Registration of a Bulgarian company by a foreign individual
The necessary documents for the registration of a company by a foreign individual are identical to those that must be submitted by any Bulgarian citizen registering his own company.
It is sufficient for the natural person to carry an identity card (or a passport for a person from a non-EU member state). Its data are recorded in the company’s registration documents (constitutional act, protocol, specimen, etc.). All documents are drawn up in Bulgarian or bilingually, with a licensed translation also carried out in the respective maternal language of the foreign persons.
Registration of a company from a foreign legal entity
The registration of a company by a foreign legal entity requires the following documents, namely:
➣ Current status from the relevant commercial register of the country where the company is registered;
➣ Decision of the partners or shareholders of the foreign company to register a company in Bulgaria.
All documents are prepared in Bulgarian or bilingually, with a licensed translation should also be carried out in the respective native language of the foreign persons.
Remote registration of a company by a foreign person
A foreign person could register his company in Bulgaria even when he is not located on the territory of the country. In this case, it is about the so-called remote registration.
The first question that arises is the signing of the constituent documents, which could be sent by e-mail.
Along with it, however, there are two more specific cases:
According to the Commercial Law and the Law on the Commercial Register, when preparing all documents for the registration of a relevant company, two of the main documents, namely a declaration by the manager that he agrees to manage the company, with a sample of his signature presented (the so-called specimen) and a power of attorney to a person who has the authority to open a collection account of the company, in which the corresponding capital will be deposited, must be notarized.
➧ How could this be done on the condition that the foreign person who wishes to register his company is not located on the territory of the country?
The first possible option is to have the above-mentioned documents, translated into the relevant language, certified by a local notary, then also certified with an apostille (Certificate with a stamp for the certification of a document from the country in which it was issued. The documents provided with an apostille are exempt from any other form of certification and legalization, both in the countries of issue and in the countries in which it will be used).
Documents certified in this way are sent to Bulgaria, where a translation and certification of the sworn translator’s signature is carried out at the Ministry of Foreign Affairs (MOFA), which certifies the accuracy of the translation into Bulgarian. The documents can then be submitted to the bank (in connection with the opening of the fundraising account and the deposit of the founding capital) and accordingly be entered in the Commercial Register by the persons specially authorized for this purpose.
It is possible for the bilingual documents for establishing a company to be certified by the Consule Office of the Republic of Bulgaria in the respective country of which the foreigner is a citizen. Then there is no need for translation and legalization. In many cases, however, the Consule Office is located far from the person who wants to use its services, which again causes inconvenience.
Remote registration of a company is often preferred, since the costs of travel and stay of the foreigner-founder to Bulgaria are in many cases much more than the additional costs related to certification and legalization of the documents.
➧ Starting of an insurance?
An important point, after the registration of the company is completed, is the issue of insurance payments in Bulgaria. The manager of the company has an obligation to start insurance within 7 days from the start of company activity.
However, if the foreigner is a citizen of an EU member state and presents an A1 certificate of applicable legislation (it is issued by the tax office of the relevant country), certifying that the applicable insurance legislation is in another EU member state, he can be exempted from insurance payments in Bulgaria. In all cases, the foreigner-manager must be issued with an official number by the NRA or a personal identification number of the foreign person.
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