Bulgarian companies – Legal & Tax Status
Starting up a new company in Bulgaria is something that can bring you lots of benefits in the future if you know how to launch it and if you know whom to listen to for advice. Before you push the start button of any business entity, you need to know what forms of existence are permitted by the law. And don’t worry if you are not fully aware of the situation in Bulgaria – you can always call for help and we will provide the support you need.
It is probably clear that the type of a new found company depends on the size and scale of its activity. The simplest form of business entity in the country is sole-trader – any individual capable of commercial or productive activity possessing address in Bulgaria can register such firm. There is no starting capital required for this kind of enterprise.
Sole-trader is form of company existing practically everywhere and more or less so are all the other types of trade activity.
Here we have partnerships and companies that require initial capital. General partnership and limited partnership are associations of persons that have their own specifics and there are some differences in between, but the main common feature is lack of minimum capital requirement.
Other major group of entities has just that demand. Shareholders companies need minimum capital requirement (the size of it varies big time depending on the exact type of the firm), managing bodies and shareholders are liable up to the amount of the agreed contribution. The options in Bulgaria are Limited Liability Company (Ltd with one or more shareholders) or as a Public Limited Company (Plc).
If you grow cucumbers and sell it on the village market – well, it is highly unlikely that you will ever read this article. You probably can go on without it and with no financial and legal consultation. Otherwise looking for support from professionals in this area can help you a lot. The cost of such service is not that big and it will bring you much greater reward in your future activities. Just ask what is the right type for you and/or your partners if you have some doubts or uncertainties about your business.