Licensing

Forex License
Bulgaria has a strategic location, allowing investors to access the entire EU and the markets of central and Eastern Europe. Bulgaria has a predictable and stable economy and government, and boasts the lowest corporation tax in the EU at only 10%. In order to provide brokerage services it is required to become an Investment Intermediary regulated by the Financial Supervision Commission of Bulgaria.
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Incorporation & obtaining license: from 3 to 7 months

Minimum paid up capital: EUR ~ 125,000.00 or EUR 730,000.00 depending on the licence type (STP or MM)

License government application fee: EUR ~3,200 or 5,100 depending on the license type

License renewal government fee: EUR 1,300


Overview

There are two types of licenses in Bulgaria applicable for forex and two types of companies can apply – ordinary Ltd’s and JSC’s:

  • Standard license – requires BGN 250,000 initial capital (approx. EUR 125,000), broker can hold clients’ money but cannot trade on its own account
  • Full license - requires BGN 1,5 million (approx. EUR 730,000) – broker can deal on its own account (market maker)

As an additional benefit, Bulgaria has a highly qualified work force and relatively affordable salaries. A competent Bulgarian director may be found at 1,000 Euro per month.

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Facts & Info for Bulgaria Forex License

Notable features
Procedure
Documents Required

General information

Company structure

  • Only one shareholder (can also be a legal person, no nationality restriction)
  • Only one local director. Recommended to apply with at least
  • Beneficial owners' details – disclosed to the authorities
  • Shareholders' details – part of public record
  • Directors' details – Part of public record

Taxation

  • Dividend tax - 5%
  • VAT –0%. The EU internal deliveries and the export are free of VAT
  • Personal income tax - 10%
  • Bulgaria is a European Country so a Bulgarian Financial Services License or Forex License will allow you to operate in all EU
  • Bulgaria has a 10% corporate income tax rates only

Accounting requirements - Regular accounting and Audited accounts submission is required

Registered office - Required

Local employee - Required (3 and more) 

Company name

  • Company names are subject to the following requirements and restrictions: A name can be in any language as long as Roman letters are used. The Registrar may however require an English translation if a foreign language is used to ensure that the proposed name is not a restricted name. A name cannot be identical or similar to that of an existing company.
  • The following words or their derivatives may not be used: bank, chartered, establishment, foundation, insurance, partnership or trust.

N.B.

  • Restricted connections for company name: name of state, national or local government
  • Any name that implies illegal activity or implies royal or government patronage is restricted
  • Registrar may reject any name which it considers undesirable or contrary to the public interest
  • Company name is restricted to be identical or similar that of an existing company
  • In case when foreign language is used for company name the translation may be asked by Registrar to ensure conformity to above listed restrictions

In order to obtain a license, the following steps will be carried out:

  • Gathering and preparing of all of the documents for initial verification
  • Once the initial stage is done, the originals will have to be couriered
  • Incorporation of a comany in Bulgaria
  • Applying to Bulgarian FSC for license
  • During the process, FSC will require additional documents that will have to be provided in order to back-up certain data
  • Preparation of ad-hoc documents and communication with the FSC
  • Application will be processed with FSC
  • Conditional approval will be provided by FSC

Once the initial approval is done, we will have to provide proof of local presence (local office), data on the employees and pay the remaining government fees.

In order to obtain forex license, we will fill all necessary application forms and also acquire apostilled corporate documents.
For that reason, please provide us with the following documents.

For bank

(Each beneficial owner, shareholder, director, authorised signatory and secretary must provide)

  • A notarized copy of valid passport
  • A copy of proof of residential address (ex. utility bill that is not older than 3 months)
  • A notarized copy of Letter of Reference form Bank, Attorney or Accountant

For local regulatory authority

(Each beneficial owner, shareholder, director, authorised signatory and secretary must provide)

  • CV
  • A notarized copy of valid passport
  • A copy of proof of residential address (ex. utility bill that is not older than 3 months)
  • Professional letter/bank reference
  • A notarized copy of a University Diploma
  • For shareholder – bank statement with enough funds to cover the capital requirements. Funds should be from the provable source.

N.B.

If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.

Please ensure that notarization is in English language if not then please provide with notarized English translation.

Additional documents may be requested by the regulatory authority or local Bank at any point to certify specific information.