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 BNB decision, including banking and payment rails.
Get an EMI license in Bulgaria.
A euro-area EMI at a 10% corporate rate: since 1 January 2026 Bulgaria pays in euro, and the Bulgarian National Bank licenses e-money institutions under the LPSPS - the Union's cheapest serious combination. We build the file end to end.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Bulgaria in brief
The euro area's cheapest serious desk.
Bulgaria authorises e-money institutions through the Bulgarian National Bank under the Law on Payment Services and Payment Systems, with the documentary detail - questionnaires on qualification, professional experience and reputation, declarations under the specified articles - set by BNB Ordinance No 16. The numbers are the harmonised ones: €350,000 initial capital for the EMI, payment-institution tiers below, safeguarding, fit-and-proper testing to UBO level and a three-month window from a complete file, with authorised institutions entering the BNB's public registers. The file runs in Bulgarian, and the central bank reviews conservatively.
What changed on 1 January 2026 is the headline: Bulgaria joined the euro area. A Bulgarian EMI now operates natively in euro - no conversion layer, full Eurosystem integration - while keeping the fiscal stack that made the jurisdiction famous: 10% flat corporate tax, 5% dividend withholding, a founder-level all-in around 14.5%, and Sofia operating costs among the Union's lowest. That combination - euro-area membership at Balkan prices - exists nowhere else. Realistic end-to-end: 9-15 months; we run the file from our Sofia office.
BNB licence under the LPSPS + Ordinance No 16: €350,000 capital, Bulgarian file, conservative central-bank review, EU passport.
The combination: euro-area member since 1 Jan 2026 at a 10% corporate rate - the Union's cheapest serious stack, now in euro.
The two routes
Full EMI - or the payment-institution tier.
One central bank, two entries: the e-money institution at €350,000, or payment-institution licences below. Both now natively in euro. We fix the scope first, then build once.
EMI at €350,000 - or PI tiers, euro-native at 10%.
01 - E-MONEY INSTITUTION
EMI licence
The flagship BNB authorisation: e-money issuance plus the payment-services list, €350,000 initial capital, safeguarding and EU/EEA passporting - from inside the euro area, at a 10% rate.
The flagship BNB authorisation: e-money issuance plus the payment-services list, €350,000 initial capital, safeguarding and EU/EEA passporting - from inside the euro area, at a 10% rate.
- ✓E-money issuance and distribution
- ✓Full PSD2 payment-services list
- ✓€350,000 initial capital · own funds ongoing
- ✓Safeguarding of client funds
- ✓EU/EEA passport on notification
- ✓Euro-native since 1 Jan 2026
02 - PAYMENT INSTITUTION ROUTES
Euro area at 10%PI routes
Payment-institution licences run by service tier under the LPSPS. Remittance to acquiring, initiation and account information. With Ordinance No 16's documentary machinery managed for you.
PI licences by tier; Ordinance No 16 declarations handled; upgrade path to the EMI.
- ✓PI licences by service tier
- ✓Money remittance and transfers
- ✓Acquiring and PIS/AIS routes
- ✓Ordinance No 16 declarations, handled
- ✓Upgrade path to the EMI
- ✓Same BNB supervision
Costs and timelines are confirmed for your case before any work begins. BNB documentation follows Ordinance No 16; capital, safeguarding and substance costs are itemised in your quote.
Why Bulgaria
Euro-area membership at Balkan prices.
The framework is EMD2/PSD2 under the central bank. Inside the euro area since 2026, at the Union's lowest serious tax rate.
✓
Euro-native since 2026
Bulgaria adopted the euro on 1 January 2026. A Bulgarian EMI issues, safeguards and settles natively in the single currency, with no conversion layer between the licence and its market.Single currency, no conversion layer.
✓
10% corporate tax
The flat rate on an EMI's profit. With 5% dividend withholding above it, the founder-level all-in lands around 14.5%. The Union's cheapest serious stack.~14.5% founder all-in.
✓
A central-bank stamp
The BNB authorises and supervises directly. Conservative, documented, register-published. The stamp carries weight precisely because the desk is careful.Conservative, register-published.
✓
Sofia's cost base
Engineering and compliance salaries among the EU's lowest, in a growing tech hub. The operating burn matches the tax logic.The Union's lowest serious hub.
✓
EU passport
One BNB authorisation notifies into every EU/EEA state. The single market from Sofia, now with the single currency underneath.Single market + single currency.
✓
PSD3-ready files
With PSD3/PSR close to adoption, e-money folds into the unified payment-institution regime. We structure Bulgarian files to convert rather than be rebuilt.Built to convert, not rebuild.
How it compares
How Bulgaria differs from other routes.
Bulgaria pairs the euro area's newest membership with its lowest tax stack. The side-by-side comparison is below.
Bulgaria vs other jurisdictions
| Feature |  Bulgaria | Other jurisdictions |
|---|---|---|
| Regulatory regime | LPSPS - BNB | Same directives, other desks |
| Currency | Euro - since 1 Jan 2026 | Euro or national |
| Tax stack | 10% + 5% · ~14.5% all-in | Higher almost everywhere |
| Timeline | 9-15 months realistic | 6-12 at the fastest desks |
Regulatory regime
BulgariaLPSPS - BNB
Other jurisdictionsSame directives, other desks
Currency
BulgariaEuro - since 1 Jan 2026
Other jurisdictionsEuro or national
Tax stack
Bulgaria10% + 5% · ~14.5% all-in
Other jurisdictionsHigher almost everywhere
Timeline
Bulgaria9-15 months realistic
Other jurisdictions6-12 at the fastest desks
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Bulgaria | EMI (BNB) | 10% CIT | Euro area, Bulgarian file |
 Lithuania | EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, specialised desk |
 Romania | EMI (BNR) | 16% CIT | 19M market, Romanian file |
 Hungary | EMI (MNB) | 9% CIT | Hungarian file, central bank |
BulgariaLicense typeEMI (BNB)
Taxation10% CIT
RequirementsEuro area, Bulgarian file
LithuaniaLicense typeEMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, specialised desk
RomaniaLicense typeEMI (BNR)
Taxation16% CIT
Requirements19M market, Romanian file
HungaryLicense typeEMI (MNB)
Taxation9% CIT
RequirementsHungarian file, central bank
Before you apply
Requirements for the BNB licence.Requirements for the licence.
Ordinance No 16 sets the documentary machinery. Questionnaires, declarations, evidence. The checklist below is what a passing application contains.
01
Bulgarian entity. An OOD or AD with its head office and management in Bulgaria.
02
Initial capital - €350,000 for the EMI, evidenced and paid in; PI tiers below.
03
Fit and proper management and holders. The Ordinance No 16 questionnaires on qualification, experience and reputation, completed to UBO level.
04
Programme of operations. Services, volumes and three-year financials the BNB can interrogate.
05
Safeguarding. Segregated client-fund accounts or insurance, with documented reconciliation.
06
AML/CFT framework. KYC, monitoring and FID-SANS reporting with a resident compliance officer.
07
IT and security documentation. Architecture, DORA-grade resilience and incident procedures.
08
Internal governance. Control functions, outsourcing register and conflicts procedures.
09
Own-funds methodology. The ongoing capital calculation, modelled forward.
10
Bulgarian-language file. The application, declarations and annexes drafted and defended in Bulgarian.
01
Bulgarian OOD/AD, managed locally.
02
€350,000 capital (EMI).
03
Ordinance No 16 questionnaires, to UBOs.
04
Interrogable programme of operations.
05
Safeguarding with reconciliation.
06
AML with resident officer (FID-SANS).
07
DORA-grade IT documentation.
08
Governance and outsourcing register.
09
Own-funds method modelled forward.
10
Full file in Bulgarian.
Reflects the LPSPS and BNB Ordinance No 16 as of 2026.LPSPS + BNB Ordinance No 16, as of 2026.
How it works
From first call to the BNB register.
01
Route and strategy
EMI or PI tier. We fix the scope, capital and timeline in writing before any drafting.EMI or PI - in writing.
02
Bulgarian company and people
OOD formation, capital evidence and the resident officers the central bank vets.OOD, capital, resident officers.
03
The application file
Programme, safeguarding, AML and the Ordinance No 16 declarations in Bulgarian. Complete before filing.Ordinance No 16 set, complete, in Bulgarian.
04
BNB review
Three months from complete, conservative question rounds answered - 9-15 months realistic end to end.3 months statutory; 9-15 realistic.
05
Licence and launch
The register entry, passport notifications and the reporting calendar. Live, euro-native, at 10%.Euro-native, passported, at 10%.
Quick facts
RegulatorBNB
EMI capital€350,000
Legal basisLPSPS + Ordinance No 16
CurrencyEuro · since 1 Jan 2026
Statutory review3 months from complete
Realistic timeline9-15 months
File languageBulgarian
PassportEU/EEA on notification
The BNB is conservative by design. The Ordinance No 16 file, complete and correct in Bulgarian, is the entire game. That is our job.
On the ground in Bulgaria
Run from our Sofia office.
Prifinance - Bulgaria
Sofia · Bulgaria
Sofia, Bulgaria
01
Bulgarian company formation
OOD incorporation, capital placement and the corporate layer the BNB expects. Structured for the licence from day one.OOD + capital, structured for the file.
02
The BNB file - in Bulgarian
Programme of operations, safeguarding design, AML pack and the Ordinance No 16 questionnaire set. Drafted natively with Bulgarian counsel and defended through the rounds.Drafted natively with local counsel.
03
Euro-transition advantage
Structures built euro-native from day one. Safeguarding accounts, capital and reporting in the single currency, with the 2026 membership's benefits captured, not retrofitted.2026 membership captured from day one.
04
Substance and staffing
Resident directors, compliance officer and MLRO from Sofia's growing fintech talent pool. Real substance at the Union's lowest cost.Sofia talent, lowest-cost real ops.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of payment companies in Bulgaria.
The Union's cheapest serious stack: 10% flat on profit, 5% on dividends. A founder all-in around 14.5%, now denominated in euro.
Corporate tax 10%
The flat rate on an EMI's fee and float income. The EU's lowest alongside Hungary's 9%, with a simpler system around it.Flat; EU's lowest with Hungary.
Dividends 5%
5% withholding on distributions. Intra-EU corporate flows relieved under the Parent-Subsidiary Directive; the founder-level all-in lands around 14.5%.~14.5% founder all-in.
VAT-exempt payment services
Payment and e-money services are VAT-exempt financial services; the 20% standard rate touches only ordinary supplies.Flat. Relocation maths works.
Flat personal 10%
Personal income tax is a flat 10%. Executive relocation maths that few EU states can match.20% only on ordinary supplies.
Euro-denominated now
Since 1 January 2026 accounts, capital and distributions run in euro. The tax stack's outcomes no longer carry a currency layer.No currency layer on outcomes.
Treaty network 70+
A solid treaty network across Europe and beyond. Group structures above the Bulgarian entity model cleanly.Solid network.
Tax summary
Corporate tax10% flat
Dividend withholding5%
Founder all-in~14.5%
Personal income tax10% flat
VAT on payment servicesExempt
CurrencyEuro · since 2026
Tax treaties70+
*Figures as of 2026 per the NRA. Social contributions apply on salaries within capped bases. We model total employment cost alongside the stack.
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 OOD, 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 institution.
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Bulgaria · BNB
Launch your payment project in Bulgaria with expert support.
Full-service assistance - from OOD registration to the BNB licence, passporting and ongoing compliance.
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 Bulgarian EMI licence - what clients ask.
What licence does an e-money business need in Bulgaria?+
An e-money institution licence from the Bulgarian National Bank under the Law on Payment Services and Payment Systems - €350,000 initial capital, safeguarding and EU/EEA passporting, with the documentary detail set by Ordinance No 16.
What changed with the euro?+
Bulgaria joined the euro area on 1 January 2026 - capital, safeguarding accounts and settlement now run natively in euro. A Bulgarian EMI is a euro-area institution at a 10% corporate rate: a combination that exists nowhere else in the Union.
How long does licensing take?+
Three months from a complete application as the statutory window, with the BNB's conservative question rounds in Bulgarian. Realistic end-to-end: 9-15 months. The Ordinance No 16 documentary set, complete and correct, is the speed lever.
What is Ordinance No 16?+
The BNB regulation that details the application's documents - questionnaires on qualification, experience and reputation, and declarations under the specified articles. It is machinery, and we run it for you.
What substance is expected?+
A Bulgarian OOD managed locally, resident fit-and-proper officers, AML reporting to FID-SANS, real safeguarding arrangements and DORA-grade systems documentation.
How are payment companies taxed?+
10% flat corporate tax, 5% dividend withholding - around 14.5% founder all-in - with VAT-exempt payment services and flat 10% personal income tax. Now all denominated in euro.
Does the licence passport across the EU?+
Yes - the BNB authorisation notifies into every EU/EEA state, and since 2026 the home base itself sits inside the euro area.
Is the Bulgarian-language file a real obstacle?+
It is the main operational one - the application, declarations and rounds run in Bulgarian. We draft natively with Bulgarian counsel rather than translating afterwards.
What changes under PSD3?+
PSD3 and the PSR - provisionally agreed in November 2025 and close to formal adoption - fold e-money institutions into a unified payment-institution regime. Files we build now are structured to convert.
Why Bulgaria rather than Hungary or Romania?+
Hungary edges the corporate rate at 9%; Romania brings the bigger market. Bulgaria alone combines euro-area membership, a 10%/5% stack and the Union's lowest costs. For euro-denominated models optimising the founder outcome, Sofia is the sharpest pencil.
What licence is needed?+
BNB EMI - €350k; PI tiers below.
The euro?+
Member since 1 Jan 2026 - native settlement.
How long?+
3 months statutory; 9-15 realistic.
Ordinance No 16?+
The documentary machinery. We run it.
Substance?+
Resident officers, real Bulgarian ops.
Taxes?+
10% + 5% - ~14.5% all-in.
Passport?+
EU/EEA on notification.
Bulgarian file?+
Yes - drafted natively with counsel.
PSD3?+
Agreed Nov 2025 - files convert.
Vs Hungary?+
Their 9%; Bulgaria's euro + 10% + costs.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
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Google
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Get a free legal opinion on 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.Free legal opinion: which Bulgarian route fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Bulgarian National Bank (BNB) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.