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Bulgarian Company Formation
In Bulgaria it is often required that you set up a Bulgarian company, however it is not always necessary.
In Bulgaria the law states that only a Bulgarian citizen or entity can own Bulgarian land. However, as a Bulgarian company is indeed an entity but can be set up by anyone in the World it provides a handy and legal loophole for owning Bulgarian land.
By setting up a Bulgarian company it means that overseas investors can legally own Bulgarian land and property.
If you are looking to buy an apartment in Bulgaria then it is probably not a requirement that you set up a Bulgarian company as you will not strictly own the land it is built on. However, if you are looking to purchase an actual house or plot of land then it is essential you have a Bulgarian company formed in order to legally own the property.
Setting up a Bulgarian company can be a complicated process. However, there are many companies that take the complication out of Bulgarian company formation and handle everything on your behalf leaving you little to do other than sign a few forms.
It is also to be noted that once you have set up a Bulgarian company to hold your land or property in that it is kept active and legal by providing tax returns.
In most cases a Bulgarian company is formed to simply hold the land and property and does not actually operate as a business and therefore does not have any turnover or profit to declare. However, it is important that a 'nil-tax' return is still filed every year. Again, it is advisable that this is done by an expert as it is not easily done correctly. It is often a very cheap and simple affair when done via an expert.
Blue Rock can assist you with your company formation if you require it.
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