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Dominique Sigros
Head of International Desk Central and Eastern Europe

Support by the
Crédit Agricole group

Last updated: September 2024

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.

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Means of payment

With Bulgaria

Company cheque

Bank cheque

SWIFT transfer

Bill of exchange

Promissory note

Documentary remittance

Documentary credit

Usage

Weak / None

Weak / None

Common

Weak / None

Weak / None

Weak / None

Common

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Advice from the
international desk

General Information

There are many business and investment opportunities in Bulgaria, a country where taxation is very favorable for businesses and individuals (IT and IR rate of 10%). There are no longer any constraints in terms of exchange regulations and dividends can be repatriated without restriction.

 

Means of Payment & Banking Specificities

Cash payment by SWIFT transfer before shipment is strongly recommended. Bank checks or checks issued by companies should be avoided. They are in any case not used in Bulgaria except by foreign banks which issue checks in foreign currencies payable outside Bulgaria. In the case of large contracts, the arrangement of a Cofacé credit (to the extent of available government funding) or possibly an irrevocable and confirmed documentary credit must be considered. Confirmation of credits on Bulgaria is possible depending on the consideration and the duration of the commitment. A large majority of operations in Bulgaria are still processed by payment in advance, as recommended above.

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