Company formation in Bulgaria what is the requirements and steps for start up in Bulgaria
Legal requirements for start up in Bulgaria and how to do a company formation (Ltd) in Bulgaria
Foreign citizens and enterprises can start businesses in Bulgaria under the same conditions as those applying to Bulgarian citizens and legal residents. The conditions are set in the Bulgarian Trade Act (TZ).
Rules for running a businessCompanies wishing to go public must meet the requirements of the Public Offering of Securities Act (ZPPTsK) regarding information disclosure and the submission of accounts. All entities licensed by the Financial Supervision Commission or which have obtained a trading permit under the Public Offering of Securities Act (ZPPTsK), the Financial Instrument Markets Act (ZPFI) or the Special Investment Companies Act (ZDSITs) are subject to specific requirements as regulated in these acts and in a number of Finanical Supervision Commission regulations.
To succeed, a new business needs a sound commercial strategy and secure financing.
You will also need to register any subsequent changes to the company, including if the company winds up.
Registration has two purposes:
Mandatory registration – Any tax-liable person with a taxable turnover of BGN 50 000 or more within the last 12 consecutive months prior to the current month must apply for VAT registration within 14 days of the end of the tax period.
ICA registration – any tax-liable/non-tax-liable legal entity that does not meet the requirements for mandatory ICA registration is entitled under this law to opt into ICA registration.
Distance sales registration – any tax-liable persons may register under this law, regardless of the total amount of distance sales made, by informing the tax authorities of the Member State where they are registered for VAT purposes that they would like to register Bulgaria as the place where such sales are made.
Registration by the tax authorities – if any person fails to submit a tax registration application form on time, the tax authorities shall register them by issuing a registration order. The person then registers by submitting an application form to the relevant regional office of the National Revenue Agency.
Applications can be submitted online, in person, by a person with statutory representative powers, a person with authority under the articles of association, an accredited representative, or a person explicitly authorised by power of attorney in accordance with the Tax and Social Security Procedural Code (DOPK). The tax authority shall verify the validity of the application within 7 days, and issue a document allowing, or giving grounds for refusal, to carry out the registration.
VAT registration of foreign persons, who are not established in Bulgaria but make taxable supplies in Bulgaria. Foreign persons must be registered through an accredited agent (with the exception of branches of foreign persons; they register under the general procedure). Administrative procedures:
The Financial Supervision Commission issues licences or permits to operate as an investment agent, a management company, a special investment company, an investment company, to organise and manage mutual funds or to operate a regulated securities market. Permits.
The procedures for issuing permits and licences, and for approving prospectuses are set out in the the Public Offering of Securities Act (ZPPTsK), the Financial Instruments Markets Act (ZPFI) and the Special Investment Companies Act (ZDSITs).
Specific companies operating in the capital market have special legal requirements regarding their capital, organisation of their activities, management and internal control, and disclosing information to the public and the Financial Supervision Commission, and are also subject to special supervision under the Financial Supervision Commission Act (ZKFN).
In implementing the Directive, each Member State had to set up 'Points of Single Contact' (PSCs), online e-government portals that allow companies to carry out their administrative procedures online. PSCs provide comprehensive information on all administrative issues dealing with setting up or expanding service companies in any EU country. This includes, for example:
All PSCs are part of the European network EUGO; you can easily get in contact with all PSCs in Europe via the main website Of course, PSCs are only just one of the options available to you. You can always contact the relevant authorities directly.
How to register company in bulgaria -
Source : http://europa.eu/
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Here to give you some tips and tricks on what to look out for when preparing your VAT returns, ways you can avoid mistakes and gain the luxury of time for your business.
If you want help issuing invoices, ANNA can assist you. ANNA can prepare the invoice for you with consideration to VAT regulations and requirements on an invoice and take it that step further by sending it to your customer.
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Company registration in Bulgaria
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