opening / operating a business

Last activity 16 March 2015 by sihemt

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stoirarNew member13 March 2015 05:48:50

Hi
I am a EU citizen and have worked in IT for many years, traveling to work in different countries. I am looking for a new "base" and was wondering what people's experiences are opening a business, operating a business, and eventually closing a business in Bulgaria. In particular I am interested in knowing about costs and filing requirements/paperwork as compared to doing so in other countries. If there are any IT freelancers there I would love to hear about your experiences but would be grateful to hear from any entrepreneurs/self-employed types. Thank you in advance for any response.
John

stoirarNew member13 March 2015 05:49:48

I had also thought about categorizing under "Work" sub-forum but decided "Formalities" seemed more appropriate.

kojidaeSerial expat13 March 2015 07:33:58

588

Opening a business is relatively cheap and quick in Bulgaria. My husband opened his web development business a few months ago. He hired an accountant to open it for him, and I think with all of the state fees for registration it cost around 500 bgn and took about a week. You fill out a form, requesting a name. Once that is approved you open a bank account and fill out another form registering yourself. It is a bit more expensive if you have to register for VAT.

My husband has his accountant file taxes each month. She charges about 120 bgn a month and is a wealth of information, besides filing and paying his taxes. You will have about 25% due in taxes each month (15% on your salary for health and disability, and 10% on your total income), and if you employ others, you will have to pay their health taxes. I am not sure the cost of VAT, as we are not registered yet.

If you plan to have employees here, there are a LOT of rules. I am not sure how it is in other places in Europe, but I was very surprised by how limited companies here regarding which hours their employees can work and everything down to what category of tickets a business can purchase for trips is regulated.

sihemtSerial expat15 March 2015 09:44:49

652

It cost 377 Lev to open a company, the VAT number is asked by the accountant and it's free, it takes a week. There are people not in this foum who are IT and work from home here.
I give you an exemple that my accountant give to all the clients that are self-employed like consultant or IT etc.

If you make 50000 Lev a year you deduct the bills and you'll pay before the 30th of March 10% of taxes you don't pay it every month.
then you pay 5% divident you have the whole year to pay this.
as a manager you pay 108 Lev a month for health care and pension

I'll send you her name to ask her all the questions you want

stoirarNew member16 March 2015 06:10:33

Hi sihemt
regarding
"I'll send you her name to ask her all the questions you want"
please do private message me that info
Thank you

sihemtSerial expat16 March 2015 06:15:31

652

I did. look at your messages

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