Plovdiv lawyer, company formation, contracts, property disputes

How to open a business bank account in Bulgaria

Bulgaria has the attractive tax rates and looks like a tax oasis for digital nomads and entrepreneurs, however the procedure of applying for a corporate bank account depends on meeting a few important requirements. All Bulgarian banks currently require the company director to apply in person for an interview /authorizations are not acceptable unless the authorized person signs for online banking on his name/and risk assesment of the company profile including professional background of the company legal representatiives, company activities, trade partners and intended amounts and locations of future bank transfers. The local banks which policy allows opening bank accounts for companies run by non-residents are UniCredit Bulbank, United Bulgarian Bank, DSK, International Asset bank, First Investment bank.

The policy for clients risk assesment of the Bulgarian banks is aligned with the Measures against money laundering act regulations and related EU directives. Unfortunately in some cases its very possible to get refusal for opening a bank account no matter your intended business is legitimate. Banks will not advise the client for the reason for its refusal, however in most of the cases it is insufficient or contradicting information about the company director background, tax residence status or the intended activity may be assesed as a risk.

We provide assistance in applying for business bank account based on our experience with clients who got approved. In some cases its possible to communicate with the bank in advance to discuss the client case.

Another solution for opening a bank account is provided by online banks like Revolut - www.revolut.com, wise.com, paysera.bg or some other online banks which allow opening a business bank account online, the bank cards will be sent to the company registered address.