Create a company in Bulgaria
Are you looking to create a company in Bulgaria?
Please refer to my article where I discuss in detail the pros and cons of creating a company in Bulgaria.
I will cover the following in this section:
1. Why create a company in Bulgaria
2. Services offered by my incorporator to create a company in Bulgaria
3. Contact Iven directly to discuss pricing and the best package for you
1. Why create a company in Bulgaria?
- Bulgaria is a member of the EU.
- Stable economic environment.
- Stable currency (LEV).
- Favorable taxes – Bulgaria has a flat rate of 10% for individual and corporate tax, one of the lowest in Europe.
- Double tax treaties – Bulgaria has signed Double Taxation Treaties with 58 countries.
- Access to Bulgarian banks and other Payment processors such as Paypal and Stripe. You can also open Wise and Revolut accounts.
- Low cost of living and starting up a company.
- Low Labour costs with a highly skilled and multilingual workforce.
- Allows you to buy land in Bulgaria which is normally prohibited for non-EU people.
- Ideal location (South East Europe) to create a company.
- You can create a Bulgarian company entirely remotely.
2. Services offered by my incorporator to create a company in Bulgaria
Iven, originally from Belgium, is my incorporator and will help you create a company in Bulgaria. He is really great in the sense that he and his team are experts at helping foreigners incorporate in Bulgaria. You can find cheaper service providers, but they won’t offer such high level service such as on-going tax advice. The reality is that owning a company in Bulgaria, or anywhere for that matter, comes with a lot of cross-jurisdictional tax implications. You do not want to cheap out when it comes to international tax matters and support.
Typically, most people save a lot of money when incorporating in Bulgaria. Make sure to reinvest some of these savings into getting proper support.
Iven and his team of accountants and lawyers can help you manage your Bulgarian structure from A to Z with the following services:
Legal Services
• Registration fees
• Notary, legal and bank fees
• Translations and legalisations
• VAT registration when creating a company in Bulgaria
• Registered address (corporate)
• Bank accounts with e-banking and debit cards
• Official company stamps
Accountancy Services – Create a company in Bulgaria
Bookkeeping and Accounting
• Design the company’s accounting policy, valuation methods and ledger accounts
• Maintain the sales and purchase ledger on behalf of the company
• Monthly keeping of accounting registers according to the International Financial Reporting Standards and the National Accounting Standards
• Daily accounting check-up
• Monitoring and control of cash flows
• We store invoices securely and keep them for at least the mandatory period
Fixed assets
• Maintain asset register (maintaining individual records per item)
• Ensure that items are capitalised in line with local law
• Ensure that depreciation is applied correctly
VAT
• Compulsory VAT registration when creating a company in Bulgaria
• Optional VAT registration
• Preparation and Submission of VAT returns to the relevant tax offices on monthly basis
• VAT refunds
Payroll Services
• Provide payroll accounting for the Company’s employees and maintain individual payroll data
• Provide Payroll accounting for any temporary employees of the Company
• Prepare reports to the local authorities as required by local laws
• Act as the point of contact with authorities and represent the Company
• Prepare data and statistical reports according to local law
• Produce payroll calculations for input into the Company’s accounts
• Calculate the tax and social and health insurances to be paid
Maintenance of employee records
• We maintain full records of all employees on the payroll Partners
• Maintain records of all temporary employees
• Ensure that records are kept up to date for all employees joining and leaving the payroll
• Ensure that records are stored securely and kept for at least the mandatory period
• Prepare documents for joining and leaving employees
• Summarise work hours on the basis of maintaining an attendance register
• Record holidays and permissions for holidays
• Record sickness absences
• Ensure that company is kept up to date with changes to employment laws
• Prepare data reports to local authorities on sick leave, pension contributions etc.
Labour administration
• Prepare documents for joining and leaving employees
• Summarise work hours on the basis of maintaining an attendance register
• Record holidays and permissions for holidays
• Record sickness absences
• Ensure that company is kept up to date with changes to employment laws
• Prepare data reports to local authorities on sick leave, pension contributions etc.
Banking
• Manage bank transactions (and associated statement reconciliations)
• Manage petty cash book (and associated reconciliations)
• Monitoring, preparation and submission of payment documents for the funds of social and health insurance, income tax, other taxes and charges and company expenses
• Act as second signatory on all bank transactions
International Management Reporting Services
• Preparation of required financial management reports on monthly, weekly or daily bases for Headquarters and Owners in relation to the financial status of the Company
• Ensure that accruals and prepayments are accounted correctly
• Ensure that the management reports are sent on time to the central management
• Prepare a comparison of the Company’s actual performance compared to Annual Plan
• Production of ad hoc reports when required
Statutory Reporting
• Ensure that accounts are produced in accordance with IFRS and NAS
• Present all documents (with associated calculations and explanations) to auditors as and when required and produce audit papers
• Produce any statistical reports as required by local law when creating a company in Bulgaria
Annual Financial Reports
• Preparation and submission of the Official Annual financial reports, report forms and filling in of tax returns in accordance of with IFRS, NAS and Bulgarian tax legislation
• Consolidated reporting services
• Accounting reconciliation
Tax Filing
• Prepare and file all regular tax reports (VAT, Corporate tax, Personal income tax, Local tax and all other tax declaration as required by local law)
• File modifications to company set up with the local tax authorities as appropriate
• Ensure that Company is informed of all payable taxes and informed when there any changes to local law
• Represent the Company at all tax authorities, as and when requested by those authorities
• Preparation of the necessary tax statistical reports when creating a company in Bulgaria
• Preparation of all year end tax declarations
• Tax administration representation
Tax and financial
• We offer advice and assistance on personal tax issues (Bulgarian and foreign employees and managers)
• Advice and assistance in relation to corporate tax issues (profit tax)
• Advice and assistance in relation to VAT
• We offer advice and assistance in relation to local taxes and charges
• Assistance and advice in relation to international tax issues (avoidance of double taxation)
• Social and health insurance consultation when creating a company in Bulgaria
3. Contact Iven TODAY to obtain a free pricing and information package on how to create a company in Bulgaria
Fill out the form below to receive a free information package on how to create a company in Bulgaria along with pricing.
Contact Iven to create a company in Bulgaria
Alternatively you can send an email to bulgaria@thewanderinginvestor.com
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