Bulgaria

The modern Republic of Bulgaria is one of the states of the former socialist camp. This country is located in the southeastern part of Europe on the Black Sea coast, which contributes to the development of the resort business, as well as favorable climatic living conditions. At the same time, the cost of temporary and permanent residence in Bulgaria is one of the lowest on the European continent. Therefore, the state can be considered as promising enough to place its business here. Separately, it is also necessary to emphasize that the Republic of Bulgaria belongs to the category of low-tax jurisdictions. Therefore, this territory can be regarded as a successful and promising place for applying existing and developing new international tax planning schemes.

Consider what are the main advantages of companies opened in the territory of the Bulgarian Republic:

• The state is part of the EU, which opens up for companies all the opportunities provided by the EU countries.
• The minimum corporate tax rate for the European community.
• A withholding tax rate on dividends of only 5%.
• Fast and simplified company registration procedure.
• Permissibility of using international financial reporting standards IFRS instead of generally accepted local accounting standards.

Annual reporting and audit

For all companies that are registered in Bulgaria, there are standard requirements for annual financial statements. They consist in the mandatory accounting and preparation of annual reports on financial activities.

Corporate Legislation in Bulgaria