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Company Formation Bulgaria



Opening a Bank Account in Bulgaria

Updated on Thursday 17th November 2022

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Businessmen 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.

Conditions to open a corporate bank account in Bulgaria in 2022

The banks in Bulgaria may request different documents in order to open a bank account, but the following papers are mandatory:
  1. the shareholders must provide copies of the identification cards;
  2. the articles of association need to be provided;
  3. the company’s certificate of incorporation issued by the Trade Register in Bulgaria needs to be presented;
  4. the bank forms need to be fulfilled;
  5. the specimen signatures of the company’s executives need to be prepared.
Our experts in company formation in Bulgaria can offer legal assistance when preparing the documents for opening a bank account in Bulgaria in 2022. You can also obtain details about the company registration procedure in Bulgaria.

Bank services related to your account in Bulgaria

Any businessman 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 with branches in the country.
Opening a bank account in Bulgaria may involve different fees, related to the administration of the account, withdrawals, and deposits. These taxes need to be paid when submitting the needed documents to open a bank account.
International investors who want to open a business in Bulgaria must comply with the accounting matters imposed in this country. Thus, our accountants in Bulgaria can offer you the services you need and help you with tax registration, payroll, bookkeeping, audits, and annual financial statement preparation. Contact us for complete information, if you would like to collaborate with us.

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 or 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 held 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 2022 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.

FAQ about bank accounts in Bulgaria

1. Is it hard to open a bank account in Bulgaria?
No, there are no complex formalities for opening a bank account in Bulgaria. One of our specialists can give support and guidance on this matter.
2. Do I need a bank account for a small business in Bulgaria?
Yes, regardless of the type of company you want to have in Bulgaria, a bank account is mandatory. The minimum share capital is normally deposited in a bank account at the time of business registration.
3. What types of documents are necessary for a bank account in Bulgaria?
Besides the identification documents of persons who want to open a bank account in Bulgaria, the Certificate of Incorporation of the company, plus the Articles of Association, some specimen signatures and specific bank forms are required. Our agents can handle the entire formalities.
4. How fast can I open a bank account in Bulgaria?
A bank account in Bulgaria can be opened right away, as soon as the documents are accepted. One of our company formation agents in Bulgaria can manage the procedures if you send your inquiries.
5. Are money transfers available in multiple currencies?
Yes, if you need to make transfers in different currencies you can mention this aspect to the bank officer and see how you can be helped. Remember that such services might be subject to different fees.
6. What kind of banking services are available in Bulgaria?
The possibility of paying in different currencies, internet banking services, online transactions, deposits, and withdrawals are a few of the main services a bank can offer to customers in Bulgaria. It is suggested to specify in time the type of services you want and benefit from tailored facilities to your needs.
7. Do I need to travel to Bulgaria for opening a bank account?
Some banks in Bulgaria might require your presence for specific formalities and signatures, while others allow the possibility of opening a bank account online, without needing to travel t this country. We remind you that our agents can act on your behalf with a power of attorney.
8. Are there any bank fees for opening an account in Bulgaria?
Normally, most banks in Bulgaria do not impose a fee for opening an account. However, some might solicit a small deposit in the first place. Each financial institution has its regulations regarding fees, so make sure you choose the right type of bank in accordance with your needs.
9. What bank should I choose in Bulgaria?
Bulgaria hosts a large number of international banks and also domestic ones. You might be able to choose exactly the bank you used to work with in your home country. It is recommended to make some verifications before opening a bank account in Bulgaria.
10.  Who regulates the banking system in Bulgaria?
The Central Bank of Bulgaria is registered with the European banking system and it is in charge of controlling all the financial activities of related institutions. If you need more details on this topic, feel free to address your questions to our team.

Making investments in Bulgaria

Bulgaria is an extremely attractive country in terms of foreign investments and offers the right climate for business development. If you are among those who want to develop their operations in this part of Europe, then Bulgaria may be a more than appropriate choice due to the benefits offered in terms of business direction. Among them, we mention the experienced labor force, the advantageous taxation system, the favorable geographical position for business environment and international transactions, the ease of registering a company, the infrastructure that largely supports import and export activities, but also a permissive legislation for foreign investors, and international ones. These are just a few of the attributes that describe Bulgaria's excellent business climate and that sustains a large percentage of foreign investment.

Choose our agents in Bulgaria

The opening of companies and the formalities involved, including those related to a bank account for a business, come to the attention of our specialists. Many people who want to start a company in Bulgaria do not have a clear idea about the legislation, so the full support of an experienced team is more than welcome. Our team is based on professionalism, efficiency, attention to detail and customer requirements, transparency, and experience when offering the necessary services to a business at the beginning of the road. Do not hesitate to ask our specialists and find out from the beginning what are the right services for the activities you want to develop in Bulgaria.
You are invited to contact our company formation representatives in Bulgaria if you want extra information and details about how to open a bank account in Bulgaria.


Meet us in Sofia

Call us now at +359 888 350 643 to set up an appointment with our specialists in company formation in Sofia, Bulgaria. Alternatively you can incorporate your company without traveling to Bulgaria.

As a client of Sofia Offices, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Bulgaria.

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