Setting up a company in Bulgaria – limited liability company or joint stock company

The two most popular legal forms for carrying out business in Bulgaria are a joint stock company (AD) and a limited liability company (OOD), though the law also provides for: sole trader operations (ET), joint ventures, branches, holdings, cooperatives, and representative offices. They all have to be registered with the Commercial Register, which is a process that usually takes 1 week.

See more: http://leadconsult-bg.com/en/setting-up-a-company-in-bulgaria-limited-liability-company-or-joint-stock-company-3952.html

Types of visas in Republic of Bulgaria

The types of visas shall be:

1. air transit visa (type “A” visa);

2. short-stay visa (type “C” visa);

3. long-term residence visa (type “D” visa);

See more: http://leadconsult-bg.com/en/types-of-visas-in-republic-of-bulgaria-4139.html

Meeting and greeting in Bulgaria

Bulgaria on the face of it is still a fairly formal society. This reflects in the rather proper and reserved nature of initial meetings. Within the business context a firm handshake, direct eye contact and the appropriate greeting for the time of day suffices. The hierarchical nature of Bulgarians results in an emphasis on rank and position. As a result if people have official, educational or work titles ensure you use them. If you are unsure then simply use “Gospodin” (Mr)/ “Gospozha” (Mrs) followed by the surname.

See more: http://leadconsult-bg.com/en/meeting-and-greeting-in-bulgaria-4169.html

Requirements for Long-Term Residence in Bulgaria

To be granted right of long-term residence, the foreigner shallsubmit in person an application in a standard form.

The foreigner shall attach the following to the application:

1. a copy of a valid foreign travel document with the pages containing the photograph, the identification particulars; for verification of the authenticity of the copy,the original of the foreign travel document shall be presentedas well;

See more: http://leadconsult-bg.com/en/long-term-residence-in-bulgaria-4103.html

The 2014 A.T. Kearney global research for the establishment of an offshore company

Bulgaria (9) is home to advanced IT centers serving both multinationals and local companies, focused mostly on traditional software development for captive players such as CSC and SAP. One drawback is that Bulgaria has not yet implemented EU data security directives and therefore may not be suitable to handle sensitive customer information for clients with a European customer base.

See more: http://leadconsult-bg.com/en/the-2014-a-t-kearney-global-research-for-or-the-establishment-of-an-offshore-company-4072.html

Weather in Bulgaria

The weather in Bulgaria can vary dramatically between the different regions.
 
From the high mountains to the Danube river and eastward to the Black Sea coast you will find both in summer and winter differences of upto 20 degrees.
 
The predominant climate in Bulgaria is moderate and transitional continental. (2,000 to 2,400 hours of sunlight per year). 
Four seasons. Dry and hot summer.
 
The Summer temperature ranges between 16° and 30° C. 
 
The average Winter temperature ranges between -15° and 6° C.

Company registration in Bulgaria

To start business in Bulgaria you need:

• Unique name of the company- we are going to support you with check upon request.
• Real current address of the company on the territory of Bulgaria- we can provide you with address in the center of Sofia.

For more: http://leadconsult-bg.com/en/company-registration-in-bulgaria-3463.html

Meeting and Greeting in Bulgaria

Bulgaria on the face of it is still a fairly formal society. This reflects in the rather proper and reserved nature of initial meetings. Within the business context a firm handshake, direct eye contact and the appropriate greeting for the time of day suffices. The hierarchical nature of Bulgarians results in an emphasis on rank and position. As a result if people have official, educational or work titles ensure you use them. If you are unsure then simply use "Gospodin" (Mr)/ "Gospozha" (Mrs) followed by the surname.

Why Bulgaria ?

About Bulgaria

• Bulgaria is a member of the European Union, NATO and WTO
• The stability of the currency is supported by the currency board, pegging the Bulgarian lev to the euro at the level of 1.95583 

Low cost of doing business

• Bulgaria has the most favourable tax regime in Europe. Corporate income tax rate is 10%, the lowest in the EU together with Cyprus. Personal income tax is 10 %, flat rate. Industries in high-unemployment areas are granted 0% tax rate
• There is a 2-year VAT exemption for imports of equipment for investment projects over €5 million, creating at least 50 jobs
• Depreciation time for computers and new manufacturing equipment is 2 years
• 5% withholding tax on dividends and liquidation quotas (0% for EU tax residents)
• Bulgaria has one of the most competitive costs of labor in Central and Eastern Europe
• Favorable office rents and low cost of utilities. Bulgarian cost of electricity for industrial users is 70% of the European average

Good business location

Located at the heart of the Balkans, Bulgaria is a strategic logistics hub. Ease of transportation of cargo is provided by

• Five Pan-European corridors ( IV, VII, VII, XI, X), which pass through the country
• Transport program TRACECA, which connects Europe with Caucasian and Central Asian region
• Four major airports: Sofia, Plovdiv, Bourgas and Varna
• Two main seaports: Varna and Bourgas
• Numerous ports at the Danube River

Access to markets

Due to its location Bulgaria provides direct access to the following key markets:

• European Union - zero tariff market with population of 500 million
• CIS – still not well penetrated market with a high potential
• Turkey - zero tariff market of near 80 million population
• Middle East – a market with high purchasing power
• North African market

Human resources

• Work force is well educated, highly skilled and multilingual
• 62.2 % of the total population is in working age (appr. 4.6 million)
• 60 000 students annually graduate from 51 universities
• 98% of the high school students study a foreign language (usually English) and 73% study a second language (mainly German, French, Spanish, Russian)
• 94% of the schools have Internet access

Currency list

Country	Currency	Sign
Afghanistan	Afghani	AFN
Albania	Lek	ALL
Algeria	Dinar	DZD
Angola	Kwanza	AOA
Argentina	Peso	ARS
Armenia	Dram	AMD
Aruba	Florin	AWG
Australia	Dollar	A$
Austria	Euro	€
Azerbaijan	Manat	MAN
Bahamas	Dollar	B$
Bahrain	Dinar	BD
Barbados	Dollar	BDS$
Belarus	Ruble	BYR
Belgium	Euro	€
Benin	CFA Franc BCEAO	XOF
Bermuda	Dollar	BMD
Bolivia	Boliviano	Bs
Bonaire, Sint Eustatius and Saba (BES-Islands)	US Dollar	US$
Botswana	Pula	P
Brazil	Real	R$
British Virgin Islands	US Dollar	US$
Brunei Darussalam	Dollar	B$
Bulgaria	Leva	BGN
Cambodia	Khmer Riel	KHR
Cameroon	CFA Franc BEAC	XAF
Canada	Dollar	C$
Cayman Islands	Dollar	CI$
Chad	CFA Franc BEAC	XAF
Chile	Peso	CH$
China	Renminbi Yuan	RMB
Colombia	Peso	COP
Congo, Democratic Republic of	Franc	CDF
Congo, Republic of	CFA Franc BEAC	XAF
Costa Rica	Colon	¢
Côte d’Ivoire	CFA Franc BCEAO	XOF
Croatia	Kuna	HRK
Curaçao	Antillean Guilder	ANG
Cyprus	Euro	€
Czech Republic	Koruna	CZK
Denmark	Krone	DKK
Dominican Republic	Peso	RD$
Ecuador	US Dollar	US$
Egypt	Pound	EGP
El Salvador	Colon	SVC
Equatorial Guinea	CFA Franc BEAC	XAF
Estonia	Euro	€
Ethiopia	Birr	Birr
European Monetary Union	Euro	€
Fiji	Dollar	FJD
Finland	Euro	€
France	Euro	€
Gabon	CFA Franc BEAC	XAF
Georgia	Lari	GEL
Germany	Euro	€
Ghana	Cedi	GH¢
Greenland	Danish krone	DKK
Greece	Euro	€
Guam	US Dollar	US$
Guatemala	Quetzal	GTQ
Guernsey	Pound	£
Guinea	Guinea Franc	FG
Honduras	Lempira	L
Hong Kong	Dollar	HK$
Hungary	Forint	HUF
Iceland	Krona	ISK
India	Rupee	INR
Indonesia	Rupiah	IDR
Iraq	Dinar	IQD
Ireland	Euro	€
Isle of Man	Pound	£
Israel	New Shekel	NIS
Italy	Euro	€
Jamaica	Dollar	J$
Japan	Yen	¥
Jersey	Pound	£
Jordan	Dinar	JD
Kazakhstan	Tenge	KZT
Kenya	Shilling	KSH
Kuwait	Dinar	KD
Laos	Kip	LAK
Latvia	Lats	LVL
Lebanon	Pound	LL
Lesotho	Maloti	M
Libya	Dinar	LD
Liechtenstein	Swiss Franc	CHF
Lithuania	Litas	LTL
Luxembourg	Euro	€
Macau	Pataca	MOP
Macedonia	Denar	MKD
Madagascar	Ariary	MGA
Malawi	Kwacha	K
Malaysia	Ringgit	RM
Maldives	Rufiyaa	Mrf
Malta	Euro	€
Mauritania	Ouguiya	MRO
Mauritius	Rupee	Rs.
Mexico	Peso	MXN
Moldova	Leu	MDL
Mongolia	Togrog	MNT
Montenegro	Euro	€
Morocco	Dirham	MAD
Mozambique	Metical	MT
Namibia	Dollar	N$
Netherlands	Euro	€
New Zealand	Dollar	NZ$
Nicaragua	Cordoba	C$
Nigeria	Naira	NGN
Northern Mariana Islands	US Dollar	US$
Norway	Krone	NOK
Oman	Rial	RO
Pakistan	Rupee	PKR
Palestinian Authority	None	–
Panama	Balboa	B/.
Papua New Guinea	Kina	K
Paraguay	Guarani	G
Peru	New Sol	PEN
Philippines	Peso	P
Poland	Zloty	PLN
Portugal	Euro	€
Puerto Rico	US Dollar	US$
Qatar	Rial	QR
Romania	Leu	RON
Russia	Ruble	RUR
Rwanda	Franc	Frw
Saudi Arabia	Riyal	SR
Senegal	CFA Franc BCEAO	XOF
Serbia	Dinar	RSD
Seychelles	Rupee	SR
Singapore	Dollar	S$
Sint Maarten	Antillean Guilder	ANG
Slovak Republic	Euro	€
Slovenia	Euro	€
South Africa	Rand	R
South Korea	Won	W
South Sudan	Pound	SDG
Spain	Euro	€
Sri Lanka	Rupee	Rs.
Suriname	Dollar	SRD
Swaziland	Emalangeni	E
Sweden	Krona	SEK
Switzerland	Franc	CHF
Syria	Pound	£
Taiwan	Dollar	NT$
Tanzania	Shilling	TSHS
Thailand	Baht	THB
Trinidad and Tobago	Dollar	TT$
Tunisia	Dinar	TND
Turkey	Lira	TL
Uganda	Shilling	U Sh
Ukraine	Hryvnia	UAH
United Arab Emirates	Dirham	AED
United Kingdom	Pound	£
United States	Dollar	$
US Virgin Islands	US Dollar	US$
Uruguay	Peso	UYP
Uzbekistan	Soum	UZS
Venezuela	Bolivar	Bs.F
Vietnam	Dong	VND
Zambia	Kwacha	K
Zimbabwe	US Dollar	US$