Set Up a Company in the Insurance Sector in Bulgaria
Set Up a Company in the Insurance Sector in BulgariaUpdated on Thursday 13th April 2017
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Investors who wish to set up a company in the insurance sector in Bulgaria need to be informed about the conditions for investment and licensing in this field.
Insurance and re-insurance companies in Bulgaria are subject to special licensing. Moreover, these types of companies in Bulgaria that operate as an offshore company may be subject to certain restrictions under the Act on the Economic and Financial Relations with Companies Registered in Preferential Tax Regime Jurisdictions.
One of our lawyers in Bulgaria can give you detailed information on the laws that govern the formation of insurance companies and foreign investments in this field.
The insurance sector in Bulgaria
The insurance sector in Bulgaria is well-developed, with several branches of foreign international insurance firms present on the market. The types of insurance that are generally provided to customers include:
- life insurance;
- property insurance, with its sub-sectors (home, vehicle, etc.);
- health insurance;
- travel insurance.
The premiums, packages, and prices are established in accordance with the types of selected services and the particularities of the Bulgarian market.
An important consideration for investors who want to open a Bulgarian insurance company is that the general rules for the minimum share capital are different in this field: insurance companies are required to have a larger statutory minimum capital, compared to companies in other business fields. One of the experts at our law firm in Bulgaria can tell you more about these requirements.
Opening a company in Bulgaria
Investors in Bulgaria can open the following types of companies:
- sole traders;
- limited and unlimited partnerships, limited partnerships with shares;
- limited liability companies or joint-stock companies.
Each of these has its own characteristics and our lawyers in Bulgaria can give you more details on their characteristics. Insurance companies are typically set up as one of the available types of corporations. Branches are also available in Bulgaria for those foreign insurance companies that wish to establish their presence on the market.
One of our attorneys can give you further information on taxation in Bulgaria, the accounting and auditing requirements as well as the laws governing the insurance sector, such as the Insurance Code.
Contact our law firm in Bulgaria for more information and assistance for investments.