More than once in our blog we have written about company registration, be it EOOD, OOD or another legal form. The process of setting up a company in 2023 is no different from that in 2022, and when the owner or partners are Bulgarian citizens, the process is extremely quick and easy. However, when the owner of the company, one of the partners or the manager, is a foreigner or they are foreigners, the difficulties are many times greater, and a seemingly simple and quick process turns into a puzzle and an investment of a lot of time and money.
The reason for this is the adopted Law on measures against money laundering, according to which law every bank and lawyer should have adopted internal rules and procedures regarding clients who are not citizens of the Republic of Bulgaria. And the main problem and difficulties are related to the banks, which in Bulgaria are relatively conservative compared to those in the European Union.
Every company, before it is established, should have an open fundraising account to which the capital can be deposited. At first glance, this is a 20-minute job and can be done at any branch of any bank. However, when the owner of the company is a foreigner, the banks, before opening a bank account for his company, must register him as a new customer and carry out a study to see if there are no risks of violating the provisions of the Anti-Money Laundering Measures Act . In the event that the owner of the company is a citizen of the European Union, there should normally be no complications in opening a bank account, unless the person in question is on one of the EU bank blacklists. However, when the owner of the company is a citizen of a non-EU country, the banks very carefully and thoroughly examine him and consider whether to approve him for the registration of a bank account. Usually, in this case, the person is considered high-risk, and in most cases banks do not approve the opening of a bank account, and from there there is no way to register the company – because, as we have already said, every company must have a pre-opened fundraising account. before being applied for registration in the Commercial Register.
We at legalconsult.bg work with citizens of any country in the world and could assist in the registration of a company in the name of a foreigner, as we have the necessary experience and contacts in various banks in Bulgaria to facilitate the registration process company of a foreigner and to significantly increase the chances of its approval and opening of a bank account, and subsequently of establishing a company.
Currently, we have registered companies of foreign citizens, incl. from high-risk areas such as Russia, Belarus, Ukraine, Moldova, the Middle East, Asia, etc.
In case you need to register a company for a foreigner, do not hesitate to contact us at the indicated phone number or email.