Some advantages of outsourced accounting

When an individual starts a business and wants to be in the light of his activity, he must do everything possible to have accountants who handle correctly and professionally the financial and accounting issues of his/her company.

Each company has two options for keeping its accounts in order: a special department to deal with declarations, insurance, taxes and others, or hiring a company for outsourced accounting. The second option is often far more appropriate. Continue reading “Some advantages of outsourced accounting”

Amazon FBA and taxation

Amazon FBA, or Fulfillment by Amazon, is a business model that might seem attractive. Basically, if you decide to sell a certain product through Amazon, the deal is that you send your product to Amazon for storage and distribution, properly packaged. From then on it is your job to promote your business and find new clients, while Amazon does the practical things like handling orders and sending the products. There are, of course, fees for this service, as well as fees for storage.

But you should bear in mind that going into this line of business may bring some purely bureaucratic setback to you.  There are Amazon’s strict rules to consider, there are sales tax and VAT regulations in different EU and non-EU countries, and there is personal responsibility for faulty or dangerous products. Continue reading “Amazon FBA and taxation”

5 reasons to trust the professionals for registration of your Bulgarian company

The creation of a business company or even a sole trader in Bulgaria 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 to the specialist performing registrations of companies. Not long after, the majority of these people find themselves so entangled in red tape that ultimately again recourse to an 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 the 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. Continue reading “5 reasons to trust the professionals for registration of your Bulgarian company”

How to start a beauty salon in Bulgaria

How to open a beauty salon/ hair salon/ beauty parlor in few easy steps?

  1. Company registration, by which you can do business in Bulgaria.
  2. Tax registration – voluntary under Art. 96 of VAT Act.
  3. Purchase and registration of a cash register (a fiscal device).
  4. Ensure a suitable object in which the activity will be performed – it can be hired (a lease contract is required) or private property (a title deed is required).
  5. The purpose of the property should be for business activity, in this context a change of status of the property may be indispensable.
  6. Certificate of commissioning.
  7. Observed requirements on fire safety of commercial property – a permit issued by General Directorate Fire Safety and Protection of Population.
  8. A notification for opening an object of public designation to the relevant regional health inspectorate and obtaining a certificate of registration after verification.
  9. Possession of a master certificate and registration pursuant to Skilled Crafts Act.
  10. Preparation of internal rules and operation instructions.
  11. Registration of working time of a stationery commercial site – it is done in the relevant municipality.

Continue reading “How to start a beauty salon in Bulgaria”

Types of business in Bulgaria

The types of business organizations, most often used in Bulgaria are a Limited Liability Company (LTD/LLC), a Joint-Stock Company (JSC), a branch and a trade representation.

  1. Limited Liability Company (LLC/LTD)

It is the business type most popular among investors and entrepreneurs because of the minimum capital requirements, simplified structure and management. LLC can be established by one or more persons – individuals and/or legal entities. Shareholders in LLC may be Bulgarian and/or foreign individuals and/or legal entities. Continue reading “Types of business in Bulgaria”

Transport license in EU

Community license for international road haulage

Registration of transport company

How to get transport license in Bulgaria?

It is necessary to have a registered company (regardless of the legal form – LTD., JSC., etc.) and its scope of activity is specified for the carriage of goods against payment. Registration of company which carries out transport activity has its own peculiarities, therefore you can count on our qualified legal assistance in registration of transport company.

What documents are needed for Community license for international road haulage? Continue reading “Transport license in EU”

Certifications and legalizations

If you plan to start a business in Bulgaria by a company registration or a commercial representation of your foreign business, it may be necessary to provide documents from abroad, subject to certification and legalization. This text will help you understand what is apostille, when and for which countries it is mandatory to be used and where it is issued.

For a document issued by a foreign state to be recognized by Bulgarian institutions, it shall be arranged in a way which depends on whether the respective state is a party to the Hague Convention, whether between the two states there is a Legal Aid Agreement that is still in force or whether this state does not fall in any of the first two groups.

Requirement for apostille Continue reading “Certifications and legalizations”

Acquiring BG citizenship by investment

 I. Under Art. 12 of Bulgarian Citizenship Act

The physical person :

  1. Must be an adult;
  2. Before no less than 5 years has been given permit for permanent or long-term residence in Bulgaria;
  3. Has not been convicted of a crime by Bulgarian court or is not prosecuted for such a crime, unless rehabilitated;
  4. Has an income or occupation that enables him to live in Bulgaria;
  5. Is skillful at Bulgarian language;

Permit for long-term residence – requirements (LFRB art. 24, para 1, items 19, 20):

  • Visa D;
  • Investment of no less than 600 000 BGN or  investment in economically disadvantaged regions of no less than 250 000 BGN plus opened at least 5 workplaces for Bulgarian citizens;

Permit for permanent residence – requirements (LFRB art. 25, para 1, items 16, 17): Continue reading “Acquiring BG citizenship by investment”

What should you know about the business name reservation in the commercial register?

  Business name (known as a firm) is the name under which the trader carries his occupation and shall be signed. It must correspond to the truth, not be misleading and does not undermine public order and morality. Every firm has content prescribed by the law which may include indication of the sphere of activity, the persons involved and freely chosen supplement. The trader is obliged to write firm’s name in Bulgarian, as he could additionally inscribe it in a foreign language.

  The trader has an exclusive right over the firm. It can only be used by the trader who has made the registration. It can’t be identical or similar to a trade mark or earlier registered company. The firm can be changed upon request of the trader who has made the registration. Continue reading “What should you know about the business name reservation in the commercial register?”