Set up an IT Company in Bulgaria

Although Bulgaria is a small country, it provides one of the most advantageous business environments for performing commercial activities in the information technology (IT) sector. Businessmen who want to open a company in Bulgaria in the IT sector can set up their operations in a country which ranks as the 43rd economy at a global level from this point of view, providing a better business market than the neighbouring countries. Our team of company formation representatives in Bulgaria offer legal advice on the registration procedure, as well as on the compulsory documents that must be submitted with the local authorities. 

 

 

After the investors have decided on the most suitable type of legal entity, the next step is to draft the company’s statutory documents at a public notary in Bulgaria. 

 

In this sense, the procedure of company formation in Bulgaria will require an affidavit signed by the general manager in accordance with the regulations of the Article 141 of the Commercial Act. 

 

Another necessary step refers to the registration of a corporate bank account with a local bank in Bulgaria. The procedure can be completed by our team of company formation agents in Bulgaria through the power of attorney. Further on, the IT company should also be registered with the Commercial Registry, a procedure in which the investors will need to provide the following documents: 

 

• agreement of association;

• resolution of appointing managers;

• signature specimen of the managers;

• a certificate which attests the company’s subscribed capital. 

 

The company must also register for value added tax with the National Revenue Agency. 

 

 

Businessmen who want to start the procedure of company registration in Bulgaria in the IT sector will need to receive business permits, depending on the company's main operations. The Bulgarian IT sector represents a top economic field, as it generates 10% of the country’s gross domestic product. The IT sector in Bulgaria has been increasing at a steady rate and it is important to know that, on average, the field develops on an annual rate of 17% (starting with 2007). 

 

In terms of employment in the IT field, Bulgaria employs the third largest market of IT specialists at a global level. 

 

Businessmen interested in receiving further information on the registration of a Bulgarian IT company are invited to contact our team of company formation consultants in Bulgaria.