The Process
Bulgaria, the European FINTECH tiger, makes it easy to get started
Your clients will accept and appreciate dealing with a company registered in the EU!
Get easily accepted with European Electronic Money Issuers or even banks. A company registration in the EU along with the permission / accreditation to provide sophisticated crypto and custodian services of any kind will ease the dealing with Compliances in banks and payment providers. We will even help you set up a bank account, in the name of your entity to intake / accept customer funds through SEPA and SWIFT, with dedicated IBANs in the name of your entity.
NO ADDITIONAL CAPITAL REQUIREMENTS! Save hundreds of thousands of Euros compared to other countries.
Bulgaria has along with Cyprus, Ireland and Malta the lowest corporate tax rate of just 10%. By using third party companies outside the EU, we can even help to reduce this tax “burden” to almost zero.
The current setup time is just 4-5 weeks, depending on National Holidays or Seasonal Festivities – It is the fastest turnaround for this type of companies compared to all other EU Member States.
You work EU and OECD compliant and will receive as part of our services even a comprehensive AML CFT Compliance Manual (Required for bank and EMI account openings).
You can accept and onboard corporate and individual clients from all over the world except those from restricted high-risk countries (such as Iran, Afghanistan, Yemen, Somalia, Libya or North Korea).
Only one Director and Shareholder are required. It can be you or anyone (EU individuals recommended). With such a tight ownership structure you have all processes under your very own control. No Nominees involved.
Very low monthly maintenance costs for office and accounting (it’s more than affordable).
No mandatory employment of local compliances or other staff – will keep your ongoing costs in your budget.
We recommend a stay of at least 5 business days to make sure all is being setup and will not have to travel again. The personal signing of all documents incl. the bank account is your guarantee to have all under control.
THE ACCREDITATION ISSUED BY THE NRA – NATIONAL REVENUE AGENCY WILL STATE AND PERMIT YOU TO OFFER SERVICES SUCH AS CRYPTO-EXCHANGE, CRYPTO-TRADING, FIAT-CRYPTO EXCHANGE, CRYPTO PORTFOLIO SERVICES, THE SAFEKEEPING AND STORAGE OF ANY TYPE OF ASSETS FOR THIRD PARTIES AND PROVIDE PROFESSIONAL CUSTODIAN SERVICES TO ALL YOUR CUSTOMERS.
Before we can start, we examine you and your future project. You will receive our due diligence sheets, complete them; then we check the desired company name with the register for availability and conducts the Refinitiv World Check on you. Once done, we are ready to go!
Services offered to clients after the trustee registration and accreditation
The possibilities are endless. Unlike many EU countries, Bulgaria is “limping” when it comes to crypto and custodian handling. The authorities are operating and approving your applications far less restricted and more flexible still than in other EU Member States. This offers entrepreneurs unprecedented opportunities – so
far-reaching that 350,000 EUR share capital, local compliance and much more are avoidable in Bulgaria. The officially issued accreditation (NRA / National Revenue Service) enables you to perform the following services but not limited to:
• Crypto Exchange FIAT to Crypto and vice versa or Crypto to Crypto
• Safekeeping, administration, storage of FIAT currencies and any type of digital assets for third
parties and verified customers
• Crypto Portfolio Management
• Hosting of a crypto trading platform such as Bittrex, Kraken or Coinbase
• Offer electronic wallets to receive and store customer funds (FIAT and crypto). The payment /
asset processing is part of your business field and therefore permitted
We actively help you to gain SEPA and SWIFT access so that you can accept, process and transmit customer money or other monies from Day One and on. We also cooperate with several EMIs and crypto processors.
Hardly any other country in Europe has such a flexible banking sector as Bulgaria.
Even the processing of payments that are intended for a use in cryptocurrencies can be conducted relatively easily, provided that the account holder or the company offering these services is based in Bulgaria. Bulgaria’s financial regulator places less restrictions and obligations on companies and banks compared to Western Europe or the over-regulated Baltics.
This extra flexibility is passed on to customers in the form of services that are impossible in other European countries due to the narrow-mindedness of financial regulators or banks. Bulgaria is a full member of the EU, white listed, not subject to any financial restrictions. Our colleagues take you by the hand and enable you to set up and apply for the essential bank accounts in Sofia — with you as the sole authorized signatory.
Transfer SEPA and SWIFT payments for your customers from Day One.
24 Hours
We will check your Due Diligence Questionnaire and conduct the pre-checks on the individuals involved.
48 Hours
Within two days the onboarding process can be terminated, all documents be signed. You will receive some appointment suggestions for your trip to Bulgaria.
Required Pre-Check Documents
High resolution scan of your ID document (Passport required; no ID Card, no driving license) – email.
Completed and signed Due Diligence Questionnaire (we will provide you this document) – email.
Simple scan of your recent gas/water/electricity/credit card bill to prove your current residential address – email.
Required Setup Documents
Onboarding form: completed and signed (email).
Due Diligence Questionnaire completed and signed (email).
AML / CFT Compliance Program signed (we provide you the BG Compliance Program ready for signature).
Original Passport (please bring along and present to Notary in BulgarIa once you are there).
Signed Service Contract for Registered Agent and Office, tax accountancy – to be signed in Bulgaria once the company is established and the company details are known such as company number, registration and tax number and registration number as professional trustee / crypto provider.
What happens step by step in the setup? How are the preliminary exams carried out? What do you need? The process is easier than you think. Along with our local partners, we support you every step of the way. You can also contact us directly at any time. Either via Skype or email during business hours Monday to Friday in German & English.
Before we can officially onboard, we carefully examine you, your future company or your project. Ensuring that all services can also be provided afterwards is absolutely essential when founding a company.
Now it’s up to you. Get on the plane and off you go to Bulgaria. As a rule, you are within 2 – 2.5 hours from Germany or Switzerland in the south-eastern European country, from where our lawyers and accountants will guide you through the following activities:
• Notarization of all personal documents
• Setup of Company’s Charter / Memorandum / Articles of Association
• Draft of the accreditation request
• Personal visit in bank branch for the business account opening
• You receive all company documents apostilled and duly certified translated into English
• Due Diligence Questionnaire completed and signed and returned to us via email
• Provide us on email with your HQ passport scan
• Provide us with your proof of address, not older than 3 months
Inhouse Preparations by us
• Setup of your company AML / CFT Compliance Program (EU Standard with focus on Bulgarian legislation) in English
• Name Check for your desired company names with the register and Worldcheck on you (PEP Check)
• Submission of onboarding forms to sign by us and our legal team
• Provision of detailed invoice and payment either through SEPA / SWIFT or crypto currencies
Now it’s up to you. Get on the plane and off you go to Bulgaria. As a rule, you are within 2 – 2.5 hours from Germany or Switzerland in the south-eastern European country, from where our lawyers and accountants will guide you through the following activities:
• Notarization of all personal documents
• Setup of Company’s Charter / Memorandum / Articles of Association
• Draft of the accreditation request
• Personal visit in bank branch for the business account opening
• You receive all company documents apostilled and duly certified translated into English
What happens step by step in the setup? How are the preliminary exams carried out? What do you need? The process is easier than you think. Along with our local partners, we support you every step of the way. You can also contact us directly at any time. Either via Skype or email during business hours Monday to Friday in German & English.
• Filing and Submission of AML CFT Compliance Manuals and Collection of all notarized and apostilled company documents; shipment in original to your home address
• Digital copies of all documents are being sent prior to courier shipment for a counter check to your email
• Issuance of our Permission Summary Certificate
• Issuance of our Certificate of Incumbency
• Issuance of our Certificate of Good Standing
• Collection of all Certificates and shipment along with the corporate documents via secure courier mailing to your residence address or company address or any address you name us
We are shipping through the following carriers: UPS / DHL Express / Fedex or TNT Express. All courier charges are included in the setup price of course.
The last step is to open an EMI account to get SEPA and SWIFT access. Because regulated EMIs require full corporate documents, accreditation, and AML/CFT Compliance Policy, this step must be initiated at the very end of the entire setup process. We actively help with opening an account. The opening of the Bulgarian bank account has already been completed under point 2). This additional account service is an extra service and will be charged separately for those customers who wish to take advantage of it.
• Submission of all documents to the Electronic Money Issuer and Pre-check
• Free Legal Check of your website to avoid confusions with the regulator and/or compliance officers in the EMI
• Verification of all directors and shareholders through you
• You receive the credentials, access codes and OTPs directly to your email and/or mobile phone
• Compliance Final Check at the EMI to ensure a smooth future operating
• You can start using the additional account for SEPA, SWIFT or crypto third party transactions
Have any questions? You can contact us directly at any time. Either via Skype or email during business hours Monday to Friday in German & English.
PERMISSION TYPE: Official Accreditation of a Government Agency
ACCREDITATION ISSUER: NRS / National Revenue Agency
SETUP TIME UNTIL COMPLETION: 4-5 weeks
MINIMUM PAID UP CAPITAL: 250 EUR (included in setup price)
MINIMUM DIRECTORS / SHAREHOLDERS: 1 individual (can be you for both positions)
COMPLIANCE OFFICER IN BULGARIA: not required
PLACE OF CORPORATE MEETINGS / DECISIONS: anywhere worldwide
MONTHLY FEES (Corporate Services Provider, Registered Agent + Office, Accreditation renewal, accounting and tax submission): fix package price, all inclusive
Company Setup and Compliance Package
• Due Diligence, Documents Check, Onboarding, Invoicing
• Company Setup, Register Fees, Registered Office, Notarization, Filing of all company documents with Corporate Registry, Issuance and translation of all documents certified into English
• Mediation without time limit w/ the NRA /National Revenue Agency
• Setup AML CFT Compliance Program, Accreditation Issuance and Collection
• Legal Support during your stay in BG
• Application Bank Account in BG for b2b and c2b Payments (third party funding)
• Translation of all company documents from Bulgarian into English by certified translator
• Our Certificates Certificate of Good Standing, Certificate of Incumbency – free issuance up to 2 times per year without surcharge
• Application of LEI Number
• Total Setup Fees: 29,950.00 EUR
1. Registered Address
2. Renewal Registered Agent
3. Special conditions for legal support in BG
whenever required / usually 50% off
4. Company Renewal
5. LEI Renewal
6. Renewal of the Accreditation
7. AML / CFT Compliance Manuals Updates for free whenever needed or new legislation requires amendments; also submission to the authority after changes have been processed
8. Tax Advisory and Tax Filing through professional accountant
9. Tax Reporting to the Ministry of Finance
Monthly FIX COSTS (PAYABLE EVERY 3 / 6 / 12 Months in advance in EUR or USDT or CREDIT CARD (Monthly costs can be fully deducted as corporate expenses from your turnover).
789.00 EUR
Bulgarian Crypto Licenses
Want to start the process? Get in touch with us
Call us at +357-22030536
