Companies subject to annual financial audit by registered auditors in Bulgaria

Although EU countries have made large steps in unifying their legislation, there are still major differences especially in the field of business and accounting regulations. One of the most frequent questions asked by foreign investors who step onto Bulgarian market is whether all companies registered in Bulgaria are subject to annual financial audit.

According to Bulgarian Accounting Act enterprises which over the current or the previous year do not exceed the indicators under two of the following criteria:
1. Balance sheet assets as of 31 December: BGN 1.5 million
2. Net income from sales for the year: BGN 2.5 million
3. Average number of personnel for the year: 50
are referred to as Enterprises applying a simplified form of financial reporting. Such companies are not subject to independent financial audit by registered auditors unless these companies are:
1. Joint stock companies and partnerships limited by shares
2. Enterprises which are issuers in the meaning of the Public Offering of Securities Act
3. Credit institutions, insurance and investment undertakings, companies for additional
social security and the funds managed by them read more

0 % Corporate Income Tax in Bulgaria?

Yes, the zero corporate tax is a fact in areas with high unemployment in Bulgaria. As per Bulgarian Corporate Income Tax Law companies that carry out manufacturing activities in municipalities where the rate of unemployment for the year preceding the current year is by 35 % or more higher than the national average for the same period can benefit from the so called ‘tax retention’ of up to 100 %.

‘Corporate tax retention’ means that the company is entitled not to remit the amounts of corporate tax due to Bulgarian state budget and has the right to keep the amounts in its company capital and to use them for purposes prescribed by law. Broadly speaking, the retained tax must be invested in fixed assets within four years from the beginning of the year for which the tax is retained.This tax relief can be granted for companies that have made their initial investment after 2006 but not later than 2014. read more

Property transactions through a Bulgarian limited company

Bulgarian property legislation consists of many different acts and regulations, some of which unfortunately have not been synchronized with European legislation. All property transactions are registered by Bulgarian Registry Agency and made in a notary form by a notary public.

Furthermore, buying real property as a company asset requires knowledge not only of property laws but also of accounting and tax regulations. Therefore property transactions of any kind (sales, purchases, rent, lease, etc.) by legal entities (i.e. companies) must be handled by experienced real estate solicitors working independently from real estate agencies and property developers. read more

Terms & Conditions


for the use of

Personal Data Protection
Final Provisions


  1. The present Terms & Conditions (“T&C”) regulate the terms of use of (“the website”), inclusive personal data processing in accordance to Regulation (EU) 2016/679 (hereinunder referred to as “The Regulation”) and use of “Cookies”.
  2. The website is owned and operated by Emil Velichkov Trifonov (“owner”), registered attorney at law with Plovdiv Bar Association under reg. No 1000037240 and compliant to all legal regulations applicable to the lawyer’s profession as per Bulgarian Bar Act. Attorney Trifonov can be contacted by e-mail:, tel.: +35932624104 or at the following postal address: 21, Mali Bogdan Str., Plovdiv 4000, Bulgaria.
  3. The present T&C are binding for all users of the website and by continuing to use this website, the user agrees to abide by them. In case a user does not comply with a requirement, written herewith, or in case a user does not agree to any part of the present T&C, the same shall not start using the website or if use has been already initiated, shall discontinue to use the website immediately. Anyone accessing, browsing or using this website and any of its functions shall be considered user of the website under these T&C.
  4. This website is intended to be used by capable adults only (above 18 years of age) and by accepting the present T&C the person explicitly acknowledges that is capable and above 18 years of age.
  5. Any information on the website in the form of legal articles and other statements expresses the opinion of the website owner and should not be considered legal advice whatsoever. The owner of the website or his connected persons do not take any responsibility for the punctuality of the provided information and for the correct functioning of the different website functions, incl. for the update of the published laws, legal articles, etc.


  1. Copyright on the idea, implementation, and database of the website, or any separate part of it, belongs to the owner. Extraction of any graphic, text or other type of information through permanent or temporary transfer of the contents of the database or any substantial part of it, evaluated qualitatively and/or quantitatively, (or repeated and systematic extraction of insubstantial parts of the contents), to another medium, by any means or in any form, without explicit written authorization given by the owner, except in the case as per item 7, is forbidden.
  2. Users can use the whole information available on the website as it is, without changing it, incl. the legal articles and other database and the different functions of the website, incl. sharing hyperlinks to the website, free of charge, provided that their use does not obstruct the normal use the above information and the legitimate interest of the copyright holder is not harmed.
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  1. The website may contain hyperlinks to other websites. The owner does not bear any responsibility for these websites, incl. for their contents and safety. The links are provided only for the sake of convenience to the users of the website and visit and use of the linked websites is entirely at the risk of the user.
  2. The website owner may respond to enquiries and comments by users at his own discretion, whereas the user herein agrees that such responds shall not be considered legal advice by virtue of law, the owner shall not be considered liable for any such advice and in case of need of qualified legal aid, the user should consult with a competent lawyer.
  3. Users shall bear criminal, administrative or civil responsibility provided by law, depending on the nature of their act, for any unlawful actions in the use of the website (including the use of odious speech, offensive comments, false or misleading information, etc.). The owner is not responsible for expressed opinions by third parties, comments or other public activities by users.
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  1. The user agrees that the site uses “cookies” stored in the user’s electronic device and in some cases collection of a minimum amount of information for the user is possible, whereas collection of information is in compliance with all requirements of national and European legislation for personal data protection.
  2. “Cookies” are certain information sent by the server to the user’s browser. They are used for the easier, trouble-free and convenient operation of the website. They allow the website to store user’s actions and preferences (such as language, font size, and other display settings) over a period of time so that user does not have to enter them every time he visits the website or when he goes from one page to another. The “cookies” that can be used are “session” and “persistent”. “Session cookies” are automatically deleted after the end of the browsing session of the website user. “Persistent cookies” are contained in the user’s electronic device for a specified period or indefinitely.
  3. For convenience of the owner the website collects “cookies” for statistical purposes, e.g. for information on how users use the website, which the most read articles are, numbers of visits of the website, etc. The site also uses “cookies” that support its activity by reducing network congestion in order to balance load and offer easier and trouble-free access to it by its users. The site offers the feature of sharing its contents to users on different social networks for the purpose of which certain “cookies” are used. The “cookies” collected from the website shall not be used for purposes different from those explicitly mentioned in these T&C.
  4. Users can disable the use of “cookies” on their device or delete existing cookies by setting the internet browser they use, but if this is made, the functionality of the website may be limited.


  1. The website, through its owner, in his capacity of data controller within the meaning of Regulation (EU) 2016/679, processes personal data of its users to the absolute minimum necessary for the proper and effective operation of the website, whereas all necessary technical and organizational measures relating to users’ personal data protection under the Regulation have been applied. By accepting the present T&C and using the website, the user grants permission to the owner, his related persons and subcontractors, processing personal data, to process his/her personal data for the purposes listed below.
  2. Personal data, that may be provided voluntarily by the data subject, is processed for the purpose of providing information and articles on legal topics, incl. answering questions posted by data subjects. The controller stores and analyses the information about the visits and activity of the users on the website to understand how they use the site, so that to make it more attractive and user-friendly.
  3. Recipients of personal data, incl. processing personal data, are: the owner of the website, his related persons and subcontractors under the Bar Act and other relevant legislation, which process users’ personal data on the basis of the consent of the latter provided voluntarily by accepting these T&C. In case consent is not given, personal data may be processed where this is necessary for the legitimate interests of the controller or of a third party, except where the interests or fundamental rights and freedoms of users prevail over such legitimate interest. By accepting these T&C the user is deemed to be notified that in the event of withdrawal of the consent he / she has given, this will not affect the legitimate processing of personal data so far.
  4. Personal data is provided by the users of the website entirely on a voluntary basis, without having any obligation to do so. There isn’t any specific personal data required to be explicitly provided by users for the functioning of the website, and there isn’t personal data which is absolutely mandatory for the use of the website. If some of the personal data listed below is not provided, users will not be able to take advantage of part of the website’s functionality.
  5. If users wish to take advantage of the functionality related to online queries or comments, they should provide the following categories of personal data: name and e-mail address that are publicly available and publicly visible when making public comments. Users may also share other personal data at their own discretion, taking into consideration that any personal information posted in comments to the legal articles published on the website is visible to all users of the website and, hence, to the general public. Personal data sent by e-mail or by enquiry form shall not be made available to third parties other than website owner’s subcontractors or related persons and shall be processed entirely for the purposes specified in these T&C. Personal data processed by the website shall not be transferred to third countries or international organisations. If case of necessity of such transfer of personal data, all the requirements of the Regulation will be met and affected data subjects will be duly and promptly informed thereof. The collected personal data is not used for marketing purposes and advertising messages.
  6. The website uses the services of the following processors of personal data: Google Analytics, which comply with the requirements of the Regulation, bear responsibility for the processing of the personal data provided to them and use the personal data only to fulfil their obligations to the website owner.
  1. Personal data collected during the use of the website is stored for a period no longer than is necessary for the proper functioning of the website. These periods are:
  • data collected on visits of the website – for the duration of the system logs on web hosting / analytics software (Google Analytics) level;
  • data related to the lawyer’s activity of the controller – 5 years from the execution, termination or expiration of the respective relationship or of possible claims connected to them.

Any personal data provided additionally and deliberately by the users in publicly visible comments on the website is stored until an explicit request for erasure is sent by the respective user to the e-mail address of the controller specified above. Any personal data sent additionally and deliberately by the users only to the owner of the website and publicly unavailable is stored within the time limits provided by the Bar Act and the related acts. read more