Registering a Bulgarian company takes days. Opening its bank account can take longer — and for founders who live abroad it is often the step that decides whether the whole set-up can be done remotely. Bulgarian banks apply strict anti-money-laundering rules, and each bank sets its own policy on non-resident clients. Knowing what they look for makes the difference between an account in a week and a refusal.
Two accounts, one bank
Before registration, the founders open a capital account in the future company's name and pay in the capital — for a limited company the minimum is EUR 1. The bank issues a certificate that the money has been paid, which is filed with the registration application. Once the company has its UIC, the bank converts the account into an ordinary current account. Because of this, choose the bank you intend to stay with: moving later means a second round of checks.
What the bank will ask for
- Passports of the founders, the manager and anyone else acting for the company.
- Proof of address, such as a recent utility bill or bank statement, and a tax number from the home country.
- A description of the business: what it sells, to whom, in which countries, and the turnover and payments expected in the first year.
- Source of funds and wealth: evidence of where the capital and early funding come from — salary, a business sale, savings.
- Beneficial owners and whether anyone is a politically exposed person, declared on the bank's forms.
- For a company shareholder: a current register extract, its articles and a chart of the ownership chain, apostilled and translated.
- A notarised and apostilled power of attorney if someone acts for you — see powers of attorney signed abroad.
Banks also ask follow-up questions, and the answers have to match the documents. A one-page business profile in English, prepared before the first meeting, saves a great deal of back-and-forth.
Can it be done without travelling?
Sometimes. Policies differ between banks and change over time: some identify the manager by video or accept a notarised power of attorney for the whole process, while others insist on meeting the manager once — usually to sign, collect cards and set up online banking. We check the current position of the banks we work with before you start, so you know in advance whether one short visit will be needed.
Why applications are refused
Banks do not have to give reasons, but refusals usually come down to a handful of issues:
- Funds whose origin is not documented, or that come from cash.
- Owners, clients or suppliers in high-risk or sanctioned jurisdictions.
- A business description that is vague or does not match the expected payments.
- Inconsistent documents — different addresses, names spelt differently, outdated extracts.
- Complex ownership chains with nominee shareholders and no clear ultimate owner.
If a bank declines, a second bank with a better-prepared file usually succeeds — but each refusal costs time, so it pays to prepare well the first time.
Payment apps and e-money accounts
Electronic money institutions and payment apps can be convenient for day-to-day payments and cards. For the capital certificate needed at registration, a traditional bank is the safer choice, as practice on accepting other providers' certificates varies. Many companies end up with both: a Bulgarian bank for capital, salaries and taxes, and an app for international payments.
Questions clients ask
How long does it take?
With a complete file, a capital account can be opened within days; when identification is done remotely, the checks may take one to two weeks. Registration of the company itself follows within a few days once the bank's certificate is ready — see setting up a Bulgarian limited company.
Do I need to live in Bulgaria to have a Bulgarian business account?
No. The company needs a registered office in Bulgaria, but its owners and manager can live abroad. Expect more questions as a non-resident, not a refusal on that ground alone.
We are a foreign company opening a subsidiary. Is it different?
The steps are the same, but the bank will look through your company to the people who ultimately own it, so prepare the group's ownership documents early. If you are still choosing the vehicle, see branch or subsidiary.
This guide is general information about Bulgarian law as it stood on the date of publication. It is not legal advice for your specific case.
