Am I ready to start business relations?
Upon registration of a company, the Company receives the UIC (Unified Identification Code). Through it, any interested person can see public data about the newly established Company, which are published in the Commercial Register of the Republic of Bulgaria (full name, address of management, owner, owner of capital and manager). From now on, relationships with our business partners can begin. A party to the contracts may be the Company, and the UIC, the address and the Manager must be mentioned after its name. Subsequently – VAT number
Recommendations to do first:
Of course, a company stamp. This is a desirable and not necessarily solution, but a large number of companies prefer to have authority of their own. Besides, it looks way more business.
At the time of the initial registration, each Bulgarian company owns its own accrual account in which the registered capital was paid. After the company is registered, it is desirable to convert the accrual account into a current account so that it can be used for the purposes of the Company. This can be done by the Manager of the company of by an authorized person with personal appearance in random chosen branch of the Bank.
Internet banking and Bank card:
A large number of company managers prefer to use internet or mobile banking and a bank card to avoid the annoying queues in bank branches. So they can make payments at a convenient time and place without taking into account the working hours of banks and bankers who always manage to go out on holiday just before your turn or to announce the great one: “I’m sorry but there is a little problem”. Overall, the benefits of online banking are endless, just like the bank bureaucracy.
Taxes, taxes, taxes ..; The good thing is that they are due from the moment the company realizes its first income or expense. Even if no employees are appointed, statutory contributions are due to the manager, unless he is provided elsewhere in the maximum insurance income. It is important to note that if the company did not work, no insurance is due.
Personal data protection /GDPR/
In case the commercial activity involves the processing of personal data, the obligation to register as a Personal Data Administrator arises in accordance with the new GDPR Regulation.
Legal and Accountancy services:
For tax and accounting compliance, we recommend our clients to work with an experienced accountant and a trusted attorney who are prepared to protect the new firm and its manager in accordance with all Regulations and Laws of the Republic of Bulgaria. If you are interested in providing both Legal and Accountancy qualified services, please do not hesitate to contact us for an offer.
VAT registration may be mandatory or optional in certain hypotheses. More information about this – here.
Cash payments and NRA Approved Software:
In accordance with the new Ordinance H-18/2006, commercial companies operating cash payments are obliged to own a specialized fiscal device and commercial software to regulate their turnover (depending on the activity performed, of course )