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Open a company in Bulgaria

Open a Company in Bulgaria

Updated on Wednesday 19th July 2017

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Bulgaria has one of the most prolific economies in Southeastern Europe which is why many foreign investors have decided to open companies here. Bulgaria has some of the most skilled professionals in the IT industry which is why this sector has been developing a lot during the last few years transforming the country into an international center in the information and technology sector. Following closely, the tourism industry is also thriving and attracts more and more foreign visitors and investors every year. For information related to the legislation on foreign investment you can refer to our law firm in Bulgaria.

Types of companies in Bulgaria

Foreign investors can choose among several types of business entities when opening a company in Bulgaria. Even if the most popular type of company is the limited liability companies, below you can find all the other types of entities that can be registered in Bulgaria:

  • -          a single person private limited company,
  • -          joint stock company,
  • -          holding company,
  • -          cooperation,
  • -          limited partnership,
  • -          general partnership,
  • -          public limited partnership.

Foreign companies can also establish branch or representative offices. Foreign entrepreneurs can register as sole traders in Bulgaria. 

Requirements to start a company in Bulgaria

Under the Bulgarian Commercial Code, foreign investors can open a company just like any other local investor. There are no special requirements when opening a company in Bulgaria, except when registering a joint stock company. The minimum share capital for setting up a joint stock company is 50,000 BGN, and the share capital requirements are raised to 100,000 BGN if the company is listed on the Stock Exchange. Limited liability companies may have only one shareholder and a director, while joint stock companies must have at least two shareholders and a management board.

The main steps to open a company in Bulgaria

The following proceedings must be completed when opening a company in Bulgaria:

  • -          preparing and notarizing the Articles of Association,
  • -          depositing the share capital,
  • -          submitting the application form with Bulgarian Trade Registry,
  • -          registering for VAT purposes,
  • -          registering employees for social insurance purposes.

If you need assistance in setting up a company in the country, please contact our lawyers in Bulgaria. If you are interested in setting up companies in other countries, such as Dubai, Malta, Russia or Latvia, you may contact our local lawyers or our local  company formation agents.

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