Bank Account Opening in Bulgaria to Launch Your Business

FormationWise can assist you in opening a bank account in Bulgaria from beginning to end. 

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

Steps for making an order

  • 1

    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.

  • 2

    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.

  • 3

    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.

  • 4

    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.

  • 5

    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:

Monitoring the account opening process

You can count on our team at FormationWise to assist you throughout the process of bank account opening in Bulgaria. Our financial experts take care to carefully monitor the entire process involved. We know that successfully opening an account in this exciting jurisdiction is important to you and your company. Our goal is to make sure that the process of opening a bank account in Bulgaria goes as quickly as possible for you. This includes making sure that everything is in place from the start. We are excited to help you enjoy the many benefits that you can take advantage of when you set up an offshore account in Bulgaria.

Assistance and consultation with high-risk business accounts

We are your go-to team for assistance and consultation with high-risk business accounts here at FormationWise. These high-risk accounts allow you some key benefits that include the ability to process and receive payments through leading card networks. It is important to note that high-risk accounts must go through a list of specific requirements in order to be established. The assistance that we can offer you will help to ensure that the process goes quickly and efficiently and ends with the result that you are looking for.

Assistance with choosing the most suitable bank

There are a lot of decisions that you must consider when you choose to open a bank account in Bulgaria. This includes understanding whether you need to open the account in person or online. It is also important for you to understand the bank's minimum deposit that is required. Another point you need to be aware of is whether or not you will need multi-currency. Our team of experienced and dedicated professionals at FormationWise has the required knowledge to assist you in the important step of selecting which bank you will open an account with. We have an extensive list of options and can recommend the best ones based on your specific banking needs.

Assistance with multi-currency accounts

When you work with FormationWise to open business account, we can provide you with key assistance for multi-currency accounts. There are many notable benefits associated with having a multi-currency account. These benefits include the ability to hold multiple currencies in one account. For most companies, this is a matter of vital importance if they are running operations on an international level. Multi-currency account benefits include the ability to manage your funds when abroad as well as easier money conversions/transactions. You can count on our team's expertise in assisting you to open up the type of multi-currency account that will meet the needs you currently have.

Banking introductions to reputable banks around the world

When you work with our team at FormationWise, you benefit from us being able to introduce you to reputable banks around the world. This includes banks in the Bulgarian jurisdiction. This is a service that is designed to assist you in taking care of all of the formalities that are required to get going with a Bulgarian bank account. Choosing our team is the easy way to approach the bank in Bulgaria that you are interested in. We can help you to speed up the fulfilment of the process. This means that you will soon be able to start enjoying the benefits associated with bank account opening in Bulgaria.

Opening of corporate, trust and personal accounts

One of the key offshore services that we offer for opening a bank account in Bulgaria is assistance with the opening of corporate, trust and personal accounts. Our team takes pride in assisting you with finding the safest possible Bulgarian bank whether you are looking to open up a personal account, a trust or a corporate account. Helping you to enjoy all of the benefits of opening these accounts is a key priority for our team at FormationWise.

Arranging credit and debit cards

Our FormationWise team can help you with the arrangement of credit and debit cards as part of the services that we offer for bank account opening in Bulgaria. This is one of the most popular options for holders of offshore bank accounts. These cards make it easy for you to access your accounts funds from wherever you are currently located around the world. Our team can help you to arrange debit cards and credit cards after you have successfully opened your bank account in Bulgaria. We also ensure that you are aware of all of the fees that are in place whenever you use your cards. One of the key ways that you can optimise these types of fees is to take out large sums of cash at a time.

Operation and maintenance of bank accounts

If you are looking for assistance with the operation and maintenance of your Bulgarian bank account, you can count on our help here at FormationWise. We can help you to maintain your accounts to the high standards that are necessary for you to take advantage of the risk diversification and asset protection that offshore options in Bulgaria offer you. Our team would love to speak with you today about the bank account operation and maintenance services that we can provide as we assist you with your business.

Arranging Letters of Credit

Letters of credit are of significant importance for business owners who sell goods and services and maintain offshore bank accounts in Bulgaria. These letters of credit are issued through offshore banks as a way to assure payment. You will have to provide a list of documents that demonstrate proof of the goods that are being sent out. Our team of financial professionals here at FormationWise have extensive experience when it comes to making letters of credit arrangements.

Verifying personal & corporate documentation

We can provide you with all of the assistance that you require when it comes to verifying your personal and corporate documentation when you wish to open a bank account in Bulgaria. Whether you are opening a personal account or a corporate one, you can count on our team to ensure that every piece of required documentation is in order. This makes the process of getting your documentation verified by your chosen bank in Bulgaria a quick and efficient one.

Completion of the bank forms which will be forwarded to you for signing with relevant instructions

You can count on our team to assist you with the completion of all forms that will be forwarded to you for signing when you are undertaking bank account opening in Bulgaria. This includes providing all relevant instructions that you need to follow during the process. It is another way that our offshore bank account opening services at FormationWise play a big role in making sure that the process goes quickly and efficiently for you.

Sending the full package to the bank for final approval

Our global financial experts at FormationWise will send the full package to your chosen bank for final approval when you choose to open a bank account in Bulgaria. Once your application is completed and all of your documentation is in order for opening your Bulgarian account, we will send it out. Our goal is to ensure that you get approved as quickly as possible. This includes ensuring that everything is in order before the full package is sent off to the bank.

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.

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Timeframe of the process

bank account opening

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.

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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.

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