Bulgarian company formation and business immigration in Bulgaria

Bulgarian company formation procedure at hand.
Business immigration via company setup in Bulgaria.

Bulgarian company formation is a straightforward process which in any case costs very little. All related to the business immigration to Bulgaria, incl. the registration of a Bulgarian company expenses are amounting to no more than some hundred BGN (Bulgarian Levs, EUR 1 equals BGN 1,95). The time frame is also pretty favourable.

Bulgarian company setup procedure usually starts with the client sending his/her personal details (i.e. date of birth, passport details, etc.) to the supervising attorney who is in the respective case in charge with the incorporation. This could eventually be undertaken by other Bulgarian professionals but it is more than strongly recommended and practice shows that definitely a trustworthy lawyer is the best option for representing a single or a group of foreign clients who have decided to open a new commercial company in the process of business immigration to Bulgaria. As previously advised above, the expenses and respectively the whole amount of funds forwarded to the professional person who is conducting the case are not big but there are so many cases in which it turns out that the cheap-but-not-so-trustworthy legal or paralegal representative of the foreign client simply vanishes with all the clients’ assets and money.

When every time using the professional services of a proxy which appears to be the common case the respective business owner investing in Bulgaria shall at first place sign a Power of Attorney which would be in favour of the empowered person. The given rights in it regarding company setup could vary from only filing the prepared incorporation documents to Bulgarian Trade Register to undertaking all related legal actions, incl. opening of Bulgarian bank accounts and operating with funds.

Next step is preparation of all related to the business immigration documents. Most experts prepare customized documents on the basis of the case specific needs and requirement of the business but surely there are some persons who would prefer using different and sometimes outdated templates for ready-made Bulgarian company incorporation. When registering any kind of Bulgarian company, it is always a wise idea to first discuss with the respective business owner his investment plans at least for the very near future. As it might eventually turn out that a Limited Liability Company in Bulgaria has been duly established but then the main shareholder decides to apply for a licence which could eventually require a mandatory Joint Stock Company.

Company formation in Bulgaria is concentrated entirely on the relation between the applicant (or respectively his legal representative) and the respective Trade Register. There are no Court, Notary or any other special proceedings. When the incorporation documents get duly prepared they are immediately filed with the Commercial Register and then in most cases it usually takes between 3 and 7 days for the commercial registration procedure to finally complete.

When the company setup gets finalized then there is only one legal thing left to do – get a Certificate for Good Standing of the newly registered Bulgarian company. Then business operations can start. The mere holding of this very certificate is definitely not mandatory as it can be found online on the internet but foreign investors know that in practice it usually is required and demanded. Company stamp is another important thing that a Bulgarian commercial company can do without but only from legal point of view – as it is practically impossible and cannot do without from practical point of view.

So when the Bulgarian shareholder/s has all these required documents at hand he can take further steps aimed towards growing and expanding the business – obtaining licenses, registering for VAT, etc.

 

Leave a Reply

Your email address will not be published. Required fields are marked *