Opening accounts with Bulgarian banks

For legal entities

Ever since the law on measures against money laundering came into force in Bulgaria, opening an account has become somewhat harder than before. In most cases, to open an account for a company banks want to see at least a document confirming the director’s address of residence and an LNCh, which is assigned when long-term residence status in Bulgaria is granted. That is why company directors would do well to take care not only of the company’s own operations, but also of having a personal residence card in Bulgaria.

Some banks take a more accommodating approach. At DSK, for example, an account can be opened without an LNCh. To do so, you need to provide a contact person (лице за контакт) with a Bulgarian EGN. This can be either a citizen of the country or a person with a permanent residence permit or EU long-term resident status.

In such a situation UniCredit is prepared to open an account for 6 months – with passive rights. After six months, based on the company’s performance, you can expect to be granted active banking. Preliminary review of the documents at UniCredit is subject to a fee.

It is currently impossible to open an account by power of attorney at any bank – the company director must be present in person.

Bear in mind that willingness to open an account may depend not only on the bank’s policy as a whole, but also on the rules adopted at a particular branch. There are plenty of known cases where people were refused at one branch and then opened an account at another – on the next street. On the whole, opening a bank account has now become harder than before: you have to look for a suitable bank, go through an interview and wait for checks (often paid ones). Whereas previously you could register a company without a residence permit, now this is considerably more difficult, and foreigners without an LNCh are treated with suspicion.

If the director is unable to pursue residence status in Bulgaria, companies can at present still use the Paysera platform, which makes it possible to avoid unnecessary difficulties in conducting financial activity and even to make payments to the budget in leva.

And what about individuals?

To obtain a long-term residence permit, foreigners in Bulgaria also need personal accounts holding a certain amount (12 minimum salaries or pensions). Opening such an account today is comparatively simple. For the most part, banks require only a notarised contract of residence in Bulgaria. The Paysera payment system is no longer suitable in this situation: the migration service must be presented with a certificate of available funds issued by a Bulgarian bank.

Support services

To open a bank account – whether for an individual or a legal entity – you need to be able to communicate with the managers. This requires a good command of Bulgarian, in particular the relevant terminology, and of Bulgarian legislation. The staff of Bulgarian Expert will help you correctly prepare and properly complete all the necessary documents, as well as successfully pass the bank interview to open an account.

Accounting services for your company in Bulgaria.

Company registration in Bulgaria

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