Yes. Bulgarian regulated licences can be obtained by companies incorporated in Bulgaria — which can be 100% foreign-owned. The operating entity must be a Bulgarian-registered legal entity (OOD or AD, depending on the licence type). The shareholders and directors can be foreign nationals. Some licences require senior management to demonstrate adequate knowledge and experience of the relevant regulated sector, but residency in Bulgaria is not always required.
Licensing in Bulgaria
EU-Regulated Licences for Foreign Businesses — Forex, Crypto, Gambling & Transport
EU Licence Passporting
BNB & FSC Regulated
End-to-End Support
Fixed-Fee Advisory
AT A GLANCE
EU Licences valid across the entire EU via passporting
4 Core licence types we support
BNB Financial licences regulated by the Bulgarian National Bank
FSC Investment & crypto licences regulated by the FSC
Regulated licences in Bulgaria for foreign entrepreneurs
Bulgaria offers foreign entrepreneurs access to a range of EU-regulated licences through a legal and regulatory framework that is cost-competitive, EU-compliant, and — for the right business models — significantly more accessible than comparable jurisdictions in Western Europe. A regulated licence obtained through Bulgaria carries the same legal standing as one obtained in Germany, France, or the Netherlands — because it is issued under the same EU regulatory framework.
Bulgaria for Business VCC assists foreign entrepreneurs and international businesses in obtaining regulated licences in Bulgaria across four principal categories: investment firm licences for Forex and CFD brokers (MiFID II), crypto asset service provider authorisations (MiCA), gambling operator licences, and EU Community Licences for road transport operators. We provide end-to-end support — from the initial regulatory feasibility assessment through to licence issuance and ongoing compliance.
EU REGULATORY FRAMEWORK: All financial and transport licences issued in Bulgaria are issued under EU-harmonised regulatory frameworks. This means the licence is subject to the same substantive requirements as equivalent licences in any other EU member state — and can be passported across the EU. Bulgaria is not a ‘light-touch’ jurisdiction — it applies EU standards fully — but it offers a more cost-effective operating environment than many other EU licensing destinations.
The four licence types we support
The table below provides a high-level summary of the four regulated licence types covered by our licensing practice. Each has its own dedicated supporting page with full detail on requirements, process, and costs.
Forex Licence
- Regulator: FSC
- EU framework: MiFID II
- Min. capital: From €125k
- Timeline: 6–12 months
Crypto Licence
- Regulator: FSC
- EU framework: MiCA
- Min. capital: From €50k
- Timeline: 3–12 months
Gambling Licence
- Regulator: SCG
- EU framework: National
- Min. capital: BGN 5M
- Timeline: 3–6 months
Transport Licence
- Regulator: IAMA
- EU framework: Community
- Min. capital: €9k/vehicle
- Timeline: 1–3 months
Why obtain your EU licence through Bulgaria?
For foreign entrepreneurs choosing an EU member state in which to establish a regulated entity, Bulgaria offers a compelling combination of advantages that make it increasingly competitive with more established licensing jurisdictions.
EU licence with full passporting rights
A licence obtained through Bulgaria gives access to the entire EU single market via the EU passporting mechanism. A Bulgarian investment firm, payment institution, or crypto CASP can passport its services to clients across all 27 EU member states without obtaining separate licences in each country.
Competitive cost base
Bulgaria offers significantly lower minimum capital requirements, regulatory fees, and operational costs compared to major Western EU licensing jurisdictions. Lower CIT (10%), lower staffing costs, and lower office costs reduce the total cost of establishing and running a licensed entity.
Responsive regulatory environment
The Bulgarian National Bank (BNB) and the Financial Supervision Commission (FSC) are active regulators with established application procedures. For well-prepared applications with appropriate substance, timelines are competitive with other EU jurisdictions.
EU regulatory framework compliance
All Bulgarian licences are issued under the applicable EU regulatory frameworks — MiFID II for investment firms, MiCA for crypto, EU gambling frameworks, and EU transport regulations. A Bulgarian licence means compliance with the same EU standards as a German or French licence.
Integrated legal, accounting & compliance
Bulgaria for Business VCC provides integrated support across the full licensing lifecycle — from initial regulatory assessment and application preparation through to ongoing compliance, AML programmes, and accounting. One team, one point of contact.
Strategic EU gateway location
Bulgaria’s position at the intersection of the EU, the Balkans, and the Middle East/Black Sea region makes it an attractive base for financial and transport businesses serving both EU and non-EU markets from a single EU-regulated entity.
EU passporting — using your Bulgarian licence across Europe
One of the most significant advantages of obtaining a regulated licence through Bulgaria is the EU passporting mechanism — the right to provide regulated services across all EU member states using a single Bulgarian licence, without obtaining separate national licences in each country.
| Licence type | EU passporting scope | Bulgarian regulator |
|---|---|---|
| Investment firm / Forex (MiFID II) | Full passporting rights across all 27 EU member states via notification to FSC and host state regulator. Can offer investment services cross-border without establishing a subsidiary. | Financial Supervision Commission (FSC) |
| Crypto CASP (MiCA) | Under EU MiCA Regulation (fully applicable from December 2024), a Bulgarian CASP authorisation gives passport rights to offer crypto asset services across all EU member states. | Financial Supervision Commission (FSC) |
| Payment institution / E-money (PSD2) | A Bulgarian payment institution or e-money institution licence (regulated by the BNB) can be passported to provide payment services across the EU. | Bulgarian National Bank (BNB) |
| Insurance (Solvency II) | A Bulgarian insurance company can passport its products to EU member states via freedom of services or branch establishment. | Financial Supervision Commission (FSC) |
| Road transport (EU Community Licence) | A Bulgarian road freight or passenger transport Community Licence is valid for cabotage and international transport operations across all EU member states. | IAMA — Executive Agency Road Transport |
| Gambling licence | Gambling licences are not subject to EU passporting — they are national licences valid for operation within Bulgaria only. Separate national licences are required for each EU market. | State Commission on Gambling (SCG) |
HOW PASSPORTING WORKS: Once a Bulgarian financial licence is granted (e.g. investment firm under MiFID II), the company notifies the FSC that it wishes to passport into a specific EU member state. The FSC notifies the host state’s regulator, who has a defined period (typically 2 months for freedom of services, longer for branch establishment) to raise objections. If no objection is raised, the company can begin providing services in the host state. Bulgaria for Business VCC manages the passporting notification process as part of our post-licence services.
Substance requirements — what regulators expect
A Bulgarian licence is only as credible as the substance behind it. EU regulators — and, increasingly, correspondent banks and institutional counterparties — scrutinise the genuine operational substance of licensed entities. Shell companies or letterbox entities cannot obtain or maintain regulated licences. The following substance requirements apply to most regulated Bulgarian entities.
| Substance requirement | What regulators expect from licensed Bulgarian entities |
|---|---|
| Registered office in Bulgaria | Every licensed entity must have a genuine registered office in Bulgaria — a physical address at which the company actually operates, not merely a virtual address. For financial licences, regulators may conduct site visits. |
| Minimum capital requirements | Each licence type carries specific minimum capital requirements that must be maintained on an ongoing basis. Capital must be held in a Bulgarian bank account and must remain unencumbered. |
| Local management / compliance officer | Most financial licences require at least one senior manager resident in or regularly present in Bulgaria, and a designated compliance officer approved by the regulator. |
| AML compliance programme | All regulated entities must implement a compliant AML/CFT programme before licence issuance and maintain it on an ongoing basis. The compliance officer is typically the AML responsible person. |
| IT infrastructure & systems | For financial licences (Forex, crypto), the regulator assesses the adequacy of IT systems, trading platforms, cybersecurity measures, and business continuity arrangements. |
| Ongoing regulatory reporting | Licensed entities must submit periodic reports to the regulator — including financial statements, capital adequacy reports, client asset reports, and incident notifications. |
| Annual audit | Most financial licences require annual statutory audit by a licensed Bulgarian auditor, with audit reports submitted to the regulator. |
SUBSTANCE IS NON-NEGOTIABLE: Bulgarian and EU regulators have significantly increased their scrutiny of substance requirements in recent years. Applications that present a company with a registered address but no genuine operational presence, no qualified local management, and no real infrastructure are rejected. Bulgaria for Business VCC advises all licensing clients on the minimum required substance from the outset — so that your application is built on a foundation that can withstand regulatory scrutiny.
Bulgarian regulatory authorities — who regulates what
The Bulgarian regulatory landscape for licensed activities involves four principal authorities, each with responsibility for a specific sector. Understanding which regulator oversees your licence type is essential for managing the application and ongoing compliance relationship.
| Regulator | Role & scope | Licences issued |
|---|---|---|
| Bulgarian National Bank (BNB) Българска народна банка |
Central bank and primary regulator for credit institutions, payment institutions, e-money institutions, and currency exchange operators. BNB licences are passportable across the EU under CRD/CRR and PSD2 frameworks. | Credit institutions (banks), payment institutions, e-money institutions, currency exchange |
| Financial Supervision Commission (FSC) Комисия за финансов надзор |
Regulator for investment firms (Forex brokers), collective investment schemes, insurance companies, pension funds, and — from 2024 — crypto asset service providers (CASPs) under MiCA. | Investment firms (MiFID II), CASPs (MiCA), insurance, pension funds, capital markets |
| State Commission on Gambling (SCG) Държавна комисия по хазарта |
Regulator for all gambling activity in Bulgaria — both online (remote) and land-based (casinos, betting shops, arcades). Issues gambling operator and organiser licences. | Online gambling, land-based casinos, sports betting, slot arcades, lottery |
| IAMA — Executive Agency for Road Transport Изпълнителна агенция Автомобилна администрация |
Regulator for road transport operators in Bulgaria. Issues Community Licences for road freight and passenger transport — valid across the EU under EU Regulation 1071/2009. | Road freight transport, passenger road transport, taxi operators, driving schools |
How Bulgaria for Business VCC supports your licensing journey
Obtaining a regulated licence is a complex, multi-stage process that requires legal, regulatory, compliance, and corporate expertise working in coordination. Bulgaria for Business VCC provides integrated support across every stage.
Regulatory assessment & strategy
Before any application is submitted, we conduct a full regulatory assessment — confirming whether a Bulgarian licence is the right route for your business model, which licence type applies, what the realistic timeline and cost are, and what structural changes are needed to meet substance requirements.
Business plan & application preparation
The regulatory application package for most financial licences runs to hundreds of pages — business plan, financial projections, organisational structure, management biographies, AML programme, IT assessment, and legal opinions. We prepare the full application package.
Regulator liaison & query management
Regulators typically issue rounds of questions and requests for additional information during the review period. We manage all correspondence with the BNB, FSC, SCG, or IAMA on your behalf — ensuring timely, accurate, and well-framed responses.
Corporate structure & legal documentation
A new Bulgarian entity must be registered and structured to support the licence application. We handle company formation, Articles of Association, shareholder documentation, and all corporate legal work required for the licence.
AML compliance programme
We design and implement the AML/CFT compliance programme required for the licence application — covering all mandatory components and tailored to your business model and risk profile.
Ongoing compliance & regulatory reporting
After licence issuance, ongoing compliance obligations begin. We provide ongoing compliance support, regulatory reporting, annual audit coordination, capital adequacy monitoring, and regulatory change management.
Frequently asked questions — licensing in Bulgaria
Key questions answered for foreign entrepreneurs considering a Bulgarian regulated licence.
Licences issued under EU harmonised frameworks can be passported across EU member states. These include: investment firm licences (MiFID II), crypto CASP licences (MiCA), payment institution licences (PSD2), e-money institution licences, insurance company licences (Solvency II), and EU Community Licences for road transport. Gambling licences are national — they do not benefit from EU passporting.
Timelines vary significantly by licence type: road transport Community Licence (1–3 months), gambling licence (3–6 months), crypto CASP under MiCA (3–12 months), and investment firm (Forex) licence (6–12 months). These timelines assume a well-prepared application with all required substance in place. Incomplete applications or those requiring significant back-and-forth with regulators take longer. Bulgaria for Business VCC prepares applications to the highest standard to minimise delays.
Minimum capital requirements depend on the licence type and the scope of authorised services. For an investment firm (MiFID II): from €125,000 for limited services (receiving and transmitting orders only) up to €730,000 for firms dealing on their own account. For a crypto CASP (MiCA): from €50,000 (class 1) to €150,000 (class 3). For an online gambling operator: a bank guarantee of BGN 5,000,000. For road transport: €9,000 per vehicle. We provide a full capital requirements analysis at the regulatory assessment stage.
Yes — for all regulated licences, a genuine physical presence in Bulgaria is required. Regulators have become increasingly strict about substance requirements — a virtual office or a registered address alone is not sufficient. The company must have a real operational presence, with appropriate staff, management, and infrastructure in Bulgaria. Bulgaria for Business VCC advises on the minimum acceptable substance level for each licence type and can assist with office arrangements.
Ongoing obligations vary by licence type but typically include: periodic regulatory reporting (quarterly and annual), capital adequacy monitoring, annual statutory audit, AML programme maintenance and annual review, staff training, incident reporting to the regulator, and compliance with any regulatory changes. Bulgaria for Business VCC provides ongoing compliance support packages for all licensed clients.
Yes — acquiring a company that already holds a Bulgarian licence can be faster than applying for a new one. However, the acquisition of a controlling stake in a regulated entity typically requires regulatory pre-approval (a ‘change of control’ application). The regulator assesses the fitness and propriety of the incoming shareholders and management. Bulgaria for Business VCC advises on change of control applications and coordinates the full acquisition process for regulated entities.
Bulgaria offers competitive advantages in terms of cost — lower capital requirements for some licences, lower operational costs, and a 10% flat corporate tax rate. The regulatory process is comparable in timeline to Cyprus and Lithuania for financial licences. Malta remains a well-established gaming jurisdiction but at significantly higher cost. For crypto under MiCA, Lithuania has processed many early applications. Bulgaria is increasingly competitive for both financial services and crypto licensing as MiCA creates a level EU-wide playing field. We advise clients on the optimal jurisdiction for their specific business model as part of our regulatory assessment service.
Start your licensing journey in Bulgaria today
Free regulatory assessment for all new licensing enquiries. We confirm the right licence for your business model, outline the requirements, and provide a fixed-fee proposal for the full application process.
Forex (Investment Firm)
Crypto (MiCA CASP)
Gambling
Transport (EU Community Licence)
Crypto (MiCA CASP)
Gambling
Transport (EU Community Licence)
Bulgaria for Business VCC — Your Trusted Partner for Business Expansion into Bulgaria and the European Union. Licensing requirements, capital thresholds, and regulatory frameworks are correct as of 2024–2025 and are subject to legislative and regulatory change. All services are provided by lawyers qualified and registered with the Bulgarian Bar Association. This document is for general information only and does not constitute legal or regulatory advice.