Yes. Every registered Bulgarian company — including dormant companies with no business activity — is legally required to prepare annual financial statements and file them with the National Statistical Institute and the Registry Agency. The obligation exists regardless of whether the company issued any invoices, earned any income, or had any employees during the year.
Annual Report in Bulgaria
Statutory Annual Financial Statements for Bulgarian Companies — Preparation, Filing & Deadlines
Mandatory for All Companies
NSI Deadline: 30 June
Registry Deadline: 30 Sep
From €150 /year
KEY DEADLINES & FIGURES
30 Jun NSI filing deadline
30 Sep Registry Agency deadline
31 Mar Corporate tax return deadline
€150 Annual report preparation from
What is the annual report and why is it mandatory?
The annual financial report (Годишен финансов отчет — ГФО) is the statutory document that every Bulgarian company is legally required to prepare at the end of each financial year. It summarises the company’s financial position at 31 December and its financial performance for the preceding twelve months.
The obligation to prepare and file an annual report applies to every registered Bulgarian company without exception — including newly registered companies in their first year, dormant companies with no business activity, and companies that generated a loss. There is no minimum activity threshold below which the obligation does not apply.
LEGAL BASIS: The obligation to prepare annual financial statements is established by Article 26 of the Bulgarian Accountancy Act (Закон за счетоводството). The obligation to file them with the National Statistical Institute is under Article 38 of the same Act. The obligation to publish them in the Commercial Register is under Article 40. All three obligations are mandatory and carry separate penalties for non-compliance.
What the annual report must contain
The components of the annual financial report depend on the size category of the company. The table below lists all possible components and specifies which are required for each company type. For most foreign-owned Bulgarian OODs, the minimum requirements are a balance sheet, a profit & loss statement, abbreviated notes, and an activity report.
| Component | Description | Required for |
|---|---|---|
| Balance sheet (Счетоводен баланс) | Statement of the company’s assets, liabilities, and equity at 31 December. Shows what the company owns and owes at year-end. | All companies |
| Profit & loss statement (Отчет за приходите и разходите) | Summary of all income and expenses during the year, resulting in net profit or loss. The primary indicator of financial performance for the period. | All companies |
| Statement of cash flows (Отчет за паричните потоци) | Tracks the actual movement of cash in and out of the company during the year — from operating, investing, and financing activities. | Medium & large companies; SMEs on request |
| Statement of changes in equity (Отчет за собствения капитал) | Shows movements in the company’s equity during the year — share capital, retained earnings, dividends paid, and profit for the period. | Medium & large companies |
| Notes to the financial statements (Приложение) | Explanatory notes providing detail on accounting policies, specific balance sheet items, contingent liabilities, related-party transactions, and other disclosures. | All companies (scope varies by size) |
| Activity report (Доклад за дейността) | A narrative report from management describing the company’s activities, financial position, key risks, and significant post-balance-sheet events. Signed by the director. | All companies conducting business activity |
| Auditor’s report (Доклад на одитора) | Independent auditor’s opinion on whether the financial statements give a true and fair view. Required for companies meeting two of the three size thresholds below. | Larger companies (see audit thresholds) |
Company size categories and reporting requirements
Bulgarian accounting law classifies companies into four size categories based on three financial thresholds. The category determines the scope of the annual financial report, whether a statutory audit is required, and whether full or abbreviated reporting formats apply. Classification is assessed on the basis of the preceding financial year.
| Category | Thresholds | Reporting requirements |
|---|---|---|
| Micro enterprise | Net revenue ≤ BGN 500,000 AND Total assets ≤ BGN 500,000 AND ≤ 10 employees (average annual) | Simplified balance sheet and P&L only. No cash flow statement required. Abbreviated notes. No audit required. |
| Small enterprise | Net revenue ≤ BGN 8,000,000 AND Total assets ≤ BGN 4,000,000 AND ≤ 50 employees (average annual) — must NOT exceed two of three | Full balance sheet, P&L, and notes required. Cash flow statement optional. Audit required only if two of three thresholds exceeded: revenue BGN 4M, assets BGN 2M, employees 50. |
| Medium enterprise | Net revenue ≤ BGN 40,000,000 AND Total assets ≤ BGN 20,000,000 AND ≤ 250 employees — must NOT exceed two of three | Full financial statements including cash flow and equity statements. Statutory audit required. Auditor’s report published with the financial statements. |
| Large enterprise | Exceeds two of: Net revenue > BGN 40,000,000 OR Total assets > BGN 20,000,000 OR > 250 employees | Full IFRS or NAS financial statements with all components. Mandatory statutory audit. Additional regulatory disclosures may apply. |
MOST FOREIGN-OWNED OODs ARE MICRO OR SMALL ENTERPRISES: The vast majority of Bulgarian companies registered by foreign entrepreneurs fall into the micro or small enterprise category. This means a simplified reporting format — balance sheet, profit & loss, and abbreviated notes — with no cash flow statement and no audit requirement. Our standard annual report package covers this format in full.
Filing deadlines — overview
The annual reporting cycle involves three separate deadlines corresponding to three separate obligations: the corporate income tax return, the NSI statistical filing, and the Registry Agency public disclosure. All three must be met independently. Missing any one of them carries its own penalties.
| Deadline | Filing obligation | Filed with | Notes & penalties |
|---|---|---|---|
| 31 March | Annual corporate income tax return (ГДД по ЗКПО) | National Revenue Agency (НАП) | All companies. Late filing fine: BGN 500–3,000. Late payment interest: 10% p.a. |
| 30 June | Annual financial statements — statistical filing | National Statistical Institute (НСИ) | All companies. Late or non-filing fine: BGN 200–2,000 for the company; BGN 100–1,000 for the director personally. |
| 30 September | Annual financial statements — public disclosure | Registry Agency (Търговски регистър) | All companies. Non-filing fine: BGN 500–3,000 for the company; BGN 200–2,000 for the director personally. Statements become publicly accessible. |
| 30 September | Consolidated financial statements (if applicable) | Registry Agency | Applies to parent companies of groups required to prepare consolidated accounts under Bulgarian accounting law. |
| By 30 June (following year) | Activity report — filing with NSI | National Statistical Institute (НСИ) | Companies conducting business activity. The activity report accompanies the financial statements in the NSI filing. |
PENALTY REMINDER: Directors of Bulgarian companies bear personal liability for missing annual report filing deadlines — not just the company. The director personally can be fined BGN 100–2,000 for missing the NSI deadline and BGN 200–2,000 for missing the Registry Agency deadline. These fines are in addition to fines imposed on the company itself. Bulgaria for Business VCC files all reports on time as a standard part of our service.
How we prepare your annual report — step by step
Our annual report preparation process is entirely remote and requires minimal time from the client. The typical turnaround from receipt of the final data to completion of all filings is 2–3 weeks.
1 — Year-end data collection
January
In January, we request your year-end transaction data, bank statements, and any supporting documents needed to finalise the accounts. For clients on a monthly bookkeeping package, the ledgers are already up to date and no additional data collection is needed.
January — data request sent to client
2 — Annual accounts preparation
January–February
We prepare the full annual financial statements under Bulgarian National Accounting Standards — balance sheet, profit & loss, and notes — based on the full-year accounting records. Foreign currency positions are revalued at the 31 December BNB exchange rate.
January–February — accounts prepared
3 — Corporate income tax return
February–March
The annual CIT return (ГДД) is prepared based on the accounting profit/loss, with all required tax adjustments applied. Advance instalment payments made during the year are reconciled against the final tax liability.
February–March — CIT return prepared and filed by 31 March
4 — Shareholder approval resolution
March–May
We prepare the shareholder resolution (Протокол на ОС) approving the annual financial statements and the proposed allocation of profit (or treatment of loss). You sign and return — digitally or by scan.
March–May — resolution signed by shareholder(s)
5 — NSI filing
By 30 June
The approved annual financial statements are submitted electronically to the National Statistical Institute. We handle all technical aspects of the NSI electronic submission system.
Filed by 30 June
6 — Registry Agency filing
By 30 September
The approved annual financial statements are published in the Bulgarian Commercial Register via the Registry Agency’s electronic portal. Once published, they are publicly accessible.
Filed by 30 September
7 — Filing confirmations delivered
Upon completion
We send you confirmation of all three filings — CIT return submission, NSI acceptance, and Registry Agency publication reference — together with copies of all filed documents for your records.
Delivered upon each filing completion
Annual compliance for dormant (zero-activity) companies
If your Bulgarian company had no business activity during the year — no invoices issued, no income received, no expenses incurred — it is considered a dormant or zero-activity company for the reporting year. The filing obligations still apply, but the content of the filings is simplified.
| Filing | Description | Price |
|---|---|---|
| Zero-activity CIT return (ГДД) | A nil corporate income tax return confirming that the company had no taxable income or deductible expenses during the year. Filed electronically with the NRA by 31 March. | From €80 |
| Simplified balance sheet | A nil balance sheet showing only the company’s registered share capital and no other assets or liabilities. Filed as part of the annual financial statements. | Included |
| NSI nil filing | Electronic submission of the simplified nil financial statements to the National Statistical Institute by 30 June. | From €40 |
| Registry Agency nil filing | Public disclosure of the nil financial statements at the Registry Agency by 30 September. | From €50 |
| Total — dormant company annual compliance | All four filings above, handled by Bulgaria for Business VCC on a fixed-fee basis. | From €120/yr |
NOTE ON DORMANT COMPANIES: A company is only considered zero-activity if it truly had no financial transactions during the year — not even bank charges, legal address fees, or state fees. If any transaction occurred, a full set of accounts must be prepared. Our team will assess this when you provide your year-end information.
Annual report pricing
All annual report services are fixed-fee and confirmed in writing before engagement. Prices below are for the annual report preparation only — monthly bookkeeping and VAT filing are charged separately unless the client is on one of our monthly packages, in which case the annual accounts preparation is included.
| Service | Description | Price (excl. VAT) |
|---|---|---|
| Annual financial statements — micro/small company (NAS) | Balance sheet, P&L, and abbreviated notes. Covers the vast majority of foreign-owned Bulgarian OODs. | From €150 |
| Annual financial statements — medium company (NAS) | Full statements including cash flow and equity. For companies exceeding small enterprise thresholds. | From €300 |
| Activity report (Доклад за дейността) | Management narrative report on business activities, financial position, and key risks. Required for all active companies. | From €80 |
| NSI filing (National Statistical Institute) | Electronic submission of annual financial statements to NSI by 30 June. | From €50 |
| Registry Agency filing (public disclosure) | Electronic submission and publication of annual financial statements at the Registry Agency by 30 September. | From €80 |
| Shareholder approval resolution | Preparation of the shareholder resolution approving the annual financial statements — required before filing. | From €40 |
| Zero-activity (dormant) annual package | Nil balance sheet, nil CIT return, NSI filing, and Registry Agency filing. For companies with no business activity. | From €120 |
| Audit coordination & support | Preparation of audit schedules, provision of supporting documents, and response to auditor queries. | From €100/hr |
| Full annual compliance package (active company) | Annual statements + activity report + shareholder resolution + NSI filing + Registry Agency filing + CIT return. | From €400 |
Prices stated exclude Bulgarian VAT (20%). The full annual compliance package price (from €400) assumes that monthly bookkeeping is already up to date. If historical bookkeeping catch-up is required before the annual accounts can be prepared, this is priced separately at from €150 per month of records.
Frequently asked questions
Both filings use the same annual financial statements, but serve different purposes and have different deadlines. The NSI filing (by 30 June) is a statistical submission to the National Statistical Institute — it is used for macroeconomic data collection and is not publicly accessible. The Registry Agency filing (by 30 September) is a legal disclosure requirement — the statements are published in the public Commercial Register and are accessible to anyone.
Yes. A dormant (zero-activity) company must still file: a nil corporate income tax return with the NRA by 31 March, and simplified nil financial statements with NSI by 30 June and the Registry Agency by 30 September. Bulgaria for Business VCC handles all four filings for dormant companies from €120/year.
The annual financial statements must be approved by the company’s shareholder(s) before they are filed with NSI and the Registry Agency. This approval is documented in a written shareholder resolution (Протокол на Общото събрание на съдружниците). Bulgaria for Business VCC prepares this resolution as part of every annual report engagement.
A Bulgarian company is required to undergo a statutory audit if it exceeds two of the following three thresholds in the preceding year: net revenue above BGN 4,000,000; total assets above BGN 2,000,000; average annual employees above 50. The vast majority of foreign-owned OODs managed remotely do not reach these thresholds and are therefore not required to be audited.
Most Bulgarian companies — including the vast majority of foreign-owned OODs — prepare their annual financial statements under the Bulgarian National Accounting Standards (NAS — Национални счетоводни стандарти), which are substantially aligned with IFRS for SMEs. Companies of public interest (banks, insurers, listed companies) are required to use full IFRS.
Late or missing NSI filing: fine of BGN 200–2,000 for the company and BGN 100–1,000 for the director personally. Late or missing Registry Agency filing: fine of BGN 500–3,000 for the company and BGN 200–2,000 for the director personally. Late CIT return: fine of BGN 500–3,000 plus interest at 10% per annum on any unpaid tax. Bulgaria for Business VCC tracks all deadlines and files on time.
Yes. Bulgaria for Business VCC prepares and files all annual financial statements entirely remotely. You provide us with transaction data and bank statements — we handle all preparation, the shareholder resolution, and both NSI and Registry Agency filings electronically. No in-person visit to Bulgaria is required at any stage.
Let us handle your annual report
We prepare your annual financial statements, shareholder resolution, and handle all NSI and Registry Agency filings — fully remotely, on time, every year.
Dormant company from €120/yr
Active company from €400/yr
All prices excl. VAT
Active company from €400/yr
All prices excl. VAT
Bulgaria for Business VCC — Your Trusted Partner for Business Expansion into Bulgaria and the European Union. Filing deadlines, thresholds, and fine amounts are correct as of 2024–2025 and are subject to legislative change. All prices exclude Bulgarian VAT (20%).