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Company in Bulgaria, Business in Bulgaria

Company registration in Bulgaria offers many options for saving. By registering a company you can benefit from a favourable tax system. Bulgaria is a country that boasts one of the lowest rates of corporate taxation in the EU that is 10%. Even lower tax rate because only 9% you can get by company registration in Poland. The simplicity of the tax system shows easy and rapid reduction of further administrative costs. All this combined with lower labor costs leads to considerable savings.

Information on the tax system in Bulgaria:
1. 10% tax of net profit per year.
2. 5% tax of dividends only in case of actual dividend payment.
3. VAT 20%. EU internal deliveries and exports are exempt from VAT.
4.10% tax on personal income.

Creation and registration of companies in Bulgaria is regulated by the Commercial Code.
A limited liability company (OOD lub EOOD) and public limited company (AD) are best forms of running a business activity with foreign capital. A limited liability company may be created by one (EOOD) or more persons (OOD), including foreign legal persons and individuals.

Registration of limited liability company and required documents:
1. The Articles of Association, signed by all shareholders, must be written in Bulgarian. In case of other language, the document must be notarized and translated into Bulgarian by certified translator. This procedure refers to all the documents.
2. The statement from the bank about the paid-in stock capital of minimum 5 thousand lev (1 Euro = 1,95 BGN lev).
3. The Articles of Association, signed by shareholders.
4. Declaration of manager or managers, signed and notarized. The agreement with managers regulates the relations between the company and the managers. It should be made in writing.
5. Application to relevant court, in Bulgarian, signed by the managers.
6. Certificate from information bureau of Central Statistical Office about the reservation of the name for the company.
7. Fee for registration, advertisement and one authorized copy of courts ruling.

Registration of Public Limited Company (Plc)
Registration of Plc requires more complicated procedure and other documents:
1. Extract from the Commercial Register about registration of an entrepreneur or statement about the current status, if the company is created by a legal person.
2. Decision of the Board about with all data of a new company, notarized.
3. Articles of Association, in Bulgarian.
4. Protocol from the first shareholders meeting, including decision about creation of a new company, address, type and place of activity, acceptance of Articles of Association.
5. Description of a start-up capital, shareholders, type of management and managers.
6. Protocols from the first meetings of the Board and the Supervisory Board, during which the managers and executive powers were chosen.
7. List of shareholders, certified by the Board.
8. Statement of the founders, statement of the Board Members, certificate from the Bulgarian bank about the payment of the start up capital (minimum 50 thousand lev; 1 Euro= 1,95 BGN).
9. Patterns of signatures of the Board Members, notarized.
10. Application to court, in Bulgarian, signed by the Board.
11. Certificate from information bureau of Central Statistical Office about the reservation of the name for the company.

After the registration in court there is necessity to register in other departments: Statistical Office, Inland Revenue (the one corresponding to the registered address of the office), Social Insurance Institution.

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