The Shepherd’s OR Etc.
A Consultation Company
Commercial / Trade Representation of a Foreign Company in The Republic of Bulgaria
Tel/Viber/Whatsapp: +359 899 429 953
Commercial or Trade Representation of a foreign company in Bulgaria is one of the possible grounds for residence in the country for a long period of time in accordance with Bulgarian legislation and international standards.
An option for obtaining a status of Trade Representative in Bulgaria – the simplest and most reliable way, we advise and offer our Clients to choose this option.
If you have a registered company in your country of origin, i.e. outside the territory of Bulgaria, you can register your Trade Representation of a foreign company in Bulgaria, become a representative of this company and subsequently obtain Trade Representative in Bulgaria by representation. It is obligatory that the company registered in your country of origin must be registered and has an active status,
If you do not have a registered company in your country, you can do it with your acquaintances that have a registered company and willing to open a Trade Representation Office in Bulgaria. They can nominate one or two persons as their Trade Representatives to carry out the activities of their business in Bulgaria and can advertise/promote their business.
If you do not have a registered company in your country, do not have acquaintances who have one or do not want to be dependent on anyone else. We offer the service of registering such a company with subsequent registration of a commercial representation.
After you become a representative of a foreign company, you will have a package of documents, on the basis of which you will obtain Visa D (the package must be submitted in person to the Embassy of Bulgaria). And after arriving in Bulgaria, documents for obtaining Residence Permit in Bulgaria must be submitted.
ATTENTION:
We would like to draw the attention of those, who have obtained an authorization for continuous residence by representation! According to Bulgarian law, the representation of a foreign company is not allowed to develop business. Activity is restricted exclusively to advertising, i.e. conclusion of contracts on behalf of the parent company, etc.
Visa "D" - long-stay visa
Visa D - immigrant visa which is issued for the subsequent registration of a prolonged (permit) or permanent (permanent) stay in Bulgaria. Visa D can be issued by diplomatic and consular missions of Bulgaria for a period of 180 days with unlimited number of entries and exits.
To receive a visa D, one should have enough grounds for a residence permit or permanent residence in Bulgaria, such as:
Pensioners,
Running of trade representative foreign company,
University studies in Bulgaria,
Family reunion with the resident of Bulgaria,
A company in Bulgaria providing jobs for 10 Bulgarian citizens and others.
The list of documents for acquire visa D:
Profile and two photos;
A passport valid for at least 18 months (the original and a copy of the 1st page);
A document confirming the provision of housing for the period of stay (ownership or lease);
Proof of financial security for the period of your stay (bank inquiry of Bulgaria, or a bank with its branches in Bulgaria);
Health insurance (you can arrange it with us);
Inquiry on the absence or presence of previous conviction (with translation and legalization);
In addition, depending on the reason for visa D, additional documents are required:
The document on registration of the trade mission of the foreign company in Bulgaria (BCCI decision and a certificate BULSTAT) certificate BCCI.
A document certifying pensions for the last three months, issued by the relevant authority of pensions; and etc.
To obtain a permit for an extended period (residence permit) or permanent (permanent) stay in Bulgaria you need to come to the country on a visa D, and apply to the migration service ISI in the community.
For any questions D visa, residence permit, etc. Please ask us for free advise.
Our best offer for registration of Sales Representative Office in Bulgaria is:
1. Registration of your Trade Representation in Bulgaria 900 Euros
2. The cost of a legal address in Bulgaria for registration 150 Euros (per year)
3. Certificate from BCCI of TRO
(Bulgarian Chamber of Commerce and Industries) 120 Euros (Valid for one month)
4. Translations and legalization of documents of your company 350 Euros
5. lease agreement of an apartment to obtain visa D 350 Euros
6. Bank Document showing the availability of funds 300 Euros
7. Medical Insurance 100 Euros
8. Courier Charges 90 Euros
9. Service Charges 200 Euros
Total 2, 550 Euros
To obtain a visa type D for Bulgaria its necessary to provide all the above mentioned documents, the only documents you have to prepare are:
1. 2 copies of Visa Application Forms duly filled and signed.
2. 2 x Color Photographs with white background.
3. Copy of your valid International Passport.
4. Police Character Certificate issued by the Local Authorities of your country of residence duly attested by Ministry of Foreign Affairs and Embassy of Bulgaria, Islamabad, Pakistan.
2. Registration of a Company
The following corporate forms exist under Bulgarian law:
limited liability company,
joint-stock company
general partnership,
limited partnership, and
partnership limited by shares.
Commercial companies are set up as legal entities separate from their founders. Regardless of the nationality of their founders, all companies registered in Bulgaria are considered to be Bulgarian legal entities which are established and existing under Bulgarian law.
Foreign equity participation in a Bulgarian company can be up to 100%. The incorporated companies receive the capacity of legally established entities since the moment of entry into the commercial register kept by the Registry Agency.
The time required for entry or deletion and announcement of documents in the commercial register of trade companies is immediately the expiry of three working days of receipt of the applications in the commercial register, unless the law provides otherwise.
Limited Liability Company
The limited liability company is a preferred form of business entity because of the minimum capital requirement of BGN 2, the limited liability of the shareholders to the amount of the registered capital and simplified corporate governance structure.
Shares may be transferred and inherited. The transfer of company shares to third parties requires the prior approval of the company general meeting. Transfer of shares should be performed by means of a notarized contract entered in the commercial register.
The governance structure of a limited liability company consists of:
General meeting of shareholders;
Manager(s) who manage and represent the company before third parties.
There are no restrictions for foreigners to be appointed managers of the company.
| Registration of a limited-liability company(“OOD”), and a sole-owner limited liability company (“EOOD”) | |
| Legal framework | The Commerce Act; Commercial Register Act |
| Competent authority | The Commercial Register with the Registry Agency |
| Procedure |
1) Check in the electronic register of the Commercial Register and/or reservation of a business name; 2) Holding of an Incorporation Meeting, adoption of a Memorandum of Association or an Act of Incorporation, appointment of managing director/s; 3) Depositing the company capital into a special capital raising account (the minimum capital amount is BGN 2); 4) In case of any specific business, an authorisation by the competent authority shall be provided when filing the documents with the Commercial Register. |
| Required documents | Application for registration; Memorandum of Association or Act of Incorporation; Minutes of the Meeting of Incorporation of a company; notarized specimen signatures of all appointed managing directors; declaration pursuant to Article 142 of the Commerce Act signed by each of the appointed managing directors; declaration pursuant to Article 141, paragraph 8 of the Commerce Act signed by each of the appointed managing directors; certificate of the deposited capital issued by the bank; resolution of the body managing and representing a member who is a legal entity; excerpt from the relevant business register regarding a member who is a foreign legal entity; document evidencing payment of the state fee for incorporation of a limited-liability company; declaration under Article 13, paragraph 4 of the Commercial Register Act signed by the applying managing director; the relevant license or permit according to any special law on the performance of a specific business. |
Joint-stock company
The minimum registered capital required for the formation of joint-stock company of BGN 50,000 (approximately 26,000 Euros). A typical feature of the joint-stock company is the lack of regulations on the transfer of shares and the lack of ownership of the shareholders in the company.
The corporate governance structure of the joint-stock company consists of:
General meeting of shareholders;
Board of directors (in case of a one-tier management system) or a Supervisory board and Management board (in case of a two-tier system).
There are no restrictions for foreigners to be appointed managers of the company.
The time required for entry or deletion in the commercial register of commercial companies is the end of the first working day following filing of the required documents. On requests for registration of new circumstances, the registrars are obliged to act immediately.
| Registration of a joint-stock company | |
| Legal framework | The Commerce Act; the Commercial Register Act |
| Competent authority | The Commercial Register with the Registry Agency |
| Procedure |
1) Check in the electronic registry of the Commercial Register and/or reservation of a business name; 2) Holding of a Meeting of Incorporation, subscription of shares by the founders, adoption of Articles of Association or an Act of Incorporation, election of a Supervisory and Managing Boards, respectively of a Board of Directors; 3) Depositing the company capital into a special capital raising account (the minimum capital amount is BGN 50 000); 4) In case of any specific business, an authorisation or license by the competent authority shall be provided when filing the documents with the Commercial Register. |
| Required documents | Application for registration; Articles of Association or Act of Incorporation; Minutes of the shareholders' Meeting of Incorporation; attendance list of the incorporation meeting; list of the subscribers of shares at the incorporation meeting; declaration pursuant to Article 160, paragraph 2 of the Commerce Act; specimen signature of an executive director; declaration under Article 234, paragraph 2 and paragraph 3 of the Commerce Act; declaration under Article 237 of the Commerce Act; minutes from a meeting of the Board of Directors; certificate of the deposited capital issued by the bank; resolution of the managing body representing a shareholder who is a legal entity; excerpt from the relevant business register regarding a shareholder who is a foreign legal entity; document evidencing payment of the state fee for incorporation of a company; declaration under Article 13, paragraph 4 of the Commercial Register Act signed by the applying managing director; the relevant license or permit according to any special law on the performance of a specific business. |
Branch
For the establishment of foreign investments under Bulgarian law, in addition to five different companies listed above, the investor may choose one of the following corporate forms:
• Branch and
• Trade representation
A commercial legal entity who has the right to perform commercial activity under their national law may register a branch in the Commercial Register. The branch is not considered a separate legal entity. The branch is not required to have any paid up capital or separate governance structure. Its assets and liabilities are considered assets and liabilities of the mother company.
Representative Office
Foreign persons authorized to do business under their national law, may establish a representative offices in Bulgaria. A representative office is registered at the Bulgarian Chamber of Commerce. The representative office is not a separate legal entity and can not carry on business activity. Thus, the purpose of the representative office is to perform activities such as promotions, exhibitions, demonstrations, training and advertising of products or services.
| Registration of a foreign person’s representative office | |
| Legal framework | The Investment Promotion Act |
| Competent authority | The registration body is the Bulgarian Chamber of Commerce and Industry. |
| Procedure and required documents | Official registration document of the foreign person issued by the relevant competent authority as per its national legislation; official document regarding the persons managing and representing the foreign person; resolution of the managing body of the foreign person for opening a representative office in Bulgaria; special notarized original power of attorney issued by the person/s/ representing the company for the person authorised to register and manage the representative office in Bulgaria specifying the powers granted to the latter; original specimen/s/ of the signature/s/ of the person/s/ being representative/s/ in Bulgaria, whether by virtue of law or by special authorisations, certified by a notary public; document evidencing payment of the registration fee for the representative office; completed registration card for the IT system of the Bulgarian Chamber of Commerce and Industry. |
| Terms | The registration terms are between 1 hour and 3 days (according to the declared wish and the fee paid). |
| Registration in the Bulstat Register | |
| Legal framework | The Bulstat Register Act. |
| Competent authority | The registration offices of the Registry Agency seated at the district courts |
| Procedure and required documents |
The Bulstat Register is used for registration of branches of foreign persons that are not business entities, representative offices of foreign persons registered at the Bulgarian Chamber of Commerce and Industry. The documents required for the registration are the following: certificate of registration/registration with the Bulgarian Chamber of Commerce and Industry; copy of the resolution for appointment of the person managing and representing the entity; filled in application form for registration provided by the Bulstat Register. The following categories of foreign persons are also subject to registration and shall be issued the ID card and ID code (Bulstat code): - foreign legal entities which carry out a business in Bulgaria or whose effective management is located within the country, or that own real property in the country; as well as - foreign natural persons who have no Bulgarian personal ID number or a foreigner's personal ID number and conduct a business or provide independent private services in Bulgaria, including by a permanent establishment, or own real property in the country, or are social security contributors; |
The cost of the company registration and other documents will be as follows:
Fee for the registration of the Company in Company Registers 380 Euros
(Remote registration Charges)
Provision of Legal Address in the City of Bourgas /Plovdiv 90 Euros
(Per Year)
Seal/Stamp of the Company 20 Euros
Issuance of Insurance Number of the company 40 Euros
Personal Data Protection of the company 40 Euros
Translation of the Passport 15 Euros
Certificate from the Company Registers (Printed Version) 25 Euros
(If needed)
VAT Registration 90 Euros
Total 700 Euros
Note: Legal/service charges will be over and above of the total cost in case of making / translating additional documents depending on the nature of the company (approval of the client may be accorded before proceeding to the registration process).
Tel/Viber/Whatsapp: +359 899 429 953