What are the benefits of getting a Bulgarian temporary residence permit?
- Foreigners will get a Bulgarian ID card allowing their stay in Bulgaria and multiple entries into the country.
- Your Bulgarian ID card can be extended for up to 5 years and foreigners can later apply for permanent residence and full citizenship.
- Access to a simpler visa process for Schengen Zone.
- You can take your family to Bulgaria.
What duration of living does a temporary residence permit allow me in Bulgaria?
A Bulgarian temporary residence permit allows you to stay for either 6 or 12 months. You can renew yearly for up to 5 years.
When do I become qualified to apply for a Bulgarian permanent residence permit?
To be eligible for a permanent residence permit, a person should hold a valid Bulgarian temporary residence permit for a minimum of 5 years. Foreigners can get their temporary residence permit through the trade representative office in Bulgaria. The permit is issued for a duration of one year and can be renewed annually for up to five years.
Bulgaria has proven to be the perfect jurisdiction for incorporating and running FX companies. This is due to its attractive tax regime, their EU Member Status, its implementation of Markets in Financial Instruments Directive (MiFid), and a strong regulatory regime.
According to the Bulgarian legislation, only licensed and registered investment intermediaries can provide FX trading/investing services. This requires direct approval of the Financial Security Commission (FSC) in accordance with Markets in Financial Instruments Act. A few of these requirements are minimal capital investment as well as personal and professional guidelines in regards to the firm’s director.
Every FX brokerage firm licensed by the FSC falls under MiFID, the regulatory organizations for investment services across the 30 European Economic Area member-countries. As such, the ensuing license is valid across the EU, and allows FX brokerage firms to offer investment services, establish representative offices, and create fully-operational branches in any desired location within the European Union.
Significant changes in Bulgarian Commerce Act were adopted at the end of 2016, valid in the current year. We present below a summary of the most significant changes introduced with the present Act.
Validity form of certain documents is getting stricter
In addition to the current requirements for notary certified signatures on contracts for the transfer of commercial enterprise and contracts for the transfer of shares, a new requirement for additional notary authentication of the content of such contracts is introduced.
The same validity form will be required for the decisions of shareholders of limited liability companies for acceptance and exclusion of shareholders, increase and decrease of company’s capital, shares transfer to a new shareholder, appointment of company manager, acquisition and disposal of real estate and property rights thereto.
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The creation of a business company or even a sole trader is an activity that is important to be done by the rules, because the appearance of a newly created business depends on it. Many people believe that they can successfully pass the administrative and bureaucratic procedures, with the intention to save the fee that would have paid the specialist performing the registration of companies. Not long after, the majority of these people find themselves so entangled in red tape that ultimately again recourse to expert, which is a waste of time and money.
If you want to avoid the bitter experience and start as soon as possible your business activity it is important to select a team to take on the entire burden of cumbersome procedure. During this time, you can focus to the activity, corresponding to your competence, laying the foundation for a successful and prestigious business.
5 reasons to trust the professional registration of companies
The reasons to trust the professionals are many, but here we will suggest only 5, we believe that their significance is greatest. Most of us don’t soberly judge the situation until we understand from experience how great is the difficulty to fight the bureaucracy not having the necessary competence and experience. Here are the main reasons ordered but not prioritized.
How to open a beauty salon/ hair salon/ beauty parlor in a few easy steps?
- Company registration, by which you can do business in Bulgaria.
- Tax registration – voluntary under Art. 96 of VAT Act.
- Purchase and registration of cash register (fiscal device).
- Ensure a suitable object in which the activity will be performed – it can be hired (lease contract is required) or private property (title deed is required).
- The purpose of the property should be for business activity, in this context a change of status of the property may be indispensable.
- Certificate of commissioning.
- Observed requirements on fire safety of commercial property – a permit issued by General Directorate Fire Safety and Protection of Population.
- A notification for opening an object of public designation to the relevant regional health inspectorate and obtaining a certificate of registration after verification.
- Possession of master certificate and registration pursuant to Skilled Crafts Act.
- Preparation of internal rules and operation instructions.
- Registration of working time of stationery commercial site – it is done in the relevant municipality.
What is an annual financial report?
The annual report gathers full information about the financial position of the company. It includes statement for revenues and expenses, balance sheet, statement for share capital and cash flow statement
The financial report is drawn up for one financial year , coinciding with the calendar year – from January 1st to December 31st. E.g: If you have a company created on 01.12.2015, you need to submit a report on the activity carried out in 2015 – in this case only one month.
Who is obliged to announce the annual financial report?
All the traders according to the Bulgarian Commerce Act, this includes Limited Liability Companies (Ltd.), Limited Partnerships, General Partnerships, Joint Stock Companies.