The challenges facing the foreigner in opening a bank account in Bulgaria

Changes related to the opening of corporate and personal bank accounts are increasingly affecting business in Bulgaria, especially when the Bulgarian company`s structure includes foreign participation. 
All the innovations and stricter requirements leave active businesses without a chance to operate, in case they don`t answering to the new rules. 
The same are related more precisely to the representatives of the company and the owners of the capital and their identification. 
 
Fully synchronized with LMI updates, banks require:
• Identifying of the UBO and check of his/her identification; 
• Collecting of information and assessment of the purpose and nature of business relationships;
• Origin of the source of income; 
• Current monitoring of the established business relations and check of all deals and operations, as well as the cases when arises the obligation to implement customer due diligence measures.

“Simplified Comprehensive Verification Measures are applied depending on the potential risk assessment under the LMML, just after approval by a senior executive of the person under Art. 4 LMML” –  that says a small part of the law.

How it happens with the Bulgarian Banks?

New procedures

Here is an example for the biggest international bank represented in Bulgaria – UniCredit Bulbank
Until recently, the bank required multiple documents to be filled out by each one client. However, now the bank implemented only one extremely simplified questionnaire form that includes everything in it so far.

What we recommend for successful account opening

An important note for each one entrepreneur, owner of a BG company is to prove that his interest in a Bulgarian company is not only in optimizing taxes, but also will actually carry out the business on the territory of the Republic of Bulgaria.

At Zara Consult, we have an exceptionally high success rate for corporate accounts opening and will be glad to assist our customers. 

For more information – contact us. 

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