Is it difficult to open a Bank Account in Bulgaria?
Just how difficult it is to open a Bank Account in Bulgaria? This is a question that we are often asked.
In this article we would briefly like to discuss the process for opening a Bulgarian bank account.
First off all we should mention what the benefits are of owning a Bulgarian Bank Account.
Being a part of the European Union owning such international bank account allows you to have access to the European financial system.
Furthermore, all bank deposits up to 100 000 Euro are 100 percent guaranteed by the government.
Bulgarian banks underwent a stress test that was meant to show whether the banks were liquid enough to withstand times of significant increase in withdrawal requests. All banks performed without issues showing that the Bulgarian banking system is stable.
Another major benefit is that due to the very low income and corporate tax in Bulgaria one has the chance to minimize their tax expenses by directing some of their international income to the newly opened bank account. This will help you to additionally optimize your taxes.
What is the process of opening bank account?
There are different ways of approaching this. If one chooses to come and personally complete the task in Bulgaria it may be time consuming. Furthermore, this involves the research of banks, establishing contacts and gathering the necessary documentation.
A lot of people and firms choose to employ the services of professionals and thus saving them time, efforts and money.
One thing to keep in mind when choosing your new partner is to only work with the most reputable firms. These will have most experience and will best assist you in this new venture.
At Bulgarian Law we have 20 years of experience and a dedicated team of lawyers, accountants, solicitors and economist.
Let us help you make the best choice for your business. Contact us.