Company Relocation to Bulgaria

We will establish a Limited Liability Company in Bulgaria in your name.

Lower tax rates. Income tax in Bulgaria is only 10%, regardless of whether the profit is 10,000 or 1 million euros. The banking system is also one of the best in Europe in terms of capitalization. Bulgaria is a member of the EU and there are no restrictions on transactions with other member states.

The Bulgarian state administrative and judicial systems are very slow. There is a lot of bureaucracy, and the tax authorities often delay VAT refunds for a month or two.

Not if you are insured in Greece. It is mandatory to be insured in Bulgaria only if you are the manager of the company and you are not insured in another EU member state.

Employees enjoy significant protection from the law. When hiring, please remember that it is necessary to calculate some costs for administrative expenses. These are registration for medical care and special information documents for the labor inspectorate.

The company formation costs only four hundred and ninety (490) euros. In addition, public fees for the notarization of your signature and postal costs are paid. Will you receive a company stamp and invoices? Yes. The stamp and invoices are included in the price as well as a free invoice issuance program in Greek. We offer an optional one-time CRM on-line program customized for the management of your company in Bulgaria and the issuance of invoices for 70 euros.

No. Company formation in Bulgaria can be done remotely.

Estimate approximately 65 euros/month for the Administrator's insurance in case he is not insured in Greece. Prices for accounting support start from 60-80 euros/month.

We have our main office in Blagoevgrad (the closest major city to the border) but we also offer offices in Sofia, Plovdiv or Burgas. You choose where you want us to register your office. This will only be a correspondence address with the state authorities, unless you specify another address later. Therefore, it is common practice to have several companies co-located at the same address. Otherwise, you can have an office anywhere in Bulgaria you want. 

Much depends on the location and the rent. Depending on the city and the average salary of the staff in that city, the rents also vary. The capital Sofia is more expensive and the places in the northwestern part of the country are cheaper. We at Sea Island Services want to draw your attention to the possibility of creating a Virtual office which costs much less than traditional offices

This is the opportunity to rent a mailing address, secretary, business phone and fax for a small cost. You will have a business phone and staff who will answer and forward your customers' messages and requests to you. The Virtual Office costs only 60 euros / month.

We will give you a free program to issue invoices and we will train you how to use it. In case you will be paid in cash, you should consider that you will need a specially configured and validated cash register (from 130 euros). Estimate approximately 30 euros per year in expenses for renewing the cash register card.

If the transaction is made on the Internet or in Bulgaria, all taxes are paid in Bulgaria. If it is made in Greece - VAT is paid in Greece. However, you are taxed in Bulgaria only at 10% on the profits.

In the EU there is a Common Market and customers can purchase products and services in any EU member state. Invoicing is done under common terms regardless of where the company is located.

20%

When a resident of an EU member state wants to move to another member state for more than 3 months, he/she must register with the local police station and prove that he/she has the ability to support himself/herself (if his/her country requests it).

It depends a lot on the area and accessibility. Rents start at 150 euros and exceed 1000 euros on the commercial streets.

Proportional to the speed – between 15 and 20 euros/month for corporate connections. There are also very good offers from mobile companies that combine landline, mobile and Internet at 30-40 euros/2

All expenses related to operating your company (including accounting, legal and consulting services), salaries, insurance and capital expenses.

Is only the natural person insured? All shareholders? And if we want insurance, how much does it cost and what does the insurance provide? (Hospitals, Medicines, etc. etc.) It is mandatory to insure people who are not insured in other EU countries. If you are insured in Greece, you do not need to be insured in Bulgaria. Partners are not insured. Only employees in case they are not insured in another country.

(In Greece this cost is approximately 1,500 euros per year). Also, do the Minutes of the General Meeting and the Board of Directors, as well as the Invitations to them, follow the same procedures as in Greece?

The Accountant in Bulgaria or the Lawyer that the company must have.

Ltd companies in Bulgaria as part of the Community market can operate in any EU member state including Greece. The liability of the company is limited to the limits of its capital and the Managers are not liable as natural persons. In Bulgaria there is no bookkeeping classification. What all companies are obliged to do is to publish the annual tax returns in the Bulgarian Commercial Register. The Accountant is the one who undertakes these procedures. The cost is included in the price for accounting services.

Will the branch have tax information to issue? (Shipping Notes, Invoices) The branch operates exactly like a Greek Company.

We would advise you not to establish a branch in Greece because it would be better to have a Bulgarian company and a Greek one. If you keep your Greek company for production and your Bulgarian company takes over the promotion of your products, there will be two positive aspects – 1. a larger part of your profits will remain in Bulgaria (which will reduce the taxes you pay in Greece) and secondly 2. you will be in a better position to increase the market for your products in Bulgaria and Europe, taking into account the reduced purchasing power in Greece. All documents in Bulgaria are issued in accordance with Bulgarian legislation – it is necessary to have a number, date and details of the buyer, seller and details about the product. There is no tax mechanism in Bulgaria and invoices are not considered. They will be issued by your computer.

NO. There are no checks in Bulgaria. Only bank transfers and cash.

Compulsory insurance is only for those who are not insured in Greece and costs 63-65 euros / month.

50 euros

The cost is included in the package price (5 euros)

NO

Your company's tax return is made in Bulgaria. If you have a branch in Greece, the branch's tax return is made in Greece and is taxed in Greece.

If you live in Greece, you file a tax return as a natural person in Greece. If you have a permanent address in Bulgaria, you file a tax return in Bulgaria.

In this case, you will declare your dividends from Bulgaria and will be taxed with the 5% tax difference.

For your Bulgarian company in Bulgaria, be sure that the Tax Authorities do not operate like this – They will inform you when they will come so that you are ready with the documents – if you are missing any documents they will politely ask you when they should come back to get these documents or when you will bring them to them. However, if you have a branch in Greece, the Greek authorities will control you in their own way.

Everything is civilized and is done after a warning from the same authorities for a visit.

According to the legislation, which is old, there are many requirements for employees hired in Bulgaria. There is a table of what the minimum contributions are, depending on the activity, position and working hours. There is a mandatory cost of occupational health and other annual costs (about 100 leva per employee per year). There are a number of administrative requirements for mandatory information, books, permits, etc. In some cases, employers pay social security contributions, but this depends on the contract and the status of the employee.

Bulgarian citizens pay income tax at a rate of 10%. Nationals of other member states pay taxes in Bulgaria only if they are permanent residents.