Bulgaria, a European nation resided in the South-East of the continent, joined the European Union in 2007, thus helping from the harmonized EU laws for financing services. The regulating body for financial intermediaries is the Bulgarian FSC who passed the Markets in Financial Instruments Act in 2007, in line to transpose MiFID into a local authority. Since then, the country has maintained to bring several venture firms, largely thanks to a low 10% tax rate. Since Bulgaria didn’t make the switch to the euro currency – Bulgaria, however, prints its own money, the Lev-, the nation offers a low cost of living and an economical but adequate labor force. These make Bulgaria an engaging jurisdiction for anyone wanting to establish an investment firm.
The Financial Supervision Commission of Bulgaria provides an authorized entity to administer various types of financing activities. Depending on the extent of business activity of a particular candidate, several licensing conditions may apply; in this regard, we advise to ask us before the final decision to apply for a particular license.
The holder of portfolio administration license is entitled to receipt and transfer orders on behalf of the customers, intermediate the completion of transactions, provide property advice, manage funds of customers and holding client’s money and/or financial instruments.