Bulgaria is seen as an inexpensive option for entering the EU market because of its low and favourable tax jurisdiction and is an attractive destination for many foreign investors looking for expansion into a new market. There are several mandatory steps required to be followed in the Company formation process before starting a business in Bulgaria. For investors willing for company incorporation; NNRoad offers a complete set of services. The team of experts at NNRoad will help investors with company registration. Our sole aim is making the business relocation process to Bulgaria smooth and hassle-free and we do so by providing the highest standard services to our clients.
- Confirm the selection of your business entity type.
- Advise on the initial capital amount, if applicable.
- Guiding and preparing legal documents like Memorandum of Association and other incorporating documents if needed in bilingual version (Bulgarian and English).
- Assist with Registration of any type of company in the Commercial Register at the Registry Agency, NRA and other state institutions.
- Assist with registration of the company with the relevant Tax Authorities like VAT registration.
- Support with opening Corporate bank Account.
- Assist with reliable legal protection and representation, as well as legal advice in case of need or inquiry.
Looking for the right candidates and knowing how the hiring of employee procedure in Bulgaria, NNRoad can help you in making the right decision. NNRoad provides comprehensive Professional Employment Services for clients enabling them to have control of day to day task of the employees, while we take of the compliance with the local authorities. We act as Employer of Record, offering you peace of mind by hiring employees to work on your behalf. Our team will handle the administrative responsibilities and legal liabilities associated with maintaining the employees, allowing you to focus on core competencies for growth and expansion of your business.
- The hiring of and termination of employees/local labor contracts (contract administration – checking right to work legally in Bulgaria, service contract (including position, start date, place of work etc), relieving letter if necessary).
- On-boarding and off-boarding employees following local law practice.
- Complete payroll solution and statutory benefit administration like the social security (DOO), the health insurance (ZO) and the additional pension insurance with Universal Pension FUND (DZPO-UPF); as well as the related Personal Income-tax (PIT).
- Employee management – employee record retaining, timekeeping, bonus and allowance management, expenses and claims, and leave employee database management accordingly to the local law.
- Mandatory contributions and statutory benefits policy updating on a regular basis according to the local laws.
- Payment management, including invoicing customers/clients and salary payments and providing monthly payroll reconciliation reports.
- Guidance regarding the application of social security and labour legislation.
- Foreigner VISA application, if needed.
Accurate and effective employee remuneration is critical for any successful business and any encountered error can be costly. The frequently changing legislation and all the peculiarities involved in salary calculation can make the payroll processing a challenging task for many employers utilising the vast amount of resources which otherwise could be used for core business activities. At NNRoad; our team of experienced and qualified payroll professionals offer businesses with an accurate and compliant payroll service meeting the highest standards in accordance with the regulatory requirements.
- Registering and de-registering the necessary company and personnel information like labor contracts and monthly salaries including sickness lists for payroll calculation in compliance with local rules.
- Calculation of the payroll and all additions (accruals) of the monthly salaries, such as bonuses, overtime, additional medical, health or pension insurances.
- Calculation of all deductions from salary like loan repayments and disbursements, individual monthly instalments to the medical insurance and pension funds or any other statutory required deductions etc.
- Submission of social security obligations.
- Pro-rata calculation for people who join/resign.
- Providing a monthly payroll summary to the Company.
- Handling of the audits by NSSI (payroll and social security costs and the statutory reporting related).
- Preparation of letters to NSSI regarding any disputes, or the cases of rejected or prolonged compensations to the employees.
- The monthly issue of electronic pay-slips.
It is very important for any organisation to have a clear understanding of taxation and financial regulations when doing business in Bulgaria as Bulgaria rewards transparent accounting and deploys a rigorous system to keep companies in check when presenting the financial status. Therefore, it is important that professionals like NNRoad help in keeping your books ensuring your business compliant with the system and thereby avoiding any unpleasant fines. Our team of professional accountants put in all the efforts for maintaining accurate and precise financial records in accordance with the Bulgarian accounting standards and IFRS.
- Full set accounting services in compliance with the Act on Accounting.
- Assist with entire operational accounting, preparation of payment orders to the Budget, related to due contributions on salaries and civil contracts, VAT and VAT declarations, VAT registration; everything related to CITA and PIT.
- Monthly and Annual Tax Declaration as required.
- Preparation of accounting reports for internal and management purposes in compliance with local laws.
- Consulting services relating to labor law and accounting and tax-related problems.
- Full administration of the relationship between the taxpayer and the National Revenue Agency.
- Consolidation accounting and preparation of monthly/annual financial statements.