Do I have to visit Bulgaria to open a company?
It can be done fully remotely. Though, we always advise our clients to visit Sofia for just two days at the end of the process for the last step. Nothing beats personal contact.
There are two key moments in the process:
- Opening a bank account for the future company
- Notarizing one of the documents
Both are mandatory, both have to be done before the registration. Both can only be done with the documents that we prepare and give to the client.
The so called capital or cumulative bank account can be easily opened remotely in the only platform that provides the service online. We provide full support for this step. The other option is to open the account in person in a Bulgarian bank. There aren’t any other options for this.
The one document that needs to be notarized/attested/certified (different words for the same thing) can be done in a Bulgarian embassy/consulate in your country. It can be done also before a local notary (in your country) but this complicates and slows down the procedure as it requires additional notarization and translation in Bulgaria.
There is a 3rd option fot the notarization that we always recommend to our clients – visit Sofia for just two days and finish the procedure completely. This way we also have the chance to meet in person and get things going with your business quickly.
Exact steps for opening a company in Bulgaria
Step 1: Give us all the information
When we have all the needed information, we require a 50% prepayment to prepare all the papers. Then we prepare all the documents and send it to the client.
Needed information is:
- copy of the passport/ID of the owner(s)/manager(s)
- name of the company
- scope of activity
- amount of the capital
- address of the company (we provide the service)
Step 2: Sign the papers
The client needs to sign all the papers.
Step 3: Open the capital/cumulative bank account
The future company needs this account in order to be registered. Open the account and deposit the capital. We provide full support.
Step 4: Notarize one of the documents
This can be done in a Bulgarian embassy/consulate in your country or before a notary in your country or before a Bulgarian notary.
Step 5: Send us all the documents and pay the second half of our fee.
Company will be registered in 3 business days.
Our recommendation – visit Sofia for just two days to finish the process. When you open the account for your future company, just fly to Sofia and meet us in person. We will fully suport you for the notarization of the document from step 4 and will open the company in the same day.
More about the capital/cumulative bank account
This type of bank account only serves for depositing the initial capital of the company. It can only be opened in a Bulgarian bank. No Revolut, Wise, Stripe, PayPal, etc.
It is absolutely mandatory and you can’t have a standard limited company in Bulgaria without such an account.
There are two ways of doing this:
- Online in the only platform in the world that provides this exact service for Bulgarian companies
- In person in a regular Bulgarian bank
Option number one is easy – you have to download an app and open a personal account in it. Once approved, you apply for the capital/cumulative bank account of the future company with the documents that we sent to you.
Option two is a little more complicated as it can be only done in person in a regular bank. Filling forms, waiting for approval (5-10 days) etc.
The process of opening the account online can take between 3 and 6-7 business days.
EOOD and OOD - the Bulgarian limited company
Only thing you need to remember – EOOD and OOD are the same thing. Only the EOOD is owned by one owner and the OOD is owned by two or more. Both can be owned by entities – Bulgarian or foreign.
EOOD and OOD are the equivalent of a limited company or the limited liability company which are synonyms.
Minimum capital for a Bulgarian company
The minimum required capital for a Bulgarian limited company (EOOD or OOD) is 2 Bulgarian levs or 1 euro.
It is always better to put more capital in the firm so it can meet its initial expenses. All the money put as capital can be used immediately after the registration of the company.
Registered address
Every Bulgarian company needs an address in order to be registered.
If you don’t have an address in Bulgaria, that’s not a problem – we provide this service.
We charge only 540 euro per year for a registered address.
How long does it take?
We prepare the needed papers in 48 hours upon payment and send it to the client.
Then it can take from literaly 4-5 days to a few weeks, depending on how quickly the capital/cumulative bank account will be opened. Every client goes through a detailed check by the bank (no matter online or in person) which normally takes 2-5 business days.
Once the account is opened and the one document is notarized, we file the papers and the company will be registered in 2-3 business days.
VAT registration
A VAT number is required when a Bulgarian company reaches the mandatory VAT registration threshold, which is currently BGN 100,000 turnover within the last 12 consecutive months from taxable supplies in Bulgaria.
However, VAT registration is also required before reaching the threshold in several situations, including:
Providing services to EU businesses (B2B) where the reverse charge applies
Receiving services from EU suppliers
Intra-EU acquisitions of goods above BGN 20,000 per year
Engaging in activities where VAT registration is mandatory by law, regardless of turnover (e.g., certain regulated services)
Many foreign-owned companies voluntarily obtain a VAT number earlier because it allows them to work with EU partners, apply the reverse charge mechanism and reclaim input VAT.
How do I get a shelf company?
If you want to buy a shelf company, that means that we are going to transfer one to you. It is always better and cheaper if you personally come to Sofia for the deal because in this case it only takes one day for the whole procedure.
However, if you are not able to come to Bulgaria even for 1 day, we can send you the documents by email and then you go to a local notary for the attestation. Once you sign and attest the documents, we need them back in original so we can legalize them in the Bulgarian Ministry of foreign affairs. This takes about a week and will cost you around 100 EUR more.
The price of 1300 EUR includes the notary fees only when attested in Bulgaria. The price includes the state tax and fees for the service.
If you don’t find your question here, please, don’t hesitate to contact us.