The Bulgarian abbreviation for Ltd – “EOOD”, means: “Sole Limited Liability Company.” OOD and EOOD are one and the same thing except that OOD consists of at least two partners and EOOD only one. It is also a company, though it consists of one person.
To run a successful business in Bulgaria, you must first familiarize yourself with the most important features of the country. Bulgaria is a Member State of the EU and as such benefit from all the advantages of free movement and business opportunities. In this sense, the obtaining of Bulgarian citizenship or a long-stay visa is a priority.
A residence permit is issued in 2-3 weeks, it is valid for up to 1 year. Law-abiding citizens have every chance of extending a document for a similar period. Persons residing in the country for more than 5 years (the condition is the presence in Bulgaria for at least 183 days during the year) are entitled to permanent residence or long term resident.
Residence permit – internal Bulgarian status, which can be obtained on various grounds, both in terms of stay and in the presence of “Bulgarian roots”, investments made, and so on…
Long term resident EU – the status entered into the Bulgarian legislation by the directive 2011/98/EU EP of December 13, 2011. This status can be obtained only on condition of a certain period of a stay in Bulgaria.
The residence permit is given to people who have a long-term visa (type D). Which can be obtained by the persons who submitted the documents:
Having successfully passed the first test, received a residence permit, you acquire the right to start your own business here. The company must be registered in a certain sequence:
To register an individual company owned by 1 person, you will need:
In order to register a limited-liability company established by two or more individuals or legal entities on the basis of certain shares contributed to the authorized capital, another list of documents should be submitted. Here is the list:
Having correctly completed all the registration procedures, after consulting with competent lawyers, you can safely get to work.
However, to be sure that everything regarding the registration of documents and the withdrawal of all necessary permits for starting your business in Bulgaria will be ok, we recommend you contact a local law firm or consulting firm for help. VD&A is an international law and consulting firm offering comprehensive corporate services to foreigners in Bulgaria. They will help you to prepare all the necessary documents for setting up your company and starting your business. The company experts will open your bank accounts and keep your accounting records.