The first step in setting up a company requires choosing a company name and checking if the name is vacant in the Bulgarian Commercial Register. The company name can be written in Cyrillic and Latin letters /transliteration/ and it must be unique in its version in Cyrillic. The company type is added /Ltd or OOD which is an abbreviation for a Limited Liability company/
A company address must be provided for the registration purpose /our services also include a virtual office, mail forwarding, accounting services and representation before Tax authorities/. A separate address for the purpose of correspondence with the Tax Office /National Revenue Agency in Bulgaria/ can be also registered. This is usually the address of the accountant of the company.
While the minimum capital for a Ltd is just 1 Euro /2 BGN/ it would be better to set up a higher amount that allows shares distribution. The capital of a company does not really indicate its financial status. Shareholders may provide aditional financial funds to the company in the form of a loan or financial aid.
In case the owner of the company is a single person /or a single legal entity/, the conditions of the Constituent Act are usually simple as all important decisions are taken by a single person. Having two or more shareholders /partners/ in a company will require a more detailed arrangements of the decision making process relating to important changes in the company - for example accepting new shareholders, real estate transactions, spending funds, profit distribution, appointing and dismissing directors.
The company Governor /Managing Director/ can be a citizen of any country. There can be more than one director representing the company jointly and/or severally. The director has by law very comprehensive rights to represent the company unless his representation powers are restricted by the Constituent Act in a way that a prior approval by the owner of the capital is required in certain cases.
The official company email registered in the Bulgarian register is very important in the communication with the Tax Office, accountants, banks and business partners.
The company activity can be broadly or specifically described. It is usually added in the summary of activities "any activity not prohibited by the applicable law".There can be requirements for explicitly specified scope of activity when license is required for performing certain type of trade or services.
The preparation of the documents requires notarization of the consent of the company director to represent the company and depositing the initial capital in a bank account. A new company can be incorporated entirely by authorization /the client does not come to Bulgaria/. The notarization of the documents can be done at a Bulgarian consulate or at a Notary Public in another country.
Our base fee for setting up a limited company in Bulgaria is 180 Euro. Company formation by authorization /the client does not come to Bulgaria/ fee is 200 Euro. The registered address fee is 110 Euro per year.
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