Company Formation in Bulgaria

Company Formation in Bulgaria

A foreign or Bulgarian person (judicial or physical) has the right to form a Bulgarian company. The person/persons will be liable for the company’s obligations to the value of his/hers share in the company’s registered capital. The shareholders conduct preliminary discussions on the commercial activities they intend to engage in. Based on their agreement, Articles of Incorporation are prepared & signed by all shareholders.

A dedicated bank account is opened to collect all share capital. The minimum share capital required is 2 BGN (approximate equivalent in Euro is 1,02 Euro).

The company exists from the moment it is added to the Commercial Register. The entry is made upon issue of a commercial register decision for the incorporation. The following documents must be available at the time of the submission of registration application to the commercial register.

Necessary documents for registration in the Commercial Register

  1. Application for registration.
  2. Memorandum of association.
  3. Constituent meeting minutes.
  4. Notary certified consent with specimen of signature for each of the managers.
  5. Declaration in compliance with art. 142 CA (Commercial Act).
  6. Bank document of capital deposited.
  7. Company name uniqueness certificate –  upon extra charge
  8. Certificate for actual status of a shareholder- in case that it is legal person/company/.
  9. Receipt for paid state taxes.
  10. Declaration for lack of  bankruptcy.
  11. Declaration for the authenticity of the stated circumstances.
  12.  Contract for the company domicile.
  13. Power of attorney

 

Publication of the company entry in the Commercial Register system completes your company formation. Finally, your new company will need to register with the National Tax Register Authority under the VAT.

Involved costs:
1. Minimum of Capital: 2 leva. You can chose on your discretion the amount of the capital.

2. Administrative costs for the formation: /includes legal fees, translation fees, stamp, notary fees and state taxes for registration to the commercial register/.

The process of forming your company can take 1-2 weeks.

In summary to start up the company formation we will need:

-Scan copy of the Manager(s) passport (s)

-Scan copy of the Shareholder(s) passport (s)

– You can choose any name to denote and distinguish your business, which will be checked previously by us. To avoid delays, we normally ask clients to provide us with two other alternative names

– Capital amount /% to each shareholder/

– Kind of trade activity

– Confirmation of the company domicile

 

For further information, please contact Kirilova Law & Associates.

Tags: , , , , , , , ,