Bulgaria corporate bank account in 2021
Healy Consultants assists Clients with opening corporate bank accounts in Bulgaria. Our expert banking team will prepare all of the required documentation on our Client’s behalf and submit the documents to the Client’s preferred bank. We will also attend the bank interview on your behalf and may assist you with applying to the full range of corporate banking services available in Bulgaria. Please read below for further information regarding Bulgaria banking system and our corporate banking services in this country.
Bulgaria corporate banking options
- Bulgaria has a mature banking sector, offering both conventional and Islamic banking services to businesses. As in most Eastern-European countries, the majority of banks in Bulgaria are foreign-owned, usually part of international groups, including i) Raffeisen bank; ii) Unicredit Bulbank; iii) Société Générale Bank and iv) DSK bank (part of OTP Group);
- We usually recommend our foreign Clients to open their Bulgarian corporate bank account with a bank with which they already have a relationship in another country. This optimizes i) the time required to open the bank account and ii) the bank’s requirements for our Client’s due diligence;
- Alternatively, our Clients may also choose to open a bank account with a Bulgarian bank. Healy Consultants recommends i) Municipal Bank and ii) First Investment bank.
- Clients are allowed to open and maintain several corporate banks accounts in their preferred currency: BGN. USD, EUR, GBP or CHF.
Healy Consultants’ Bulgaria corporate banking services
- Healy Consultants will be pleased to assist our Clients with opening a corporate account for their Bulgarian company within 4 weeks. Internet banking will be approved within the subsequent weeks. Our fee for this service is €2,950;
- Before setting up a business in Bulgaria, Healy Consultants will assist our Clients to determine the optimal and time-efficient corporate bank account amongst the different banking options available;
- Before company formation in complete, Healy Consultants submits a complete corporate bank account opening application to the preferred bank including i) the bank questionnaire forms and ii) all due diligence documents;
- Healy Consultants will liaise with the Bulgarian banks to prevent our Clients from needing to travel to Bulgaria. The banks may require our Clients to submit a Power of Attorney document certified by the Bulgarian embassy. We at Healy Consultants can assist our Clients to draft and certify the POA;
- However, there is still a 20% chance that the bank may requires our Clients to travel for a one hour interview in Bulgaria. In this case, a fee discount of €950 will apply;
- Following bank account approval, the selected Bulgarian bank will directly and independently provide our Clients the corporate bank account number, required to set up their business in Bulgaria;
- Our Clients then proceed to transfer the share capital onto its Bulgarian corporate bank account. Healy Consultants will be happy to transfer these funds on our Clients’ behalf to optimize the engagement timelines. The bank issues a certificate of deposit necessary to continue with the incorporation process.
- If requested, Healy Consultants will be pleased to assist our Clients with obtaining bank additional financial support for their projects in Bulgaria. Please read below for further information:
- Healy Consultants may assist our Clients with obtaining additional corporate financing, including: i) company loan; ii) company credit card and overdraft and iii) obtaining preferential credit terms. Please contact our Bulgaria CRO for inquiries regarding these services and related fees;
- While Bulgarian banks are open to provide funds to finance international investment projects, they require a good amount of due diligence. Documents requested may include i) a detailed business-plan; ii) a market feasibility study iii) availability of collateral assets iv) qualifications of business owners and management iv) the company’s last 3 years of audited financial statements and v) a detailed review of the project’s strengths, weaknesses, opportunities and threats (SWOT).
Exchange controls and other regulation
- After Bulgaria joined the European Union in 2007, the new Credit Institutions Act removed all exchange control regulations. Consequently, There are no restrictions on the number of bank accounts owned and the amount of foreign currency that residents may hold in bank accounts, and there are no ceilings on the profits, capitals and interest and royalties residents are permitted to transfer abroad;
- Following the collapse of the CCB in 2014, the inefficiency of the Bulgarian National Bank in supervising the financial sector became evident. Since then, the central bank has been working together with the IMF and the World Bank to improve its procedures and practices and implement new regulations for banking supervision in order to increase confidence in the sector;
- Non-residents are welcomed to open personal or corporate bank accounts in multiple foreign currencies, including US$, Euro or BGN.