Organization of business in Bulgaria

Nowadays, many entrepreneurs prefer to open their business outside of Russia. There can be many reasons for this: political and economic instability in our country, administrative barriers that prevent a businessman from realizing his ideas, high interest rates on loans to start his own business, lack of state support for small and medium-sized businesses. For these and other reasons, our compatriots seek to organize their business in other countries. Bulgaria is not the last among them. Starting a business in Bulgaria has long been commonplace for Russian entrepreneurs.

Let us consider in more detail how exactly it is possible on the territory of this country and which ones are the most common there.

Forms of doing business in Bulgaria

On the territory of Bulgaria, you can register a company of one of the following organizational and legal forms:

  1. Sole proprietor (Single trader). The authorized capital for a private entrepreneur is not required. The founder of the company as an individual entrepreneur can be both a citizen of Bulgaria and a foreign citizen who has a residence permit. The name of the company must contain the full surname, name, patronymic of the owner. According to the legislation of the country, one individual can register only one individual entrepreneurship. The founder of the company is responsible for its obligations with all his property. The tax rate for a private entrepreneur in Bulgaria is 10% of the income received.
  2. Limited Liability Company (OOD - established by two or more persons or EOOD - established by one person or legal entity). The minimum authorized capital is 2 leva. The management of the company is carried out by the general meeting and the manager. Sometimes another governing body may be appointed (it is not mandatory) - the controller, which exercises control over the execution of the memorandum of association and provides a report to the general meeting. The supreme governing body of the company is the general meeting, which has the right to hire or expel founders, adopt the annual balance sheet, distribute profits, change and supplement the memorandum of association.
  3. Joint-Stock Company.

The share capital of a joint-stock company is at least 50,000 levs. The minimum number of founders is one individual or legal entity, the maximum number is not limited. The minimum value of one share is 1 lev. The influence of shareholders in a society is determined by the number of shares they have, whoever has more of them - he occupies a higher position. Shareholders bear full responsibility for the obligations of the company with all their property.

Also, you can register:

  1. Full partnership. Its founders can be at least two individuals or legal entities who are liable for the obligations of the company with all their property. Each of the founders has the right to manage the partnership. The size of the authorized capital has no minimum threshold. The activities of the partnership are regulated by the drafted memorandum of association.
  2. Limited partnership. For a limited partnership, the minimum amount of the authorized capital is also not established, and the minimum number of founders is 2. However, unlike a general partnership, only one of the founders, called the founder - limited partner, can manage a limited partnership. The responsibility of the commander for the obligations of the company is not limited, and the rest are liable only in the amount of personal contributions to the company.
  3. Limited partnership with shares. The minimum share capital is BGN 50,000, and the minimum number of company founders is 4 people, one of which is a limited partner. As well as in a limited partnership, the limited liability for the obligations of the company is borne by the limited partner, and the rest only in the amount of personal contributions.

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The procedure for opening a company in Bulgaria

Consider the algorithm for opening a company in Bulgaria.

1. Drawing up and filling out the documents required for company registration.
2. Signing of documents by the founders of the company and the director.
3. Checking the uniqueness of the company name.
4. Opening of a special account of the company (collection note), to which the authorized capital is deposited.
5. Documents are submitted to the Registration Agency, where the state fee is also paid.
6. After the company is registered in the commercial register, the account with the authorized capital is closed, since it cannot be used as a settlement account.
8. If necessary, a current account is opened.
9. Making a seal.

The most common forms of doing business in Bulgaria are limited liability companies OOD and EOOD. Consider the order of their registration.

The following documents are required for registration of an LLC:

  • OS protocol (constituent protocol);
  • declaration of the director, sample of his signature and certified consent;
  • an extract from the bank on the contribution of the authorized capital (which is at least 2 leva);
  • company formation agreement;
  • a power of attorney for an authorized person (required if the company is not opened independently);
  • an agreement that the founders assign duties to the director (management agreement);
  • declaration of the director on the correctness of the data when submitting documents for registration.

If you are going to register a EOOD, you will need to provide the following package of documents:

  • an application for registration of a company, completed in the form A4;
  • founding act;
  • the decision to establish a society;
  • certified consent of the director and a sample of his signature;
  • an extract from the bank on the contribution of the authorized capital;
  • receipt of payment of registration fees;
  • declaration of the director on the correctness of the data when submitting documents for registration;
  • power of attorney for an authorized person.

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The most demanded types of business in Bulgaria

The advice of experienced businessmen who have opened their business in Bulgaria boils down to the fact that it is worth opening a business in this country in such areas as the agricultural sector, public catering (restaurants, cafes, bars), hotels and hotels.

Small business in Bulgaria is quite well developed. Therefore, our compatriots strive to either organize their own business in this country, or buy a ready-made one. Many Russians start their business by opening a small hotel on the seashore or in the mountains. Since Bulgaria always attracts a large number of tourists, the opening of a hotel, inn or summer house for visiting guests will definitely be in demand. If your business is gaining momentum, you can open a cafe or restaurant on the territory of the hotel, which will undoubtedly make your business even more successful.

If you are thinking about buying a ready-made business in Bulgaria, then the approximate prices at which it can be purchased are as follows:

  • bar, cafe - from 50,000 euros;
  • shop - from 25,000 euros;
  • hotel, hotel - from 70,000 euros;
  • agricultural farm - from 25,000 euros.

Each entrepreneur decides for himself.

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Advantages and disadvantages of starting a business in Bulgaria

We can highlight the following advantages of doing business in Bulgaria.

1. Political and economic stability of the state.
2. Friendliness and hospitality of local residents.
3. Bulgaria has the lowest interest rate in Europe - 10% of income.
4. A large number of tourists visiting this country.
5. Doing business gives the right to obtain a residence permit.

Undoubtedly, opening your business in the territory of this country, you will inevitably encounter some difficulties.

1. Language barrier. Living and working abroad is not as easy as it might seem at first glance. Of course, the main obstacle is a foreign language. To feel free and confident, you need a good knowledge of the Bulgarian language, because you will need to communicate with people not only on work issues, but also at the household level.
2. The mentality of the Bulgarians is different from the Russian one - the representatives of this country are very slow and unhurried, it is difficult to stimulate them to work, they are used to living today. And according to the labor legislation of Bulgaria, you are required to hire at least 10 people from the local population. Therefore, be prepared for the fact that the workflow will take place at a slower pace than in Russia.

Also, it must be taken into account that:

  1. The territory of Bulgaria is 150 times smaller than Russia. The population of Bulgaria is only about 7.5 million people. This means that the circle of potential buyers of goods in your store or users of services is significantly narrowed.
  2. It is important to note that Bulgarians are extremely wary of foreigners. Therefore, if they have the opportunity to buy something from a compatriot, they will make purchases from him.
  3. The incomes of the population in Bulgaria are not too high (the average income per family is 350 euros per month, that is, 4200 euros per year), which means that the purchasing power of the population is quite low. This fact may cast doubt on the success of your business. In this case, it is very important to correctly determine the direction of activity.
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