Starting a business in Bulgaria
Starting a business in Bulgaria can be a worthwhile investment for entrepreneurs, as the country has a growing economy and a relatively low cost of living. However, there are certain steps that must be taken in order to start a business in Bulgaria.
The first step in starting a business in Bulgaria is to choose a business structure. The most common options include sole trader, partnership, limited liability company, and joint-stock company. Each structure has its own advantages and disadvantages, so it’s important to consult with a lawyer or accountant to determine the best option for your business.
Once a business structure has been chosen, the next step is to register the business with the Bulgarian Chamber of Commerce and Industry. This process includes obtaining a business registration certificate and registering for taxes.
In addition to registering the business, entrepreneurs must also obtain any necessary licenses or permits required by the Bulgarian government. This can include permits for specific types of businesses, such as restaurants or retail stores.
After the business is registered and the necessary licenses and permits are obtained, entrepreneurs must also open a bank account for their business. They also have to register their employees with the National Revenue Agency (NRA) and ensure that they have the correct insurance coverage.
Lastly, entrepreneurs must keep accurate financial records and file their taxes on time to stay compliant with Bulgarian laws.
Starting a business in Bulgaria can be a complex process, but with the help of a lawyer or accountant, entrepreneurs can navigate the legal requirements and start their business on solid footing. With a growing economy, Bulgaria offers many opportunities for entrepreneurs to succeed.
if you need contact us. Lawyer Vari Belov +359 (0) 887 093 003, Sofia Center 1000, 19 Lavele Street, 3rd floor
See too: How to buy property in Bulgaria. Purchasing property in Bulgaria.