Bulgaria
Bulgaria offers a very business-friendly and cost-effective environment for company incorporation, primarily through its low share capital requirements. The most common legal structure is the Limited Liability Company (OOD), which only requires a minimum share capital of BGN 2. The process begins with choosing a unique company name and checking its availability on the Trade Register’s online portal.
The company’s statutes and articles of association must be drafted and notarized by a Bulgarian notary. This notarization provides legal validation. With the notarized documents and proof of the capital deposit, the application is filed with the Trade Register. The process is relatively quick. Upon registration, the company receives a unique number and must then be registered with the National Revenue Agency (NRA) for tax purposes and with the National Social Security Institute if employees are to be hired. The streamlined process and low cost make Bulgaria an attractive option for entrepreneurs.
- Choose your business structure and name. The most common structure is the Limited Liability Company (OOD or EOOD). Select a unique name and check its availability in the Trade Register.
- Deposit the minimum share capital. Open a bank account and deposit the minimum share capital. For an OOD, the minimum is BGN 2. This proof of capital is required for registration.
- Draft and notarize company documents. Prepare the company's statutes and articles of association. These documents must be notarized by a Bulgarian notary, along with powers of attorney if a representative is used.
- File with the Trade Register. Submit all necessary documents, including the notarized deed, to the Bulgarian Commercial Register. The process is relatively quick and can often be completed in a few business days.
- Register for VAT and other taxes. After incorporation, register for VAT if your turnover exceeds the threshold. Also, register for corporate tax and with the National Social Security Institute.
- Open a corporate bank account. Finalize the process by opening a corporate bank account for the company's financial operations. This is a crucial final step before commencing business activities.