Company bank account


Accumulation account

The accumulation account is a special company bank account to which a certain amount of money is deposited in favor of a company and is a mandatory condition for the establishment of the company. Such an account can be opened by any person managing and representing a company in the process of incorporation. Usually the amount on this account remains blocked until the registration of the respective company or the increased capital. This type of company bank account can be opened both in BGN and in another currency, and the most common documents required for opening are:

  • Completed account opening form;
  • Specimen of the signatures of the persons who have the right to dispose of the money on the account on behalf of the corporate client, and the seal of the company
  • Protocol for establishment of the company / decision for increase of the capital of the company
  • The relevant memorandum of association, as well as a document showing which persons have been elected as managers / managing body of the company, if they are not specified in the minutes / memorandum of association

We would like to note that depending on the type of business you have, the bank may require additional documents for opening a fundraising account.

Current account

The current account for legal entities is mainly used for daily banking operations and payments. It can also be used to track completed transactions and account balances. The current company bank account is used to make utility payments, to pay salaries, commissions, insurances. This type of account can be opened both in BGN and in foreign currency. The documents required for its opening are:

  • Request to open an account;
  • Specimen of the signatures of the persons who dispose of the funds on the account – to be filled in on the spot in a bank office.
  • Court decision for registration of the company;
  • Certificate of current status;
  • Bulstat (company) number;
  • Company contract.

What is the difference between a current and an accumulation account?

The current company bank account is the typical bank account. Bank transfers can be made to and from it. A debit card can be linked to it, online banking can be used. With the opening of an accumulation account the goal is different. It is suggested by her name – accumulation. These funds deposited in this company bank account are the initial capital of a commercial company (firm). At the time of opening the account, the company has not yet been established and cannot use these funds.

Special accounts

The third type of company bank account is the special account or so. Escrow account. These accounts are opened in cases when it is necessary to make payments on transactions (e.g. real estate transaction, acquisition of shares, tangible fixed assets). In this case a tripartite agreement is concluded between the Bank, the recipient of the funds and a third party – ordering party. The funds on the account are used only when the conditions of the agreement are fulfilled. This type of accounts can be both in BGN and in foreign currency. It is intended only for making payments related to the relevant agreement, which is why it has a blocked expenditure part.

We are ready to assist you and advise you on issues related to establishing a company and opening a company bank account. We rely on many years of experience and constant study of the latest requirements – CONTACT US.

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Opening a company by a foreigner


More and more often we receive questions related to opening a company by a foreigner. In the next article we will try to give an answer and explain the procedure for registering a company by a foreign citizen in Bulgaria. Here you will learn which foreigners can register companies in Bulgaria, whether the respective foreigner must live in the country, how much it costs to register the company and others.

When it comes to opening a company by a foreigner in Bulgaria or transferring the management of an existing one in our country, the presence of certain specifics must be taken into account. As the person is not a citizen of the Republic of Bulgaria, slightly different and additional provisions and legal requirements apply to him. Before we talk about them, let’s first focus on the reasons why a foreigner would register a company in Bulgaria.

The pros of opening a company by a foreigner can be divided into two groups – social and economic.

Social benefits

Most foreigners who are not citizens of the European Union register companies in the country for the purpose of residing in the territory. For example, a foreigner from the Middle East can undertake remote company registration and, in compliance with legal requirements and rules, quite legally start living and doing business in Bulgaria.

Economic benefits

Here we mean the low taxes in our country compared to Western EU members. This is the reason why many companies are reorienting their management in our country, as it is very cheap for them. Accounting services can also be negotiated at very good prices in a Bulgarian accounting firm. Another economic factor in opening a company by a foreigner is the extremely low salaries, compared to European ones. That is why it is extremely profitable for the big European producers to redirect their production to Bulgaria.

Which foreigners can register companies in Bulgaria?

All foreign citizens have the right to register their company in Bulgaria. There is no restriction on whether or not the foreigner concerned is a citizen of an EU Member State. We want to mention here that the person does not need to reside in Bulgaria to open a company here. It is also not necessary to understand or speak Bulgarian. In this case, we recommend that the documents be bilingual.

The first step in opening a company by a foreigner, as well as in any registration of a company is to open the so-called accumulation account. You can read more HERE.

Here is the time to note something very important. Recent amendments to the Anti-Money Laundering Measures have complicated the process of opening fundraising accounts. Following these changes, opening a fundraising account for foreign companies has become difficult, and for third-country nationals (non-EU nationals) it has become almost impossible.

What is the procedure?

The procedure for opening a company by a foreigner is in fact no different from that of Bulgarian citizens. Here, too, the minimum capital for registration of Ltd. / Ltd. is BGN 2, the documents submitted to the Commercial Register are also identical. State fees are unchanged. The partners are not responsible for the obligations of the company with their personal property.

Specifics (*this is not all the specifics)

  1. When opening a company by a foreigner, it is important that he / she is aware of the content of the documents he / she signs. There are 2 possibilities:
  • Registration documents must be translated into the foreigner’s mother tongue or another language he understands. In this case, a bilingual version of the documents is prepared. The translation may not be made by a sworn translator, but then the person who did it should indicate his names, certify the accuracy of the translation and sign it.
  • When opening a company by a foreigner, there is the following possibility. The documents may not be translated, but in this case a person who knows the relevant language must declare that he has translated the contents of the documents into a language understood by the foreigner and sign. The foreigner, for his part, must also declare that he understands the meaning of the documents and sign. These actions are performed before a notary.
  • Of course, if the foreigner speaks and speaks Bulgarian, the need for translation is eliminated.
  1. Another specificity is that the name of the foreigner should be written in Cyrillic.

Is it possible to open a company by a foreigner remotely?

The answer is yes! Foreign citizens can register companies in Bulgaria without being physically present in the country. To open a company by a foreigner, the foreign citizen must notarize the documents in the country where he resides. The role of a notary abroad for Bulgarian documents is performed by the Bulgarian embassies and consulates.

The other option is a local notary. This complicates and makes the process much more expensive. The local notary can certify the documents only if they are in his own language, after which they have to go through translation into Bulgarian and legalization, which also considerably prolongs the process.

The two documents that must be certified in case you will remotely open a company by a foreigner are again the sample signed by the manager, but also a power of attorney to open a fundraising account of the company and deposit capital on behalf of the partners.

We are ready to assist you and advise you on issues related to starting a company by a foreigner in Bulgaria. CONTACT US!

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