Bulgarian company formation – types of company formations in Bulgaria!
Bulgarian company formation or, in short, the legal form of а company in Bulgaria and its establishment. What is the legal form and what types of companies can be created in the country? On these important questions about each entrepreneur, we will try to answer today.
The registration of а company is preceded or goes along with the choice of the type of your company. In Bulgaria, а wide range оf legal forms can be registered for your company such as ET, OOD or EOOD, KD, SD, AD, and other field of а company or а commercial representation.
Each form defined by the Commercial Code in Bulgaria has its specificity. Here we are talking about taxes, insurance, a set of permits, type of management, shares, payroll registration, VAT registration and bookkeeping. Let me briefly introduce you to the types of traders in Bulgaria and popular legal forms of companies.
Bulgarian company formation according to the laws of the country and their popular species
The Bulgarian Commerce Act regulates much of the business and its activities in the country and beyond. In its view, traders are divided into physical and legal entities. That is, individuals are only companies of Sole Businessmen, while Legal are all municipal and state institutions (Public). Commercial companies are the most common legal form behind which one business is.
They may be limited or collective, may be EOOD or OOD, EAD or AD. Accordingly, the large companies’ associations are formed in the form of holdings or consortia (in which many and various AD, OOD, etc.) are merged.
Bulgarian company formation or formation of а company in the country is made after you are familiar with the specifics of the legal forms in our country and you have chosen the right one for your business. One good advice is to consult a law firm, because the pros and cons of each legal form will explain most clearly! The registration of the company itself is registered in the Commercial Register through the Registry Agency. From there, procedures for receiving BULSTAT, appointment of directors, workers, registration with the NRA and NSSI start. Keeping accounting for business is obligatory!
Bulgarian company formation, as the commercial companies are a union of two or more persons, for the purpose of operating business. Upon registration all TDs submit a Memorandum of Association or a Memorandum of Association. They form company capital from shares or cash. For example, capital in OOD and EOOD is minimal and liability is limited.
Therefore this legal form is preferred by a number of traders in the country! AD are registered in the form of capital associations, with shares. Partners here are responsible for their capital investment. It is possible to re-register а company from one legal form to another! Yet Bulgarian company formation should be considered and counseled with professionals in the field. Start your business today by registering your business properly!