Personal Meeting with Bank Officials to Set Up Local Bank Account
As a foreign entity or individual looking to establish a bank account in Bulgaria, we invite you to a personal meeting with our bank officials to discuss the process and necessary requirements.
Required Documents
Please bring the following documents:
- Original notarized (and apostilled, if applicable) excerpts of the relevant corporate registries, evidencing the corporate identity and listed legal representatives
- Copies of articles of association
- Other documents determined by our compliance department
Account Opening Process
Our team will guide you through the account opening process, which typically takes between 1-2 months to complete. We will also provide information on customer due diligence requirements, ongoing monitoring, and reporting obligations.
What You Need to Know
As a local legal entity with foreign capital or a foreign entity (including CSOs), your bank account can be opened in the name of the entity by either the entity’s legal representative or a proxy under a notarized power of attorney. For individuals, you may open an account personally or through a proxy.
Our onboarding and monitoring procedures for CSO clients are similar to those for other legal entities, but we recognize that CSOs typically have a lower risk profile.
Reporting Obligations
As a credit institution, we are required to:
- Report suspicious transactions to the Bulgarian State Agency for National Security (SANS) and block any pending transactions from the respective account
- Report outbound payment transactions above a certain threshold to the Bulgarian National Bank for statistical purposes
Our bank secrecy laws require that all information concerning balances and operations on accounts and deposits be strictly confidential, revealed only in limited circumstances and in accordance with procedural requirements described in relevant law. We are also subject to the EU General Data Protection Regulation (GDPR) and responsible for collecting and processing client personal data in relation to compliance.
Russian Sanctions
There have been no changes to local banking legislation in connection with Russian sanctions. As an EU credit institution, we are subject to EU regulations imposing sanctions against Russia.
Next Steps
Please contact us to schedule your meeting and bring the necessary documents. We look forward to assisting you with setting up a bank account in Bulgaria.