In Bulgaria the International Business Company is founded or owned by one or more persons, including foreign natural or legal persons. The minimum authorized capital is BGN 2 /equal to EUR 1/.
Forming an International Business Company:
• Reservation of the name of the company and issuance of a certificate for uniqueness of the name – Composing articles of association or founding a deed for a single-member IBC;
• Formation of company’s share capital (at least BGN 2)
• Issuance of bank deed certifying that at least 70 % of the registered capital has been paid;
• Appointment of managing body;
• Registration in the commercial register at the Registry agency by the appointed manager who possesses representative power;
• Issuance of a permit from the competent body for performing specific commercial activity before entry into the commercial register (e.g. investment broker);
• Completion of the establishment: Company certificate for entry into the commercial register;
• Registration at the respective territorial division of the Registry Agency number) within 7 days after the establishment of the company;
Necessary documents for registration in the Commercial Register:
1. Application for registration.
2. Memorandum of association.
3. Constituent meeting minutes.
4. Notary certified consent with specimen of signature for each of the managers.
5. Declaration in compliance with art. 142 CA (Commercial Act).
6. Bank document of capital deposited.
7. Company name uniqueness reservation.
8. Certificate for actual status of a shareholder-legal person.
9. Decision of the managing body of a shareholder-legal person.
10. Receipt for paid state taxes.
Once your International Business Company is being established, then there is a whole list of other implications. These cover other taxes such as VAT and National Insurance and, where you employ other people, employment law legislation that is increasing in complexity day-by-day.
Bulgarian Accountant is here for you to help you with all this. Our professional services for International Business Companies will ensure you are fully compliant with the law and have all the advice and support you need.