Bank account in Bulgaria

Prior to its accession to the European Union, Bulgaria underwent a complete overhaul of its banking legislation to comply with European standards. Presently, individuals seeking to study or apply for a residence permit in the country are required to establish a bank account in Bulgaria. This stipulation extends to companies intending to conduct business within Bulgarian borders.

For legal entities, the company must either be registered within Bulgarian territory to open an account at a Bulgarian bank or can also operate outside the jurisdiction of Bulgaria.

Opening an account at a Bulgarian bank can be conducted remotely or in person. With the appropriate set of documents, an account can be established in just one day, a process notably faster compared to many other European jurisdictions. Moreover, managing a bank account with a Bulgarian bank has recently become exceedingly convenient, offering customers the flexibility to oversee their accounts via online platforms, Internet banking, and dedicated mobile applications.

The opportunity to open an account at a Bulgarian bank extends to citizens of any country representing a company’s business interests. To initiate the client relationship, a financial institution employee typically requires identity documents. It’s important to note that specific requirements may vary among different banks, for instance:

• A notarized copy of the passport of the shareholder(s) and director(s).
•  A document confirming the residence address of the shareholder(s) and the director(s).
•  For non-resident companies, notarized and apostilled statutory documents.
•  If a representative of the company applies, you will need a power of attorney to open an
• account, notarized at the Bulgarian Embassy.
•  Contracts with partner companies.

When making a decision about selecting a bank in Bulgaria to open an account, it’s essential to be aware that there’s typically a fee associated with this service. The fee usually starts from 500 USD. Additionally, it’s crucial to consider the current tariffs and the expenses related to transactions conducted within the chosen account. The process of issuing an invoice doesn’t take much time, and once all formalities are completed, customers might be offered the option to transfer a minimum amount. Non-residents have the option to open an account with a Bulgarian bank in various currencies, including Bulgarian levs, US dollars, or euros. The selection of currencies depends on the policies of the institution.

Should you desire to initiate a business bank account in Bulgaria, our team at Regulated United Europe is eager to provide assistance. Leveraging our extensive network of reliable partners within the European financial services sector, we aim to present the most fitting and economically viable solutions that enhance the operations of the businesses we cater to.

Open a Bank Account in Bulgaria

Before joining the European Union, Bulgaria completely revised its banking legislation in accordance with European requirements. Now, everyone who wants to study in this country or applies for a residence permit is obliged to open an account in Bulgaria. This rule also applies to companies planning to do business in Bulgaria.

How to Open a Bank Account in Bulgaria

A citizen of any country, including a non-resident of Bulgaria, can open an account in a Bulgarian bank. Thus, it is quite simple to open an account in Bulgaria for a non-resident.

If we are talking about a legal entity, then the company must either be registered on the territory of Bulgaria in order to open an account with a Bulgarian bank, or it may also be outside the jurisdiction of Bulgaria.

An account in a Bulgarian bank can be opened both remotely (on a remote basis) and in the personal presence of a person. Compared to most other European jurisdictions, with the right package of documents, an account can be opened in just one day. Moreover, since recently, the management of a bank account in a Bulgarian bank has become as convenient as possible: customers can manage their accounts online, via Internet banking and a mobile application.

Opening an account in a Bulgarian bank is available to a citizen of any country representing the business interests of a company. To start working with a client, an employee of a financial institution needs to see identity documents. The list of requirements may be different, depending on the specific bank, for example:

• A notarized copy of the passport of the shareholder(s) and director(s).
• A document confirming the residence address of the shareholder(s) and the director(s).
• For non-resident companies, notarized and apostilled statutory documents.
• If a representative of the company applies, you will need a power of attorney to open an account, notarized at the Bulgarian Embassy.
• Contracts with partner companies.

The employee may ask for certificates, extracts or other documents. Therefore, in order to open an account in Bulgaria, legal entities often require professional support.

For Bulgarian legal entities

• documents certifying the identity of the beneficiary
• copies of constituent documents
• documents confirming the existence of a legal address
• copies of licenses or permits (if the activity is subject to authorization regime)
• power of attorney – if a representative acts on behalf of a legal entity

For foreign legal entities and offshore companies

• The original or notarized copy of the certificate/certificate of registration
• Documents certifying the identity of the beneficiary
• Constituent documents translated into Bulgarian and legalized
• Copies of licenses or permits (if the activity is subject to authorization mode)
• Power of attorney – in case of remote account opening

Which Bank to Choose in Bulgaria

When deciding which bank to choose in Bulgaria to register an account, please note that there is often a certain fee for providing this service. The amount starts from 500 USD. You should also pay attention to the current tariffs and the cost of operations performed within the selected account. It does not take much time to issue an invoice, and upon completion of all formalities, customers may be offered to transfer the minimum amount. Non—residents can open an account with a Bulgarian bank in local currency – Bulgarian levs, US dollars, euros. The choice of currencies depends on the order of the institution.

For a general understanding of the local financial services market, here is an example of the conditions imposed by the leading bank in Bulgaria, DSK Bank:

The terms of opening accounts are from 1 to 3 months.

Visit to the bank — you do not need to visit the bank in person to open an account.

The minimum account balance requirement is at least 50 Bulgarian levs (BGN).

DSK Bank is one of the oldest financial institutions operating in Bulgaria. It was founded in 1951 as a state-owned one, but has been a commercial one since 1988. Most institutions focus on DSK, however, if you want to open an account in Bulgaria, you cannot do without a detailed study of the work of the selected bank.

Professional Support When Opening a Bank Account in Bulgaria

Inclusion Limited is ready to assist in opening an account in a Bulgarian bank. Our experienced experts have been working with corporate clients for more than 20 years and guarantee prompt interaction with financial institutions in Bulgaria. We are ready to accompany you at all stages of account opening.

If you have any questions or would like to contact our specialists to arrange a service, fill out the feedback form.

Bulgarian Banks

Bulgarian Bank DSK

DSK Bank Bulgaria DSK Bank was founded in 1951 and had the status of a state bank. Since 1988, the bank has become a commercial bank, and in the early 2000s it joined the OTP financial group with its head office in Hungary. Currently, the Bulgarian bank DSK has more than four million customers and in fact serves every family in its country.

Unicredit Bulbank Bulgaria

Unicredit Bulgaria Bank was founded in 1964 and is one of the largest in Bulgaria. The institution is actively engaged in financial activities, offers not only standard financial services, but also invests in promising business projects.