Since 2003, the Financial Supervision Commission has been Bulgaria’s administrative organization in charge of preserving security and transparency within the non-banking financial business. This body guarantees the security of customers through legal, regulatory and informational assistance.
In Bulgaria, the forex corporations are viewed as investment organizations and manage their projects on the basis of a license for presenting investment services (Investment Services License (ISL), which recognizes the services that business authorized to provide, as well as concerning which financial instruments.
- Incorporation & obtaining a license: from 3 to 7 months
- Minimum paid-up capital: 110,000.00 or 640,000.00 Pound depending on the license type (STP or MM)
- License government application charge: 2800 or 4500 pounds depending on the permit type
- License renewal government fee: 1200 Pound
- There are two standards of licenses in Bulgaria relevant for forex and two types of organizations can apply – ordinary Ltd’s and JSC’s:
- Standard license – needs 112,500 Pound initial capital, the broker can hold clients’ funds but cannot trade on its personal account.
- Full license – requires 673,500 pounds) – the broker can deal on its individual account.
- As an extra advantage, Bulgaria has a very qualified workforce and comparatively affordable salaries. A qualified Bulgarian director may be found at 875 pounds per month.