2020-03-13 Posted in Facts

Why every Bulgarian company needs a bank account in Bulgaria?

     All our services mostly point you towards opening an account at a Bulgarian bank. Allow us to elaborate in greater detail the necessities and advantages such an arrangement brings you as an owner of a Bulgarian company. At the end of the article, you’ll be convinced as to just how integral to your business dealings, operating a Bulgarian bank account actually is. First and foremost, the possession of a Bulgarian bank account remains compulsory and at the same time essential for the day-to-day operations as well as efficient management of your company in Bulgaria.

     It’s the sole means to initiate tax payments, social security payments, state fees or payments towards domestic legal entities and individuals using the Bulgarian national currency. Going for another country as your choice not only complicates your logistics, but also draws unwanted attention to your business activities. On these grounds, it’s simply not something you can afford to not have! Current best practices in business stipulate a company should operate with a bank account set in the same country. Doing otherwise is an offshore practice from the past, which will raise questions regarding your true intentions on Bulgarian soil. Such a set-up will increase local suspicions towards you and could lead to further investigations, which can be rather slow and heavy on time and resources. Fine, you might say, you’ll open a bank account with a Bulgarian bank, but you also toy with the idea of opening a bank account in a foreign country just in case. In theory, it might sound like a strategic move to cover your bases and secure a comprehensive service, but really we’d advise you against this.

     Foreign bank accounts for Bulgarian firms undergo strict regulations and periodical reporting in front of the Bulgarian National Bank, which makes their overall administration challenging, expensive and risky. Risky how? You lose the confidentiality of bank secrecy, which you enjoy by default if you open a bank account in Bulgaria. It’s best to avoid any unnecessary scrutiny and open a bank account with any of the banks, we list as partners. You won’t find a more convenient service, built-in as a key feature in our bundles catalog. For those, still unsure as to whether a Bulgarian bank can offer you the services and tools you have grown used to with your bank system, we have the following to say: The Bulgarian bank system as it exists right now rivals those of developed Western countries in the sense it extends the same courtesies and services. You have the option to open individual accounts for each currency as well as the issuance of Visa and MasterCard debit cards. Internet banking is available in English and comes with sophisticated security and protection measures, while clients can request virtual and physical POS devices. You receive courteous and professional treatment without any language barriers or the delays time zones cause. Further evidence to sway you in your decision:

  • All maintenance and operational fees are comparable to the ones in most developed countries, if not lower, but certainly firmly positioned alongside the average for the industry.
  • Let’s not forget Bulgaria is a member of SEPA, which means you can initiate as well as receive SEPA transfers at preferential conditions. Another advantage is the fact the Bulgarian lev has a fixed exchange rate to the Euro, which never changes and thus avoids any FX risk. After all this, we’re sure you’re thinking, why bother with a foreign bank account, when you can have one in Bulgaria!