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COMPANY FORMATION
According to the applicable Bulgarian legislation, persons who carry out commercial activities within the meaning of Art. 1, para. 1 of the Commercial Law can be registered as legal entities. This is one of the first steps you need to take before to start doing business. Incorporating a company will help you to limit your liability. In other words, you will be liable for your obligations only to the extent of your assets. The main difficulty experienced by persons taking the step to establish a company is the type of the legal entity. Each type of trading company has its advantages and disadvantages. To date, official statistics indicate that the limited liability company (in Bulgarian EOOD or OOD) are the most preferred legal forms for starting a small or medium-sized business. The difference between EOOD and OOD is in the number of people owning part of the capital. With an EOOD, the ownership of the capital is sole - one person is the contributor of the capital.
For the registration of an OOD - the founders must be at least two, but there is no requirement that they have equal capital contributions. The precise preparation of the registration documents is of utmost importance, as it lays the foundations of your company. Company formation also includes several additional steps after registration, one of which is registration under the VAT act, in case there is a need to do so.
If you need assistance in preparing and submitting the necessary documentation, as well as if you need any consultations regarding the incorporation of a legal entity, you can contact us at the email address office@stanconsulting-bg.com or at mobile + 359 884 797 209.