Bulgaria - OOD Company Incorporation

Company Type	Time to Incorporate	Cost
OOD	5 days	£1890

Private Limited Company

A private limited liability company is a commercial company with share capital owned by its shareholders whose liability is limited to the amount of the capital subscribed. A private limited liability company may be founded by one or more persons, including foreign natural or legal persons. The minimum foundation capital is Leva 5,000 divided into shares with nominal value of Leva 10 each. The statutory bodies of the private limited companies are the general meeting of shareholders, which must be held at least once a year, and the managing director or board of directors.

A single member private limited liability company is called EOOD. It is owned by a natural or a legal person. The sole shareholder exercises the powers of the general meeting and the managing director or board of directors is appointed to run the company.

To incorporate a private limited company in Bulgaria:

• Articles of Association and the Memorandum of Association
• Appoint a managing director or board of directors

This information together with details of the management is recorded in the commercial register and the State Gazette.

Procedure to incorporate:

• Decide on your company name and check in the current registers if it is available, then reserve the name for your company
• Draft your articles of association
• Form your company share capital of minimum 5,000 Bulgarian Leva, around €2500
• Obtain your bank deed confirming that at least 70% of the registered capital has been paid
• Appoint your management body
• Obtain your registration in the commercial register from the relevant district court
• Wait for a publication of the court decision in the State Gazette

The company registration is then complete.

• Register at the National Statistical Institute and receive your BULSTAT number- this must be done within three days after the registration of the company
• Register at the territorial division of the National Social Security Institute
• Register at the territorial tax office within 14 days after registration

Normally the whole process takes about 3 weeks.

A limited liability company with the suffix OOD

• At least one shareholder and one director is needed to incorporate the company.
• The shareholders may be individuals or companies
• The minimum share capital is BGL 5,000, with the minimum nominal value of BGL 10 a share
• At least 70% of the capital must be paid up before registration
• An annual shareholders' meeting must be held at least once a year

A liability company with a single member with the suffix EOOD

• This is an OOD company owned by one individual, who may be a foreign resident
• The single shareholder may serve also as a director of the company

A consolidated company with a single shareholder with the suffix EAD

• The company is owned and controlled by a single shareholder
• It is compulsory to file an annual balance sheet with the tax authorities