Don't give up on your dream
Setting up a Limited Liability Company in Bulgaria
Worried about buying and living your dream in Bulgaria now that Brexit is underway?
Brits who have already exercised their right to live in EU states can expect to keep that right after Brexit. This only applies to people who have started expat life in the EU before Brexit. If your thinking of buying in Bulgaria in the future you may have limits imposed on you. Don't be disheartened though. You can still achieve your dream.
A cheap place in the sun for people who are looking at buying apartments as a holiday home, or investment will not be affected. Most of the apartments that are for sale in Bulgaria are sold without parts of the land they are built on and all foreign natural, or legal persons can purchase apartments in Bulgaria in their individual name, as long as the apartments do not come with ideal parts of the land. So, apartment buying will remain the same once the UK leave the EU.
Britain still has some negotiating to do with member states yet about the ability to live and work in the EU nations, but the Bulgarian prime minister has already welcomed the British people to continue to contribute to the Bulgarian economy. For those wishing to purchase a house with land the process will involve setting up a company.
How?
The law states that a none Eu citizen is allowed to buy property in the country, but with limitations. The limitations include that the individual can not own land. The way around this is to open and register a company and allow the company to purchase the desired property. This company is solely used to buy land and does not have to trade. However, you as a director of a legal registered company do have a obligations to fulfill and you must submit yearly nil tax returns, or be faced with a fine. Nil returns can be done with little effort and an online service with our accountant.
You can email expatassistbulgaria@gmail.com for further details. There is no need to come to Bulgaria each year to fulfill this obligation.
The process of setting up a limited liability company in Bulgaria is a quick and easy process. Our lawyers can draft and submit all the relevant paperwork required to establish a legal entity for you and walk you through every step of the process.
One of the first things you will need to do to set up the LLC in Bulgaria is to choose a name. This name needs to be unique and our lawyers will check the availability of the company name for you and issue a proven document. The minimum number of shareholders is one and the company must have a director to represent it. It is not mandatory that this person needs to reside in Bulgaria. However, for efficiency of communication with government bodies and authorities it is convenient if there is a Bulgaria registered office and a Bulgarian bank account. This address can be our lawyers address for ease and convenience if required.
Documents required by the registry
application form
the name certificate
the signature specimen with the notary consent of the person who represents the company.
A bank document is required to state the deposit capital of the company. We recommend 50 BGN as the opening deposit. We can personally assist with the opening of a bank account in the Burgas region.
The owners of the limited liability company must provide copies of identity documents.
A court decision will acknowledge the main scope of the company and issue a registration number and a taxation number. The National Social Security Institute provides the Bulstat number (a unique number) for which the company must apply along with the papers for the Commercial Registry. Delays can incur fines. Our team of lawyers will ensure everything is completed for you.
Corporate Income Tax is 10 percent. The 20 percent VAT is not mandatory for companies with an income below 50,000 BGN.
Contact us today to open your Bulgarian company. Complete the form below.
