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Payroll in Bulgaria
Updated on Friday 27th January 2023 Rate this article
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According to the latest legislative changes in Bulgaria, the minimum wage is approximately BGN 650 or EUR 311. As for the payment of this type of income, this is made every month, taking into account the 40 hours of work per week. If you want to know complete details about payroll in Bulgaria you can ask all your questions to our team of company formation agents in Bulgaria. In addition, our specialists can take care of setting up companies in this country, by handling all the formalities from the very beginning.Salary details in Bulgaria
As mentioned above, the minimum wage in Bulgaria is set at around EUR 311, according to the 2020 data and changes. It is important to note that the income obtained by individuals in Bulgaria is subject to taxation as follows:
- • 10% is the standard tax applied to the monthly income obtained.
- • The social contribution of employees is approximately 12.9%.
- • Employers pay social contributions of approximately 17.9%.
Registration for the payment of taxes in Bulgaria for a newly established company can be done with the help of our specialists in the field. Moreover, our local agents can manage all the formalities related to the necessary licenses and permits to properly start a company. In addition, you can request accounting services and benefit from help in this area.
Payroll services in Bulgaria
Every company needs specialized services and experts in the field of payroll. Everything related to calculating and paying salaries in a company can be successfully managed by our specialists in this field. Here are broadly what payroll means in Bulgaria:
- • Using relevant information related to calculating salaries in a company.
- • The bonuses and benefits offered will be calculated before paying the salaries in the company.
- • Wage taxes are considered when making salary calculations for a company.
- • The payment of salaries is made according to the established terms if such services are outsourced.
These are some of the payroll services in Bulgaria. For more information, you can contact our specialists with experience in this field. We are here to help you from the beginning if you want to invest in Bulgaria and set up a company.
What is statutory reporting in Bulgaria?
Our specialists in accounting and payroll can also deal with reporting to the Bulgarian financial authorities. There are a number of documents that must be registered with the relevant institutions, according to the laws in Bulgaria. Our specialists are in contact with the Labor Office, but also with institutions that deal with the collection of social contributions and relevant taxes. Instead of setting up an entire department to deal with payment of wages in the company, it is better to choose the payroll services in Bulgaria, offered by our experts, at advantageous costs.
Do you want to open a startup in Bulgaria? You can contact our local agents and discuss all the aspects that interest you. Our specialists can prepare the documents required by the authorities, and among them, the Articles of Association are the most important. Depending on the activities you want to develop, you will need a business license, but all the formalities can be explained to you by our agents.
Making investments in Bulgaria
Bulgaria continues to attract the interest of foreign investors who want to generate large profits in this part of Europe. The country offers a stable and strong business climate, and here the booming economy also helps. Many entrepreneurs discovered a real business destination in Bulgaria, and most foreign investments are absorbed by the country's capital, Sofia. Here are some advantages offered by Bulgaria to those who want to make investments:
- • The real estate field is an attractive one, either for the establishment of construction companies or for those who want to deal with the sale and rental of properties.
- • Tourism brings substantial income to Bulgaria. Foreign investments can already be seen in developed resorts, but there are many business opportunities on the coast of the country.
- • Bulgaria's tax system is one of the most attractive in Europe, with a corporate income tax of 10%, the lowest rate in the European Union.
- • About USD 52 billion was the total FDI in Bulgaria in 2019.
- • In terms of simplifying business formalities, Bulgaria ranked 61st out of 190 world economies, according to the 2020 Doing Business report.
- • Austria, the Netherlands, Italy, and Germany are the main investors in Bulgaria.
Why work with our specialists
In addition to our local agents who can handle everything related to setting up a company in Bulgaria, you can also call on our accountants who can provide payroll services in Bulgaria. The experience in the field speaks for itself when we work with our clients because we rely on professionalism, efficiency, and confidentiality.
So, if you want to know more about payroll services in Bulgaria, do not hesitate to contact our team of company formation specialists in Bulgaria. We can also help international entrepreneurs with starting a company 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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BridgeWest takes great care of selecting its affiliates worldwide and Bulgaria is no exception.
Francesco Dagnino, Partner of
Lexia Avvocati
www.LawyersItaly.eu
Read more testimonialsFrancesco Dagnino, Partner of
Lexia Avvocati
www.LawyersItaly.eu
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