Bulgarian Forex license – fast obtaining and EU passporting

Obtaining Forex license in Bulgaria

Bulgarian Forex broker MiFID EU passporting

Bulgarian Forex license gives right to the broker to operate within the entire EU either by free providing of services or through opening a branch.

Companies that want to operate Forex business platforms in Bulgaria should be registered as investment intermediaries and licensed by Bulgarian Financial Supervision Commission. They work under the European MiFID which has been implemented in Bulgarian legislation and financial institutions are regulated by the directive with some national specifics.

There are two types of Forex licenses in Bulgaria which are applicable to brokers, depending on the type of activity: read more

Registration of non-profit organizations and foundations in Bulgaria

The procedure of registration and re-registration of non-profit organizations and foundations in Bulgaria has been significantly changed with the new amendments of the Non-profit Legal Entities Act. The changes were published in Bulgarian SG in 2016.

From 2018 on all Bulgarian non-profit organizations shall be entered into a special Non-profit Legal Entities Public Register of Bulgarian Registry Agency. Presently registration is made at the District Court by the seat and registered address of the entity and there is not one unified register where the status of the non-profit entities can be checked. read more

Relocating to Bulgaria or move business after Brexit

Relocating to Bulgaria after Brexit is an option considered by more and more Britons. Moving business to Bulgaria is another option which more and more European and worldwide businessmen are taking advantage of.

Bulgaria is an EU member since 2007. Continued financial stability, lowest corporate income tax in Europe (10%), lowest cost of labour force combined with highly educated work force are only a few of its credits. That is why it is not a surprise why UK and other EU companies already started to study the opportunities to use Bulgaria as a safe harbour for relocation of their business. read more

Registration and licensing of recruitment / employment agency in Bulgaria

The procedure of registration of recruitment / employment agencies in Bulgaria is regulated under Bulgarian Employment Promotion Act and Ordinance on the Terms and Conditions for Conducting Mediation in Employment.

Offering any of the intermediation employment and recruitment services listed below requires obtaining a registration certificate before starting the activities. These activities are:

  • Consulting job seekers and employers
  • Professional training
  • Referral to appropriate employment programs
  • Support to job seekers for starting work
  • Offering job positions on behalf of various employers

The certificate of mediation activity is issued by the Minister of Labour and Social Policy but the application is actually filed with Bulgarian Employment Agency. Along with the application form, the recruitment agency applicants should provide a list of documents proving that their company matches the requirements prescribed by Bulgarian and European legislation such as: education of manager and employees of the company, certificate of good standing, certificate of clean tax record of the company, certificate of registration with the Personal Data Protection Commission as well as drafts of the intermediation contracts the company will offer to employers and job seekers. read more

EU Online Gambling Licence from Bulgaria

Gambling licence in Bulgaria is the best and most cost effective solution in the whole EU. Especially when it comes to online gambling which could in fact be managed from abroad and not necessarily from Bulgaria where the licence has been obtained. Bulgarian Gambling Law requires that the owner of the company that will provide online gambling to be either a Bulgarian or an EU national. The same requirement is if the shareholder is a legal entity. If a non-EU company plans to obtain such licence, it should incorporate another EU company first and then the new entity can be the shareholder of the Bulgarian company that will organize the online gambling. read more

Options for fuel oil trade in Bulgaria

There are four available options for fuel oil trade in Bulgaria, either by foreign or Bulgarian companies.

The first option includes receiving of excise goods (like fuel) on the territory of Republic of Bulgaria, which have been released for consumption on the territory of an EU member state. This means that the excise needs to be paid to the member state from which the excise goods are bought. After the goods arrive in Bulgaria and the excise is paid again to the Bulgarian authorities (it is obligatory and in order to be avoided the double payment of the excise) the seller could return back the paid excise. Then the seller could return this amount to the buyer – the actual payer of the excise. In this case: read more

EU insurance agency – registration of insurance broker or agent in Bulgaria

EU insurance agency can be set up via one of the following two formations in Bulgaria – an insurance broker or an insurance agent. These two types of insurance intermediaries are legally defined in Bulgarian Insurance Code in accordance with current EU legislation.

The figure of EU insurance broker registered in Bulgaria includes more options for independent work with many insurance companies and for that reason the requirements for its registration are stricter. They differ from the requirements imposed to the insurance agents. The most specific requirements imposed to Bulgarian insurance brokers are connected to the financial security and financial stability of the broker. First of all the broker must permanently provide the obligatory Professional Liability insurance valid on the territory of the entire European Union. The minimum insured amount shall be at least BGN 2.2 million for each insured event or BGN 3.3 million for all the insured events for one year. The second requirement relates to the financial stability of the broker. According to Bulgarian Insurance Code the performance of the obligations of the broker shall be secured by one of the following means: read more

Bulgarian property laws in the business environment in Bulgaria

Bulgarian property lawyers and real estate solicitors legally advise and act on behalf of foreign investors who might have any needs or legal issues regarding property law in Bulgaria – construction of production units, purchase or lease of office premises, etc. Bulgarian property law consists of many different acts and regulations, some of which unfortunately not fully synchronized with European legislation or even one with each other. This brings the necessity of very careful examination of all relevant laws. read more

Financial license Bulgaria – regulation of financial institutions

Financial license in Bulgaria can be obtained quickly and at quite reasonable costs. Bulgarian financial institutions are governed by the Credit Institutions Act and in accordance with its Art. 3, a financial institution is a legal entity different from a credit institution or an investment intermediary. Main activity of licensed financial institutions in Bulgaria is performing one or more of the following:

  1. Providing payment services under the Payment Services and Payment Systems Act;
  2. Issuing and administering other means of payment (travellers checks and letters of credit) as far as this activity is not covered by item 1;
  3. Financial leasing;
  4. Guarantee transactions;
  5. Trading on your own account or for account of customers in foreign currencies and precious metals with the exception of derivative financial instruments on foreign currency and precious metals;
  6. Provision of services and / or activities under Art. 5 para. 2 and 3 of Markets in Financial Instruments Directive;
  7. Currency brokerage;
  8. Acquisition of credit claims and other forms of financing (factoring, forfeiting, etc.);
  9. Issuing electronic money;
  10. Acquisition of shares in a credit institution or other financial institution;
  11. Lending funds, that are not raised through public deposits or other repayable funds.

Financial institutions are subject to registration with BNB (Bulgarian National Bank) public register. A very important detail in this regard is that if there is a specific activity under a special law – the arrangements for licensing a Bulgarian financial institution are different. For example, a financial institution that issues electronic money should be registered and licensed under the Payment Services and Payment Systems Act. read more

EU transport licence via Bulgarian haulier company registration

If you wish to register as a haulier transport company in Bulgaria and to operate on the territory of the entire European Union, you will need the Community License for road haulage.

This licence is granted by Bulgarian minister of transport, information technologies and communications through Transport Administration Executive Agency. In order to apply for a licence you need to incorporate a Bulgarian limited liability company or a sole proprietor with main activity carrying of goods for third parties, for hire or reward. read more