An increasing number of savvy companies are setting their sights on Bulgaria's vibrant labor market, attracted by the diverse opportunities for growth and investment the country has to offer. To legally operate in the Bulgarian market, companies are required to undergo formal registration procedures with the relevant authorities and adhere to local legislative frameworks.
Firms expressing interest in Bulgaria's labor market are presented with two options for operating legally in the country.
If the company plans to employ individuals working remotely, it must register as an employer with the National Revenue Agency and obtain a service number. This service number will be used to register each employment contract and submit the required returns. Additionally, the company needs to register with the BULSTAT register and make social security contributions through a Bulgarian bank account. The documentation required for this process includes a certificate of the foreign company's current status, a power of attorney for legal representation, a signed employment contract, and the details of a contact person with Bulgarian citizenship.
Alternatively, if the company plans to establish a physical presence in Bulgaria, it needs to register a company in the Commercial Register.
Remarkably, the legal entity doesn't need to be physically present in the country or be fluent in Bulgarian, as documentation can be prepared in both Bulgarian and English.
This registration process entails various documents, such as establishing the foreign person's existence, articles of incorporation, notarized consent and specimen signature of the person managing the branch, power of attorney, and documents certifying the professional capacity of the manager. Furthermore, inclusion in the BULSTAT register is mandatory, irrespective of the company's primary operations occurring outside Bulgaria.
By following these legal procedures and fulfilling the required documentation, companies can navigate Bulgaria's labor market successfully, whether through remote employment or establishing a physical presence. Understanding and complying with these regulations are essential for companies seeking to operate legally and effectively in Bulgaria.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
