Why do the rich and famous put their money in Swiss Banks?

Why do the rich and famous put their money in Swiss Banks? This is a question that has been a public secret for a long time and a topic covered in mist and secrecy. In this article we would like to share why the most affluent people in the world have been historically choosing Swiss Banks for their wealth.  First and foremost reason is security and wealth preservation.

Making sure that your wealth is safe and there for the generation after you is in fact one of the most important reasons.

According to latest research Swiss Banks are one of the most liquid banks in the world. Furthermore most private banks do not get involved into commercial activities such as loans, discretionary investment programs etc.

Their sole purpose is safe keeping the wealth of their customers.

The second very important reason is secrecy. Famous for their secrecy laws bankers are legally barred from sharing any information about their clients. This goes as far as even confirming the existence of an account. If a banker breaks privacy this is considered a criminal offense and prosecuted by the state in the court of law.

The third reason is the country itself. Switzerland has been neutral on all political conflicts remaining a safe haven in times of war. Currently Switzerland still have a special stature within the EU. This  gives Switzerland the opportunity to keep the Swiss Franc. The currency with virtually zero inflation and backed by gold reserves.

So is this still the case? Or is it possible for people without a seven figure bank account balance to enjoy the benefits of the Swiss Bank System?

Because of competition it is now possible to open a Swiss Account with CHF 1 000 – 5 000. This will give you access to their exclusive services such as: private bankers, investment research reserved for their clients etc.

Does this sound like something we can help you with?

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theReason of the Bulgarian companies being successful

Being a genius never in history has been a mandatory condition to run a successful trade. What is the reason of the bulgarian companies being successful. Well, being ingenious tells the story in a different manner. You have to be one if the goal sets the level higher than the plain survival itself. Some would say that the bigger part of the outstanding Bulgarian companies owes their prosperity mostly to shrewd moves and insidious schemes rather than thoughtfulness and hard working.

Though often showing symptoms of the sickness called corruption and bureaucracy – typical for the Balkans and even more tangible in this country, mean ways are not the only ways to achieve in business in Bulgaria. Creating something out of the blue might be a work of genius or pure luck. But reinventing previous experience adequately to specific time and place is a matter of cleverness and observation. For Bulgarian companies, the latter turns out be a recipe that often cooks good results. Bulgarian entrepreneurs and tradesmen have the radar for the things and trends that are outstanding in the outside world and bring the potential to grow high on the home turf.

The exploitation of the workers time and efforts for pennies (or for “yellow coins” –  as they say in the country) is another explanation for the good fortunes of some enterprises. Sadly, there are indeed such firms that pay scarcely and rarely. However this is not the usual story regarding the leaders among Bulgarian companies. Closer to truth is the claim that the ratio between salaries and productivity happens to be higher than many other places in the world.

Low levels of taxation and social security and eased mode of forming a company adds to the list of reasons.

Do you want to know more about these options? At BulgarianLaw.co we have the experts in the area – you would make mistake calling us.

Company Incorporation in Bulgaria

How does Company Incorporation in Bulgaria works? Foreign investors are allowed by Bulgarian Corporate Law to start and register a company in Bulgaria without being present in the country. This can be done using a Bulgarian Law firm as legal vehicle for their business.

Setting up and registering a business entity in Bulgaria offers several benefits, such as:

• Favorable Bulgarian tax system. With its lowest corporate taxation in the EU- 10 percent of the annual net profit, Bulgarian tax system is advantageous to foreign investors. 5 percent dividend tax is due only when real dividend payments are made. VAT is 20 percent but the export and deliveries within the borders of the EU are not VAT-able.
• Reduced financial risk. The Bulgarian national currency rate is pegged to Euro.
• Quick and simple procedure. Only a few days are necessary for registration of a new business company in Bulgaria. Only €1 is necessary to submit at incorporation as minimal starting capital.
• Reduced business costs. Bulgarian labor force is trained and inexpensive. Affordable prices of real estate and low rents are also advantageous to foreign enterpreneurs.

There are several mandatory actions to successfully incorporate a company in Bulgaria.

First, the form of entity must be picked. The most recommended type is a Limited liability company (LLC). Either with a sole proprietor (EOOD) or with more shareholders (OOD). Another form of company incorporation in Bulgaria is the joint stock company, eather with a sole proprietor (EAD) or with more shareholders (AD). This form is more convenient for a largescale business, while LLC is more common for small or medium businesses.

The following step of the company incorporation procedure includes preliminary meeting of the shreholders or of the general partners.

The next step is the acquisition of a notarized statement of consent. Then a notary certified signature specimen of the company manager and a notarized copy of the articles of incorporation.

After that the one must deposite notarized foundation deeds and a bank certificate of the share capital.

Finally, the application form to the National Revenue Agency is filled.

The whole procedure can be done by a Bulgarian law firm within two working weeks saving the client money, effort and personal time.

Is it possible for a Bulgarian company to achieve international success?

Is it possible for a Bulgarian company to achieve international success? Forever stuck in the cage of thought that “We are too small, we are too weak”, many Bulgarians would answer “No!” to such question. But how big is a man depends not on the size of one’s country. Or the specifics of the environment but on the man’s dreams. Well, only dreaming would not make a Bulgarian company or any company to break through to the international markets. Reaching to the success out of your state requires much more. Some of these qualities are clever ideas, hard-working, consistency, lots of contacts and some bit of luck.

So Bulgarian business is no longer capsulated inside the inner market. The country can now step bravely and convincingly on the territory of the most developed European countries. The amount of funds local companies invest outside the country is a proof in that direction. However it is not the best proof. One Bulgarian company reached a really high level in the software industry. The same company was eventually bought by an American consortium for a sum amounting above quarter billion dollars. Another firm in telecommunication and broadcasting recently launched its own satellite.  It is expected to be an important player in the region.

One of every 11 Eastern European firms in the Top 100 is a Bulgarian company, a report by SeeNews agency says.

Well, you might argue that the origin of predominant part of those companies is foreign. And also that the enterprises have been formed as Bulgarian just because the law treats every firm registered in the country as Bulgarian. But isn’t that another proof that businessmen from abroad saw that potential in the local market and made it grow beyond the state’s boundaries? Just because you are small now does not mean you cannot grow to the skies in foreseeable future. At BulgarianLaw.co we are trying to support every Bulgarian company in attempts to create a successful business and operate on a wide ground.

Is it complicated to open a Swiss Bank Account?

Is it complicated to open a Swiss Bank Account? This is a question that has become more popular in recent times. This was also something that was in the past covert in mist and uncertainty. In this short article we would like to show what has changed. Before opening of an account in Switzerland was very difficult for several reasons. First one being the language barrier and the second one being regulations. With more and more international employees working in the financial sector in Switzerland it is almost certain that most native languages are accommodated. This was done in order to provide you with the best service possible and to make sure they receive your business.

The second issue was regulations which were (and of course to a certain extend still are) very strict for foreign nationals.

However with the advancements in internet security and the fierce competition banks are now able to open a bank account for foreign nationals remotely. So that they do not need to ever visit Switzerland.  Therefore for an individual account all one needs is a notarized copy of his/her passport and a proof of residence. These are send to the bank for verification to, to conduct due diligence and finally the compliance process. Afterwards a simple 5 minute video conference call is scheduled between the bank and the client. This is for identity proof and set-up possible security questions.  After the account is activated and the foreign national has access (over e-banking, relationship manager, mobile apps etc.). Now he can access the Swiss Banking System without ever having visited the country.  This proves the principle described by many renowned economists that “Competition drives innovation”. It also shows that even one of the historically most conservative industries in the world, the Swiss Banking System, were forced to adjust to times, demand and most importantly competition.

Does this sound as something you may be interested in?

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Bulgarian LTD company with Swiss Bank Account

Our team will help you to register your own Bulgarian LTD company with Swiss Bank Account for the newly registered company remotely, without being personally neither in Bulgaria nor in Switzerland.

The total price of the whole package is 1250 euro all inclusive. No hidden costs. 

Why should you register a company in Bulgaria?

I. The Republic of Bulgaria is the Lowest Tax Jurisdiction in the European Union!

• Corporate Tax – 10% – of the net profit per year
• Dividend tax – 5% – Only in case of real actual payment of dividends
• VAT – 20% – The EU internal deliveries and the export are free of VAT
• Personal Income Tax – 10% – The Dividends are free of tax after they are being shared between the shareholder and after the 5% dividend tax is paid.

II. Straightforward and fast procedure.

• The Shareholders could be one or more. Furthermore the only shareholder can also be the sole director of the company.
• There are no requirements to have a local Bulgarian shareholder, manager, secretary etc.
• No Annual Fees for keeping the registration of the company.
• The Shareholders are not responsible for any debt of the company.
• Capital requirements start from 1 Euro.

Can I incorporate a Bulgarian company remotely?

Yes. Our team offers a one-stop shop for company incorporation and bank accounts in Switzerland and Bulgaria. We can furthermore offer accounting, legal and consulting support if needed.

Local business sets record growth. Local business is crumbling down.

What are the Pros and cons of Bulgarian companies? You would find both types of headlines these days in the newspapers, websites and quotes of some politicians. This depends on which side of “government – opposition” leans on the one who claims either of both statements. And the story about Bulgarian companies really has two sides. Objectivity calls for an honest look from all angles! Though this article would rather not tell all the Pros and cons of Bulgarian companies.

Let’s first take few glimpses on the brighter side. There are more business entities from Bulgaria than ever before in top 500 of the biggest companies in Eastern and Central Europe – official data from the rankings of Cofface EEP. Localizing the top 100 of Bulgarian companies would bring us to the conclusion that this group records increment of 146 percent regarding incomes. Bulgarian business and production increase its impact and success on the European market.

On the other hand still, lots of firms in the country operate on the gray market. Three out of ten, a significant share though shrinking a bit compared to previous data. The short living existence of Bulgarian companies is a tendency that brings, even more, concerns. Actually below 5 percent of enterprises founded in 2010 are still active in 2016. And almost half of local entities are one-man show – they hold no employee and the only one who works in is the owner.

These were just a few examples of positive and negative trends in Bulgarian business recently.

The economy of the country as a whole is on the rise according to the official stats and still, a number of problems and challenges has to be overcome. If you want to be on the bright side, the team of www.BulgarianLaw.co knows how to put you on the right track. We’ll tell a secret – many of those who didn’t endure more than 5 years didn’t ask for advice.

Can you afford such risk?