Bank Account Opening in Bulgaria to Launch Your Business
FormationWise can assist you in opening a bank account in Bulgaria from beginning to end.
What we do
FormationWise offers a comprehensive list of services to assist you with bank account opening in Bulgaria. Whether you are looking to establish a non resident offshore bank account or you need assistance setting up a business bank account in the jurisdiction, we can help to make it happen efficiently.
Why you need a bank account
There are plenty of benefits that you can enjoy when you open a bank account in Bulgaria. Given its geographic positioning, Bulgaria is quickly becoming a popular option for offshore business ventures. It enjoys the lowest corporate tax rate in the EU at 10%.
Benefits of a Bulgarian offshore account
Bank account opening in Bulgaria lets business owners enjoy the benefits that come along with an offshore company such as increased privacy and great asset protection. At the same time, business owners also get to take advantage of the benefits associated with doing business in the EU. Operating as an EU-based operation adds a level of prestige to a business that is highly sought after and can help to attract new customers.
What is the process
Opening a bank account in Bulgaria that is associated with an offshore company is a straightforward process. It can be opened in the Bulgarian Lev (BNG), in the Euro (EUR) or any other popular global currency for business. With the prevalence of e-banking in Bulgaria, it is easy to open offshore account and manage it from anywhere in the world.
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Steps for making an order
Select the offshore bank account opening package
Simply pick the offshore bank account opening package that you desire. You can do this by filling out our form, giving us a call or by placing your order via our website.
Make your payment
After you have finalized the right package for opening an offshore business bank account or a personal offshore bank account, you next need to make your payment for the service that you have selected.
Send your required documents
Step three involves sending us all of the necessary documents required to get an offshore bank account. You can send this documentation via email through an attachment or you can do so by phone.
Start the process to open new bank account
The fourth step in the process of setting up an offshore bank account online involves our team receiving yoru payment and required documentation. Once we have confirmed receipt, we will begin working on the service that you have ordered for the chosen jurisdiction.
Open an overseas bank account online
The end result of this process involves our team facilitating your offshore bank account opening.
Our services include
Our list of bank account opening in Bulgaria services that we offer here at FormationWise include:
Why choose FormationWise?
There are many reasons to choose our international team of financial experts at FormationWise when you want to apply for bank account online. We take pride in offering an extensive list of premium offshore taxation, accounting and auditing services that are delivered by our trusted network of qualified partners around the world. This includes our service offering for help with bank account opening in Bulgaria. A few of the key reasons why it is a great move to work with FormationWise include:
A complete range of services
At FormationWise, we offer a complete range of services that range from internal audits and offshore bookkeeping to tax planning, payroll services and financial reporting, among others. Our service offering has been designed to help you to run your financial operations efficiently and effectively when you open a Bulgarian offshore account.
Our global team has years of experience
Our team of global partners is highly experienced in the realm of offshore bank account opening. We have the knowledge and expertise required to help with bank account opening in Bulgaria for businesses both new and established. We work the companies of all sizes with offshore services that include bookkeeping, accounting and compliance audits.
Our initial consultation is offered free of charge
You can take advantage of our free initial consultation if you want to find out more about opening a bank account in Bulgaria. Our team will evaluate and analyse the specifics of your circumstances to put together the best accounting and auditing services for the needs of your company.
You can count on full confidentiality when you choose our team
At FormationWise, we take pride in ensuring that our clients enjoy full confidentiality when it comes to the handling of offshore accounting and taxation requirements. When you select our team, you can rest easy knowing that all of your valuable data, personal information and records are completely secure.
We have a reputation for reliable, effective services
We have built our reputation on offering services that are reliable and effective here at FormationWise. You can count on us to help you in the management of your company’s financial data so that you can continue to grow your revenues year after year. We are dedicated to helping you take your business to the next level of growth and success.
We provide cost-effective services
Another compelling benefit to choosing FormationWise for bank account opening in Bulgaria is the fact that our services are cost-effective. We offer the best in professional offshore accounting and taxation services across the world and we do this while offering prices that are cost-effective and competetive within the market. You can count on our team to never compromise when it comes to delivering quality.
Our pricing structure is transparent
At FormationWise, we offer transparent pricing for all of our services. This is because honesty and integrity are at the heart of our business model. When you choose our team, you can be confident that you will never incur any hidden fees/costs when you work with our team of offshore accounting and auditing experts.
Bulgarian banking system
Bulgaria has a modern and secure banking system that includes online and mobile banking services. It is not necessary to be physically present to open up a bank account within this system. This is a big advantage for many individuals and businesses that want to conduct offshore bank account opening in this popular jurisdiction. At the current time, there are around 30 banks operating in Bulgaria.
Six of these banks are branches of foreign operations. The rest of the banks are fully licensed to conduct transactions on the international level. This means that you can feel confident in your ability to manage your Bulgarian bank account effectively in a manner that benefits your company and helps you to protect your assets. One of the best parts is the fact that this can be done wherever you are currently located.
Key documents required
There are some key documents that are required to open a bank account in Bulgaria. They include:
Bulgarian banks suitable for foreigners
In terms of Bulgarian banks that are suitable for foreigners to open accounts with, our team at FormationWise has some key suggestions. We take pride in steering you toward the bank options that are going to be the best fit for your specific needs that you have. Banks such as UniCredit Bulbank, Raiffeisen, Postbank and DSK all have outstanding reputations within the Bulgarian banking jurisdiction. These banks offer an impressive range of online and mobile banking services that are ideal for foreigners who want to enjoy the benefits of opening an account in Bulgaria as well as enjoying the perks of running a business account within the European Union. When you work with our FormationWise team, you will find that it is an easy and straightforward process to set up an offshore bank account in Bulgaria.
Banking fees and charges
Regarding fees, it is always a good idea to speak with the representative that you are dealing with in terms of activating your account. They can provide you with a comprehensive list of the fees and charges associated with opening an account with the specific Bulgarian bank you are interested in. Different banks charge different fees. You can expect that there will be debit card fees that you will be subject to when you open an account in Bulgaria. There are often setup fees as well as fees for cash withdrawals and monthly maintenance. It is important to make sure that you understand all involved fees with the specific bank that you are targetting for account opening in Bulgaria.
Timeframe of the process
If you are planning to open a bank account in, it is important to note that the timeframe of the process will range from five to eight days. This is the amount of time that you can expect for the registration of the account. Once all of the formalities have been completed, you can expect to be offered the option to make your initial deposit into your Bulgarian offshore account. Working with FormationWise throughout this process is a proven way to ensure that you are able to open up your account within this range of time. Our team works hard to ensure that you have all of your documentation in order so that the process goes efficiently.
You absolutely can open a bank account in Bulgaria as a non resident. The process is reasonably straightforward. To open a non resident offshore bank account, you will need your passport as well as the address that you will be using for registration. The process of bank account opening as a non resident is made easier and more convenient when you choose to work with our global team of financial experts here at FormationWise. We have extensive experience helping individuals and businesses to open a bank account in Bulgaria.
The Bulgarian National Bank (BNB) is the Republic of Bulgaria’s central bank. It was founded in 1879 and is headquartered out of the city of Sofia. The BNB is an independent institution that is responsible for issuing coins and banknotes in Bulgaria. It also is responsible for the oversight and regulation of the country’s banking sector. Another focus of the BNB is to keep safe Bulgaria’s currency reserves. Since 2007, the BNB has been a member of the European System of Central Banks. The bank’s governor holds a membership position with the European Central Bank’s general assembly.
Whether you run a large business or a small one, it is important to open a business bank account. A business bank account allows you to manage your finances for your company while keeping your personal ones separate. Having a bank account for your small business is key when it comes to tax matters. Though it is not required to have separate personal and business accounts as a small business owner, the overall benefits from a tax perspective make it an obvious move to keep the two separate.
The bank account opening process in Bulgaria is an easy one. This is the case for both residents and non residents. It is a matter of providing the required documentation such as your passport to do so. It is required to register the account with an address in Bulgaria. Choosing our bank account opening in Bulgaria services here at FormationWise is the easy to way to ensure that all of your required documentation is in order so that the process can move forward as quickly as possible.
One of the benefits you can enjoy when you open bank account online Bulgaria is the fact that you have plenty of great options for currencies that you can operate with. Banks in Bulgaria open/maintain accounts in the local currency which is the Bulgarian Lev. At the same time, accounts can be opened and maintained in all major foreign currency options such as the U.S. Dollar, the British Pound, the Euro and the Swiss Franc. This is true for both local banking customers as well as foreign ones.
You can count on our team at FormationWise to be there for you throughout the process of choosing a bank. We have an extensive list of the best banks in top jurisdictions around the world and can recommend options that are a good fit for you and the specific needs that you have. When you choose our international team of financial experts, you can count on assistance in choosing a bank that is right for you.
Our team at FormationWise is dedicated to helping individuals and business owners with opening a bank account in Bulgaria and many other services designed to assist offshore companies in growing. Part of our dedication to excellence in service is to offer you a consultation where we discuss the various options that we can assist you with. Our goal is to ensure that you are satisfied with the choice that you have made before you commit to placing an order with us.
Maintaining a residence in Bulgaria is not necessary for opening a bank account. Citizens from any country can open an account. This includes non residents of the country who wish to open bank account for offshore company. They can be opened by providing the required documentation needed to open a bank account in Bulgaria. Working with our team at FormationWise is a straightforward way to open Bulgarian bank account online. This is because our financial experts have years of experience in helping our clients to put together all of the documentation needed to set up offshore bank account.
The term Single Euro Payments Area (SEPA) refers to a European Union initiative that focuses on the integration of payments. The purpose of the initiative is to simplify bank transfers. The 27 member states of the European Union, including Bulgaria, are a part of the initiative. They are joined by the microstates of Monaco, Andorra, Vatican City and San Marino as well as the United Kingdom and the four member countries of the European Free Trade Association. The SEPA initiative focuses primarily on normal bank transfers. Smart card and mobile phone payment systems are not directly covered as a part of the SEPA initiative. There is an instant SEPA scheme that is in place for the facilitation of payment products that are offered through smart devices.
An International Bank Account Number – IBAN – is a system of identifying bank accounts across international borders. The system has been put in place as a way to effectively facilitate cross-border financial transactions while reducing the amount of risk that there will be any errors in transcription. IBANs are used to create a unique identifier for specific customers that have accounts with financial institutions that utilise the system. This system was first utilised by the European Committee for Banking Standards – ECBS. Since 1997, IBANs have been adopted under the International Organization for Standardization – ISO.
Here are some of the services that we offer our international clients to run or incorporate their offshore business: