Create a Company in Insurance Sector in Bulgaria

Updated on Tuesday 13th June 2017

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Investors interested in opening a company in Bulgaria in the insurance sector are advised to study the characteristics of the insurance market prior to starting their business operations. At the level of 2016, the insurance market in Bulgaria was mainly represented by life insurance contracts. Insurance sector is also represented by the non-life contracts which, in Bulgaria, were concluded for motor vehicle insurances (this category represented almost 70% of the non-life sector). Our team of company formation representatives in Bulgaria can offer more details on the registration procedure.

Register a Bulgarian company

Insurance companies may register following the incorporation procedure applicable to other companies. The main difference during the registration process refers to the issuance of specific business permits available for the insurance sector.

The procedure of company formation in Bulgaria starts by choosing a legal entity (most of the business forms are registered as limited liability companies). After deciding on the business structure, the investors will need to conclude the company’s statutory documents in front of a public notary in Bulgaria.

Following the appointment with the public notary, the investors should obtain the next documents:

• certified statement of consent;

• specimen signature of the company’s manager;

• certified copy of the company’s articles of association.

Later on, the investors may start the procedure for opening a bank account. The procedure can be completed at any commercial bank in the region in which the company was incorporated. It is also necessary to register with the Commercial Register. The application should contain standard documentation, on which our team of company formation agents in Bulgaria can provide more details.

Insurance Law in Bulgaria

Bulgaria introduced a new Insurance Code starting with 1st January 2016, which addresses to investors who are interested in company registration in Bulgaria in the field of insurance. The Code introduced new regulations applicable to insurance and reinsurance companies related to capital and risk management.

Businessmen interested in finding out more information on the registration of a business in the insurance sector are invited to contact our team of company registration consultants in Bulgaria.

Comments

Alexander 2017-06-04
Nice website!

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