What steps and conditions are required for Ukrainian citizens with temporary protection who want to start their own business in Bulgaria?

Persons granted temporary protection have the right to develop their own business in Bulgaria by creating and registering their own enterprise.

In Bulgaria, you can do business as an individual entrepreneur (ЕТ – "Единоличен търговец") or by establishing a legal entity in one of the following forms:

• ЕООД/ООД – "Единолично дружество с ограничена отговорност" – an analogue of a Ukrainian limited liability company.

• АД – "Акционерное дружество" – joint stock company.

• СД – "Събирательно дружество" – the founders are responsible for the obligations of the enterprise with all their property.

• КД – "Командитно дружество" – a limited partnership, where the main participants are responsible for the obligations of the enterprise with all their property, and other involved participants are responsible only within their contributions.

• КДА – "Командитно дружество з акции" – limited joint-stock company The founder is one head of the company, but it also includes three other shareholders.

The head of the company is responsible for the obligations with all his property, and the others - within the limits of the contribution.

Once registered in Bulgaria, these individuals and enterprises are considered Bulgarian businesses and are subject to taxation and audits under Bulgarian law.

Read more about submitting financial statements in Bulgaria at the link: https://www.registryagency.bg/bg/registri/targovski-registar/kak-da-podam-finansov-otchet/.

The creation of an enterprise or an individual entrepreneur is carried out by registration in the Commercial Register, which in Bulgaria is maintained by the Registration Agency of the Ministry of Justice (Агенция по вписванията).

Qualified electronic signature (QES) holders can apply for registration online at the link: https://portal.registryagency.bg/CR/services.

Detailed information on the requirements for registration in the Commercial Register can be found on the website of the Registration Agency at the link: https://www.registryagency.bg/bg/.

Information on necessary documents for registration of "ЕООД/OOД" in Bulgaria at the link: https://www.registryagency.bg/bg/registri/targovski-registar/kak-da-registriram-firma/.

Termination of the activity of an individual entrepreneur is carried out by making a corresponding entry in the Commercial Register on the basis of the individual entrepreneur's application.

A legal entity may be terminated by reorganization, liquidation or bankruptcy proceedings.

Income tax in Bulgaria is 10%.

More information about different types of enterprises, the procedure for their registration and termination, and the taxation regime can be found at the link: https://psc.egov.bg/psc-starting-a-business.

More information about the country's economic performance and key sectors for investment in Bulgaria can be found at: https://investbg.government.bg/. This institution provides information, contacts and project management support for potential investors.