I am presenting you with a procedure for opening a cumulative account for a foreigner in Bulgaria, as well as the initial information and documents required.
The future manager of the company can complete the procedure entirely online. The manager may be a citizen of the EU/EEA or from a country outside these unions.
The agreement for opening a cumulative account is signed with the service provider. The Articles of Association and the founding protocol are provided.
In order to specify the company's activity:
Describe the company's activity and how it will be organized in Bulgaria.
Provide information about future business partners (clients and suppliers) - name, country of registration, activity.
Provide the company's website address (if applicable).
State the countries to/from which payments will be made with the future business account.
Explain the reason for establishing a company in Bulgaria.
Explain the source of the funds to be received in the account.
Describe the expected average monthly turnover of the business account.
Specify whether the company will provide services related to blockchain technologies and/or cryptocurrencies and if transactions will be conducted with other companies/individuals related to blockchain technologies and/or cryptocurrencies.
Identify the company's owners (other companies and/or individuals) and final beneficiaries (individuals who own 25% or more of the capital or control the company) and submit documents confirming this, if possible.
The submitted documents are reviewed and analyzed. Upon approval, a cumulative account is opened where the initial capital should be deposited. The capital must be deposited via a bank transfer from a Bulgarian bank in Bulgarian lev (BGN).
After registering the company in the Commercial Register and the Register of Legal Entities, a business account must be disclosed. The cumulative account is closed, and the capital is transferred to a newly opened payment account.
The procedure takes between 2 and 7 business days.
Regarding opening a cumulative account for foreigners in Bulgaria, please, contact us, by visiting contacts.