In today's rapidly changing world, entrepreneurship is thriving and Bulgaria offers a favourable environment for new businesses. However, registering a company can be a complex task, especially for those without a background in law or accounting.

Our article aims to guide you through the registration process step by step, providing valuable tips and guidance to ensure a smooth and quick start to your business.

We will discuss in detail the requirements, documents needed and steps involved in the registration process and provide information on the subsequent steps, such as declaring the business to the National Revenue Agency (NRA) and obtaining your Unique Identification Code (EIC), also known as BULSTAT.

Step 1: Choose a unique company name

Choosing an appropriate name for your company is the first and particularly significant step in the registration process. That's why it's important to take the time to consider different options and check that the name you choose is unique and free. To do this, follow these steps:

• Check the Companies House:

  Visit the website of the Companies House and use the search engine to see if your preferred name is already taken by another company.

• Check all values!Check trademarks:

  If the name is unique, do a trademark search to make sure another company hasn't beaten you to it. You can do this through the website of the Patent Office.

• Check the domain:

  Check to see if the name you want is available as a web address (domain). This will help you protect your online presence and create a professional image.

If the name you choose is unique, consider adding a prefix or suffix to make it more distinctive, such as "LLC," "Inc." or industry-specific terms.

Step 2: Gather the necessary documents

• Articles of Incorporation/Corporation Agreement;
• A resolution of the sole proprietor appointing a manager (for an LLC) or a resolution of the partners appointing a manager (for an LLC);
• Declaration under Article 13 of the Commercial Law (LC);
• Declaration pursuant to Article 141 of the Commercial Companies Code;
• Lawyer's power of attorney;
• Specimen of the manager's signature;
• Document of paid-up capital (bank statement);
• State registration fee.

You can find templates for some of these documents online or consult a lawyer to make sure you meet all the legal requirements.

Step 3: Deposit your capital in a bank

As part of the registration process, you will need to open a bank account for your company and deposit the minimum required capital determined by the type of company you are setting up. Choose a bank of your choice and follow these steps:

• Open a company bank account:

  Submit the articles of incorporation/corporation, the resolution appointing the manager and the manager's signature specimen to the bank;

• Deposit capital:

  Deposit the minimum required capital into your company bank account;.

• Obtain a bank statement:

  After successfully depositing the capital, request a bank statement showing the amount deposited and the date of the transaction.

Step 4: Register your business with the Trade Register

Now that you have all the necessary documents and have deposited your capital, you can apply to register your company with the Companies Registry. Follow these steps:

• Prepare the documents:

  Collect all the necessary documents, including the completed A1 application form (available on the Trade Register website), the memorandum of association/company agreement, the resolutions appointing the manager, the declarations, the solicitor's power of attorney, the manager's signature specimen and the bank statement confirming the capital deposit;

• Submit the documents:

  visit a Registry Agency office or submit the documents online via the electronic portal. Pay the relevant state fee, which depends on the type of company you are creating;.

• Inspection of documents:

  After successfully depositing the capital, request a bank statement showing the amount deposited and the date of the transaction.

Step 5: Readiness for company registration

Once all the paperwork has been processed and approved, your company will be officially registered with the Trade Register and you will receive your UIC (Unique Identification Code). This unique 9-digit number serves as your company's identification to government institutions and authorities.

In addition, it is important to declare your company's activities to the NRA within 7 days of its commencement. This can be done online via the e-services portal of the NRA. By registering your activity, you will be able to manage taxes and social security related to your business.

The process of registering a business in Bulgaria may seem challenging, but with the right preparation you can ensure a smooth and efficient set up of your company. An even better way is to trust proven professionals with years of business and legal experience like SYMAX.