Bulgaria client case studies
Promoting Bitcoin trade in Eastern Europe
- Our Russian Client is interested to become the leading Bitcoin solutions provider in Bulgaria and later Eastern Europe;
- Having broad experience and background in the young but booming Bitcoin sector, our Client will operate an online platform for easy, transparent and efficient Bitcoin trade, which is gaining popularity in Europe and globally;
- Bulgaria was chosen as the country imposes friendly regulations towards Bitcoin in comparison to many other countries which have negative perception for cryptocurrencies. In Bulgaria, Bitcoin is considered financial asset and does not require VAT taxation on Bitcoin transactions;
- Our Client prefers to retain full 100% control of the company and remain as sole director, without local presence in Bulgaria. He also does not wish to travel personally to Bulgaria to secure corporate bank account opening, but facilitate this process via dedicated Power of Attorney, legalized in the Bulgarian Embassy in Russia.
- Over a conference call, initially over the phone and then over Skype, Petar in detail described the steps required to register a new business in Bulgaria. Furthermore, Petar described additional professional fees that our Client may need during the engagement, such as AML policy creation and staffing solutions;
- During the call, Mr. Aidan Healy, the managing director of Healy Consultants, further described in detail that while Bulgaria is part of the European Union, the country still struggles with high corruption and unemployment rates, and suffers from dysfunctional judicial system;
- Our Client agreed to advance and promptly signed and stamped Healy Consultants’ client engagement letter. Over the coming weeks, the Client supplied most of the required due diligence in a scanned form over dropbox;
- Our Client decided to transfer initial retainer fee to Healy Consultant’s European corporate bank accounts and provided Petar with a scanned transfer slip;
- Being formally engaged by our Russian Clients, within a week from fee settlement, Petar began to plan and prepare a detailed project plan for our Client;
- To negate the risk of errors and engagement delays, our quality deliverables and updates to our Client were reviewed by senior management team from our head office. This way, Healy Consultants ensures our Client receive timely up-to-date feedback for the work concluded on the ground.
- Immediately after retainer fee settlement, Petar supplied our Russian Client with a detailed project plan, inclusive of date-by-date steps required to complete our Client’s Bulgaria engagement in a timely matter;
- Thereafter, Petar began to prepare initial Bulgaria company application forms and power of attorney, required to be signed and legalized by our Client in Russia and couriered back to Bulgaria;
- Following receipt of the legalized set of due diligence, Petar submits quality company setup application to the Trade Registry and obtains company numbers within a business week.
- Our Client needs to know if he will need to register for VAT payments. Petar and his accounting team conduct research and confirm VAT payments and registration for our Client’s business is not mandatory;
- Furthermore, as part of the engagement, Petar prepared a detailed AML/KYC policy for our Client’s review and approval.
- Now that our Client’s company is successfully registered, Petar blasted our portfolio of banking contacts and managed to obtain confirmation of interest in writing. Our Client is required to legalize another set of power of attorney in Russia to allow our local lawyers to represent him in front of banks and other financial institutions alike;
- Following legalization of the corporate bank account opening set and POA, Petar and our lawyers on the ground submit quality corporate bank account opening application to several banks in Bulgaria;
- Within 3 business weeks, our Client obtained approval from the bank’s compliance department, and managed to receive corporate bank account numbers;
- Online banking in English is activated within two business weeks and security (token) devises were emailed to our Client shortly thereafter.