No
    4. Are you most motivated by results, or relationships, or experience?*
       Results Relationships Experience
    5. How soon can your start work with Healy Consultants Group PLC?*
    6. Are you comfortable reporting to a Manager in an international office?*
       Yes No I don’t mind
    7. Or do you prefer to report to a local Bulgarian manager only?*
       Yes No I don’t mind
    8. Would you like to be an employee or independent consultant?*
       Employee Consultant I don’t mind
    9. If independent consultant, are you willing to sign an exclusivity contract with Healy Consultants Group PLC*
       Yes No I don’t mind
    10. Indicate proportion of the time you want to spend working from home and working from the office?
      Work from homeWork from office
    11. Indicate proportion of time you want to spend communicating with our multinational Clients and international Staff?
      StaffClients'
    12. Indicate proportion of time you want to spend researching technical topics including i) blockchain strategies or ii) double tax treaties or iii) search engine advertising or iv) transfer pricing strategies?
      Minimum 0%Max 100%
    13. Indicate proportion of time you want to spend working in a team or independently?
      Team 0%Independent 100%
    14. Rate your proficiency with using Microsoft Office?
      Poor 0%Expert 100%

  • The accounting role

    We are looking to hire 5 senior accountants, to support our international office Staff. Read this web page to learn more about the role. In the meantime, please answer the questions below. Thank you:

    *Fill in NA or No if you are not applying for accounting position

    1. Are you interested in learning about international accounting and tax?*
       Yes No
    2. Are you interested in learning about international legal and compliance?*
       Yes No
    3. Do you like the idea of registering companies for international Clients?*
       Yes No
    4. Do you like communicating with Clients from multiple nationalities?*
       Yes No
    5. Are you interested in global corporate structuring?*
       Yes No
    6. What software are you familiar with?*
    7. Are you familiar with the challenges to open a corporate bank account abroad?*
       Yes No
    8. Are you familiar with international reputable tax-exempt companies?*
       Yes No
    9. Are you interested in creating web page content for our business web site?*
       Yes No
    10. Are you interested in posting updates on Healy Consultants Group PLC social media platforms?*
       Yes No

  • The CRO position

    We are looking to hire X Client Relationship Officers, to support our international office Staff. Read this web page to learn more about the role. In the meantime, please answer the questions below. Thank you:

    *Fill in NA or No if you are not applying for CRO position

    1. Do you have experience in client relationship management?*
       Yes No
    2. Do you have experience in project managing international engagements?*
       Yes No
    3. Do you enjoy research, networking and creating web pages for a business web site?*
       Yes No
    4. Do you enjoy finding solutions to challenges imposed by lawyers, accountants and Government bodies?*
       Yes No
    5. Are you familiar with company formation process and the Trade Registry? *
       Yes No
    6. Do you have experience in Microsoft 365 and Dropbox administration?*
       Yes No
    7. What business web site platform / Client management system are you familiar with?*
    8. Do you feel stressed with deliverable deadlines?*
       Yes No
    9. Are you interested in posting updates on Healy Consultants Group PLC social media platforms?*
       Yes No
    10. Do you have experience in providing remote business advisory?*
       Yes No
    11. Do you feel comfortable with phone and video communication* Yes No
    12. Are you familiar with MS office applications?*
       Yes No
    13. What other sales experience do you have?*
    14. Do you like to analyse website data and prepare reports?*
       Yes No

  • Conclusion

    Thank you for completing and submitting this questionnaire. It will help Healy Consultants Group PLC Human Resource Department identify quality candidates for our EU operations. Please submit this form now.

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Useful links for Bulgaria

Contact us

For additional information on our company registration services in Bulgaria, please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
  • Mr. Petar Chakarov
  • Sales & Business Development Manager
  • Contact me!
Bulgarian chamber of commerce and industry Bulgaria financial supervision commission Bulgaria government
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