Are you a foreign businessman interested in registering a company and starting a business in Bulgaria? In this case this article is exactly for you. These are the first things you need to consider before you go into action.
First, you need to define exactly the following:
• The name of the new company
• The official address of management
• Number of shareholders… Continue reading »
Nearly 900 Greek Companies Expected to Move Their Businesses in Bulgaria Until the End of 2011 – Part I
The National Registry Agency in Bulgaria has announced that there has been a tremendous increase into the number of Greek investors who register companies and move their entire businesses in Bulgaria. This statistics was officially presented yesterday, on 4th of July, on the biggest National Television channel BTV. The numbers presented by the Registry Agency indicate that the number of registered Greek companies is expected to be nearly three times… Continue reading »
Below I would like to summarise major statutory compliance requirements in the accountancy area in Bulgaria:
Bulgarian accountancy legislation requires that local companies use statutory established chart of accounts for their accounting records. The statutory chart of accounts provides general accounting categorisation, which may be supplemented with additional sub-accounts (if necessary). Further, it should be approved by the management of each company. The above requirement does not preclude companies… Continue reading »
Believе or not, but in Bulgaria there are very well qualified and solid experienced companies that provide unbeatable accounting services to foreign investors, comparative only with the services provided by the Big 4 . Of course, like elsewhere, also in Bulgaria there is a chance to fall among unprofessional, but very quickly you will be aware about that. Usually those companies do not continue their existence for a long time… Continue reading »
Currency: Bulgarian Lev (BGN)
Foreign exchange control: No, but some reporting requirements apply.
Accounting principles/financial statements: Bulgaria applies IFRS as a statutory accounting basis. Only certain entities are entitled to opt to apply the national financial reporting standards for small and medium-sized enterprises.
Principal business entities: These are the limited liability company, joint stock company, sole trader and branch of a nonresident company.