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Open a Bank Account in Bulgaria

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

Steps

01

Choosing a Bank in Bulgaria

First of all, you need to choose the desired bank. It is important to consider the bank’s reliability, fees, and client segmentation preferences. It is better to apply to several banks at once to increase the chances of account opening.

02

Preparing Documents

You need to prepare the company’s statutory documents, taking into account requirements for issuance dates and certification format, the personal documents of company members, and complete the bank’s forms. Proper completion of forms and presentation of information play a crucial role.

03

Submitting the Application

After preparing all the documents, they must be submitted to the bank. During the review, the bank may send additional questions and document requests. It is necessary to provide correct and timely responses. The review may be subject to a fee, which must be paid upon application submission.

04

Verification

Banks usually require visiting their office for verification of company representatives.

05

Receiving Account Details and Access

Upon successful opening, the bank assigns account details to the company and issues access credentials. For full account activation, a minimum deposit may be required, from which the account opening fee (if applicable) can be deducted.

How to Open a Bank Account in Bulgaria

Opening a bank account in Bulgaria is available to citizens of any country representing a company’s business interests. To start working with a client, the bank officer must see identity documents. The list of requirements may vary depending on the specific bank, for example:

  • Notarized copy of the international passport of shareholder(s) and director(s).
  • Document confirming the residential address of shareholder(s) and director(s).
  • For non-resident companies – notarized and apostilled corporate documents.
  • If a company representative applies, a power of attorney for account opening is required, notarized at the Bulgarian Embassy.
  • Contracts with partner companies.

The officer may request certificates, statements, or other documents. Therefore, to open a bank account in Bulgaria, legal entities often require professional support.

Which Bank to Choose in Bulgaria

When deciding which bank in Bulgaria to choose for account registration, note that a certain fee for this service is often charged. The amount starts from 500 USD. You should also pay attention to the applicable tariffs and transaction costs within the chosen account. Account opening does not take long, and upon completing all formalities, clients may be asked to deposit a minimum amount. Non-residents can open accounts in Bulgarian banks in the local currency (Bulgarian lev), US dollars, or euros. The choice of currency depends on the institution’s rules.

For a general understanding of the local financial services market, here are some conditions from Bulgaria’s leading bank, DSK Bank:

  • Account opening period – from 1 to 3 months.
  • Bank visit – personal presence is not required to open an account.
  • Minimum balance requirement – at least 50 Bulgarian lev (BGN) must remain in the account.

DSK Bank is one of the oldest financial institutions in Bulgaria. It was founded in 1951 as a state bank but has been commercial since 1988. Most institutions are guided by DSK’s practices, but if you wish to open an account in Bulgaria, detailed research of the chosen bank’s operations is essential.

Professional Support for Opening a Bank Account in Bulgaria

Incluence Limited is ready to assist with opening a bank account in Bulgaria. Our experienced experts have been working with corporate clients for more than 20 years and guarantee efficient interaction with Bulgarian financial institutions. We will support you at every stage of the account opening process.

If you have any questions or would like to request this service, please fill out the feedback form.

Free initial consultation on legal issues, related to the daily activities of the business

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Frequently Asked Questions:

We select banks based on the country of company registration, the residency of beneficiaries and directors, planned turnover, required currencies, and payment regions. The bank’s reputation and fees are also taken into account. To find the most suitable option for your company, please contact our specialists.
To open a bank account in Bulgaria, it is necessary to complete and submit the bank’s KYC and AML forms, the company’s statutory documents, and the personal documents of directors and beneficiaries. The bank may additionally request contracts with partners and other information. To successfully open an account, key persons must undergo verification.
To open a bank account in Bulgaria, you must provide copies of personal documents of each director and shareholder, along with a package of corporate documents. The bank may also request copies of contracts with partners, the company’s structure, and other documents.
A bank account in Bulgaria can be opened with the personal presence of a company representative.

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