Running your Bulgarian business remotely

outsourcing to Eastern EuropeDespite the recent bad image of Bulgaria, the country still got its business benefits. It's has the lowest corporation tax in EU, along with Cyprus, but also has the advantage of lowest labour costs. If you consider the EU principle of free movement capitals this makes Bulgaria highly valuable place for outsourcing of company services.

Create and run my business remotely over Internet and using Bulgarian solicitor

Almost anything in  Bulgaria can be done remotely, by using certified Power of attorney.

You can register a limited company remotely, by authorising Bulgarian solicitor, who will deposit the company capital in a local Bank for you and open for your company business current account in any currency you want.

If you require using some foreign banks you can open business current account in the Austrian Raiffeisen Bank or in the Italian UniCredit Bank. Of course you can chose one of the local banks too. Ask your solicitor which one he can recommend, as there are differences in the bureaucracy, each bank applies to its customers.

All banks in Bulgaria provide Internet banking. Some of them offer TAN Codes others - Token devices. However every bank offers the most common way of Internet banking in Bulgaria - the electronic signature verification method.

The electronic signature is device (normally USB), which holds a SIM card with your personal encrypted data. It's encrypted according to the regulations of the Electronic Document and Electronic Signature Act. The electronic signature providers are companies monitored and licensed by the government.

The electronic signature can be obtained for you by your solicitor, using certified Power of Attorney. The signature has to be renewed each year.

Communicating with local and state authorities

If your company trades, it will need to communicate with the local and state authorities such as the National Revenue Agency, National Social Security Institute, the Customs Agency etc.

As indicated above, you don't need to be physically in Bulgaria. All communication with the authorities can be done with a single certified power of attorney, given to your solicitor and accountant.

Your solicitor will take care of your administrative business matters in Bulgaria, whereas your accountant will communicate with NRA, provide the monthly VAT declarations, prepare the annual financial reports, cooperate NRA if there are tax inspections etc.

Your solicitor can organise the customs matters if you are importing goods from outside EU. Varna port is one of the biggest on the Black Sea coast and most of the import trade in Bulgaria goes through this particular port. As  solicitors based in Varna, we are able to provide such legal and administrative services to EU companies who wish to import goods to EU through Bulgaria.

Provision of virtual office and forwarding correspondence

If you will be trading outside Bulgaria and just want to benefit of the favourable tax regime and low administrative costs for supporting a limited company, we can provide a virtual office for you. We offer also correspondence forwarding if you are to receive letters on your business address.

Having your company's solicitor, accountant and business address in one place, you will get a full and instant company service.

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