Question Reliable and not overpriced company formation provider for Bulgaria?

[Forester]

A good friend of mine asked me about the abovementioned.
Unfortunately, this is not my area of expertise – what are your recommendations?
He wants to establish a single-member LLC (EOOD).

In particular, he also asked for an opinion about this company Company Formation in Bulgaria - BG Advisor but any input is welcome, no prejudices

I have already went through this thread Unlock the Gates of Success: Mentor Group Gold! and through Resource section but noticed no local/dedicated provider; just that Offshore Corporations, LLCs, Trusts, and Bank Accounts and Turner Little are able do it (no surprise for me).

So any recommendations for some smaller/local company are much appreciated Also, any experience with Offshore Corporations, LLCs, Trusts, and Bank Accounts and Turner Little in Bulgaria...

 

[diatessaron]

Best tip ever, go to UpWork, find someone from Bulgaria who offers legal services, and ask if they can do this for you. Most of the time the answer will be yes. It will cost a lot less than any formation provider and they are more honest with you. The same can be done with freelancers from other countries.

 

[AHK84]

before Bretix i used bulgarian properties to register a company, Registration of a Bulgarian Company by BULGARIAN PROPERTIES

They charged me only 200 euros back then, hope this helps.

 

[Forester]

Best tip ever, go to UpWork, find someone from Bulgaria who offers legal services, and ask if they can do this for you. Most of the time the answer will be yes.

Thank you – really an interesting idea, much appreciated. Did not come to my mind, I admit.

It will cost a lot less than any formation provider

Yes, I guess so – yet do you think that lawyer will be able to manage some registered address, accountant etc. (I guess yes) and a bank account (I am not sure but I rather doubt)? I presume, you have some personal experience with this?

and they are more honest with you.

Yes, may be...

The same can be done with freelancers from other countries.

Do you have anything particular in your mind?

before Bretix i used bulgarian properties to register a company, Registration of a Bulgarian Company by BULGARIAN PROPERTIES

They charged me only 200 euros back then, hope this helps.

Thank you, much appreciated. Now they charge 300 EUR, as I see, but it's completely OK IMO. (BTW, I presume that you wanted to say “before Brexit”, correct? )
It may be interesting as a company registration is just a by-product for them (apparently serving mainly their clients who cannot buy real estate in personam for legal reasons), so it can't be overpriced. I guess they would be able (as real estate agents) to manage a registered address, I see that they are able to offer an accounting service – are they able to manage a bank account, @AHK84? Do you have some experience with this?

 

[diatessaron]

Yes, I guess so – yet do you think that lawyer will be able to manage some registered address, accountant etc. (I guess yes) and a bank account (I am not sure but I rather doubt)? I presume, you have some personal experience with this?

I found an accountant (Polish) on UpWork a while back and asked if they could register a company for me in Poland, the answer was yes and she also helped with registering an address. I also got to connect to a lawyer and a translator through her, all 3 of them had been working together previously, something that saved me a lot of time. This is for the European company.

For the one in Asia, a lawyer helped and he also figured out the bank account we needed, but that was because his office handled such requests, so depending on who you find some things can be done and some other things cannot be done.

All in all, I did save a lot of money, I would say about 75% of what the incorporation agency was going to charge. The savings isn't the best part of all this, it's the fact that you can build a team of people who have previously worked together and that will save you a lot of time.

 

[Forester]

I found an accountant (Polish) on UpWork a while back and asked if they could register a company for me in Poland, the answer was yes and she also helped with registering an address. I also got to connect to a lawyer and a translator through her, all 3 of them had been working together previously, something that saved me a lot of time. This is for the European company.

For the one in Asia, a lawyer helped and he also figured out the bank account we needed, but that was because his office handled such requests, so depending on who you find some things can be done and some other things cannot be done.

All in all, I did save a lot of money, I would say about 75% of what the incorporation agency was going to charge. The savings isn't the best part of all this, it's the fact that you can build a team of people who have previously worked together and that will save you a lot of time.

Yes, this is fully understandable. Thanks for sharing!

 

[clemens]

Best tip ever, go to UpWork, find someone from Bulgaria who offers legal services,

Sorry but legal services and UpWork sounds for me totally wrong. I don't hope anyone is using this for serious matters.

 

[diatessaron]

Sorry but legal services and UpWork sounds for me totally wrong. I don't hope anyone is using this for serious matters.

I'm not suggesting you find a criminal lawyer on UpWork so they can help with your RICO charge. I'm suggesting you find someone who offers legal services and create a company through them, it's at least 50% cheaper than whatever any agent out there is offering.

 

[clemens]

And how do you expect normal, functioning people to be able to tell the difference between a paid lawyer and a scammer in disguise on UpWork? It's completely impossible.

 

[orangeye]

UpWork for company formation

 

[clemens]

I'm not suggesting you find a criminal lawyer on UpWork so they can help with your RICO charge. I'm suggesting you find someone who offers legal services and create a company through them, it's at least 50% cheaper than whatever any agent out there is offering.

It’s totally possible that you got lucky finding a lawyer on Upwork, and all respect for that. But I would never build my business on some random guy I found there, especially when important company documents and other key paperwork aren't tailored to my specific situation.

If you're okay with a fly-by-night operation, then sure, an Upwork dude might be fine. But if you have a long-term plan to build a serious business, there’s no way you can rely on that kind of service. It could cost you your company, your health, and your entire business if you put your trust in something like that.