How to open a bank account in Bulgaria in 2019?

Since 1^st of August 2019 banks in Bulgaria refuse to open bank accounts unless the applicant is a resident of Bulgaria. If you are a resident of Bulgaria, our lawyers can assist you to open a bank account in Bulgaria remotely by granting a Power of Attorney to our firm. The Power of Attorney should be attested in the nearest Bulgarian embassy or apostille legalized. You can have your bank account in BGN, USD, EUR, GBP and CHF.

If you are a non-resident, we will assist you to obtain Bulgarian residency prior to applying for the opening of a company bank account. On the other hand, applying for Bulgarian residence card is a precondition to qualify for Bulgaria tax residency.

The company accounts are offered with ATM cards which will be delivered along with the PIN slips to your home or office address abroad. You may also set up a limited company in Bulgaria remotely with a Power of Attorney which makes your new business venture in Bulgaria very easy to start up.

Please take a look at our prices to see the most competitive prices for establishing Bulgarian companies.

If you would like to visit Bulgaria, we will be glad to assist you to open a company bank account personally at a chosen bank facility.

What documents do I need to open a bank account in Bulgaria?

Opening a bank account in Bulgaria is an easy process. To open an bank account in Bulgaria you will need:

• A valid passport or national ID card
• A valid Bulgarian residency card
• An address for correspondence purposes 
• A minimum deposit amount to activate the account (10 BGN)
• A certificate of good standing (required for company bank accounts)

The bank account is activated and a slip with your online login details is handed on the spot. The bank card can be delivered to your address abroad or collected from the bank in person once issued. 

Can I open a bank account as a non-resident?

Since 1st of August 2019 you are required to hold Bulgarian residency card in order to open a bank account in Bulgaria. 

Our lawyers can assist you to obtain Bulgarian residence and Bulgarian ID card for EU citizens.

Bank Accounts of non-resident companies in Bulgaria

If you have a company registered in another EU member state, our lawyers can assist you to open a company bank account in Bulgaria. Non-resident companies should provide apostilled certificate of good standing and memorandum of association.

Additionally, we may also assist you to open a branch of your company in Bulgaria.

For more details about how to open a bank account in Bulgaria, please do not hesitate to contact us.

Escrow Accounts in Bulgaria

Our firm may assist you to open an escrow bank account in Bulgaria remotely. The escrow accounts are opened for special purpose, define as such by the parties under an agreement. The terms & conditions for the release of the funds is set out by the parties in the agreement.

For more details about the opening of an escrow account in Bulgaria, please do not hesitate to contact us.

A joints Stock company is a company in which the capital is divided into shares. The company is liable before its creditors with its assets. The trade name of the joint stock company should be unique for Bulgaria and should include the extension “акционерно дружество” (joint-stock company) or the abbreviation “AD”. A joint stock company may be found by one or more natural or legal persons. The minimum registered capital of a joint-stock company is BGN 50,000 which is approximately € 25,500. Аt least 25 percent of the share capital should be subscribed in order to initiate a registration procedure. The shares may be registered or bearer shares.

A joint stock company may have one- or two-tier managing system. If it has two-tier managing system, a supervisory body is appointed along with a managing board while in companies with one-tier system only a board of directors is appointed.

Advantages using our services to establish Joint Stock company in Bulgaria

• No fee for a registered office address! We will provide a top location registered office address for your Bulgarian Joint Stock company free of charge for as long as you need!
• No maintenance, annual or hidden fees!
• You may also consider the registration of Joint Stock holding in Bulgaria.
• Guaranteed lowest price! If you are offered a lower price, we would be happy to beat it!
• Competitive pricing for Bookkeeping and Payroll in Bulgaria!

Bulgarian Solely Owned Joint Stock Company – EAD (in Bulgarian abbreviated as „ЕАД”)

Solely owned joint stock company is a joint stock company in which the capital is owned by a single natural or legal person. The minimum registered capital is BGN 50,000 and it is divided into shares.

Please take a look at our prices to see the most competitive prices for establishing Bulgarian Joint Stock company.

Steps to register a Joint Stock company in Bulgaria

1. Drawing up the set of incorporation documents (Power of Attorney, Memorandum of Association & Declarations).
2. Each director or manager will have to sign a Specimen and attest at the nearest Bulgarian embassy or consulate, or a local notary public.
3. Opening of a company bank account for the deposition of the founding capital.
4. Translation and legalization of the Specimens (if not signed in front of a Bulgarian notary or at Bulgarian embassy or consulate).
5. Filling all documents at the Bulgarian Company Register.
6. Your Joint Stock company is registered within 2 working days. The deposition bank account is closed; applications for a business bank account and Bulgarian VAT number can be submitted.

How to open a bank account of a Joint Stock company in Bulgaria?

Since 1^st of August 2019 banks in Bulgaria refuse to open company bank accounts unless the director of the company is a resident of Bulgaria. In other words, you have to apply for Bulgarian residency for EU citizens prior to applying for the opening of a company bank account. On the other hand, applying for Bulgarian residence card is a precondition to qualify for Bulgaria tax residency.

Change in the circumstances of a Joint Stock company

If you have registered a Joint Stock company in Bulgaria and you would like to change any of the company circumstances we may assist you with the following:

• Increase/ decrease of the company capital;
• Change in the ownership and directorship;
• Change of the registered office address;
• Change of the name of the company;
• Liquidation of a Bulgarian Joint Stock company;
• Insolvency of a Bulgarian Joint Stock company.

To change any of the circumstances of the Joint Stock company, you will need to authorize us to act on your behalf and at your expense related to the particular change. The authorization requires few documents to be attested in the nearest Bulgarian embassy or consulate, or apostilled. Changes in company circumstances take up to 3 working days after receiving authorization.

For more details about registering a Bulgarian Joint Stock company please contact us.

A Bulgarian holding company can be set up in the form of a Private limited EOOD company, a Private limited OOD company or a Public limited EAD company. Each type of company has its own particularities regarding the minimum founding capital, the number of founding members and other specific legal provisions.

Bulgarian holding companies are required to invest at least 25% of their capital stock in a subsidiary. The holding company will thus own at least 25% of the subsidiary’s shares and will represent at least 50% of the management board of the subsidiary.

The benefits of the holding companies derive mainly from the special regime for dividend payments. The dividends received by a holding company in Bulgaria can be tax exempt, provided that the company making the payment (the subsidiary belonging to the holding) is a resident company in one of the EU or EEA member states. This exemption from the tax on dividends also applies for dividend income received by a Bulgarian company from another legal entity incorporated in the country.  

Benefits of setting EOOD holding company

The most convenient holding type from founding capital point of view is the EOOD holding or OOD holding. The required founding capital is as low as for the standard Private limited EOOD or OOD company of only 1 €.

On the other hand, if you would like your Bulgarian holding company to be in the form of a Joint Stock company – EAD or AD, the minimum founding capital is 25,000 €.

Our fee for the incorporation of EOOD holding company in Bulgaria is only 500 € including all legal & state fees and registered office address. Using our company formation services, we do not charge maintenance or annual fees for the registered office address. You also receive free scanned business mail service.

Advantages using our services to establish holding company in Bulgaria

• No fee for a registered office address! We will provide a top location registered office address for your Bulgarian holding company free of charge for as long as you need!
• No maintenance, annual or hidden fees!
• Guaranteed lowest price! If you are offered a lower price, we would be happy to beat it!
• Competitive pricing forAccounting Services in Bulgaria!
• Free scanned business mail service!

Please take a look at our prices to see the most competitive prices for incorporating a Bulgarian holding company.

Steps to register a Bulgarian holding company

1. Drawing up the set of incorporation documents (Power of Attorney, Memorandum of Association & Declarations).
2. Each director or manager will have to sign a Specimen and attest at the nearest Bulgarian embassy or consulate, or a local notary public.
3. Opening of a company bank account for the deposition of the founding capital.
4. Translation and legalization of the Specimens (if not signed in front of a Bulgarian notary or at Bulgarian embassy or consulate).
5. Filling all documents at the Bulgarian Company Register.
6. Your Bulgarian holding company is registered within 2 working days. The deposition bank account is closed; applications for a business bank account and Bulgarian VAT number can be submitted.

Our law firm may assist you to liquidate your Bulgarian holding company or apply for insolvency in Bulgaria.