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.

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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

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.

Our services

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.

Our prices

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!

Our team is here to help you every step of the way

How to place your order

  • 1

    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

  • 2

    Make payment

    After finalizing the right package, make the payment for your chosen services and send us the financial details of your Bulgarian firm

  • 3

    Send your documents

    Forward us all the necessary financial documents of your Bulgarian company through an email with the documents attached or by phone

  • 4

    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

  • 5

    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

Maintenance of accounting records, financial reporting and consolidation

All businesses must follow proper accounting procedures and standards in order to remain profitable and grow in Bulgaria. Bulgarian companies must maintain their accounting records, make financial statements and consolidate their accounts on the basis of the national Bulgarian and European accounting standards. In Bulgaria, you must consolidate financial data by the end of each period to close your accounting records. FormationWise can handle all your accounting needs. With innovative record-keeping and financial analysis, our accounting and auditing services in Bulgaria help you achieve your accounting goals. We'll make sure your financial documents are regularly updated and that you're following the proper accounting standards.

Arranging audits & performing internal audits

Carrying out an internal audit of the accounts and documents of your Bulgarian company is one of the specialties of FormationWise. Our Bulgarian experts will arrange for your company’s financial audit services depending on your requirements. As one of the leading auditors in Bulgaria, our financial statement audits are innovatively designed to help your firm highlight its financial constraints, errors and mistakes while giving you peace of mind your business is running effectively. Our internal audit service not only helps you identify and mitigate key strategic and operational risks, but it can also support you in identifying new opportunities to grow and diversify your business in Bulgaria.


Your books must be maintained in good order at all times, irrespective of the size of your company. However, work responsibilities and financial constraints sometimes make this difficult. Here, at FormationWise, we provide the best bookkeeping services to every size of business in Bulgaria. No matter if you are a small start-up in need of bookkeeping services or you already run a well-established business, we offer you easy access to qualified bookkeeping experts and accounting professionals in Bulgaria. We provide premium bookkeeping solutions for your company at a cost-effective price. Our competent and knowledgeable bookkeepers will help you manage your books efficiently and reduce costs.

Multi-currency operation

Trading and international businesses operating in Bulgaria need to conduct their business using multi-currency accounts as they buy or sell their goods to consumers from different parts of the world who prefer paying in their home currencies. To expedite this, FormationWise offers the best multicurrency processing solutions that handle payments in a number of different currencies. You just need to send us your customer's payment details and we will do the required currency conversions and make sure that the exact amount is transferred into the designated overseas account. We will also process incoming payments from your international clients for your business in Bulgaria.

Personal accountant

Every business in Bulgaria requires accurate and comprehensive reporting and advice on their tax and accounting matters. We have experience in a number of business areas and can offer you full support with a highly-qualified team in the field of audit, accounting and law in Bulgaria. Having our professional and qualified accountant on your side to handle all your accounting needs offers you a sense of security and the reassurance that all of your financial concerns are correct and legitimate. Our personal accountants are fully experienced in effectively managing your taxation, financial obligations and everyday operations in Bulgaria.

Tax planning, filing and returns

We will ensure that your tax preparation, filing and returns are always executed effectively on time by utilizing our extensive expertise and professional tax approaches that are fit for the Bulgarian regulatory standards. FormationWise will make sure that you meet all the tax regulations, enabling you to effortlessly minimize your tax issues and enhance the effectiveness of your local and foreign activities in Bulgaria. Our tax compliance services offer complete solutions for the Bulgarian taxation system including income tax, VAT, local taxes, withholding taxes and more. Get in touch with FormationWise today to handle all your Bulgarian tax needs.

VAT registration

The Value Added Tax (VAT) in Bulgaria is a consumption tax charged on the value applied to goods and services. It essentially applies to all products and services purchased and sold in Bulgaria for use or consumption. FormationWise can help you register for VAT in Bulgaria through a simple and hassle-free process. Our professional tax advisors in Bulgaria can help you register your company for VAT and even manage all your taxation needs. Once you forward us all the required documents, we will submit an application for VAT registration within seven days in the relevant department. After submitting all your Bulgarian company documents to the official department, your company will be registered for VAT in seven days.

Financial Planning

At FormationWise, we understand that a financial plan is the cornerstone of business success. That's why our experienced staff takes the time to learn about you and your objectives in order to formulate your robust financial strategy in Bulgaria. Our qualified financial advisors can prepare a transparent financial plan for you in order to assist you in Bulgaria with making critical decisions and achieving your particular objectives. We will thoroughly examine your financial position by going through a variety of topics such as investment, taxes, savings, retirement and more to devise a robust plan for your future. Our team will manage your capital and prepare for any possible expenses and concerns that may develop in your new business in Bulgaria.

Payroll services

Managing the payroll of your Bulgarian company is an extremely challenging and time-consuming task. There are several complicated legislative criteria to be met, as well as regular modifications in local law that have to be followed. FormationWise’s highly experienced local team of payroll experts can handle the payroll of all types of businesses operating in Bulgaria. We will facilitate you in lowering your operational load, saving money and time, and removing the possible hazards of non-compliance and associated fines from Bulgarian state authorities. Our aim is to make the payroll process as simple as possible. Whether it is a small business or a mid-size company we can effectively handle your payroll tasks in no time.

Annual financial statements

Most Bulgarian enterprises are required by law to file yearly financial statements. Depending on your company’s size and nature of business the law requires different amounts of data to be published. These financial statements reflect the financial health of your company, profitability, and progress. While preparing your annual financial statement, our local financial experts will analyze how your firm utilized its resources over the course of a year. We will submit your company’s annual financial statement in Bulgaria on your behalf so you can get a better picture of your company's financial condition including assets, liabilities and financial outcomes.

Debt monitoring and analysis

You never know when your client's outstanding dues may turn into bad debt. Our Bulgarian team of financial experts can identify a bad debt at the right time, allowing your Bulgarian company to thrive in a fiercely competitive market. If you think you need assistance in managing your debts for your company in Bulgaria, we can help you get started immediately. You can partner with our qualified debt analysts, who will take the time to understand your specific objectives and engage with you to implement an effective debt monitoring and analysis strategy to help you grow in the Bulgarian market.

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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.

Strictly confidential

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.

Highly experienced

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.

Honest pricing

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:

Get expert advice from professionals

Outsourcing your Bulgarian accounting services to FormationWise provides you with an excellent opportunity to have a professional accounting team on your side that is well familiar with the Bulgarian accounting system and the local business sector.

Saves time and expenses

Outsourcing your accounting and auditing services such as bookkeeping and payroll to FormationWise could help small businesses and startups get access to a full fledge accounting department without investing huge amounts. Hiring a local expert like FormationWise is relatively cost-effective and less time-consuming than building an in-house team.

Improve cash flow management

Cash flow management is essential to any business owner in Bulgaria. When we take care of your day-to-day bookkeeping and accounting, you will be able to easily review the correct cash flow situation of your Bulgarian company at any point in time. This will help identify a shortfall of working cash flow so you can take precautionary measures or get an insight into how well your business is going in terms of cash flow.

To be tax compliant

Tax filing for companies in Bulgaria, whether small or large, can be a complicated and time-consuming process. Every Bulgarian company is required to keep proper financial records in line with the Bulgarian tax requirements. FormationWise’s team of tax accountants can take care of your paperwork and give you peace of mind that you will follow the right procedures, stick to deadlines and are tax compliant.

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.

Non-financial declaration

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


Bulgarian businesses that are subject to VAT must submit a VAT return every month. This declaration must be provided by the 14th of the month before the period under analysis, and the corresponding VAT payment must be submitted concurrently with the return.

Trade register

Bulgarian businesses have till September 30th of each year to submit their last year's balance sheet with the trade registry.


Bulgarian businesses must submit their yearly company tax returns between March 1 and June 30 of the year after the current fiscal year. Corporate taxes must be paid to the tax department within the same time period. Bulgarian businesses have till September 30 to submit an amended tax return if the tax return initially filed until June 30 is inaccurate or unsatisfactory.

Monthly deadlines

Yearly deadlines

Table of Contents

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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:

  • Armenia
  • Greece
  • Moldova
  • South Africa
  • Austria
  • Hungary
  • Mongolia
  • South Korea (R.O.K.)
  • Albania
  • Georgia
  • Macedonia
  • Slovak Republic
  • Algeria
  • Germany
  • Malta
  • Slovenia
  • Azerbaijan
  • India
  • Montenegro
  • Spain
  • Bahrain
  • Indonesia
  • Morocco
  • Sweden
  • Belarus
  • Iran
  • The Netherlands
  • Switzerland
  • Belgium
  • Ireland
  • North Korea (D.P.R.K.)
  • Syria
  • Canada
  • Israel
  • Norway
  • Thailand
  • China
  • Italy
  • Pakistan
  • Turkey
  • Croatia
  • Japan
  • Poland
  • Ukraine
  • Cyprus
  • Jordan
  • Portugal
  • United Arab Emirates
  • Czech Republic
  • Kazakhstan
  • Qatar
  • United Kingdom
  • Denmark
  • Kuwait
  • Romania
  • United States
  • Egypt
  • Latvia
  • Russian Federation
  • Uzbekistan
  • Estonia
  • Lebanon
  • Saudi Arabia
  • Vietnam
  • Finland
  • Lithuania
  • Serbia
  • Zimbabwe
  • France
  • Luxembourg
  • Singapore

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.

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