Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the FSC decision, including banking and payment rails.
Get an investment license in Bulgaria.
The union's lowest-tax investment licence, now denominated in euro: authorisation as an investment intermediary from the FSC under the Markets in Financial Instruments Act - advice, order handling, management and dealing on IFD capital from €75,000, the thirty-state passport, and a flat 10% corporate rate that no EU peer matches.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Bulgaria in brief
Ten percent, passported.
Bulgaria licenses investment business through the Financial Supervision Commission under the Markets in Financial Instruments Act - the national MiFID II transposition - with initial capital on the IFD tiers: €75,000 for advisory and order-handling firms without client assets, €150,000 where client money is held, €750,000 for dealing on own account. The FSC has supervised investment intermediaries for two decades; files move through known machinery, with governance, capital and fit-and-proper documentation reviewed to published standards. Since 1 January 2026 the lev is history: capital, client money and reporting run natively in euro, removing the last operational friction between a Bulgarian licence and its EU clients.
The fiscal argument is unmatched in the union: a flat 10% corporate tax - the EU's lowest headline - with 5% withholding on dividends, applied to a straightforward base. For advisory houses, portfolio managers and brokerage groups whose economics are fee-driven, the difference between 10% and the union's western rates compounds into the largest single line of the licence's ten-year cost. Sofia's professional market prices key functions and premises at Balkan levels, the passport carries the licence into thirty EEA states, and the real trade-off - a longer, more paper-driven review than the Baltics - is one preparation solves. We build the file end to end from Sofia.
The union's lowest-tax investment licence: FSC intermediary authorisation under the MFIA - IFD tiers €75k/€150k/€750k, euro-native since 1.1.2026, the 30-state passport, 6-10 months of methodical review.
10% flat + 5% WHT - the decade-scale arithmetic nobody else prints. Built end to end from Sofia.
The two builds
The advisory and management intermediary - or the dealer.
One licence, IFD-tiered: advisory and portfolio-management firms at €75,000-€150,000, dealing firms at €750,000. We fix the service set first, then build once.
The advisory/management intermediary - or the €750k dealer.
01 - ADVISORY · MANAGEMENT
The asset-side firm
The wealth permissions: investment advice, order handling and discretionary management - €75,000 without client assets, €150,000 with. On the union's lowest tax base, passported everywhere.
The wealth permissions: investment advice, order handling and discretionary management - €75,000 without client assets, €150,000 with. On the union's lowest tax base, passported everywhere.
- ✓Advice · RTO · execution
- ✓Discretionary portfolio management
- ✓€75,000 - no client assets
- ✓€150,000 - general tier
- ✓EU passport into 30 states
- ✓10% flat on the fee book
02 - DEALING INTERMEDIARY
€750,000 initial capitalThe dealing firm
The market-facing model: dealing on own account at €750,000 with the IFD prudential stack. The full-spectrum intermediary at ten percent, on the same passport.
Dealing on own account at €750,000 with the IFD stack. Euro-native books, same passport, ten percent throughout.
- ✓Dealing on own account
- ✓€750,000 initial capital
- ✓K-factor prudential machinery
- ✓Euro-native books since 2026
- ✓Same 30-state passport
- ✓Upgrade path from lighter tiers
Costs and timelines are confirmed for your case before any work begins. FSC fees follow its tariff; capital, people and substance are itemised in your quote.
Why Bulgaria
The arithmetic nobody else can print.
Bulgaria's pitch is a single number - 10%. Inside a standard EU licence.
✓
10% flat corporate tax
The union's lowest headline on a straightforward base. Over a licence's decade, the largest single saving available in the EU.The union's floor.
✓
Euro-native since 2026
Capital, client money and reporting in euro. The operational friction of the lev era is gone.Friction removed.
✓
The same EU passport
Thirty EEA states from one Sofia licence. Identical legal effect to the union's expensive capitals.30 states, full effect.
✓
IFD-tiered entry
€75k, €150k, €750k. Capital scaled to the service set, with the advisory tier open to boutiques.Boutique-open entry.
✓
A practised, two-decade FSC
Investment intermediaries have been supervised here since the 2000s. The machinery is known, the standards published.Two decades of files.
✓
Sofia cost base
Key functions, premises and services at Balkan prices. Real substance without western overheads.Substance priced right.
How it compares
How Bulgaria differs from other routes.
Side by side: the union's best running economics. For a longer, paper-driven file.
Bulgaria vs other jurisdictions
| Feature |  Bulgaria | Other jurisdictions |
|---|---|---|
| Corporate tax | 10% flat - EU's lowest | 12.5-25% peers |
| Capital | €75k-€750k IFD tiers | Same tiers, other terms |
| Currency | Euro since 2026 | Euro or national |
| Timeline | 6-10 months | 6-14 months peers |
Corporate tax
Bulgaria10% flat - EU's lowest
Other jurisdictions12.5-25% peers
Capital
Bulgaria€75k-€750k IFD tiers
Other jurisdictionsSame tiers, other terms
Currency
BulgariaEuro since 2026
Other jurisdictionsEuro or national
Timeline
Bulgaria6-10 months
Other jurisdictions6-14 months peers
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Bulgaria | Investment intermediary | 10% flat · 5% WHT | IFD tiers, euro area |
 Cyprus | CySEC CIF | 12.5% · 15% large | IFD tiers, practised cluster |
 Estonia | Investment firm - FI | 0% retained · 22/78 | IFD tiers, statutory clock |
 Latvia | IBS - Latvijas Banka | 0% retained · 20/80 | IFD tiers, no state fee |
BulgariaLicense typeInvestment intermediary
Taxation10% flat · 5% WHT
RequirementsIFD tiers, euro area
CyprusLicense typeCySEC CIF
Taxation12.5% · 15% large
RequirementsIFD tiers, practised cluster
EstoniaLicense typeInvestment firm - FI
Taxation0% retained · 22/78
RequirementsIFD tiers, statutory clock
LatviaLicense typeIBS - Latvijas Banka
Taxation0% retained · 20/80
RequirementsIFD tiers, no state fee
Before you apply
Requirements for the Bulgarian licence.Requirements for the licence.
The FSC works through the MFIA's checklist methodically. The checklist below is what a passing application contains.
01
Bulgarian company. An AD or OOD with its mind and management in Bulgaria.
02
Initial capital - €75,000, €150,000 or €750,000 by service set, paid in and evidenced.
03
Fit-and-proper shareholders. Qualifying holdings vetted to UBO level with source of funds.
04
Management bench. Board members and key-function heads assessed individually.
05
Business plan. Services, client base and three-year financials the Commission can interrogate.
06
Governance and internal control. Structure, risk management and audit functions documented.
07
Client-asset arrangements. Segregation and safeguarding where the service set holds them.
08
Prudential machinery. IFD capital and reporting computations live from day one.
09
AML/CFT programme. Bulgarian law compliance with a named compliance owner.
10
Substance. A real Sofia operation the FSC can inspect.
01
Bulgarian company, run locally.
02
Capital per IFD tier, paid.
03
Holdings vetted to UBO.
04
Assessable management bench.
05
Interrogable business plan.
06
Governance documented.
07
Client assets safeguarded.
08
Prudential machinery live.
09
AML with named owner.
10
Substance to inspect.
Reflects the Markets in Financial Instruments Act and IFR/IFD as of 2026.MFIA + IFR/IFD, as of 2026.
How it works
From first call to the FSC register.
01
Service set and tier
The set, capital tier and client map. Fixed in writing before any drafting.Tier fixed in writing.
02
Company and people
Bulgarian entity, capital paid and the bench the FSC assesses.Bench assessable.
03
The application
Business plan, governance and policies. Complete at filing, because deficiency letters cost weeks.Letters pre-empted.
04
FSC review
Question rounds answered - 6-10 months realistic end to end.6-10 months realistic.
05
Licence and passporting
Register entry, EEA notifications, banking live. Thirty markets on the union's lowest rate.Ten percent, thirty states.
Quick facts
RegulatorFSC of Bulgaria
Advisory tier€75,000
General tier€150,000
Dealing tier€750,000
CurrencyEuro - since 2026
Passport30 EEA states
Realistic timeline6-10 months
Corporate tax10% flat
The FSC reviews methodically. A checklist-complete first filing is the entire schedule strategy, and our job.
On the ground in Bulgaria
Run from our Sofia office.
Prifinance - Bulgaria
Sofia · Bulgaria
Sofia, Bulgaria
01
Company and capital
Bulgarian entity and capital structured to the service set. Built for the licence from day one.Built to the set.
02
The FSC file
Business plan, governance pack and policies drafted to the MFIA checklist, and defended through the rounds.Checklist-complete.
03
People and substance
Management and key functions hired at Sofia cost. Substance that satisfies without excess.Sofia-cost sourcing.
04
Passporting and launch
EEA notifications, banking and custody sequenced with the licence. Thirty markets at ten percent.30 states at launch.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Bulgaria.
Ten percent, flat, in euro. The after-tax argument the rest of the union cannot answer.
Corporate tax 10%
The EU's lowest headline rate on a straightforward base. The licence's decade-scale economics start here.The headline that is.
Dividend withholding 5%
Outbound dividends at 5%, treaty- and directive-reducible. A light second layer.Treaty-reducible.
Euro-area books
Since 1 January 2026 accounting, capital and client money run in euro - no conversion drag.Native since 2026.
Fee economics, kept
At fee-driven margins, the spread between 10% and western rates compounds into the largest saving available in the union.Compounds for a decade.
VAT with finance exemptions
Core investment services sit outside VAT; the 20% rate touches overheads only.20% on overheads.
Treaty network 70+
A broad base across Europe, the CIS and Asia. Group structures above the intermediary model cleanly.Broad network.
Tax summary
Corporate tax10% flat
Dividend withholding5%
CurrencyEuro - since 2026
VAT on servicesExempt core · 20%
Tax treaties70+
*Figures as of 2026 per the NRA. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Bulgarian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
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Bulgaria · FSC
Launch your investment firm in Bulgaria with expert support.
Full-service assistance - from incorporation to the intermediary licence, passporting and ongoing compliance - run through our Sofia office.
Get a consultation →Free legal opinion
Is Bulgaria the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Bulgaria investment licence: frequent questions.
What licence does an investment firm need in Bulgaria?+
Authorisation as an investment intermediary from the Financial Supervision Commission under the Markets in Financial Instruments Act - the MiFID licence covering advice, RTO, execution, portfolio management and dealing.
What capital is required?+
The IFD tiers: €75,000 for advisory and order-handling models without client assets, €150,000 as the general tier, €750,000 for dealing on own account - in euro, natively, since 2026.
Why is the tax rate the headline?+
Because 10% flat is the union's lowest corporate rate - for fee-driven firms, the spread against 12.5-25% peers compounds into the largest single saving an EU licence can deliver, year after year.
What did euro-area membership change?+
Since 1 January 2026 capital, client money, accounting and reporting run in euro - the operational friction between a Bulgarian licence and its EU clients is gone. The 10% rate did not change.
How long does licensing take?+
Realistically 6-10 months: the FSC works methodically through the MFIA checklist, and a complete first filing - the deficiency-letter killer - is the speed lever.
Does the licence passport across the EU?+
Yes - the full MiFID passport into 30 EEA states by notification, identical in effect to any member-state licence.
How are Bulgarian investment firms taxed?+
10% flat corporate tax, 5% dividend withholding (treaty-reducible), VAT-exempt core services and a 70+ treaty network - the union's leanest running stack.
What substance does the FSC expect?+
A genuine Sofia operation: local management, staffed key functions and premises the Commission can inspect - priced at Balkan cost levels that keep real substance affordable.
Bulgaria or the Baltics for the value play?+
Different instruments: the Baltics defer tax until distribution; Bulgaria taxes at 10% as you go. Firms that distribute regularly usually win in Sofia; compounders lean Baltic. We model both against your payout plan.
Why Prifinance for Bulgaria?+
A Sofia office, MFIA files built checklist-complete, benches hired locally and the passport delivered at launch - the union's best arithmetic, executed properly.
What licence?+
FSC investment intermediary.
Capital?+
€75k/€150k/€750k.
Why the rate?+
10% - the EU's lowest.
Euro?+
Native since 1.1.2026.
How long?+
6-10 months realistic.
Passport?+
30 EEA states.
Taxes?+
10% flat + 5% WHT.
Substance?+
Real, Sofia-priced.
Or the Baltics?+
Payout plan decides.
Why you?+
Checklist-complete files.
Client notes
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Founders who wanted it done right.
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