who want to set up a company in Bulgaria
will need to open a bank account
and to consider the rules and regulations in this field. Complete guidance and assistance can be received from our company formation agents in Bulgaria
, no matter if you want to establish a corporate bank account
or a personal one. The same team can provide in-depth support for opening a company in Bulgaria
, regardless of the chosen structure.
who wants to open a corporate bank account in Bulgaria
can choose different currencies, such as Euro, Bulgarian Leva, English pounds or American dollars. A payment card
will be provided to the holder of the bank account
and also details about the internet banking services available, in order to control and to verify the capital anywhere in the world. You can also make online transactions
, with secured systems. Among important banks in Bulgaria
, we mention the Bulgarian National Bank
and the Postal Bank
, but there are also foreign banks
in the country.
Can I open a bank account from overseas?
Yes, it is possible to open a bank account from abroad if you appoint us with a power of attorney and if you provide all the needed documents in a notarized form. The formalities might be complicated in this direction, however, foreigners can request help and solicit assistance for opening a bank account in Bulgaria. Even though it is possible to open a bank account from abroad, it might be necessary to travel to Bulgaria and take care of varied formalities like documents signatures. In any case, whether you choose to open a bank account from Bulgaria our from a foreign country, you are recommended to solicit our assistance and support.
Banking fees and charges – what you need to know
Opening a bank account in Bulgaria
comes with varied contracts and documents comprising information about the offered services, charges and fees, if it is the case. Banking fees are normally mentioned at the bank before the contract is signed, however, it is recommended to check the documents and verify the information in this sense. Setting up a bank account in Bulgaria
is not complicated, but instead of dealing with language barrier or other misunderstandings, feel free to talk to one of our consultants. They can also help you register a company in Bulgaria
The banking system in Bulgaria
Bulgaria is home to different commercial banks whether domestic or international, so it is quite easy to choose the proper financial institution that can provide the needed services for your business. Here is information about the banks in Bulgaria:
- • 25 banks are operating in Bulgaria, among which, 5 are from abroad.
- • EUR 54 billion represent the total assets at the end of 2018.
- • EUR 40 billion represent the deposits of banks for the previous year in Bulgaria.
- • The net profit of Bulgarian banks grew by 12% in 2018.
As short business facts about the banks in Bulgaria, the value of ROA (return of assets) grew by 0.4%, from 1.2% to 1.6% in 2018. The return on assets also grew by 2.8%, from 9.3% in 2017 to 12.1% in 2018. In business terms, 2018 was described by economists in the banking system by a retention of low levels of average interest rates on brand-new bank deposits in all currencies and sectors. As an example in this sense, by the end of 2018, the average interest rate on bank deposits with settled maturity for households on new business in BGN declined by 3 points to 0,21% from 0,24%.
In general, 2018 in the banking sector in Bulgaria
was described by a loan growth, an increase in the new business and a drop in the non-performing credits while the low interest rate levels were kept.
The Bulgarian National Bank
The Central Bank of Bulgaria
was established in 1879, it is an independent financial institution in charge of issuing the coins and banknotes in Bulgaria while regulating and controlling the entire banking system in the country. Being the 13th oldest bank in the world, the Central Bank in Bulgaria is part of the European system of central banks since 2017. The structure of the Bulgarian National Bank
comprises three important departments, such as:
- • The supervision department that controls the entire bank system in Bulgaria.
- • The banking department that acts as a monetary board, in charge in case of risks.
- • The issue department which is in charge of full foreign currency that covers the total amount of monetary obligations.
Those interested in more details about the banking system in Bulgaria in 2021 can address their inquiries to one of our company formation specialists in Bulgaria. Our team can handle all the formalities.
Why open a bank account in Bulgaria
All companies wanting to implement their activities in Bulgaria will need to open a bank account and pay attention to the requirements in this sector. A bank account
is connected to the company in Bulgaria
and to all the financial transactions in the firm. This is an obligation when it comes to registering a company in Bulgaria and one of the requirements a local or a foreign investor needs to consider. In most cases, a provisory bank account
is established for a company in Bulgaria, especially for drafting the minimum share capital when the business is registered in Bulgaria. Once the company has the certificate of incorporation, it is registered for tax purposes and social contributions, the provisory bank account can turn into a permanent one for the business.
As for natural persons living and working in Bulgaria, they must open a personal bank account in order to receive remuneration, perform varied financial transfers and transactions, etc. This is the optimal solution for employers in Bulgaria when it comes to wages, salaries and other types of remunerations, so having a bank account and a credit card is simple and effective. Feel free to talk to our consultants if you want to open a bank account in Bulgaria in 2021.