Your trusted and reliable accounting & auditing services provider in Bulgaria
Let us handle your accounting and auditing while you focus on the most crucial aspects of your Bulgarian business.
Who are we?
If you are looking for a professional, qualified and experienced accounting and auditing firm in Bulgaria, then look no further. From simple bookkeeping to tax audit and payroll accounting, FormationWise offers the best business accounting services and guaranteed results.
Why choose us
Whether you are a small or a mid-size Bulgarian company, you would still need to implement an accounting system in order to accurately record and report business transactions, monitor invoices and reduce problems with tax regulations.
What we do?
FormationWise saves your company the time and work involved in maintaining clear and correct bookkeeping, accounting, and auditing, as well as becoming acquainted with a new organizational framework.
Our team of Bulgarian professionals is well experienced in the preparation of financial records and statements in accordance with International Financial Reporting Standards (IFRS) and Bulgarian accounting standards. Whereas our specialized auditing services perfectly fall in line with Bulgarian legislation for Independent Financial Audit and International Standards on Auditing (ISA). Our auditing approach is completely focused towards the best interest of the company and adheres to professional ethical norms.
At FormationWise, our comprehensive range of compliance audit, payroll accounting, eCommerce accounting, tax accounting and business accounting services in Bulgaria are second to none. Our various accounting and auditing services are customized to the needs of small and medium-sized companies, and international groups of companies as well.
The pricing for our accounting and auditing services for a Bulgarian company usually depends on the volume of your company’s monthly accounting documentation, number of transactions in your monthly bank statements, number of employees and other relevant criteria, specific to your business.
Send us an inquiry today!
How to place your order
Select your desired accounting and auditing package
Simply choose the accounting and auditing package that meets the needs of your Bulgarian company by filling out our form, by call or by placing an order on our website
After finalizing the right package, make the payment for your chosen services and send us the financial details of your Bulgarian firm
Send your documents
Forward us all the necessary financial documents of your Bulgarian company through an email with the documents attached or by phone
Start the process
Once we receive the payment and the required documents, our team will start working on the accounting or auditing service that you have ordered for your Bulgarian company
Get it done
Depending on whether it’s a one-time task or an ongoing financial project, our Bulgarian accounting partners will get the job done in no time
Our accounting and auditing services in Bulgaria
Not sure what you need?
Why choose Formationwise for accounting & auditing services in Bulgaria?
FormationWise offers professional bookkeeping, tax audit and accounting services in Bulgaria, through an expert team of local partners. Here are some of the reasons why you should hire FormationWise for your accounting and auditing needs in Bulgaria:
Full range of services
From eCommerce accounting and compliance audits to payroll accounting and more, we provide a wide range of financial services, so you can run your financial operations smoothly and efficiently in Bulgaria.
When you choose FormationWise to handle your accounting and auditing services in Bulgaria, you can rest assured that your records, data and personal details are completely secure.
Fast and reliable
We will effectively manage your company’s financial data to help you grow your revenues and take your Bulgarian business to the next level.
We have years of experience helping new businesses and companies of all sizes with accounting and auditing services in Bulgaria.
Free initial consultation
We provide a free initial consultation to evaluate and analyze the best accounting and auditing services for your company or business in Bulgaria.
Our team of financial experts offers quality accounting and auditing services in Bulgaria at the most competitive price in the market without compromising on quality.
Transparency and integrity are the top priority here at FormationWise. You will never incur any hidden fees or costs when you work with us for any accounting and auditing task in Bulgaria.
Benefits of outsourcing your accounting services in Bulgaria to FormationWise
Many entrepreneurs and small firms in Bulgaria are experiencing intensely fierce competition in the country’s rapid changing economic climate and simply lack the in-house capabilities to meet all their financial needs. Outsourcing your accounting services in Bulgaria to a reliable and experienced company such as FormationWise can help you manage your financial concerns smoothly and efficiently. Here are some of the benefits:
What documents are required for outsourcing your accounting and auditing services to FormationWise?
With the ever-changing and complex Bulgarian laws and regulations in place, there are extensive documentation and checklists required to handle the accounting and auditing process of your Bulgarian company. Here are some of the documents we require to manage your accounts, plan or file your taxes or conduct an internal audit for your business in Bulgaria:
Auditing services in Bulgaria
Many Bulgarian companies need financial audits and auditing services for statutory reasons or to disclose financial data to authorities, banks or investors. FormationWise can provide statutory audit, tax audit, compliance audit and internal audit services in Bulgaria for accounts and financial statements for start-ups and small to mid-size companies.
We have strong technical skills in performing corporate audits of Bulgarian businesses and generating accounting records in accordance with International Financial Reporting Standards (IFRS) approved by the European Union (EU) and Bulgarian National Accounting Standards (NAS).
At FormationWise, we have always considered it part of our responsibility as auditors to provide practical support and advise in assisting you to find answers to the issues posed by the ever-changing Bulgarian environment.
All of our audit work is carried out in line with recognized audit practices that adhere to International Standards on Auditing. Our qualified accountants will offer you with a broad variety of audit services in accordance with the rules of the Bulgarian Independent Financial Audit Act.
Furthermore, we will gladly help you in offering advice on how to enhance the management of your accounts so that they completely conform with the standards of Bulgarian tax law.
FormationWise’s professional auditors are always ready to offer the best audit services for your company in Bulgaria.
Mandatory reports required in Bulgaria on a regular basis
According to EU Directive 2013/34, the new Bulgarian Accountancy Act mandates new required reports to be produced on a regular basis by certain enterprises. Here are some of the essential reports required:
Report on pay-outs to government agencies
It is required from big firms and all public interest organizations involved in the extractive sector or primary forest logging, and it is to be disclosed with the yearly financial statements. If the business is obliged to submit integrated financial information, a comprehensive report on government payments is then generated. The entire amount of payments made to each government by type will be included in the report.
Declaration of Corporate Governance
In accordance with the Public Offering of Securities Act, issuers of listed securities, lending institutions, reinsurance, and insurance undertakings provide a summary of corporate governance activities in their annual report. The corporate governance statement may be written as a separate report published with the activity report or as a document publicly available on the authority’s website.
Big firms that are public interest companies and employ more than 500 people on average per year should submit a non-financial statement about their business operations in their annual report. The non-financial statement describes the entities’ policies in connection to their operations. These new reports, together with the yearly financial accounts, must be submitted with the Commercial Register by the end of June 30th of the following year.
Important accounting deadlines in Bulgaria
The Bulgarian Accountancy Act establishes the proper accounting standards for all entities in Bulgaria, with the exception of small and mid-sized businesses. These accounting standards must comply to the International Financial Reporting Standards (IFRS) created by the International Accounting Standards Board (IASB) and approved by the European Union. The Act’s rules apply to all corporate organizations, including branches of foreign firms, with the exception of regional offices. Small and medium-sized businesses shall adhere to the National Financial Reporting Standards set by the Bulgarian Council of Ministers, or they may voluntarily apply for IFRS as well.
In Bulgaria, personal income tax is levied on earnings from employment, self-employment, gains or losses, rental revenues, and so on. In order to pay taxes in Bulgaria, private individuals and companies must file their tax returns in order to calculate the amounts to be paid. If a person’s primary source of income is from their salaries from a Bulgarian firm, they are not required to submit an annual tax return. The employer is required to reimburse and pay income tax and social security contributions on a monthly basis. A self-employed individual, on the other hand, is required to file an annual tax return and make advance payments toward income tax responsibilities. They must submit any overdue tax by the 30th of April of the year after the taxation period.
The Bulgarian Trade Register is a framework that offers access to crucial information about businesses working in the Bulgarian market including facts about the company’s capital, type of operation, names of owners and management, and location. The Register also contains Bulgarian companies that are insolvent or in bankruptcy. When a businessperson launches a business, it is mandatory to register in the trade register. This also applies to already registered traders in case of a change in their business activities. The purpose of the Trade Register is to provide information on the current status of traders (companies and sole traders), to increase security in trade and promote the use of electronic services.
Bulgaria has signed a treaty to prevent double taxation with numerous nations across the globe. This double taxation agreement allows tax paid in one of two nations to be adjusted against tax due in the other, eliminating double taxation.
The major goals of the double taxation agreement are to stimulate economic cooperation among nations and promote foreign investment.
Bulgaria has double tax treaties (DTT) with the following countries:
- South Africa
- South Korea (R.O.K.)
- Slovak Republic
- The Netherlands
- North Korea (D.P.R.K.)
- United Arab Emirates
- Czech Republic
- United Kingdom
- United States
- Russian Federation
- Saudi Arabia
Payroll is a sophisticated and time-consuming activity that is best handled by professionals. Handling payroll activities in Bulgaria requires a thorough understanding of the accounting and regulatory structure. Aside from that, doing your own payroll in Bulgaria necessitates the use of a dedicated and costly accounting system. Instead of forming up an entire division to handle wages in your business, it is better to outsource your Bulgarian payroll services to the experts at FormationWise, for the best services in the market. Our Bulgarian payroll professionals can successfully handle just about anything related to calculating and paying wages for your Bulgarian business.
Hiring an external auditor for your company operations in Bulgaria helps ensure the accuracy and integrity of your company’s financial statements and prevents fraud or any unfair treatment. An external audit is a critical component of any firm ’s success. If you require the services of an external auditor for your Bulgarian company you can contact FormationWise today for the best external audit services in the market. We provide comprehensive, high-quality and timely external audits of your financial statements for your business in Bulgaria.
The national Bulgarian currency is the Bulgarian Lev (BGN). The only currency officially accepted is Lev. We provide processing systems that handle multi-currency payments in a variety of currencies, allowing you to incorporate other currencies such as GBP, USD, or Euros in your company operations. Simply send us your clients’ payment information, and we will do the necessary currency conversions and ensure that the correct amount is sent to the appropriate overseas account. We will also process incoming international payments for your clients, with or without currency conversion.
Bulgaria’s regular VAT rate is 20%. Most services in Bulgaria are subject to VAT, and legal businesses and tax-paying individuals must register for VAT with the Bulgarian authorities. VAT registration is compulsory for all Bulgarian firms and Bulgarian tax-liable individuals that generate VAT taxable sales in Bulgaria that exceed 50,000 BGN in a fiscal year. Any legal businesses or taxable persons with taxable sales below this threshold may voluntarily register for VAT. Registration for Bulgarian VAT generally takes two weeks, once we get all of your papers and submit them to our Bulgarian partners.
You don’t have to visit Bulgaria to get the accounting and auditing work done for your company. Instead, you can hire the top accounting experts at FormationWise to efficiently handle all your accounting matters including taxation, payroll, bookkeeping, debt monitoring and analysis, audit, VAT registration, financial planning and more. We will save you the hassle to come to Bulgaria so you can focus on the more important aspects, the growth and expansion of your business. Sit back and relax and let us handle all your financial tasks.
Here are some of the services that we offer our international clients to run or incorporate their offshore business: