Many Russian nationals who have moved to Bulgaria or just intending to buy property in this state, in the long term plan doing business in this country.
- What are the legal standards must be considered in this case?
- What legal form of company to choose?
Legislation
Primarily doing business in Bulgaria for a citizen of another state is governed by certain provisions of the Law on foreigners in Republic of Bulgaria”.
Also enterprises established by foreign citizens on the territory of the Bulgarian state shall automatically become subject to national tax legislation, in particular the following laws:
- The law on corporate income tax (SCPN)“Law for korporativno income obligee”;
- The VAT law - “the Law for danyk Vyru Debabrata stoimost”;
- The law on taxation of individuals - the “Law for obligee to get from physically face”
- Law on local taxes and fees.
According to the tax legislation in Bulgaria payers SCPN are both local and foreign economic agents. The size of the tax currently amounts to 15%. Dividends that are accrued legal entities in favor of foreigners or local individuals are taxed at 7%.
VAT in Bulgaria is 20%. This tax is levied on all services rendered and produced goods, including imported ones. A VAT payer are any person with a turnover of more than 50 000 BGN. Foreign nationals engaged in economic activity in the country, carry out all relations with the state through an accredited representative of a Bulgarian citizen.
Forms of enterprises
The most common legal forms of businesses are: Joint-stock Company (Bolg. Joint-stock company) and the limited liability Company LLC (Bolg. The company with limited odgovornost - CCCS). Small businessmen are registered as Individual entrepreneurs (Sole trgovec). Data.-legal forms of enterprises, except the last, are legal entities.
The legislation places no restrictions on the national founders of the company - they can be both local and foreign citizens. Also for all enterprises uniform rules of taxation.
For those who have acquired modern Bulgarian property and is not a citizen eof the state, GED or the equivalent of our LLC is the best choice.. the Minimum share capital required for registration of the CCCS, is $ 5 thousand levs. The founders of the CCCS is not restricted by law, is limited by the minimum equity portion of each of them is 10 leva.
In the application for registration must specify the unique name of the company and its legal address. After the application starts the procedure of the company in the commercial register depending on the County to which it relates. After the publication in the newspaper “dyrehaven Bulletin” - the company is officially registered.
The next step is to register a company in the tax service and the pension Fund.
