Business in Bulgaria

Bulgaria is an EU Member State, regulations are directly applicable, and directives are transposed into national law. The primary rules governing companies are set out in the Commerce Act, while contracts are governed mainly by the Obligations and Contracts Act.

A frequently used legal form for starting a business is a limited liability company (OOD or EOOD). Joint-stock companies (AD/EAD) are suitable for larger or regulated business activities. A branch is not a separate legal entity, which affects liability and contracting.

Companies are entered into the public Commercial Register. Ultimate beneficial owners must be disclosed. Up-to-date information is important for banks and counterparties.

Documents executed abroad often require an apostille or legalisation and a certified translation into Bulgarian. Advance planning is one of the most effective ways to avoid delays.

Opening a bank account is subject to anti-money laundering regulations and the internal policy of each bank. Expect questions regarding ownership, origin of funds, and the planned commercial activity.

Personal data protection rules apply to the data of clients and business contacts from the very commencement of business activities.