Why do business in Bulgaria?

When someone thinks of launching a start up overseas or expanding an existing business unit in another country, Bulgaria may not be the first option to come to your mind. It is because it wasn't until a few years ago that this economy started attracting the attention of businessmen. But now people are realizing that this country has such a huge set of advantages to offer to companies.

The procedure of company formation Bulgaria happens to be less tedious and cumbersome than any other European site. It is one of the low risk countries in terms of conducting business.  It has an extremely stable political environment and the overall risk is lower than anywhere else. Politically speaking this country has NATO membership as well as EU membership. It doesn’t end here. One of the most attractive features why people are drawn to this country for starting a corporate entity is because of the extremely favorable tax routines here.

The rate for corporate income tax is ten percent. Areas where level of unemployment is higher there are no corporate taxes at all. The person has to pay a personal income tax of flat ten percent. There is a five percent tax on liquidation quotas and dividends and zero percent taxation policy on dividends for EU tax residents.
The cost of company creation in Bulgaria and operating it is relatively lower. The workforce here speaks multiple languages which removes communication barrier. Workforce here happens to be highly skilled too. If yours is going to be a priority investment project you may get great financial aid and support from government. Bulgaria is a country that is seen as one of the best destinations for outsourcing business activities.

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How Can a Professional Financial Accounting Firm Help Your Business

The primary concern of a professional financial accounting firm in Bulgaria is to fully understand the accountancy needs of the client and his business. Such a firm is highly experienced in delivering tailored business solutions in accounting and book keeping, corporate services and tax in Bulgaria. The firm provides real time professional financial and accounting services that are in full compliance with the demand of the business. Such consultancy and accounting firms provide an array of services:

• Annual Tax Returns for Corporate Tax
• Bank and Cash Reconciliation
• Accountancy maintenance and Book keeping
• Accounting for Payroll
• Management of Accounting/Financial reports to the concerned authorities outside the business, as well to shareholders
•  Preparation of VAT returns on monthly basis

A business needs to look into a few parameters before deciding whether to outsource accounting/tax/financial services or handle them within the organization; However, for an organization that has branches, subsidiaries, sister-concerns, it is recommendable to go in for outsourced services by a specialized firm in Bulgaria.
Many of these firms also offer assistance in incorporation of a Bulgarian company, payroll, tax, and consulting services; this allows the employer and the management to focus on other important issues within the organization, with absolutely no burden of handling any of the outsourced tasks.

The best part is that an efficient firm has an in-depth sector knowledge, business advisory skills and business networks. Al in all, such a firm delivers advice on improving systems and processes, with intent of creating an appropriate balance between performance, risk and control. Click Here

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A Basic Overview on Bulgarian Taxation System!

Bulgaria is known to be a country in EU that offers the best taxation opportunities and schemes for both businesses as well as individuals. The taxes in Bulgaria follow a flat system in which the residents are taxable on their worldwide income. The Bulgarian companies, unlike companies in other parts of the EU, are subject to a flat tax rate of 10%; Also, the personal income tax follows a flat rate of 10%. 

However, the main sources of taxes in Bulgaria are the Corporate Tax, the Withholding Tax, the Alternative taxes, the Personal Income tax, and the Value Added Tax. Like the Taxation, payroll Bulgaria is also known to be simpler than what it is in other parts of the EU. And the best part is that there are professional services available in Bulgaria that help new and existing businesses to handle taxation, payroll, accounting, finance, company registration, legal and likewise. 

If you too wish to set up a business in Bulgaria, then you need to know more about Corporate tax; the following entities are required to pay the Corporate tax;

• Bulgarian legal entities- commercial enterprises
• Bulgarian unincorporated companies;
•  Foreign entities trading in Bulgaria via a branch;
• Foreign unincorporated entities trading in Bulgaria through a branch;

In addition, there are the local taxes that are collected by the municipalities and include- Immovable property tax, Vehicle tax, and Inheritance tax.

A useful advice to entrepreneurs is that by hiring a professional accounting service and outsourcing relevant tasks to the professional team, things can certainly work out in a more streamlined, efficient and fruitful manner.

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A few highlights of financial accounting services

An accounting firm can be small to large sized. However, regardless of the company’ size there are some services that all of them provide. These firms are supposed to provide financial record keeping, accounting, auditing, and compliance services to their clients. While some companies specialize in all areas of accountancy others provide a combination of it. Regardless of it, maintaining financial records is one of the most vital aspects of running a business.

The first service that all financial accounting firms provide is record keeping. It allows client business to get knowledge of how well or how poorly the resources are being utilized. Without financial records of inflow and outflow of cash, the business will remain blinded about funds management. Record keeping data provides a clear picture of the organization. The information can be used for finding new opportunities, generating new ideas, and suggestions.

The information prepared by financial accounting firms comes handy when a business needs to spots areas where it lacks performance and key areas that are exhibiting signs of inefficiencies. It also helps in spotting operations that are better off discontinued. Many firms also offer tax compliance services to both individuals as well as businesses. This is quite complex and difficult task and should be left to experts to handle.

It requires complete knowledge of tax related laws and compliance requirements. Professional accountants go through vigorous training regarding how to ensure compliances and meet the deadlines. Their expertise lies in accurately calculating client’s liabilities. Apart from all these, some accounting companies also act proactively and help clients in decreasing future liabilities by using various techniques and planning.

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Hire an Accounting Firm- And Make a Difference to your Business

In the current economic conditions, there has been an extensive change observed across various accounting standards. It is basically due to the rising interest of the shareholders as well as of the regulatory bodies in learning the ways a company reports and communicates its financial status. At the same time, the businesses too need to address the concerns of the stakeholders and bring about changes accordingly. And here is where a financial accounting firm plays a vital role. A proficient firm has an in-depth knowledge of the sector and is fully capable of helping navigate through and resolving financial issues that a business tends to face at any time.

 

The cost of using a financial accounting firm is usually less than the cost of hiring an expert employee. Some of the services that every leading accounting firm in Bulgaria offers to its clients include:

• Financial reporting
• Accounts reconciliation services
• Bookkeeping accounting services
• Write up services
• Invoice processing services
• Manual journal entry services
• Preparing financial services
• Cash flow management services
• Customer order processing services
• Financial analysis services
• Project accounting services
• Virtual accounting services

Outsourcing a reliable accounting firm frees up time to pursue more important value-added and revenue-generating activities. There are various firms in Bulgaria that offer services much beyond accounting and payroll; and such other services include: incubator-type office space for budding businesses; legal and relocation assistance; and staffing assistance, to name a few.

Save cost, focus on integral tasks…Contact a reliable financial accounting firm…and feel the difference…

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Olsen and Partners- A Reputed Accounting Company in Bulgaria

If you are looking for an accounting company in Bulgaria, you can rely on Olsen and Partners, which is a reputed accounting and tax firm.

We are determined to help our clients succeed in their businesses and get maximum profits. We believe in offering the most trusted and cost effective services that help you save a huge amount of money. Like a partner, we help our clients perform to their best level and save a huge amount of money. Olsen and Partners have an edge over other companies. 

We, being a reputed company in Bulgaria, help prospective small business owners start their businesses and manage their accounting and taxes. We ensure that businesses can have enough time and resources to focus on their products and clients. We are a client-focused company that stresses on complete customer satisfaction. Besides helping people build companies, we also help in building products, and creating jobs.

Using our extensive experience and resources, we deliver concise, clear, and intelligent tax and financial strategies. We are deeply committed to our clients and offer them the most efficient accounting solutions. From the initial consultations to throughout our business relationship, we offer thoroughly professional services. Offering personalized services is our priority. Whether you need payroll services, accounting, or taxation services, we help you fulfill the complicated requirements. With our personal approach, we offer the most satisfying services and nurture strong business relationships. You will find our services beyond your expectations. By visiting our website, you can check out how we stand differently than any other competitive company in Bulgaria. 

With our expertise and professional staff support, we help prospective business owners set up company in Bulgaria according to the standard laws and regulations. To know what our clients think of us, check out the testimonials on our website. Rely on us for personal finance management and an array of other accounting services. To know more, please visit www.olsenandpartners.com.

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Common Ways to Create and Register a Company in Bulgaria

If you wish to create a company in Bulgaria, you are required to apply at the Bulgarian District Court for registration at the special Commercial Register kept by the Court. It is from the date of entry that you are authorized to conduct whichever economic activity you wish to commence. The best part is that the Bulgarian government gives the allowance to foreign investors to operate through joint ventures, wholly owned subsidiaries as well as branches in Bulgaria. The business owners/merchants have the following options to create a company in Bulgaria:

• Sole proprietorship: An individual who has a permanent residence in Bulgaria and conducts trading regularly can be a sole proprietor.
• Limited partnership: In this, one or two partners have limited liability.
• Unlimited partnership: All partners are equally liable for the debts of the company.
• Stock Corporation: Atleast two persons are needed to create this legal entity. The capital of the company is divided into shares.
• Public company: A company that makes primary offering of shares or has its shares registered for trading may register as a public company.
• Joint venture: It is jointly formed by a Bulgarian and a foreign partner, and is one of the most common forms of investing in Bulgaria.
• Public limited partnership: In this, the limited partners own stock equivalent to their participation in the company.

Besides the above mentioned ways of getting a company registered, there are a few more, although not very common;

• Branch
• Representative Office
• Limited liability company
• Cooperative
• Holding

For foreign investors, direct ownership of land is prohibited; however, they are permitted to own buildings and have limited rights over immovable property.

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