There are several forms of company appropriate for conducting
business in Bulgaria, all of which must be registered in the
Commercial Register – this is maintained by the District
Court of the area in which the business is to be located.
The whole registration process should be completed within
30 days.
Registration at the tax office (within 7 days of commencing
business) is mandatory, and a small business should also register
for social security purposes. Once the company has been registered,
the National Statistical Institute will issue a BULSTAT (the
central registry) number, but this must be requested and again,
is a mandatory legal requirement.
The most relevant business structures are summarized in brief
below:
Sole Proprietor
A non-Bulgarian may start out in business as a sole proprietor
in Bulgaria, provided that they have formal residence in the
country. Liability for the debts of a business run as a sole
proprietorship is unlimited. It is necessary to register for
tax, social security and VAT (if turnover exceeds (or is expected
to exceed) BGN50,000 annually).
Single Person Private Limited Company (EOOD)
This is a form of company that is owned by a single shareholder,
who appoints a Board of Directors (or Managing Director) to
run the business. The legal requirements for the foundation
of a Single Person Private Limited Company are the same as
for a Private Limited Liability Company. Proper accounts (balance
sheet and financial statement) must be prepared annually.
Private Limited Company (OOD)
A Private Limited Company has share capital and the liability
of shareholders is limited to the amount of each individual’s
shareholding. One or more individuals can form this type of
company. The minimum start-up capital is BGN5,000, which must
be divided into shares of BGN10 each. A minimum of 70% of
share capital must be paid up on foundation of the company.
Joint Venture
This is a popular form of business in Bulgaria, where a Bulgarian
company is joined by a foreign company in a Joint Venture;
there is no limitation on the degree of foreign participation
in the joint venture.
I am facing a dilemma and would like to invite any reader to advise me.
I am a Brit who has lived outside UK since 1993- initially in Belgium (5 years) & subsequently in 4 African countries. After a year outside UK, the UK Inland Revenue confirmed my status as ‘non-resident’ for tax purposes and as I have had no income in UK, I have not completed a UK tax return for many years. I visit UK very rarely, normally for one or two weeks per year.
In May 2011, I was made redundent by my employers, who were downsizing. This coincided with a move to retire in the Netherlands, where I now have official residency (my wife is Dutch). I thought that, at 63 years of age, I would be unlikely to find suitable employment; in fact, I have not tried hard and had resigned myself to permanent (but slightly premature) retirement.
However, to my surprise, I have recently been approached (through a mutual acquaintance) by a company that wishes to use my skills on a project in the Isle of Man. The role, if & when confirmed, would see me working for about 10 days a month in Isle of Man, with about 5-7 additional days per month, working from home. Contract will be for about two years. The firm has asked me to confirm if I would prefer to be paid (and therefore be taxed) in Netherlands or Isle of Man, the idea being that I create a self-employment entity for this employment. I have no data on which to base a response. Given Isle of Man's traditional ‘low tax ‘environment, are there any benefits to declaring an income in IOM? Are there any Isle of Man residency implications? Netherlands takes a tax cut on total world wide income, and, as I have never had any contact with the Dutch authorities, I am reluctant to start such a relationship now. Do I have to declare income in both countries, with a breakdown prorata to the time spent in each jurisdiction? Should I declare income to UK Inland revenue?
If anyone has pertinent advice on these points, I’d be grateful to hear them.
Hi, I live in South Africa, and along with 2 business partners (one in South Africa and one in Ireland - all South African citizens though) are setting up a company that designs Smart phone applications. As they will be sold on the various platforms (none of which operate out of South Africa)we have to list our company as operating out of Ireland anyway. As such, we have decided to set up our company in the best tax country and are wanting info on whether Jersey or Malta is best? If anyone has some inside info we would really appreciate it!! Thanks!Mary
Just wondering if anyone 'on the ground', as it were, might be reading and able to help me...I was considering relocating my hairdressing business from the UK to Ireland before the economy started to go properly belly-up...now, not so much.
Are things as bad as they seem over there, or is it being over-hyped by the media? And is the government still keen to support small business people? Cos if not, I'll look elsewhere...
I am moving full time to France in Jan 2012 where I will be working as a freelance contract engineer to a number of Australian based companies. It is my choice to move to France not a work requirement. I will be renting my house out in Austrlalia and renting a house while I am in France. I hold both EU & Austrlain citizenshiip. I am married with 2 young children. Approx total family income $100k AUD. Do I pay tax in France or Australia or both ? Any help or guidance would be much appreciated.France move
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