Company registration in Bulgaria

1. Founders. Founders of a commercial company such as ET, EOOD, and OOD can be Bulgarian and foreign legal entities and individuals with legal capacity. The sole trader (ET) and the sole proprietorship (EOOD) are established by one person. A limited liability company (OOD) is established by at least two individuals or legal entities.

2. Constituent assembly. Company registration as a procedure resembles the procedure for foundation registration and association registration. Before the company is registered, it is necessary to hold a founding meeting of the founders, at which they accept the founding deed of the EOOD and the partnership agreement at the OOD, to make a decision to establish the company. All documents are prepared by us before the founding meeting. At the founding meeting, the following should be determined:

• The name of the company;
• The capital of the company, as the minimum capital for EOOD/OOD is BGN 2 (Our advice is that the capital should be at least BGN 100);
• The subject of the company’s activity;
• Headquarters and address of management;
• The partners/shareholders;
• Manager/s

3. Preparation of documents. Our team will prepare the full set of company registration documents and email them to you for review and signature.

4. Visiting a Bulgarian notary. The persons who will represent the company (the future manager/s) must make a notarized sample of their signatures (the so-called specimen). The manager should visit a notary of his choice, and a notary fee is paid for the certification. In the case of a sole proprietorship (ET), the procedure is simplified and it is not insurmountable to certify the sample of the signature at a notary.

5. Visiting a Bulgarian bank. In the bank of your choice, it is necessary to open a business collection account in the name of the new company and to deposit the company capital. The next thing at the bank is to pay the government fee to the Commercial Register. The bank should provide a document for the capital contributed to the collection account and a payment order for the government fee paid. These documents are added to a set of documents for company registration. When registering an ET, no company capital is contributed, it is only necessary to pay the government fee, which is lower than that of an EOOD/OOD.

6. Submitting the documents. The registration of the ET/EOOD/OOD is carried out before the Commercial Register. The procedure for registering a commercial company is regulated in the Commercial Law. The registration of the company is carried out by its manager or by an authorized person (lawyer). If you register a company through us, we will submit all required documents online to the Commercial Register. When the documents are submitted online, a 50% discount on the state fee is used, which instead of BGN 110 will be BGN 55. The registration official should enter the new commercial company on the next working day after submitting the documents. You can inquire about all entries and about the status of your company, after its registration, on the website of the Commercial Register from here.

5. What happens after company registration?

– Certain commercial companies must adopt internal rules for control and prevention of money laundering, which are sent to the Financial Intelligence Directorate of the State Agency for National Security (DANS), within a 4-month period from the registration of the company. We may assist you with preparing the rules. Contact us if you need these policies to be prepared.

– If the company has a website/online store, it is necessary for the site to have prepared general terms and conditions, a privacy policy, and a policy for cookies. We may assist you in preparing the policies. Upon completion of the order, you can request their preparation, receiving a discount if you order them together with the registration.

– It is necessary to find an accountant to keep the accounting (you can do it yourself) and to do the annual accounting closing of the company. Contact us if you need a good accountant for your business.