Registration of an EOOD - single member limited liability company (for BG nationals)

1. Fill in the details of the future company according to the form below and pay the attorney’s fee. Currently, you can pay by bank transfer. At your request, you can pay the state fee for the Commercial Register along with the attorney’s fee.

2. We will contact you within one working day. At a convenient day and time for both parties, we will conduct the legal consultation and clarify all details, after which we will start working on the service performance.

3. We will send you the drafted documents with detailed instructions. You review and sign them, then visit the nearest notary and choose a bank to open a capital subscription account. If you have not added the state fee to the request fee, you must pay this fee to the Commercial Register’s bank account. Otherwise, we cannot submit the documents.

4. You return all the documents to us. The easiest way this to be done is by scanning the documents and sending them to us via email. You can also deliver them at our office address personally or send them by courier.

5. You receive confirmation for the completed registration of the EOOD and the start of your business.

You can learn more about the service performance conditions in the “OUR COMMITMENT” section below.

Our commitment includes:
• Legal consultation on your future business. This can be done in person at our office, or via phone and video call as well;
• Creation of all necessary legal documents (article of incorporation, declarations, protocols, etc.), and assistance with the bank and notary, if necessary as well;
• Review of the documents once we receive them back from you;
• Submission of the documents to the Commercial Register and tracking of the application until the company registration is complete;

Our commitment does not include consultations on accounting issues or preparation of documents that are not of a legal nature.

The service request submission is equivalent to entering into a contract for legal protection and assistance with the Law Firm “Legal Masters – Nedeva and Yordanova.” This obliges us to provide you with the service, provided that you have paid the attorney’s fee and provided us with all necessary documents.

What expenses will there be in addition to the attorney’s fee?

When registering an EOOD electronically, you save 50% of the state fee. You pay 55 BGN instead of the full amount of 110 BGN. In addition, a notary fee of 6 BGN is due for the attestation of the signature of the manager and the bank fees for opening a company account, which depend on the bank you choose for that purpose. In our opinion, your additional expenses should not exceed 100 BGN.

Service Performance Timeframe

We register the company in the Commercial Register within 3 working days of the receipt of all necessary documents, unless we have agreed on a different deadline. Usually, the register enters the company within 1-2 working days of the submission date of the application.

Obligation of Confidentiality

Any information intended for the performance of the service provided, including such acquired through email and telephone, shall be deemed confidential and could not be an object of disclosure under the Attorney Act.

everal things you should consider before requesting your EOOD

What will the name of the company be?

You have complete freedom to choose a name. However, the company name should not coincide with the name of another company already registered or mislead others about that name.

You can check occupied names on the Commercial Register website www.portal.registryagency.bg -> Registers -> Commercial Register and Non-Profit Legal Entities Register -> Inquiries -> Rights on firm/name, or you can email us at contact@legalmasters.bg and we will perform this check for you.

How much capital should I bring in?

Capital is the monetary contribution that the sole owner must make according to the needs of the company when starting its commercial activity. The contributed capital becomes the property of the company. It uses this money to buy goods and pay its initial expenses. The minimum capital for an EOOD is 2 BGN, but our advice is to not start a company with such capital size. This is unrealistic in terms of initial expenses, does not inspire confidence and trust among other traders, and in some cases, it may be difficult to obtain financing. It is possible for the capital to be a non-monetary contribution – items, immovable property, receivables. If you consider it as appropriate to make a non-monetary contribution, the procedure is quite different, so please contact us in advance at contact@legalmasters.bg.

What should be the subject of activity and the office address registered ?

The subject of activity should broadly describe the future business activities of the company. You will receive assistance from us for the exact wording. The wording that has been used does not limit the type of business you can do in practice.
However, the registered office address is important because this is where documents and books will be delivered to you, so this address should be accessible and up-to-date.

Will I manage the company?

Usually, the sole owner becomes the manager of their company, but this is not mandatory. Sometimes the owner cannot or do not want to manage their company. In that case, another person is appointed as manager. It is also possible for the company to have more than one manager. Then the owner decides how the managers will act when entering into transactions and disposing of property.

Do I really want to make decisions without a notarization?

In general, the owner makes legal decisions for their company when signing protocols without notarial attestations. However, for some decisions, such as changing the manager, the law requires notarization of the signature and the content of the docuemnt. If this is difficult for the owner, for example, if they live abroad, or if they do not want to incur additional costs for a notary, they can exclude this certification in their article of incorportation and association. Unless this is really necessary, we advise that the rule should not be excluded and that notarization should remain, as it provides greater legal certainty and protection from abuse.

Shall I register my company under VAT regime?

We would reccomend to think about the answer of this question prior to the company registration, as the registration under the VAT Act – either general or specific about the services in the EU might be requested along with the initial registration of the company with the Commercial Register.