This type of business is a commonly used option when it comes for a lawyers, physicians, architects or a freelancer making some additional income. The state fee to register Sole Proprietorship (ET) is much lower than the OOD/EOOD types. Also there is no requirement for minimum capital upon registration in the Commercial Register.
Steps to Register a Bulgarian ET
• Drawing up the set of incorporation documents • Choosing the name of your sole proprietor entity - bear in mind that Bulgarian law requires that one of the names of the owner should be in the company name as well. • You also need to sign a declaration that you are not in the process of filing for bankruptcy, you are not insolvent, you have never been convicted for bankruptcy and that you don’t have another sole proprietor entity registered to your name.
Why Bulgarian ET
Pros & Cons
Easy to set up;
No need for initial founding capital;
Low start-up costs;
Easy to change the business structure;
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The sole trader is liable for his/her debts with ALL of his/her personal property and assets.;
In most cases, the levying of a patent tax is less advantageous than the flat tax paid on the profits of OOD / EOOD.
If your company does not hold a patent, you’ll need to pay 15% tax on the realized profit.
Wij helpen ondernemers met de uitbouw van hun Bulgaarse vennootschap. De oprichting is slechts de start van het begin.