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Dominique Sigros
Head of International Desk Central and Eastern Europe
Dominique Sigros
Head of International Desk Central and Eastern Europe
Last updated: August 2022
The International Central and Eastern Europe Desk of Crédit Agricole CIB, based in Vienna, provides support to the Group’s business clients in Bulgaria to help them implement their operations on location, particularly financial advice, opening accounts, financing residents and providing information on local businesses. It makes use of a local frontline partner bank with a significant network of offices in Bulgaria and also offers a complete service to businesses.
For non-banking matters, the International Desk offers the support of local law, notary and accounting offices and its partners as well as expertise in business internationalisation.
General Information
There are numerous commercial and investment opportunities in Bulgaria, a country where the taxation system is highly favourable for businesses and individuals (corporate rate and income tax rate of 10%). There are no longer any restrictions on the regulation of currency exchange and dividends can be repatriated without limit.
Means of Payment & Banking Specificities
Cash payment by SWIFT transfer before shipment is highly recommended. Bank cheques or cheques issued by businesses should be avoided. They are not used in Bulgaria apart from by foreign banks that issue cheques in currencies payable outside of Bulgaria. For important markets, the provision of an export credit agency backed financing, or potentially, an irrevocable and confirmed letter of credit will have to be considered. The confirmation of documentary credits in Bulgaria is possible depending on the counterparty and duration of the commitment. Most transactions in Bulgaria are still carried out using payment in advance, as advised above.
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