When should I file my business startup declaration?

When should I file my business startup declaration?

 

 

Question:
Hello, I am about to open a recruitment company abroad. My question is: will it take 1-2 months for the office to actually start functioning, does the notice of commencement of business be immediately given after the opening of the company, or can it wait until the real work in the office begins?
Is VAT registration compulsory in these cases as well?

Thanks!

 

Answer:

Hello,

You may file a notice of commencement of business when the Company actually commences its business. The fact that the Company is registered in the Commercial Register does not necessarily give rise to the commencement of its activity.

As regards VAT registration, there are various factors that could affect your obligation to register. There are two main factors to consider in your activity:

1. If you reach a turnover of BGN 50,000.00 for the previous 12 months, you will be required to register for VAT.

2. If you provide and / or receive services from / to persons from outside Bulgaria, you will again be required to register for VAT.

It is also possible to do VAT registration as you wish, without covering any of the criteria for compulsory VAT registration.

We hope we have been helpful.

Greetings!