How much does it cost to set up a Bulgarian company?

There are not so many costs involved in the news Bulgarian company establishment process but keep your eyes open as there might be some hidden ones which could turn up at later stage.

The inevitable expenses are related to the state fees collected by Bulgarian company register. If you don’t pay, you don’t get registered, even if your company has been perfectly formed. The good news is that this fee is not big at all – less than 50 Euros in total. Or even less if you choose to pay via internet payment service provider. Bulgarian government is taking steps aimed towards full e-government access.

Payments may be made both from Bulgaria and from abroad. Via bank transfer or other means. The final result is important – which is result is the due amount in the bank account of Bulgarian Commercial Register. In all cases hard (paper) copies have to be presented (physically or scanned) to the Register because otherwise the registration will be denied.

The next thing one should bear in mind when it comes to expenses for company formation is the legal fees, i.e. the remuneration which you pay to the corporate lawyers to get your papers drafted and ready to be submitted. This expense is not mandatory since it is not obligatory for one to use legal services. Every entrepreneur can prepare his very own set of document related to the establishment of the corporate entity. However practice shows that in most cases investors use the services of solicitors especially when they are not in good command of Bulgarian language.

Another budget option which is quite unpopular due to the many risks it hides is to hire a paralegal or a person who has nothing to do with Bulgarian law to prepare the company setup documentation. In this case the price is of course lower or even much lower but there is absolutely no guarantee that the work will be done at all. Or if it is done – that there won’t be any hidden expenses (additional costs, fines or other type of problems) that will explode months or even years later due to the unprofessional work undertaken by the aforementioned persons.