Law firm Zhdrakov

WHY IN BULGARIA?

When it comes to opening a business in Bulgaria, one may benefit from many advantages, such as a symbolical minimum required capital, worth 1 Euro, and the simplified registration process. It usually takes a few days for a company to register in Bulgaria, but in some cases, it can take up to two weeks.

Other key advantage is the possibility of using a power of attorney to open the company and it is not mandatory for the founder to be present in Bulgaria. We offer registration of companies in Bulgaria via Internet.

Another important factor is that there are no running costs for the company; therefore, if the company was registered but it does not have any activity, it is not subject to financial obligations. However, the company must submit an annual tax return, a very simple process that can be made using accounting services or directly by the company’s manager.

Briefly in figures:

The shared capital starting from 1 euro up.
The corporate tax is 10% flat tax from the net profit per year.
VAT tax is 20%.
Dividend tax 5%.
10% personal income tax.
The Dividends are free of tax after they being shared between the shareholders and after the 5% dividend tax is paid.
The property of the company is separated from that of the partners. The shareholders are not responsible for the debts of the company.

Our total cost for registration of a company is 400 EUR. That includes:

Commercial Register taxes
Opening an accumulative company bank account
Preparation and submission of the necessary registration documents
Arranging a company seal

We also can offer you our administrative addres. The location of our office is the best in Bulgaria. In the center of the capital town Sofia, next to all administrative buildings and a lot of ancient history.

Companies in Bulgaria use current accounting as costs are not high. We can provide that service for you also.

When you need more information about how you can start a company in Bulgaria, call us.

ANNOUNCEMENT OF ANNUAL FINANCIAL STATEMENT

Each company must publish the Annual Financial Statement.

The purpose of the procedure is to enter the traders' annual financial statement in the Commercial Register. Each trader under the Commerce Act is obliged by 31 March each year to prepare an annual financial report for the previous year and submit it for publication in the Commercial Register no later than 30 June of the current year.

CHANGES IN THE COMPANY

Entries are subject to the circumstances determined by the law related to the particulars of the commercial company, which the Commercial Register aims to make public. These circumstances are the subject of the Registry. Disclosure is related to legal certainty in the commercial turnover and protection of both the interests of the trader and the interests of the third party bona fide.

Under the Commercial Register Act, each trader is required to state the circumstances subject to registration, namely:
1. Increase or decrease of the company's capital;
2. Change in the subject of activity of the company;
3. Change of the name of the company;
4. Change in the distribution of the shares in the company;
5. Other changes according to the specifics of the company's activity.

In any case, any change in the trader's corporate status must be accompanied by the adoption of the relevant documents and company documents and must be registered in the Commercial Register no later than seven days after its occurrence. Otherwise there is a great danger of imposing sanctions on both the company itself and the officials responsible for its operation.

CERTIFICATES

CERTIFICATES regarding:

• Lack of enforcement cases
• Lack of tax obligations
• Lack of insolvency proceedings
• Lack of liquidation process
• Transcript of a court decision
• Actual status

CLOSING A COMPANY. LIQUIDATION.

The closure of a commercial company is related to the performance of specific actions on the recording of circumstances concerning the liquidation of the commercial companies. For its implementation it is necessary to submit a special application to the territorial units of the Registry Agency together with the necessary documents and acts that are subject to registration upon termination and liquidation.

The termination of a commercial company is an extremely complicated process in which participate governing bodies, all creditors, clients, employees, administration, courts, etc. take part.

After a thorough study of the company, an analysis of the process ahead that will have to be undertaken to achieve the purpose of the procedure can be made.

TRADEMARK REGISTRATION

The trademark is best to register with the first marketing presence or intent to market. If the trader waited for the product to be marketed and then register a brand, he risks being able to register the mark.

The trademark is not just a legal right, it has a strong economic potential and value. It keeps the image of the company, product or service.

The registration of a trademark is a specific and complex process, which can be conducted only by a person with special qualification and legal capacity before the Patent Office of the Republic of Bulgaria.

Therefore, you need to trust a specialist who is well acquainted with all the details of the procedure. We have exactly such specialists.