GSL / Offshore and International Law / Offshore zones / Eastern Europe / Bulgaria / Legislation of Bulgaria

Legislation of Bulgaria

Service packages Legislation Tax System Audit Services

List of laws and regulations

Act name
Scope of law
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Tax treaties entered

Австрия
Азербайджан
Албания. Алжир
Армения
Бахрейн
Беларусь
Бельгия
Великобритания
Венгрия
Вьетнам
Германия
Греция
Грузия
Дания
Египет
Зимбабве
Индия
Индонезия
Иордания
Иран
Ирландия
Испания
Италия
Казахстан
Канада
Катар
Кипр
Китай
Корея
Кувейт
Латвия
Ливан
Литва
Люксембург
Мальта
Македония
Марокко
Молдова
Монголия
Нидерланды
Норвегия
Польша
Португалия
Россия
Румыния
Сербия
Сингапур
Сирия
Словакия
Словения
США
Таиланд
Турция
Узбекистан
Украина
Финляндия
Франция
Хорватия
Черногория
Чехия
Швейцария
Швеция
Эстония
ЮАР
Япония

Tax Exchange Information Agreement (TEIA)

Гернси

List of state regulatory authorities

Presidential Administration
https: //www.president.bg/
Parliament
http: //www.parliament.bg/en
Government
http: //www.government.bg/en
Ministry of Foreign Affairs
http: //www.mfa.bg/
Ministry of Economy
http: //www.mi.government.bg/en
Ministry of Finance
http: //www.minfin.bg/en/2
Central Bank of the Republic of Bulgaria
http: //www.bnb.bg
Investment Agency
http: //www.investbg.government.bg/en
Financial Supervision Commission
http: //www.fsc.bg/en/
Chamber of Commerce
http: //www.bcci.bg/en.html

Corporate info

Legal system
Civil Law
Types of entity
Joint stock companies, Aktsionerno Druzhestvo, (AD) and Limited liability companies, Druzhestvo z Ogranichena Otgovornost, (OOD). There are also General partnership (SD), Limited partnership (KD), Partnership limited by shares (KDA), Co-operative, Wholly owned subsidiary (branch), Trade representation office and Sole traders
Shelf companies permitted
No
Incorporation timescale for a new company
1-2 weeks
Company suffix
OOD, EOOD
Sensitive words
Cyrillic alphabet permitted in company name
No
Local registered office
No
Local registered agent
No
Information to be kept at the registered office
Seal required, type of seal
Redomiciliation (to, from) permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
Disclosure to local agent
Yes
Disclosure to public
Yes
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
2 or 1 (in case of sole ownership limited liability company (EOOD))
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Disclosure to local agent
No
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
BGN 2
Minimum issued share capital
BGN 2
Minimum paid share capital
2
Authorized capital payment deadlines
Issued capital payment deadlines
Before registration
Standard currency
Lev
Standard authorized share capital
BGN 2
Standard par value of shares
BGN 1
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
10%
Min. rate for corporate tax
10%
Corporate tax (in detail)
In general, flat rate is 10%
Capital gains tax
Regular rate
Capital gains tax. Details
Included in the income tax rate
VAT
20%
VAT. Details
The standard VAT rate is 20%. A reduced rate of 9% applies to certain goods and services
Withholding tax
5%/10%/10%
Other taxes
Social Contributions, Property Tax, Property Transfer Tax
Exchange control
No
Government fee
Stamp duty
No

Accounts

Requirement to prepare accounts
No
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Southeastern Europe, bordering the Black Sea, between Romania and Turkey
Total area
110,879 sq. km
Population
6.951.482 (2020)
Capital
Sofia
National currency
Lev
Conditional reduction of currency
BGN
Against USD
1.55 (2022)
Climate, average max and min t°
Temperate; cold, damp winters; hot, dry summers; avg. maximum temperature (August) +28°; avg. minimum temperature (January) -2°
Time difference from Moscow
no
Dialing code
359
State language
Bulgarian
Ethnic groups
Bulgarian 83.9%, Turk 9.4%, Roma 4.7%, other 2% (including Macedonian, Armenian, Tatar, Circassian) (2001 census)
Literacy rate
94,4% (2019)
History
The Bulgars, a Central Asian Turkic tribe, merged with the local Slavic inhabitants in the late 7th century to form the first Bulgarian state. In succeeding centuries, Bulgaria struggled with the Byzantine Empire to assert its place in the Balkans, but by the end of the 14th century the country was overrun by the Ottoman Turks. Northern Bulgaria attained autonomy in 1878 and all of Bulgaria became independent from the Ottoman Empire in 1908. Having fought on the losing side in both World Wars, Bulgaria fell within the Soviet sphere of influence and became a People's Republic in 1946. Communist domination ended in 1990, when Bulgaria held its first multiparty election since World War II and began the contentious process of moving toward political democracy and a market economy while combating inflation, unemployment, corruption, and crime. The country joined NATO in 2004 and the EU in 2007.
Credit rating
BBB
Government type
Parliamentary democracy
Executive branch
Head of Government: Prime Minister. Government: Council of Ministers appointed by the Prime Minister and elected by the People's Assembly
Legislative branch
unicameral People's Assembly (240 seats)
Judicial branch
Supreme Court of Cassation, Supreme Administrative Court, appellate, circuit, military and district courts. Special courts outside the general jurisdiction system can also be created by law.
Unemployment
5,2% (2020)
GDP per capita rank
65 (2020)
Corruption perceptions index rank
42 (2020)

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Banks of Bulgaria

Bank
The cost of opening an account, $
Global rating
Countrywide rating
GSL rating
2 420
N/A
N/A
2 420
N/A
N/A
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