Accounting for Companies in Sofia
Why Do You Need Accounting?
Every company in Bulgaria is legally required to maintain accounting records. For EOOD and OOD in Sofia this means hiring an accountant or accounting firm — or keeping your own books if you have the qualifications.
Sofia is the capital and largest business hub in Bulgaria, home to over 60% of all registered companies in the country, with a variety of accounting firms serving both local and foreign companies.
Business Environment in Sofia
Sofia (over 1.3 million residents) is the capital and largest business hub in Bulgaria, home to over 60% of all registered companies in the country. The city has over 180,000 registered companies, making it an active business centre.
Key Industries:
- IT & Outsourcing
- Finance & Insurance
- Wholesale Trade
- Consulting Services
Office Rents: Average office rents in Sofia are €8–20/sq.m., which is competitive compared to other cities in the region.
Bank Branches: UniCredit Bulbank, DSK Bank, Postbank and UBB have central branches on Vitosha Blvd., Tsarigradsko Shose Blvd. and near the National Palace of Culture.
Notary Offices: The highest concentration of notary offices is around the Palace of Justice on Vitosha Blvd., along Dondukov Blvd. and in Sofia Business Park.
How to Choose an Accountant
When choosing an accountant in Sofia, consider the following:
- Experience with your type of business — IT, trade and services each have different specifics
- VAT competence — if you are or plan to be VAT-registered
- Online access — ability to work remotely and exchange documents digitally
- Reviews and recommendations — seek feedback from other entrepreneurs in Sofia
- Transparent pricing — a clear monthly fee with no hidden charges
Accounting Service Prices
Approximate accounting service prices in Sofia:
| Company Type | Monthly Price |
|---|---|
| Dormant company | €15–40/month |
| Low volume (up to 30 documents) | €50–100/month |
| Medium volume (30–100 documents) | €100–200/month |
| VAT reporting add-on | +€25–50/month |
| Payroll add-on | +€5–10/employee |
Accounting Obligations
Key accounting obligations for a company in Sofia:
- Maintain accounting registers — journal, general ledger, trial balance
- Monthly VAT returns — by the 14th (if VAT-registered)
- Social security declarations — by the 25th
- Annual tax return — by 30 June
- Annual financial statements (AFS) — filed with the CR by 30 June