How to get a Bulgarian Residency by Company Formation

Obtaining a Bulgarian Residency by company formation is something quite common and it may be a way for non-EU citizens to have a door opening towards the European Union, among many other benefits.

There is no business route that will directly lead to a visa or residency, however, opening a company in Bulgaria may be a requirement for certain types of visas. Company formation alone is not enough to qualify for a visa in Bulgaria. 

We will discuss the case of Bulgaria residency by company formation, as well as the general requirements to obtain a residency permit in Bulgaria. 

In any case, when thinking of company formation or setting up a business in Bulgaria, we can only recommend engaging the services of a serious and reliable accounting company like Accountancy Bulgaria. Not only are they best equipped to advise you on what’s the most successful path for your company, but also will tailor their services to your company’s specific needs. 

Long-term Bulgaria residency

Foreign citizens looking into staying in Bulgaria for a long period must apply for a long-term residence permit. This is often necessary for new companies that may need a legal representative in the country or companies that require someone in Bulgaria to run operations.

There are different options for those foreign citizens to obtain Bulgaria residency by company formation.

In Bulgaria, there are three types of residence permits:

–        Extended residence permits (also known as prolonged residence permits). Have a validity of one year and can be renewed.

–        Long-term EU residence permits in Bulgaria. These are only available for EU citizens and are initially issued for a period of five years, and can be renewed too.

–        Permanent residence permit in Bulgaria. This permit is only available after spending a certain amount of time in the country, most commonly an option for as a resident with an extended residence permit. 

The first step is to apply for a visa type D, and then for a residency permit.

But how does it work to obtain a Bulgaria residency by company formation?

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Requirements to apply for a residence permit in Bulgaria

What are the requirements for someone applying for Bulgaria residency:

–        A valid passport

–        A place to stay in Bulgaria

–        Proof of financial means to support yourself

–        Proof of insurance (for the total length of time of the applicant’s stay)

–        Proof of family and marital status

The application for a long-term residence permit must be submitted three months before entering the country.

Do I get a visa for Bulgaria if I start a company?

While Bulgarian law allows foreign citizens to start a company, meaning anyone can register a company if they meet the tax requirements, it does not imply that someone starting a business in Bulgaria will automatically obtain a Bulgaria residency by company formation.

In other words, anyone from any nationality can open a business in Bulgaria, the nationality of said individual may affect the process of obtaining a Bulgaria residency. These are two completely different processes.

Company registration as a requirement for a visa

In some cases, setting up and running a business in Bulgaria may work in favor of a foreign citizen applying for a residency permit. However, it would be ideal to have a solid plan to guarantee obtaining a residency permit if it’s a must for company formation Bulgaria. 

As we mentioned, Bulgaria has no restrictions when it comes to foreigners opening a business in the country. However, this doesn’t mean that the foreign citizen will be allowed to move and settle in Bulgaria automatically.

READ ALSO: Self-Employed Tax in Bulgaria

Conclusion 

Bulgaria doesn’t restrict nationalities when it comes to company registration. Anyone is allowed to open a company in Bulgaria as long as the basic criteria is met.

Having the support of a trustworthy accounting company like Accountancy Bulgaria is without a doubt the wisest choice for anyone looking into company formation. Their years of expertise and their specialized knowledge can be an asset for any business. 

However, starting a business in Bulgaria as a foreigner does not automatically allow citizens to work and settle in the country or guarantee the successful application of a residency permit. There are certain requirements and steps that any non-EU citizen must complete in order to obtain their Bulgaria residency permit.