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 Starting a small business BG

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Bigneacy
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PostSubject: Starting a small business BG   Sat Mar 30, 2013 2:28 pm

Hi there,

So I am looking for some information about starting a small business in bulgaria - correct me if i'm wrong on the following;


  • I have to start an OOD company and register as a business with the local government and the central tax office?[/*Ⓜ28euea4x]
  • I need to have audited accounts submitted monthly, and pay tax accordingly on a monthly basis? I need any qualified accountant for this?[/*Ⓜ28euea4x]
  • I have to buy a government approved cash register (how much? &
    where to buy?)[/*Ⓜ28euea4x]
  • I need to register any employees as so and pay them, their tax and their health insurance?[/*Ⓜ28euea4x]


Also - can anyone answer me the following- Do i need to have a fixed phone line &
broadband connection in place in order to send information for the cash register?

Do i need to have staff and public liability insurance? i.e. i know its a good idea, but is it compulsary?

Is having employee's not registered and simply working as consultants kosher?
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1abroad
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 6:01 am

The cash register. As we have no electric at the lake they found us a battery operated one. All transactions are sent to Sofia in real time. Your accountant should be able to sort this out for you. The minimum wage depends on the employees job tital - so a fish worker is paied less than a security worker. Tax and NI are very much the same as UK with both employer and emplyee paying some each. If you buy stock etc a reciept or invoice is not enough - you will need to produce a factoora.
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beautifulangel
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 11:44 am

The cheapest till we found was 350lv which plugs into your phone socket. There is a yearly charge for having your till after the first yr but don't know how much as we have only had ours a year. We didn't need public liability insurance for the shop but do for the horses, So I think you would have to check depending on what type of buisness you want to run.
You will have to pay health insurance for yourself plus any staff, where currently paying 350lv per month for two people to give you an idea of cost. Your staff need an employment contract and its against the law to employ anyone under 18. Angel

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Bigneacy
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 3:47 pm

That's great info so far guys, thanks. The monthly costs really start to add up don't they? At first glance it appears really cheap to run a business in BG compared to Ireland- my monthly staff costs here is just over €7000, that's only 3 staff! But then I can charge about triple the price here than in BG.

T
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will666
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 4:26 pm

The costs on our business in Bulgaria are very low compared to the UK for what we have , the biggest savings are on the cost of wages, no rental on factories or shop as over here they area a price that you can buy them.

and then of course.... the business rates that are so low here compared to the UK costs (apart from In the UK if you are very small company you can get small business rates relief that gives no business rates for now on some areas), we are well over the small business rate relief so no benefits on that for us in the UK

Bulgaria=much lower operating costs for us and just about the same paperwork

The problem with paperwork is that I cant understand a word of it so a translator is needed that raises costs a bit, most business has lots of paperwork these days in any country but its easier if you can understand it!

With our business a lot can be done on European websites in English as there is just one place to do it for Europe

Overall profits can be less if you are living in Bulgaria than in other countries as cost of living is lower

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Phil-H
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 5:17 pm

Wouldn't it be better if this thread was merged with his other thread which is basically talking about the same thing 'Re: Cafe/Bar business in Bulgaria'

viewtopic.php?f=62&
t=6534




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justbazz1
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 6:36 pm

I agree Phil..and we need someone who really knows to add to the argument. Some of the above is clearly incorrect!
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Phil-H
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 6:49 pm

That again is why it's not always a wise move to have multiple threads discussing the same topic.

What may be advised in one thread could well be being told differently in the other thread, plus it's a pain for people trying to help with duplicating information (possibly to the point they don't bother).

As for the right and wrongs for this topic, sorry I can't help but am looking with the hope that in the future it will be handy information or passed onto someone else who may be able to use it.

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Bigneacy
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 7:22 pm

Well the reason I started two threads is because this one is about the technicalities of starting a small business in Bulgaria- about being tax compliant and hiring employees. The other thread is about the health &
safety and licensing aspects of opening a bar/restaurant.

The reason I didn't ask all in one thread is so somebody in future will be able to find what they need easily, rather than having everything higgledy piggeldey in one thread. That, and the commercial space I have is to be divided into two, one half being food industry and the other half being service industry. In addition to that I am also hoping to export my current business, which is in an emerging industry to Bulgaria in several sites in the north/central region, so my interest is not just in the food and drink sector, hence two threads about two different things.

On another note- you say some of the info provided is incorrect? Would you mind letting me know- dont want to be misinformed...?
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 7:28 pm

The other thread is specifically about a food related business, this is about any business , why would someone wanting to start ( for example a hardware shop ) want to know about number of sinks for a food outlet

For example, Someone English is unlikely to be registering chemicals manufacture or packaging in Europe but this is what we register online in English from Bulgaria ,not many people know that lots of recent European legislation can be operated online in English
People would be more likely to read about it on this thread and not bother about reading one about food outlet as this thread may contain general company operation info and the other is talking about sinks and food hazard specific regulations

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cheekychops
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 7:34 pm

bgbazz wrote:
Some of the above is clearly incorrect!

Perhaps you could tell us all so we are better informed?
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Carmen
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 7:43 pm

[You must be registered and logged in to see this link.] wrote:
The other thread is specifically about a food related business, this is about any business , why would someone wanting to start ( for example a hardware shop ) want to know about number of sinks for a food outlet

For example, Someone English is unlikely to be registering chemicals manufacture or packaging in Europe but this is what we register online in English from Bulgaria ,not many people know that lots of recent European legislation can be operated online in English
People would be more likely to read about it on this thread and not bother about reading one about food outlet as this thread may contain general company operation info and the other is talking about sinks and food hazard specific regulations

Must agree with you will, there is a big difference in both threads and I do think this one will have more use generally whereas the other is specofic.
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LisA
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PostSubject: Re: Starting a small business BG   Sun Mar 31, 2013 8:14 pm

This might help?

The Legal Process of Starting a Business
Understand the legal process for setting up your company in Bulgaria...


Before you can start your business, there are some things you must Do:

Authorities

On 1 January 2008 the Commercial Register Act (CRA) came into force. According to Bulgarian legislation, all companies are registered in the Commercial Register at the Registry Agency [You must be registered and logged in to see this link.]

The registration has effect from the entry of the company into the Commercial Register, which takes place at the submission of an application form. The application for registration needs to be reviewed and the registration in the Commercial Register completed not later than the end of the first working day following the acceptance of the application form (in practice it could take longer for this process to be completed).

Basic steps for establishing a company

Hold a general meeting of the partners of the company at which:
resolutions are passed for establishing the company
Articles of Association/Statute is adopted
management bodies are elected
Adopt and sign Articles of Association/Statute of the company. In accordance with the type of the business structure, the Articles of Association/Statute may have different content. Generally it includes:
information about the name of the company (which has to be unique for the territory of the Republic of Bulgaria)
the address of management
the sphere of activity of the company
the amount of the subscribed capital and the amount of the capital paid in
the names of the partners and the way shares are distributed between them
Pay the capital of the company into an escrow account and in the amount stated above. A banking document proving that the capital has been paid in is presented in the Commercial Register.
Submit an application for registration and a package of documents in the Commercial Register (in accordance with Bulgarian law).

The registration is done by entering the company in the Commercial Register, which is an electronic register available online.

To access the Commercial Register online: Click here [You must be registered and logged in to see this link.] (in Bulgarian)

On registration, the company receives a unified identification code, which is unique for the territory of Bulgaria.
Information supplied by Tax Com Ltd, 5 Nikola Vaptsarov Str., Floor 5, Office 501, Varna 9005
Tel: 052 712 381 / 052 712 382, Fax: 052 712 383
Website [You must be registered and logged in to see this link.]
Managing Director: Mr Delyan Sarov
Copyright ©️ 2013 Tax Com Ltd - All Rights Reserved
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LisA
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PostSubject: Re: Starting a small business BG   Mon Apr 01, 2013 4:23 pm

Here is a little more from the same company above.

Starting a Business in Bulgaria
Find out about the various business structures available in Bulgaria and how to get a venture started...

In Bulgarian law there are no restrictions on foreigners setting up a company in Bulgaria: there are no special requirements for their participation in the establishing of a company such as a work permit or resident permit.

There is an an exception to this rule which exists in connection with registering as a sole proprietor. The requirements are different: a foreigner who wants to be registered as a sole proprietor should have a residence in Bulgaria. The liability of the sole proprietor is unlimited.
Information supplied by Tax Com Ltd, 5 Nikola Vaptsarov Str., Floor 5, Office 501, Varna 9005
Tel: 052 712 381 / 052 712 382, Fax: 052 712 383
Managing Director: Mr Delyan Sarov
Copyright ©️ 2013 Tax Com Ltd - All Rights Reserved
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beautifulangel
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PostSubject: Re: Starting a small business BG   Wed Apr 03, 2013 11:40 am

[You must be registered and logged in to see this link.] wrote:
The cash register. As we have no electric at the lake they found us a battery operated one. All transactions are sent to Sofia in real time. Your accountant should be able to sort this out for you. The minimum wage depends on the employees job tital - so a fish worker is paied less than a security worker. Tax and NI are very much the same as UK with both employer and emplyee paying some each. If you buy stock etc a reciept or invoice is not enough - you will need to produce a factoora.
just interested in your info about employees paying into national insurance. what percentage do they pay? our accountant has us paying all of it.

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