Opening a Company Bank Account in Bulgaria

What to Expect

Opening a company bank account in Bulgaria can be easy or frustrating, depending on:

• Your citizenship
• Whether you’re physically present
• The bank you choose
• Your type of company (EOOD, OOD, Branch, etc.)
• Whether you’re using a proxy or a Power of Attorney

Foreigners can legally open company accounts — but in practice, non-EU citizens, remote founders, and newly formed companies may face enhanced scrutiny.

Required Documents to Open a Business Account

All banks typically require these documents:

Banks have the right to request additional documents under their internal compliance policies.

Examples of Best Banks in Bulgaria for Company Accounts (2025), not a ranking

Observations are summarized from shared real-life experiences of foreign founders, service provider feedback, and current banking policies as of 2025, with a focus on ease of account opening, remote setup, and consistency in serving non-resident clients. These observations may change over time. Note variability between branches.

Your accountant or lawyer should recommend a specific branch and even an individual officer — success often depends on local relationships.

Step-by-Step: How to Open a Company Bank Account

Step 1: Choose the Bank

Don’t just walk into any branch — contact your accountant or service provider to recommend:

• Banks familiar with foreign founders
• Branches that have handled non-resident cases
• Officers who speak English and understand the EOOD/OOD setup

Step 2: Prepare Your Documents

Ensure:

• All documents are translated into Bulgarian (if originally foreign)
• POA is apostilled/legalized
• You have printed originals + digital copies

Step 3: Attend the Appointment or Send a Representative

• In-person visit: Strongest chance of approval, especially for non-EU citizens
• Via Power of Attorney: Possible with certain banks (Postbank, UBB)

Expect:

• AML questionnaire
• Signature verification
• Possibly explaining your business model

Step 4: Open and Fund the Account

• You will receive an IBAN for your company
• You may need to pay a small monthly fee (€3–€10/month typically)
• Some banks offer mobile banking, debit cards, and SEPA transfers right away

Real Examples

Example 1: EOOD Owned by a Swiss National

• Bank: UBB
• Setup: In person, with a local accountant assisting
• Outcome: Approved within 1 hour
• Monthly account fee: €6 equivalent (BGN 12)

Example 2: EOOD Owned by Canadian Citizen (Remote)

• Bank: Postbank
• Set up: Through a Bulgarian lawyer via a notarized POA + translated documents.
• Outcome: Approved in 3 days after internal compliance review
• Additional documents requested: Business model summary and client contracts

Example 3: OOD with One EU and One Non-EU Shareholder

• Bank: DSK
• Setup: Attempted in person
• Outcome: Rejected due to a non-EU shareholder without residency
• Solution: Re-registered the company as EOOD under an EU founder, account opened via Raiffeisen

Common Problems and How to Solve Them

Problem: They refused to open my account.
Why: Bank-specific internal policy, or incomplete documents
Solution: Try a different bank. Use a local accountant/lawyer to pre-screen for you.

Problem: They want proof of activity — but I just registered.
Why: Banks worry about shell companies
Solution: Prepare a simple business plan, future contracts, or a sample client list

Problem: They don’t accept my Power of Attorney.
Why: It wasn’t notarized, apostilled, or correctly translated
Solution: Legalize and translate per Bulgarian standards. Your local rep can advise.

Problem: I need a bank account to register VAT, but I can’t get VAT without activity.
Why: Circular problem common in Bulgaria
Solution: Open a basic account first, then apply for VAT after the first invoice or contract

Tips for a Smooth Experience

• Always pre-book appointments — don’t just show up
• Ask if your Power of Attorney format is acceptable before you travel
• Choose Sofia, Plovdiv, or Varna branches — they’re more used to foreigners
• Have your accountant present or as a translator during meetings
• If rejected, ask for the reason in writing (useful for appeals or switching banks)

Banking Costs to Expect

Most business accounts are multi-currency (BGN, EUR, USD).

Summary: What Foreigners Should Know in 2025

• It’s 100% legal and doable to open a Bulgarian business bank account as a foreigner.
• It may require in-person presence or a legalized Power of Attorney
• Bank choice matters — not all are equal, and not all branches are helpful
• Having a Bulgarian accountant or lawyer present makes things faster and smoother
• Expect enhanced checks if you’re non-EU or if your company has no history

You Will Also Like To Know About:

• How to Register a Company in Bulgaria
• Types of Companies in Bulgaria – Explained for Foreigners
• Income Taxes in Bulgaria
• What You Don’t Know About Doing Business in Bulgaria

Disclaimer: The information provided in this article is for general informational purposes only and does not constitute legal, tax, or financial advice. While we strive to ensure accuracy and relevance, laws and administrative practices are subject to change. Always consult a qualified legal or tax advisor before making business or residency decisions in Bulgaria. Last updated: September 2025.