Bulgaria Private Limited Company (OOD)
A Bulgarian Private Limited Company (OOD) is equivalent to a Limited Liability Company in the UK or a GmbH in Austria and Germany in that it is a legal entity which is separate and distinct from the individuals who run it. For sole traders and for people in partnerships, the individuals personal assets are at risk if there is a claim against the organisation but shareholders in an OOD are liable to lose only the value of the share capital to which they subscribe. Single member companies are permitted, these are called EOODs and the one shareholder may or may not also be the sole director.
A new company name must not be identical or deceptively similar to the name of another company already registered in Bulgaria; all names must be approved by the national registry before incorporation can proceed. We are able to conduct a company name check on your proposed name to ensure it will be approved.
It is a requirement that a Bulgarian OOD must have a registered agent and a registered address where all official correspondence may be legally served. This is provided as part of our incorporation service.
Only a single director is required to incorporate a company in Bulgaria and there are no restrictions on the nationality or residency of the directors.
Only one shareholder is necessary to incorporate your OOD, there are no restrictions on nationality or residency, and shareholders may be individuals or corporate entities. Annual general shareholder meetings must be held.
The minimum share capital is €2500 and 70% of the chosen capital amount must be paid up upon incorporation.
Companies are required to file annual financial statements by the 30th of June the year following the accounting period but companies considered Small and Medium Sized Enterprises (SMEs) may produce simplified accounts. SMEs are also not obliged to appoint a statutory auditor. All companies must submit annual returns to the Commercial Register.
Once your proposed name has been approved and we have received all the necessary documentation and information, the incorporation process is complete in only five days.
Proof of Identity
As part of our due diligence we require proof of identity in the form of a passport copy for all directors and shareholders of the company.
There is no need to visit Bulgaria in order to set up your new business.