Starting a business in the EU or expand your business in another EU country, you need to know the applicable rules and which national contact points to use to set up a business in that country ( https://psc.egov.bg/).
Starting a Business in the EU – Your Options
As an EU citizen, you have the right to:
– start your own business (even as a sole trader) in any EU country, as well as in Iceland, Norway or Liechtenstein;
– set up a branch of an existing EU company already registered in a Union country.
If you do not have a European passport, Citizenship and Investments Ltd. will help you and advise you on which citizenship option is best for you.
But even if you are not a Bulgarian (European) citizen – this should not stop you. The procedure for registration of a limited-liability company (Ltd. / Ltd.) by a foreign individual is technically no different from the cases when the founders are Bulgarian citizens. Bulgarian legislation is very liberal in this direction and in practice the rules are the same, regardless of whether the founders are local or foreign.
Requirements
Requirements vary by country. However, the EU encourages all countries to achieve certain goals to support the creation of new businesses, including:
- the establishment should be carried out in no more than 3 working days;
- to cost less than 100 euros;
- all procedures to be performed through a single administrative body;
- all registration formalities to be done online;
- the registration of a company in another EU country should be possible online (by the national contact points).
Funding and support
There are various EU funding opportunities for start-ups. To find out which ones suit your needs, you can visit the Startup Europe Club and explore funding opportunities.
You can also use the Startup Europe Partnership platform to get help expanding and developing your business.
If you want to improve the visibility of your business project, you can register it at European Investment Project Portal. Through the portal you can also connect with potential international investors.
Follow good practices
You can try to do it yourself. But in a foreign country, without support and without knowing the local laws, it will be very difficult for you to succeed. Especially in a country like Bulgaria, where bureaucratic hurdles are common. Therefore, the best solution is to seek help from a local company or organization that deals with Company Formation and Corporate Services. A similar organization in Bulgaria is Euroformat.eu, which is an integral part of the international law firm VD&A.