The Bulgarian limited liability company, OOD is a form of business especially established by the small and medium companies and it is formed by members with the liability limited to their contribution to the company’s capital.
The main documents of a Bulgarian OOD company necessary for registration are the articles of incorporation and the memorandum of association (the last one in case only one shareholder is involved). The company of this type is managed by a director appointed by the general meeting of the shareholders (considered the highest instance in the entity). The name of the company must be unique and followed by the termination OOD.
At the beginning of company incorporation in Bulgaria, the entity’s representative must execute the minutes of the constituent meeting of the shareholders or the general meeting of the general partners. After that, it is mandatory to obtain a notary certified statement of consent, the signature specimen of the manager and a certified copy of the articles of incorporation or the partnership agreement. A certificate from a bank stating that at least 70% of the minimum required capital has been paid must be obtained before starting the actual entity registration. The certified statement of consent and signature specimen of the manager must be notarized.
The actual registration process of a company in Bulgaria consists in depositing the notarized foundation deeds, minutes of the meeting of incorporation and the bank certificate stating the share capital. The procedure takes around four working days.
The following step of the company incorporation in Bulgaria consists in filling an application to the National Revenue Agency accompanied by the foundation deed, the bank account document or a document attesting the contributions value, an excerpt from the Commercial Register in order to get the VAT number. This process doesn’t take longer than 12 working days.
The whole process of Bulgarian company incorporation performed by a Bulgarian law firm takes around two working weeks. After the registration, you should hire an accountant.
|Entity type and suffix:||Limited liability company, OOD|
|Shareholders/Founders:||at least 1 person or legal entity, foreign entities accepted|
|– Documents||Copy of I.D. document of a founding partner(s)|
|Directors:||at least 1 natural person, non-resident directors accepted|
|– Documents||Copy of I.D. document of a person to be registered as a director|
|Share Capital:||The minimum share capital requirement is 5,000 Bulgarian Leva, (around €2500).
You will need to obtain a bank deed confirming that at least 70% of the registered capital has been paid prior to incorporation.
The shareholders may be individuals or companies and the minimum nominal share value is 10 Bulgarian Leva per share.
|Residency:||An entity generally is considered a resident of Bulgaria if it is registered in Bulgaria.|
|VAT:||Maybe liable to pay a VAT rate of 18%|
|Annual financial report:||Yes|
|Registration address:||Yes (in Bulgaria)|
|A Company bank account:||Start account is required before company registration|
|Free zone registration:||Available (Bourgas Free zone)|
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