Our bank account opening service can save you time and efforts. We can open it the name of your company or yourselves in accordance with your instructions. For this propose we need an explicit Power of Attorney. We will also arrange online banking facility for your accounts so that you can have the online banking for 24 hours a day. If you wish to use another bank we will gladly follow your instructions to open it on your behalf. A complete list of all banks that are licensed and active in Bulgaria is available at the internet site of the Bulgarian National Bank.
The originals of the foreign documents such as Certificate of Incorporation, Extract from the local Commercial Register or other similar official document, as well as the original of each Power of Attorney have to be duly certified by a notary public as to their authenticity and legal power, and have to be certified by an Apostille according to the Hague Convention from 5 October 1961, then translated into Bulgarian and then legalized with certification of translator before the Ministry of Foreign Affair of Bulgaria or to be directly certified before the Bulgarian Embassy Consular office in the respective domicile country.
Many times the banks ask that the submitted photocopies of the passports or other identification documents should be certified by a notary for authentication purposes (if the authentication it’s not made by the bank before the bank officer).
For professional advice, please contact Kirilova Law & Associates.
Procedure of opening a bank account in Bulgaria for foreign citizens
Most banks in Bulgaria have similar procedures for opening a bank account. The person that desires to open a bank account has to meet several requirements:
The procedure of opening a current bank account could be done in person or could be settled from us by notarized power of attorney, therefore the client has no need even to come to Bulgaria, so the procedure to open a bank account could be done from distance. In some cases the bank may need to have a specimen signature from the future client. Bank accounts can be opened in Euro, Pound sterling, Swiss franc, US dollar or local currency. If you are EU citizen you will have to present a copy of your identity card or a copy of your passport. If you are non EU citizen you should present a copy of your passport, for sure.
You need to fill in a forms and declaration for opening the bank account which will be given to you by the bank officer, when you visit the bank for the procedure. You need to agree in written with the bank’s general terms and condition which are different for every bank. In most of the cases the bank will want you to read and agree with its tariff, interest rate, etc.
Procedure of opening a bank account in Bulgaria for companies
Capital registration accounts. Current bank accounts
Companies with only one shareholder
When there is only one shareholder (owner) in the company to be established who is a physical person – both local (Bulgarian) or foreign, the necessary documents which it should be presented before the bank are:
- Decision of the sole shareholder (owner).
- Articles of Association of the company.
- Passport or other valid personal identification document of the person.
When there is only one shareholder (owner) in the company to be established who is a local (Bulgarian) legal entity (company or organization), the necessary documents which it should be presented before the bank are:
- Certificate for Trade Registration of the company.
- Articles of Association of the company.
- Minutes of the Sole Shareholder’s (Owner’s) Meeting.
- Passports or other valid personal identification documents of the authorized representative/s/ of the shareholder (owner).
When there is only one shareholder (owner) in the company to be established who is a foreign (non-resident) legal entity (company or organization), the necessary documents which it should be presented before the bank are:
- Certificate of Incorporation, Extract from the Commercial Register or other similar official document (depending on the specifics in the different countries) of the company who is the sole shareholder (owner). Certificate of real owner.
- Articles of Association of the company to be established mentioning the name of the new company, the registration capital, and all other relevant details.
- Minutes of the Sole Shareholder’s (Owner’s) Meeting.
- Passports or other valid personal identification documents of all authorized representative/s/ of the shareholder (owner).
Companies with more than one shareholders
When there are more than one shareholders (partners) in the company to be established who are all physical persons – local (Bulgarian) or foreign:
- Articles of Association of the company to be established mentioning the name of the company, the names of all shareholders (partners), their exact participation in the registration capital, the total amount of the registration capital, and all other relevant details.
- Minutes of the Foundation Meeting.
- Passports or other valid personal identification documents of all shareholders (partners).
When there are more than one shareholders (partners) in the company to be established some or all of which are legal entities (companies or organizations) – foreign or local (Bulgarian):
- Company documentation of each shareholder (partner) that is a legal entity, as the case may be
- Articles of Association of the company to be established mentioning the name of the new company, the names of all shareholders (partners), their exact participation in the registration capital, the total amount of the registration capital, and all other relevant details. Certificate of real owner.
- Minutes of the Foundation Meeting.
- Passports or other valid personal identification documents of all authorized representative/s/ of the shareholders (partners).
Foreign (non-resident) juridical person or other organization
- Certificate of Incorporation, Extract from the Commercial Register or other similar official document (depending on the specifics in the different countries) establishing the act of incorporation of the company and the powers of representation and reflecting the actual legal status of the company. Certificate of real owner.
- Tax registration /residency/ of the company
- Power of Attorney for the legal representative’s /attorneys/. This Power of Attorney has to be signed by a person who has the powers to represent the account-holder as per the official Act of Incorporation or Registration. It has either to be certified by a notary public with apostille.
- Articles of Association.
- Passports or other valid personal identification documents of all authorized signatories
Locally registered trade representation of a foreign company
- Certificate for Registration of a Trade Representation issued by the Bulgarian Commercial and Industrial Chamber establishing the registration of the trade representation as well as the authorized representative/s/ and their powers.
- Certificate of Incorporation, Extract from the Commercial Register or other similar official document (depending on the specifics in the different countries) establishing the act of incorporation of the foreign company whose trade representation will be the account-holder and the powers of representation, and reflecting the actual legal status of the company.
- Power of Attorney for the legal representative’s /attorneys/. This Power of Attorney has to be signed by a person who has the powers to represent the account-holder as per the official Act of Incorporation or Registration. It has either to be certified by a notary public with apostille.
- Declaration for Tax Registration of the trade representation.
- BULSTAT card – this is a certificate of the statistical registration of the trade representation
- Passports or other valid personal identification documents of all authorized signatories.
For professional advice, please contact Kirilova Law & Associates.