
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.