With Bulgaria joining the EU in 2007, the country has become an even more attractive place to do business and opening a company. The low flat income tax of 10%, the strategic geographic position and the foreseeable financial policy of the country, attract more and more investors. For example, in 2018, foreign investment in the Bulgarian economy was 189 million euro more than 2017. More and more foreigners decide to open businesses in Bulgaria. So the question: “Is it possible for a foreigner to open a company in Bulgaria on a distance?”, it sounds even more up-to-date.
Remote opening of a company
Let us consider the possibility for a foreigner outside the territory of Bulgaria and without a Bulgarian identity document to become the sole owner of the capital of a company. Or a partner and respectively a manager of a limited liability company. We will also look at some purely technical details.
In case you wish to register a company with an owner or a partner of a foreign legal entity, please contact VD&A consultants. They will inform you in detail of the procedure.
We must first be provided with the necessary info for the incorporation of the company. Including: identity card details, company name, management address, size of the founding capital, object of activity, etc. This information is provided by the trader who is not in the country. Or by his or her close person or agent. After that VD&A consultants will prepare all the necessary documents and send you by email.
Most documents only need to be printed, read and signed.
The Issues
But there are two issues that need to be addressed more thoroughly.
The first one is that according to the requirements of the Commercial Law and the Commercial Register Act, it`s necessary to present a notarized consent for the establishment of a company. As well as a specimen from the trader’s signature.
Since the person is not on the territory of the Republic of Bulgaria, where can this document be authenticated?
The second problem is related to the opening of an accrual account. It`s necessary to be an authorized person in Bulgaria (VD&A employee or close to the manager) to open the account. And get a document on the paid-in capital.
But where can be drawn up such power of attorney?
The Solutions
There are two solutions to the above two problems when starting a company.
The first solution is to translate the documents into the relevant language and validate them by a local notary. After that they will be apostilled and sent to Bulgaria for re-translation and legalization. And then to present themselves in the Commercial Register and respectively in front of the bank.
In simplest solution is to certify documents in the Consular Office of the Republic of Bulgaria in the country. Then there is no need to translate or legalize. But this solution is not always applicable as the customer may be in a location that is hundreds of miles from such a service.
In any case, you can rely on individual attitude from VD & A employees. The company serves clients from jurisdictions around the world and has extensive practical experience.
