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Imports and Exports in Bulgaria

Imports and Exports in Bulgaria

Our company formation agents in Bulgaria can provide you with information and details about the imports and exports in Bulgaria and about the company registration procedure in this country. You can also set up a company in Bulgaria with our suitable help when you decide on doing business in this country.

Important areas for import and export in Bulgaria

Bulgaria benefits from a strategic location and great geography, which permits the country to manufacture many agricultural products. Besides that, the Bulgarian mountains are holding numerous natural resources which are successfully exported worldwide. The major export partners are Russia, Germany, Greece, Romania, Italy, Turkey, France, and Belgium. Bulgaria produces lots of raw materials and processed supplies like copper, coal, iron, bismuth, refined petroleum, vehicle components, clothes, and electronics.

Regarding imports in Bulgaria, the country has developed excellent business relations with many European states, dealing with machinery, chemicals, fuels, plastics, and minerals imports. If you are interested in opening an import and export company in Bulgaria, you may solicit help and guidance from our experts in company formation in Bulgaria. They can also help you prepare the needed documents, in order to ease the company registration in Bulgaria.

How you can open an import and export company in Bulgaria

If you are interested in the Bulgarian import and export sector and want to open a business, you can consider the following information and formalities in this endeavor:

  • A limited liability company or OOD in Bulgaria is a popular business structure and often the optimal option for foreign entrepreneurs.
  • The minimum share capital is BGN 2 for opening an import and export company in Bulgaria.
  • One director is enough to be able to establish the desired company in Bulgaria.
  • The Bulgarian Trade Register is the institution where new companies are registered and where the required documents are submitted, including the Articles of Association.
  • It is necessary to open a bank account for the import and export company in Bulgaria.
  • You will also have to register your company for paying taxes in Bulgaria. VAT and corporate tax are the most important taxes in Bulgaria.
  • Before starting activities as an import and export company in Bulgaria, you must apply for an EORI number. This number guarantees the security of commercial activities of this kind.

If you want to open a company in Bulgaria, we recommend that you discuss all aspects with one of our specialists. As a foreign businessman, the legislation and formalities may seem complicated, which is why it is recommended that you consider specialist support in this endeavor. We are here if you want more information about Bulgarian import and export.

Statistical data on the imports of Bulgaria

The data for Bulgaria shows that the total value of goods imported into Bulgaria reached the threshold of BGN 55.1 billion in 2022. This meant an increase of over 41% compared to 2021. Here are other figures:

  • Most of the goods and products imported to Bulgaria come from countries such as Greece, Germany, Romania, and the Netherlands.
  • Also in 2022, there was an increase in imports, by 58.8% from third countries and with an approximate value of BGN 48.2 billion, from countries such as China, Ukraine, Turkey, and Russia.
  • Among the goods imported by Bulgaria are pharmaceutical products, iron, and steel, machinery, oils, chemical products, aluminum, rubbers, meat, etc.

Bulgaria’s exports in figures

Exports with a value of approximately BGN 94.3 billion in 2022 were recorded in Bulgaria. Here are other figures:

  • November 2022 showed a 29% increase in Bulgaria’s exports to the European Union, compared to the same period in 2021. Their total was approximately BGN 5.6 billion.
  • As for exports to third countries in 2022, Bulgaria recorded an increase of 35.5% compared to the previous year, with a value of approximately BGN 31.3 billion.
  • Bulgarian products were introduced on parts from countries such as China, USA, Serbia, Turkey UK, and North Macedonia.
  • Among the goods exported by Bulgaria are cereals, copper, mineral fuels and oils, iron and steel, machinery, plastic products, etc.

Opening a business in Bulgaria, advantageous investment

Considering the Bulgarian import and export direction, it can be said that opening a business in this country is quite advantageous. Besides the fact that the formalities for setting up such a company are quite simple and fast in this sector, those interested can access important trading markets from all over the world. It is also worth mentioning that Bulgaria is part of the European Union and that the country respects the legislation and import and export policies imposed on the countries of the union.

Bulgarian import and export authorities

In order to legally start trading activities in Bulgaria, you should apply for the import and export licenses that are issued by the Bulgarian National Customs Agency. Being an EU (European Union) member, Bulgaria respects the rules and regulations related to international customs collaboration.

On the other hand, if you decide on opening a company in the Bulgarian import and export field, you should ask for payroll, bookkeeping, audits, and preparation of annual financial accounts, the services that can be offered by one of our accountants in Bulgaria. We, therefore, invite you to collaborate with our specialists if you have a company in Bulgaria. You will thus ensure that you comply with the legislation, as well as implement the changes brought to it.

If you wish to obtain more details about the legislation of the import and export in the country you can contact our company formation representatives in Bulgaria.