“Contabil“ OOD is an accounting company, which covers the complete spectrum of bookkeping, accounting services and preparation of financial reports ....
Tax accounting is the principal kind of accounting necessary for the small and medium sized companies. Tax accounting is directed towards the correct reporting of the business ....
Buy a shelf company in Bulgaria which is already VAT registered. The transfer takes one week after the submission of the documents in the Commercial register. ....
Contabil EOOD - Bulgaria is a company specialized in services for foreign companies and individuals who wish to open companies and establish businesses in Bulgaria and offers services such as company registration, ready-made companies for sale, bookkeeping and accounting.
Contabil EOOD offers also VAT registration for commerce within the EU.
Contabil EOOD is specialized in international accounting and in accounting for intracommunity operations such as supply of goods and services, applying zero-rate VAT.
Contabil EOOD is situated in the bulgarian town Ruse on the bank of the river Danube and is the closest bulgarian town to the romanian capital Bucharest.
How to start a business in Bulgaria?
General information about Bulgaria
Bulgaria has been a Member State of the European Union for more than 10 years and is becoming an increasingly attractive place for business because of its stable financial status and good tax regime. More and more foreign companies are starting to do business in Bulgaria. If you are interested in being represented with a company in Bulgaria, "Contabil" EOOD will help you do that. "Contabil" EOOD registers companies of foreigners in Bulgaria and provides accounting services, as well as all types of tax consultations of foreign companies. "Contabil" EOOD is situated in the beautiful Danube capital of Bulgaria - the city of Ruse. We will help you launch your business successfully in Bulgaria and we will be your trusted adviser in order for your starting business in our country to become a sustainable prosperity. In addition to company registration services, "Contabil" EOOD provides accounting services, tax services, personnel, and salary and social insurance services.
There is financial stability in Bulgaria, and this is a prerequisite for a successful business. Bulgaria's financial stability is based on the fact that the local currency - leva (BGN) has a fixed rate to the EURO and this protects the business from currency shocks. The state is also preparing for its gradual joining the Eurozone, which will be a natural continuation of the currency board.
Bulgaria has a well-developed banking system. There are 22 licensed local banks and 5 branches of foreign banks registered in the country.
Bulgaria has one of the best tax systems in the world. The tax authorities do not interfere with the regular companies' activity, and in this sense the good accounting services that "Contabil" EOOD will provide to you are of utmost importance to you. The relationships with the National Revenue Agency are civilized and most of the checks and inspections do not even lead to a personal meeting with the inspectors - requests are received electronically and the documents are submitted in the Commercial Register. The electronic services of the NRA are very well developed. Procedures are simple and quick, and the bureaucracy is minimized.
Corporate tax rate in Bulgaria is 10 percent for over ten years and this creates a favourable business environment for entrepreneurial activity. The same is the size of the income tax for individuals. Value added tax is 20% and there is a flat rate. VAT registration is not mandatory for all companies and depends on the annual turnover of the company. Social security contributions in the country are between 30 and 40 per cent and their burden is distributed between the worker and the employer, and this ratio has changed over the years. As a member of the European Union and part of the common European market, invoices without VAT are issued by Bulgarian companies to other companies from other EU member states if the supply is eligible for zero value added tax (VAT). Thus, VAT is not paid and, consequently, there is no need for it to be reimbursed by the tax administration.
In some cases, VAT has to be refunded - for example, for imports from outside the European Union or for the purchase of goods from Bulgaria and subsequent intra-community supplies of goods. Even in cases where VAT calculation is needed, the Bulgarian tax authorities - NRA - reimburse this tax quickly and easily. This is an advantage compared to many other EU Member States, where the difficult VAT refund is one of the main barriers to business.
What can we do for you in terms of accounting? The short answer is - everything! You can rely on Contabil EOOD both for the annual reporting and for the interim financial reports. We can conduct the accounting for your tangible and intangible assets, take full account of the remuneration of your employees, prepare reports and inventories, and submit declarations and statements for you assist you in your relationship with Bulgarian banks. The internal document flow and internal financial control can also be our concern if you need it.
We are oriented towards information technologies. We also help our clients implement software and information systems that also affect the accounting processes. When we prepare your financial statements, we provide them to you in Bulgarian, Romanian and English languages.
We provide our customers with free access to a billing program (in Bulgarian, English and Romanian languages) and free on-line access to company accounting and all accounting entries, reports and statements.
From Contabil EOOD you can get advice on all issues related to accounting and accounting standards in Bulgaria, taxation, trade and labour law.
Every company needs a tax strategy and planning depending on its activities and "Contabil" EOOD is here for you! If your business is located in Ruse, the timely submission of all tax and insurance statements will not be a problem for you. We specialize in intra-community trade in the EU and in the application of a zero VAT rate. We prepare annual tax returns under the Corporate Income Tax Act, monthly VAT returns, VIES and Intrastat declarations, commercial register declarations, etc. We comply with tax and social security legislation, but we can also optimize and minimize your tax liabilities within the law and elaborate the company's overall tax policy. We can provide bookkeeping in a way to ensure that there is no problem for you with tax authorities.
Contabil EOOD can be your agent before the tax administration. We can represent you in problematic cases and present all the necessary documents to the NRA Ruse during tax inspections and audits of your company. We can also assist you in drafting a strategy for tax or administrative appeal, but our primary concern is not to get there. Preliminary preparation is always important. Your tax protection is provided by Contabil EOOD.
Concluding, changing and terminating employment contracts with employees is also a job that should not take away from your precious time to focus on the essence and development of your business in Bulgaria. Contabil EOOD can undertake for you this activity and replace you in maintaining the necessary relationship with the National Revenue Agency and the National Social Security Institute. This includes the preparation of employment contracts and additional agreements to them, termination of employment contracts, filing of notifications, monthly insurance declarations, registration of contracts in the tax administration, etc.
The world is becoming more and more global, and where you are located matters less and less for the business you are doing. Of course, for foreign citizens who want to do business in Bulgaria, it is good to have their own company in the country. Contabil EOOD can register your business in Ruse and provide you with the necessary accounting services to make sure that your business is documented and legally secure, and that your interests are protected.
In Bulgaria, the registration of companies by foreign persons is allowed. The limited liability company is the most common option for company registration. What is provided additionally upon the registration of a company belonging to a foreigner is verbal interpretation in the relevant language or in a language that the foreign person uses, and a written statement by an interpreter for the correctness of the translation. We also provide a written translation of the company registration documents.
- Registration in the Commercial Register, and
- VAT registration.
Registration in the Commercial Register takes two or three days. However, VAT registration takes place within 14 days or two weeks after the filing of the documents. So practically, the entire registration period amounts to 3 weeks and you should come to Bulgaria twice to complete the process. On your first arrival we can not make a power of attorney to avoid your second visit to Bulgaria because the company still does not have a registration number.
However, we have a solution for you! We can offer you for sale companies, which are already VAT registered, but have not been active until now. We only need to transfer to you the shares - a procedure which takes three times less time than the three-week period mentioned above. Transferring shares takes 4-5 business days (1 week). Everything can be done only with one visit to Bulgaria, and we can also open the bank accounts.
Before you proceed with your company's registration, we offer you a free consultation to help you assess whether a company in Bulgaria will help you achieve the goals you have set and whether the working conditions we offer you satisfy you. The consultation includes all questions regarding the company registration, taxation, as well as the accounting contract and the prices of the services offered. The Accounting Services Contract provides for our responsibility for a correct and accurate bookkeeping and filing of tax returns. When registering your company, Contabil EOOD can advise you on how to determine your subject of activity, what capital amount you should choose the rights of the partners and managers if you are not the sole owner. We will certify the specimen of your signature with a notary public. Together, we will open an account for the company's capital with a commercial bank and will pay all your registration fees. We shall also produce all necessary documents for the Commercial Register.
The preferred form for setting up one own's company is the registration of a limited liability company with a sole proprietor (EOOD) or a limited liability company (OOD) with more partners.
One of the first steps is to make-up the name of your own company and check it’s availability in the Commercial Register. More than one million companies are registered in Bulgaria, according to statistics, so it is not impossible that the name you have chosen is already taken by another company. Checking whether the name you have chosen for your company, is free and is done on-line.
The constitutive act describes the subject of activity, and in Bulgaria it is permitted to declare any kind of activity that is not prohibited by law.
We will provide you with a complete package of registration documents. Contabil EOOD will advise you and shall undertake all the necessary steps to register your limited liability company in Ruse in order for you to start your new venture. The amount of capital for OOD or EOOD is also symbolic - approximately EUR 1. Afterwards, we offer you a contract for accounting and consulting services. This way nothing shall prevent you from starting your successful venture in Bulgaria! With Contabil EOOD!