REGISTRATION OF A BUSINESS (FIRM) IN BULGARIA

So, how to open a company in Bulgaria? What is the price of opening a company in Burgas, Sofia, Varna and other cities in Bulgaria? How to open your own business in Bulgaria? And what are the advantages of registering an LLC or FLP in Bulgaria?

In order to carry out activities in any legal form, information about it must be entered in the Commercial Register, and after registration, such a company or a person doing business individually must be registered with the statistical office, the pension service and the tax office, as well as such persons must open a bank account to carry out financial and economic activities.

So, what is the best way to do business in Bulgaria? What is better FLP or LLC for business in Bulgaria?

Individual Entrepreneur (Private Entrepreneur) (Single Trader – ET) – in this case, such activities can be carried out by both a foreigner, but with a permanent residence permit, and a citizen of Bulgaria, that is, there are no requirements for citizenship, also with regard to the amount of the contribution – there are no restrictions in relation to the minimum or maximum such amount. And ET is only liable for personal property.

So in this case, there are many advantages of doing business in this form:

• no requirements for authorized capital;
• the name includes only the last name, first name, patronymic of the person registering the sole trader;
• simplified registration procedure.

Among the disadvantages: to register only a person who has a permanent residence permit, is solely responsible for the activities carried out.

If doing business in the form of FLP in Bulgaria, then there are other forms:

• The most popular form of doing business is an LLC – there are no requirements for an authorized capital of 1 euro and there is no maximum size. The founders of the company can be both citizens of Bulgaria and foreigners, they are liable within the limits of their contributions. All changes in the constituent documents must be registered through the court.
• Consolidated society – is created from 2 people between them by the constituent agreements concluded, and these founders bear joint responsibility. The minimum amount of the first installment is not established by law, that is, it can be considered that it is from 1 euro and there are no restrictions.
• A joint stock company can be created by both a legal entity and an individual. The person with the most shares has the most important voting rights. The requirements for the authorized capital are set at 25,000 euros, so if you do not have such funds for the authorized capital, then you need to choose a more suitable form.
• A limited partnership is a similar form and requirements as in Ukraine, some bear the same responsibility, others correspond to the amount of their own contribution. One of these co-founders is unlimited in rights.
• Limited company with shares – requires a minimum contribution of 25,000 euros. An act-charter is drawn up between the co-founders, containing a description of the powers of the co-founders, the number of shares.

How to register an LLC step by step?

• Choose the legal form (we recommend LLC), areas of activity and name, the name must be unique
• Prepare constituent documents, charter
• Opening a bank account
• Contribution of authorized capital
• Submission of documents to the Registration Agency, payment of the state fee
• After the registration of the company, such an account can be closed, then you can open a new current account
• Registration as a VAT payer
• Make a seal for a Bulgarian company
• If necessary, obtain a permit, license, etc. for a company that will work on the territory of Bulgaria

What is the cost of registering a company in Bulgaria?

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