UK company owners who want to relocate the business to Bulgaria are advised to observe the rules imposed after Brexit. There are a few legal aspects to pay attention to when starting a business in Bulgaria or relocating from UK. The registration of a British company can be handled by one of our company formation agents in Bulgaria.
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Are new business rules imposed after Brexit?
First of all, it is important to note that zero tariffs and zero quotas are the deal that remains the same for UK trading companies with activities throughout the EU countries. However, in terms of documents, this might get complicated until the formalities and related structures are properly implemented. Here is important information you should know when relocating a UK company to Bulgaria:
- First of all, the de-registration process must commence in UK prior to the relocation to Bulgaria. A declaration stating this information needs to be signed by company managers and administrators.
- Once the company is closed in UK, the registration starts in Bulgaria. This means that the business structure needs to be chosen. In most cases, the LLC is the right choice.
- Then, tax registration in Bulgaria is required, if the company documents are approved by the local authorities.
- If you have a British trading company you want to relocate to Bulgaria, you should observe the label regulations imposed in this field.
Relocating a UK company to Bulgaria after Brexit is not a complex process, but it is required to have the support of an experienced team of specialists. We are aware of the general business rules and the new ones that apply after Brexit, in order to smooth the relocation process to Bulgaria as much as possible.
Company registration in Bulgaria
If all the de-registration company documents for your firm in UK are approved, you can consider that the activities in this country are closed. Then, the registration process of your company in Bulgaria can commence, helped by our specialists in company incorporation. Just like in the case of the former business, the Articles of Association and the Memorandum of Association are the main documents that stand at the base of your new firm in Bulgaria.
Once these are approved by the Trade Register in Bulgaria, the minimum share capital of 1 BNG needs to be deposited in a local bank account which will be the company’s account for all the financial operations. Next, the registration for taxation and social contributions is mandatory in Bulgaria. Normally, the registration of a company in Bulgaria taxes around 4 days, but if you want to relocate to the UK firm, some formalities might take a few days more. Nevertheless, the company formation process in Bulgaria is relatively straightforward and can be entirely overseen by one of our dedicated agents who can also represent your business in this country.
A startup in Bulgaria can be established with a minimum share capital of BGN 2, deposited in a local bank account, which can be opened with the help of our specialists. Normally, the whole process can be completed in about 3 days, if all the documents are accepted by the authorities. But to have the guarantee that all procedures are respected, you can contact our local agents and benefit from the services offered. Contact us today for a free case evaluation and more.
Making investments in Bulgaria
UK is a solid business partner of Bulgaria and many British companies already thrive in this country. The business climate of Bulgaria is appreciated by foreign entrepreneurs because they enjoy many advantages like a diversified market with connections worldwide, macroeconomic stability, great incentives implemented by the government, highly skilled and multilingual local workforce, and the possibility of generating huge profits in sectors like tourism, agriculture, manufacturing, textile and many more. We have gathered some facts and figures about Bulgaria’s economy:
- In terms of total FDI stock, Bulgaria registered nearly USD 52 billion in 2019.
- Around USD, 2,20 million represented the total value of the greenfield investments in the same year in Bulgaria.
- In matters of ease of doing business, Bulgaria ranks 61st out of 190 economies in the world, as stated by the World Bank.
Choosing our specialists in Bulgaria
Interested in relocating your UK company to Bulgaria after Brexit? We suggest you talk to our company formation agents in Bulgaria and find out all the details you need. We can be your business partners if you hire our services and let us handle the company formation related aspects, especially after Brexit. Our customers benefit from complete confidence, professionalism, and proficiency right from the start, as the services are tailored to their needs, in order to benefit from the best possible results.
If you would like to relocate your British company to Bulgaria or start a new one from scratch, we invite you to contact our company formation specialists in Bulgaria.