The manager must be present when opening the deposit account as part of the creation of his company, contrary to what may be displayed on certain forums or unreliable sites. Residence is not mandatory for European, Swiss and English nationals. It is necessary to have an address for the head office and finally determine the amount of capital and the corporate purpose of your company.

The 1 to 10-year Bulgarian residence permit for European Union nationals can be obtained under certain conditions, namely: holding a minimum of €3,000 in a bank account. Have a valid social security card. You must be the tenant or owner of a residential property in Bulgaria. The assistance of a lawyer is highly recommended for this type of procedure, which is often very complicated due to the language barrier.

Bulgaria and its capital Sofia benefit from an infrastructure that rivals that of other European Union countries, while offering a reduced tax rate of 10% on company profits, known as ‘Flat Tax’, and 5% on dividends. Employers' contributions are capped at €1,500 of the employee's gross salary. The sale of a company is not subject to capital gains tax.

To obtain an intra-Community VAT number in Bulgaria, you must apply to the tax authorities when the company is set up, if it is subject to VAT immediately. It can be applied for at a later date if the company's turnover does not exceed BGN 50,000 (€25,000). Please note that a company that invoices internationally must have an intra-Community VAT number.

Companies in Bulgaria are taxed at a rate of 10% net (January 2022) on profits. This ‘Flat Tax’ is paid around June and July of the year following the financial year declared in March. VAT is 20% and is paid on the 15th of the following month.