How to open a company in Bulgaria?
How to open a company in Bulgaria and what is the procedure? It is a questions that is often asked on our website or during or client visit and consultations. This arises from the countries booming economic and favorable tax laws.
First of all let us take a look at the macroeconomic picture in the country.
Bulgaria’s GDP has been growing
at a steady pace since 2012. This makes it a favorable destination for long
term investments. Latest research shows that there is a lot of available
skilled labor for employment.
Furthermore because of the costs these are available for a much lower rates than any other countries in Western Europe.
The second and also perhaps the reason why most businesses might consider to open a company in Bulgaria is the taxation system.
The country has a flat corporate tax rate of 10% from the net profit.
This makes Bulgaria a tax haven
within European System something that should not be overlooked.
Furthermore as part of the European System Bulgarian companies receive access to a Bulgarian corporate bank account which can be operated remotely.
As a comparison the corporate tax rate in many European countries can reach to as much as 60%. This gives investors the advantage of re-investing funds back into their company and therefore gaining a significant competitive advantage over their immediate competitors.
Another factor in taking such a decision is the banking system. Bulgaria has a very stable and liquid banking system. Banks were subjected to a stress test from the European Union and all banks passed without any issues. Additionally all banks proved to be highly liquid and able to sustain any form of outside pressure.
So now that we have briefly covered why more and more people are interested to open a company in Bulgaria the next question that arises is can this be executed remotely?
And the answer here is yes. It is possible to do this remotely if you choose a reputable legal firm.
At Bulgarian Law we have a team of lawyers who have more than 70 years of combined professional experience between the partners. This is an invaluable expertise that clients can have access to at any given moment.
What is the procedure to open a company in Bulgaria?
Our legal team prepares the whole packed of documents and these are e-mailed to you for a signature and review. After these are signed and verified the whole package is sent back to our legal office. Once we have received all documents the company incorporation takes anywhere between 7-10 days before the newly established company in listed in the Bulgarian Trade Register.
Does this sound like something you might be interested in?