Regional Business Development through the use of ICT-RBDICT

How to establish a company in Bulgaria?

Foreign citizens and enterprises may set up companies in Bulgaria under the same conditions as Bulgarian citizens and legally resident persons. The conditions are set out in the Bulgarian Commercial Code (TZ).

www.rbdict.eu 14/12/2012

Limited liability company (OOD) ; Public company (AD)

Sole trader


Public Offering of Securities Act (ZPPTsK) Financial Instruments Act (ZPFI) Special Investment Purposes Act

(ZDSITs)

Some standard requirements to be completed when setting up a business are the same as when opening a branch


The status of branches of foreign businesses is subject to the Commercial Code (TZ). A branch is not an independent legal person, but part of the parent company, even though it may have a different location, a different management and its own assets. Branches must keep their own accounts as independent traders and draw up an annual balance-sheet at the end of each year


An authenticated extract of the bank's registration certificate;

Banking activity ; Articles of incorporation ; A plan; The organisational structure of the branch; Annual financial reports for the past three years; Written agreement for the opening of a

branch ; A written declaration from the banking

authorities in the bank's country of origin; Details of the persons, responsible for managing

the branch; Other information and documents ;


The branch must be entered in the Commercial register kept by the Registry Agency;

The branch must be entered in the Commercial register kept by the Registry Agency;

Applications to register a branch are made on a form which may be submitted electronically or in hard copy.


Required documents for application: a notarised agreement, signed by the

branch manager; a copy of the agreement between the

company and the branch owner; a certificate of registration as a trader

by the foreign entity; an authenticated copy of the decision by

the relevant authority to open the branch. Application form;


Commercial registration Registering for VAT -

mandatory or voluntary;

Mandatory registration :• when supplying goods for assembly

and installation;• distance sales of goods ;• intra-community acquisitions (IACs);


Optional registration anyone who does not meet the requirements for compulsory registration for VAT may voluntarily register for VAT;


Applications

VAT registration of foreign persons not established in the country but carrying out taxable supplies whose place of performance is in the country;

Competent authorities: the territorial office of the National Revenue Agency;


Helpful links:

http://www.registryagency.bg/ Registry Agency

http://www.brra.bg/ Commercial register http://www.nap.bg/?lang=en National

Revenue Agency http://www.fsc.bg/Home-en-1 Financial

Supervision Commision


Contact us:

Regional Chamber of Commerce and Industry

23,Todor Aleksandrov, Str.2700,Blagoevgrad+359 73885017/18www.cci-bl.org

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Regional Business Development through the use of ICT-RBDICT

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