Companies in Bulgaria are opened (registered) not only for the sake of doing business. Often, a legal entity is created to purchase land, since foreigners are not legally allowed to make such acquisitions. In addition, many people register cars for the company, because this allows holders of a residence permit to do without annual trips to the capital for re-registration. Other advantages of registering a legal entity include the ability to obtain a business visa to visit the country and the availability of loans with more favorable conditions than for foreigners. In addition, the owner of the OOD can work in his own company as a manager without obtaining a special permit.

Types of companies

Even a foreigner without a residence permit can open a company. The only exception is individual entrepreneurship (ET). This organizational and legal form does not imply the formation of a legal entity and is available only to those who have an EGN, that is, citizens of Bulgaria, as well as holders of permanent residence or DVZ. There are such forms as Sbiralno, Druzhestvo, Komanditno, Druzhestvo and others, but the most popular are such forms as OOD and EOOD – limited liability companies. These two forms differ in the number of founders – if there are more than two, then an OOD is opened, if there is only one founder – an EOOD. It should be noted that even if the company does not operate, its head must submit reports annually. And if you want to get rid of a legal entity, then it will not be so easy to do: the process of closing a limited liability company takes at least six months.

Opening (registering) a company step by step

1. Meeting of founders. At this meeting, a decision is made to create an OOD, a unique name is invented, a general director (manager) is appointed, and the amount of the authorized capital is determined. At the meeting, you need to sign a friendly agreement and protocol. To open an EOOD, it is enough to formalize the decision of the sole founder and sign the constituent act.
2. Opening a company bank account. The authorized capital is contributed to it, the minimum amount of which must be at least two leva. If there are several founders, then the share of each must be one lev or more. It is necessary to keep the receipt for depositing funds – it is attached to the package of documents for registering a company.
3. Payment of the registration fee. The receipt will also need to be attached to the rest of the documents.
4. Submission of an application form A4 to the Trade Register. The registration process usually takes up to 5 business days. If errors are found during registration, they must be promptly eliminated, otherwise you will have to start the registration procedure again.
5. After registration, the company is assigned a UIC (Unified Identification Code), it is entered in the Trade Register and can conduct activities.

Recently, foreigners have often had problems at the stage of opening an account: Bulgarian banks are extremely reluctant to open accounts for citizens of countries outside the European Union, especially for foreigners who do not even have a temporary residence permit. This also applies to the accounts of legal entities with foreign founders. You should be prepared for the fact that verification may be required: the data of the founders will be sent to the head office of the bank. For this reason, the process may be somewhat delayed.

Required documents

• Application (Form A4). When filling out, it is necessary to note whether the company will be registered under the DDS.
• Memorandum of Association of the General Meeting and Friendly Agreement (or Resolution of Establishment and Memorandum of Association)
• Sample of the manager's signature (declaration of consent). Notarization is required.
• Contract with the general director (manager) for management.
• Declaration of the manager on the absence of obstacles to the management of the company.
• Declaration of correctness of information.
• A document from the bank confirming the contribution of the authorized capital to the company account.
• Receipt of payment of the registration fee.

If the company is registered through a lawyer, then a power of attorney for him will also be required.

The company is registered. What's next?

After registration in the Trade Register, it is possible to obtain a certificate of current status – documentary evidence of the existence of the company. The certificate is issued immediately after payment of the fee. The next step is to order the company's seal. This usually requires a copy of the current status certificate. At this stage, it is possible to close the bank account to which the authorized capital was deposited, and open another – settlement. It is advisable to do this in the same bank branch to avoid new checks. If the company will not conduct activities, but was opened only for the purchase of movable or immovable property, it is advisable to close the accounts after the transaction. And, if you need to make changes to an already registered company, such as: Changing the legal address, adding new types Admission of new founders (friends), appointment of a new head (manager), re-registration from OOOD to EOOD and vice versa from EOOD to OOD, etc. Specialists of the InfoCenter "Window to Bulgaria" provide consulting assistance in registering (opening) a company in Bulgaria.