Tax treatment of the income realized remotely from Bulgaria by a natural person working for a foreign company located in another country

In the conditions of a changeable situation, some of the companies manage to adapt by implementing their commercial activity through remote work of their employees. A situation often arises when a person hired on work abroad has to perform his duties remotely from the territory of another country. Until one moment this person has paid taxes in the country where the company has its registered office, and subsequently, after beginning the remote performance of his duties in another country, the question arises about the tax treatment of the income realized through remote work.

Continue reading “Tax treatment of the income realized remotely from Bulgaria by a natural person working for a foreign company located in another country”

Declaring an asset sold by a non-trading company

In the situation of a sale of a company asset (e.g. a car) in a reporting period during which no commercial activity has been carried out in Bulgaria by a company, the question arises whether this company can be defined as a person that has not carried out activity within the meaning of the Law on accounting and whether it should declare the amount of the sale of the asset.

Continue reading “Declaring an asset sold by a non-trading company”

Exercising of labor activity and social security insuring of the owner and the manager of a limited liability company (Ltd.)

Bodies of the limited liability company (LTD.) in Bulgaria are a general meeting and a manager (managers), as the manager may not be a partner. The manager organizes and manages the activity of the company in accordance with the law and the general meeting’s decisions. The company is represented by the manager. Upon several managers each of them can act alone unless the Articles of association provides otherwise. In regard to the sole owner limited liability company (LTD.), the issues that are from the competence of the general meeting are decided by the sole owner of the company. The relations between the company and the manager are settled by a contract for assignment of the management. The contract is concluded in writing on behalf of the company through a person authorized by the general meeting of the partners or by the sole owner.

Continue reading “Exercising of labor activity and social security insuring of the owner and the manager of a limited liability company (Ltd.)”

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”

Establish a FOREX company in Bulgaria

Global Consult Europe is a consulting agency specialized in international corporate law. We will provide you with all the necessary know-how on how to start your own Forex business. Thanks to our partners we can offer you a full range of services that include:

Continue reading “Establish a FOREX company in Bulgaria”

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”

Advantages of a shelf company

A shelf company (also called “ready made company”) is a denotation for a company which is registered in the Commercial Register in Bulgaria and has never conducted business activity. This kind of companies do not have any obligations, assets or liabilities.

Should I buy a shelf company?

It is a smart decision if you are applying for a project and there is a requirement the company to be registered at least 6 month ago – quite common in applying for EU grants/funding.

Ready made companies with a VAT registration Continue reading “Advantages of a shelf company”

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”