Forming a company in Bulgaria involves several key steps, from choosing a business structure to registering with various authorities. Here is a detailed guide on the process:

1. Choose the Business Structure

Common Types of Business Entities

• Sole Proprietorship (ET)
• Limited Liability Company (LLC or OOD)
• Single-member Limited Liability Company (EOOD)
• Joint-stock Company (AD)
• Branch of a Foreign Company
• Representative Office

2. Reserve a Company Name

• Ensure the chosen company name is unique and not already registered.
• You can check the availability of the name and reserve it through the Bulgarian Commercial Register.

3. Prepare the Required Documentation

Documents Needed

• Articles of Association (for LLC) or Founding Act (for EOOD)
• Minutes of the Constituent Meeting
• Specimen Signatures of the Managers
• Declaration of Consent and Specimen Signatures of the Managers (Notarized)
• Resolution of Appointment of Managers
• Proof of Address for the Registered Office
• Bank Certificate for the Paid-in Capital

4. Open a Bank Account and Deposit Capital

• Open a temporary bank account in the company’s name.
• Deposit the minimum required capital (typically 2 BGN for an LLC).
• Obtain a certificate from the bank confirming the deposit.

5. Register the Company with the Commercial Register

• Submit the necessary documents to the Bulgarian Commercial Register.
• Documents can be submitted online or in person at the Registry Agency.
• Pay the registration fee (around 110 BGN for online registration, 140 BGN for in-person).

6. Obtain a Unified Identification Code (UIC)

• Upon successful registration, the company will be assigned a UIC (ЕИК), which serves as the company's identification number.

7. Register for VAT (if applicable)

• If your company’s turnover exceeds BGN 50,000 within 12 months or if you expect to exceed this amount, you must register for VAT.
• Voluntary VAT registration is also possible.

8. Register with the National Revenue Agency (NRA)

• Register your company with the NRA for tax purposes.
• This includes registration for corporate income tax, payroll taxes, and social security contributions for employees.

9. Register with the Bulgarian Social Security Institute (NSSI)

• Register the company as an employer with the NSSI.
• This registration is required for paying social security contributions for employees.

10. Comply with Local Regulations

Workplace Health and Safety

• Ensure your company complies with workplace health and safety regulations.

Data Protection

• Adhere to data protection laws, particularly if handling personal data of clients or employees.

Other Industry-specific Licenses and Permits

• Depending on your business activities, you may need additional licenses or permits.

11. Open an Operational Bank Account

• Once the company is registered, you can open an operational bank account to conduct business transactions.

12. Keep Proper Accounting Records

• Ensure compliance with Bulgarian accounting and tax regulations by maintaining accurate and timely records.
• Consider hiring a professional accountant or accounting firm.

Conclusion

Setting up a company in Bulgaria involves several administrative steps, but the process is relatively straightforward and can often be completed within a few weeks. By following these steps and ensuring compliance with local regulations, you can successfully establish your business in Bulgaria.