COMPANY FORMATION

We will advise you on the most appro­pri­ate busi­ness form for your legal entity incor­po­ra­tion to suit your indi­vid­ual or busi­ness cir­cum­stances, so that you do not need to spend your time and throw your efforts in researching the dif­fer­ent options for com­pany in Bulgaria. We have years of expe­ri­ence behind us in com­pany registrations. Let us help you to estab­lish a company and get it run­ning. We will select the type of legal form that best suits your business intentions in Bulgaria. Company formation is the term for the process of incorporation of a business in Bulgaria also referred to as company registration. Our accounting services include company formation that can help you on every step of the way. Firstly, one needs to decide about the form of business. A bulgarian limited liability company / OOD /-  is one of the most popular choices for small and medium businesses. There is also the option of incorporating a Bulgarian /AD / – the joint stock company, suitable for large companies.

Once the type of company is chosen, the association must begin the formalities to incorporate it at the Commercial Register. The procedure is compulsory and requires papers regarding the form of the company, association act, name certificate and the signature specimen from the notary for the person representing the firm. The Commercial Register is the institution that keeps all the information about commercial entities in Bulgaria. Therefore, the manager or the representative must notify the institution regarding all the changes related to the company, such as changes of managing bodies, office address or share capital. The entrepreneur has to determine if the company will register for VAT. It is not mandatory for companies with an income under 50,000 BGN.

The most common organizations are the limited liability companies and the joint stock ones. Both types have differences, as well as common characteristics. The LLC and the JSC companies can be owned or established by one or more persons or legal entities. The number of the shareholders must be at least one. These two types of bulgarian companies require different share capital. A limited liability company requires a capital of at least 2 BGN (1 EUR). The joint stock business entity must have at least BGN 50,000 share capital, with a minimum nominal value of 1 BGN per share. There is a difference regarding the companies bodies. A limited liability company has a general meeting of stakeholders and at least one manager. In case of a joint stock company, besides the general meeting of shareholders, there is also a board of directors (with a minimum of three persons), along with a supervisory board and a management board, both with at least three members. A LLC founder must contribute his interest, under the rule of being expelled from the association for not doing so. All partners have equal rights concerning the management, the profit and the company’s affairs and the liquidation procedures. The shareholders of a joint stock company have a liability limited by their contribution. The capital stock can be increased by issuing new shares, but it can also be lowered or cancelled. Once a shareholder subscribes for shares, it is mandatory to contribute for them, otherwise he owes interest. While an independent audit is not needed for a LLC regarding the annual accounts (with some exceptions), this one is mandatory for a JSC.

Virtual office package provided by our company contains:

*business address in Sofia;

*registered office;

*mail collection and forwarding;

*a local phone number in Sofia;

*collection of bank statements;