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Open a Startup in Bulgaria
Updated on Thursday 30th June 2022 Rate this article
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based on 3 reviews
Startups in Bulgaria can be registered by forming a private limited liability company. Our team of company formation agents in Bulgaria can provide support and guidance to young entrepreneurs who want to open startups in Bulgaria.
| Quick Facts | |
|---|---|
| Business entities suitable for startups | - limited liability company, - sole proprietorship |
| Who can open a startup in Bulgaria? | Local and foreign entrepreneurs who want to access the Bulgarian market. |
| Legislation for startups in Bulgaria | - FDI Law in Bulgaria, - Company Act in Bulgaria |
| Minimum share capital for LLC | BGN 2 |
| Business plan required (YES/NO) | Yes |
| Required documents | Articles of Association with complete information about owners, future activities, general business rules |
| Business license | We can guide applicants interested in specific business licenses in Bulgaria. |
| Validation of business name | The future business name must be verified and then reserved with the Bulgarian Trade Register. |
| Local bank account | Not mandatory |
| Tax registration (YES/NO) | Yes |
| Business address required (YES/NO) | Yes |
| Number of directors | At least 1 |
| Accounting services | You can collaborate with our team of accountants in Bulgaria. |
| We offer company formation services for startups in Bulgaria | Our local agents can draft the documents and prepare the formalities for company incorporation in Bulgaria. |
| Free case evaluation | It can be accessed online; our lawyers can evaluate your case. |
How can I open a startup in Bulgaria?
First of all, it is important to choose the business entity, and the limited liability company or the OOD in Bulgaria can represent the proper choice, as this form suits most of the business needs. Here are the main steps of forming an OOD in Bulgaria:
- It all starts with a name verification and reservation with the Bulgarian Trade Register.
- An OOD must have at least one shareholder and one director, appointed by the owners.
- The minimum share capital of BGN 2 must be deposited in a local bank account in Bulgaria.
- The application form, the name certificate, and the Articles of Association are the main documents of the limited liability company in Bulgaria.
Once the documents are accepted by the Bulgarian Trade Register, the company will have a tax and registration number. Next, the tax registration is required. The formalities can be properly handled by one of our specialists in company incorporation in Bulgaria. They can help you open a startup in Bulgaria, regardless of the business field in which you want to activate. Here is ain infographic with information about startups in Bulgaria:
Do I need a business plan for my startup in Bulgaria?
Yes, once the firm is registered, it is required to create a business plan with complete information about the operations and activities you want to start. This is one of the main conditions for opening a startup in Bulgaria. The executive summary which represents the overview of the plan is another requirement. You can add details about the competition and target market, sales plan and marketing, location, legal structure, and a financial forecast. We mention that our company formation agents in Bulgaria can help you create a business plan for your startup in Bulgaria.
Bulgaria provides a great environment for startups
Bulgaria is considered a great business destination that offers a wide range of business benefits. It is a known fact that foreign investors look for a great tax regime and low labor force, criteria that describe de advantages of the business climate in Bulgaria. The corporate tax rate in Bulgaria is set at 10% and it is one of the lowest in Europe.
Having a well-motivated, experienced, and skilled workforce represents a plus in front of foreign investors in Bulgaria. When it comes to company registration in Bulgaria, the process is simple and straightforward, allowing foreign entrepreneurs to gain time and focus more on business development. The banking system in Bulgaria is quite developed, letting foreigners work in different currencies. For more details about how to open a startup in Bulgaria, feel free to talk to us.
In what sectors can I open a startup in Bulgaria?
The Bulgarian government sustains foreign investors in all sectors of interest and accepts investment projects of all kinds. The IT sector is quite prolific in Bulgaria. Startups in Bulgaria can be sustained by foreign or local businessmen or entrepreneurs who want to fund feasible projects that can return the investments.
Most of the Bulgarian startups can be successful outside the borders if integrated into varied ecosystems. If you believe that Bulgaria is an ideal destination for your startup, you can get in touch with our team of consultants. You can also read the following facts and figures about the economy and investments in Bulgaria:
- • around USD 59,74 billion was the total FDI stock for Bulgaria in 2020;
- • 24% of the total FDI stock of Bulgaria was directed to the real estate sector in 2020;
- • more than USD 457 million represented the total investments made by Luxembourg in 2021;
- • Bulgaria ranked 61st out of 190 economies in the world, according to the World Bank and the 2020 Doing Business report.
10 business ideas for startups in Bulgaria
Foreign investors have many opportunities to expand their portfolios in Bulgaria. There are many options at hand in terms of opening and developing activities. Here are some ideas for startups in Bulgaria that will inspire you if you want to start a business in this country:
- Travel Agency - Bulgaria is a fascinating country, with an opening to the Black Sea and many tourism options. A travel agency that offers attractive packages to foreigners and locals can be a good business idea.
- Restaurant - With in-house serving or home delivery, the restaurant will always be a good business idea. Foreigners can opt for this type of business in Bulgaria. Registration formalities are simple and can be managed by our local agents.
- Real estate agency - Another area that has considerable profits year after year is the real estate sector. Renting and selling apartments are the most important activities. Foreigners have multiple possibilities on the Bulgarian market.
- Coworking space - The current context allows remote work for anyone. Therefore, setting up a coworking space can be a lucrative business. It is important to pay special attention to the facilities offered, to be able to attract as many customers as possible.
- Vegan supermarket - Vegan and vegetarian cuisine has gained great proportions in recent years. Many adopt such a lifestyle, and the offers are quite varied. You will not fail with such a business that already makes millions of dollars in profits every year.
- Transportation - A transportation business can be a good startup idea in Bulgaria. All you have to do is set the type of customer you want and make connections abroad. One of our company formation agents can help you register startups in Bulgaria.
- Recruitment company - Many companies are looking for qualified staff. That's why a recruitment company can be a good business idea. The registration formalities are simple, and our agents can help you.
- Insurance company - Another profitable business idea is insurance. This type of business makes millions of dollars a year.
- Online shop - Online business continues to grow from year to year. From a technological point of view, it is very simple to open an online store. Also, a business like this is profitable regardless of the activities you have planned.
- Casino - The gambling industry is quite developed in Bulgaria. You may be interested in opening a casino if you want good profits from the start.
These are some of the ideas you could put into practice if you are interested in startups in Bulgaria. One of our local agents can help you with the formalities. You can also ask for tax registration in Bulgaria.
Why work with our local agents
Foreign investors may not have a clear idea of the law on registering a company in Bulgaria. Therefore, an agent with experience in this field may be helpful. He/she knows what formalities need to be considered. He/she can also work with local authorities to register a startup in Bulgaria.
Efficiency, transparency, and professionalism are some of the attributes we rely on when collaborating with local and international clients. You will be able to start your own business in a short time if you turn to the specialized help offered by our team of company formation agents in Bulgaria.
Persons who want to know more about how to open a startup in Bulgaria are invited to contact our team of company formation agents in Bulgaria and ask for support.
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