For starting any business, the first steps are always essential. To help you start making your dreams come true, our range of legal services awaits you.
At E & M Accounting Group, we partner with highly qualified and highly experienced lawyers to be able to meet your company’s needs for professional legal advice and services. Businesses may encounter various legal cases on a daily basis, for which we would be happy to provide our assistance for their successful resolution.
What type of company is best for me to open?
The most common choice in most cases is to register the limited liability company (LLC or Ltd). The difference between them is only in the number of partners. With an EOOD/LLC we have only one owner of the capital, and with an Ltd/OOD – two or more. The minimum capital that must be deposited with the company’s collection account for this type of firm is BGN 2.
Here it is Joint-stock companies are more suitable for companies with investment potential as well as higher turnover. The minimum capital for opening a JSC is BGN 50,000, of which, however, ¼ of it can be contributed, i.e. BGN 12,500, and the rest can be contributed at a later stage.
The joint-stock company can be established both by one physical/legal person and by 2 or more persons – physical or legal. Depending on the number of founders, the joint-stock company is divided into Single Joint-Stock Company /EAD/ and Joint-Stock Company /AD/JSC.
The sole trader (SOLE/ET) is also one of the options, but with this legal form it is good to know that the SOLE/ET is not separated from the owner, as it is with LLC, Ltd and JSC. This means that the company and its owner are one, to put it simply, while in the companies listed above, the company is a separate legal entity from the owner, and for this reason, here in SOLE/ ET, the owner is responsible with his own property for the company’s obligations.
There are more options, we have presented the most frequently used ones so that you can get a general idea of them and everyone can choose the most suitable legal form for them.
How long does it take to register a company?
In the general case, the entire process of registering a company with a Bulgarian physical or legal person as owner takes about 7 working days, maybe less.
What is the procedure for opening a branch or legal entity with foreign ownership or participation?
Here like the above questions, the process is similar but there are some specifics due to which the process could takes more time.
If the future Manager of the company is not located in our country when the business is started, it is necessary to send us signed power of attorney, which must be notarized at the Bulgarian Embassy in the country in which he/she is located or if the Bulgarian consul is located far from the place, where the person is established, he/she can then use the services of a local notary, and the power of attorney certified by him/her is translated into Bulgarian, legalized or certified with an apostille, if the country is a party to the Hague Convention.
The other specificity is the opening of a bank account for a foreign person, which may take a little longer, but although it is more complicated for foreign citizens than for locals, it is a completely possible process.
After covering these two basic steps, the procedure continues identically as for standard Bulgarian companies.
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