Last Updated on June 24, 2023 by Bulgarian attorney
Bulgarian company bank account
How to open a bank account in Bulgaria in 2023?
Starting from August 1, 2019, banks in Bulgaria have implemented a policy of not opening bank accounts for individuals or companies unless the applicant is a resident of Bulgaria. It’s important to note that being a resident of Bulgaria does not guarantee that a bank will open an account for your company; it simply means that your application will be taken into consideration. You can learn more about how to become a resident of Bulgaria.
Can I open a bank account in Bulgaria remotely?
Due to strict compliance requirements, it is not possible to open a bank account in Bulgaria remotely. However, you can consider opening an account with Icard, a Bulgarian-based platform that provides a Bulgarian IBAN. It is a reputable and EU-licensed option for your banking needs. Alternatively, you may consider opening an account with Revolut.
What documents do I need to open a bank account in Bulgaria?
In order for a Bulgarian bank to consider your application for a bank account, you are required to provide the following information/documents:
- A valid passport or national ID card
- A valid Bulgarian residency card
- An address for correspondence purposes
What is the typical timeframe for opening a bank account in Bulgaria in 2023?
In 2023, the processing time for opening a bank account in Bulgaria can vary, usually taking a minimum of 3-5 working days for consideration. It’s important to note that each bank operates under its own set of regulations, resulting in application review timeframes that can span from a few days to a few weeks. Additionally, it is common for banks to charge fees for processing your application, and it’s important to understand that paying these fees does not guarantee the opening of the account.
Bank Accounts of non-resident companies in Bulgaria
If you have a company registered in another EU member state, our lawyers can assist you to open a company bank account in Bulgaria. Non-resident companies should provide apostilled certificate of good standing and memorandum of association.
Additionally, we may also assist you to open a branch of your company in Bulgaria.
For more details about how to open a bank account in Bulgaria, please do not hesitate to contact us.
Escrow Accounts in Bulgaria
Our firm may assist Bulgarian residents to open an escrow bank account in Bulgaria. The escrow accounts are opened for special purpose, define as such by the parties under an agreement. The terms & conditions for the release of the funds is set out by the parties in the agreement.
For more details about the opening of an escrow account in Bulgaria, please do not hesitate to contact us.