Capital Escrow Account & Company Banking in Bulgaria

Why Do You Need an Account?

A bank account is an essential element for every company in Bulgaria. Even before the actual registration of the company, you need an escrow account for depositing the incorporation capital, and after entry in the Trade Register — a current account for day-to-day operations.

Escrow Account (Before Registration)

The escrow account is opened in the name of the company in the process of incorporation. The subscribed capital (minimum 1 EUR for EOOD/OOD) is deposited into it. The bank issues a certificate of deposited capital, which is a mandatory attachment to the A4 application for registration with the Trade Register.

Current Account (After Registration)

After company registration, the escrow account is usually converted into a current account, or a new one is opened. The current account is used for:

• Receiving payments from clients
• Paying suppliers, rent, salaries
• Paying taxes and social security contributions
• Servicing loans and leases

Requirements

To open a corporate bank account, you need to prepare a specific set of documents. Requirements vary slightly between banks, but the core documents are standard.

Documents for an Escrow Account

• Articles of Association (for EOOD) or Articles of Partnership (for OOD) — signed, but not yet filed with the Trade Register
• Minutes of the Founding Meeting with the decision to incorporate
• Manager's ID card (original for verification)
• Notarially certified specimen of the manager (some banks require this for the escrow account too)

Documents for a Current Account

• Certificate of current status or extract from the Trade Register (EIK)
• Articles of Association / Articles of Partnership (current version)
• Manager's ID card and IDs of persons authorized to manage the account
• Specimen (signature sample) — some banks certify their own specimen form
• Declaration of beneficial owner — required under the AML Act (Закон за мерките срещу изпирането на пари)

Procedure

The process for opening a corporate bank account is relatively quick but requires a personal visit in most cases.

Step 1: Choose a Bank

Compare the offers of different banks based on criteria such as monthly fees, transfer fees, online banking, and additional services. More information is in the "Choosing a Bank" section below.

Step 2: Prepare the Documents

Gather all the necessary documents listed in the previous section. Make sure the Articles of Association is signed and that you have originals for verification.

Step 3: Visit a Bank Branch or Apply Online

• In a branch — visit the selected bank branch with the manager (and possibly an authorized person). The procedure takes 30–60 minutes.
• Online — some banks (DSK, UniCredit) offer a partially online account opening process, but a final in-branch verification is usually required.

Step 4: Sign the Agreement

Sign the framework banking services agreement, the general terms and conditions, and the specimen signature card. You receive an IBAN and access to online banking.

Step 5: Deposit the Capital (for Escrow Accounts)

Deposit the subscribed capital and request a bank certificate of deposited capital — this document is mandatory for filing with the Trade Register.

Choosing a Bank

Choosing a bank is an important decision that will affect your daily operations. Here is an overview of the main banks in Bulgaria for corporate services.

UniCredit Bulbank

One of the largest banks in Bulgaria with an extensive branch network. Offers stable online banking and good conditions for international transfers. Monthly fees for a corporate account are in the medium to high range (8-15 EUR/month depending on the package).

DSK Bank (Банка ДСК)

The largest bank by number of clients. Offers diverse packages for small and medium enterprises with competitive fees. The DSK Smart online banking platform is convenient and functional. Monthly fees: 5-13 EUR/month.

Fibank (First Investment Bank)

Popular among small businesses due to more flexible conditions and fast service. Offers a good mobile app. Monthly fees: 4-10 EUR/month, but transfer fees may be higher.

Raiffeisen Bank

A bank with a good reputation for corporate services. Offers packages with included transfers and modern online banking. Monthly fees: 8-15 EUR/month.

Postbank (Eurobank)

Offers an extensive branch network and diverse packages. Suitable for companies that need physical access to branches in smaller cities. Monthly fees: 5-13 EUR/month.

Revolut & Neobanks

More and more entrepreneurs want to avoid traditional banking altogether and operate exclusively with modern fintech solutions like Revolut Business, Wise Business, or Paysera. Here is exactly what is allowed and what is not — as defined by Bulgarian law.

Can Revolut Business be used as the capital escrow account?

No. This is one of the most frequently asked questions when registering an EOOD, and the answer is unambiguous.

Art. 72 of the Bulgarian Commerce Act requires that the capital be deposited in an escrow account held at a credit institution licensed for banking activities under the Credit Institutions Act (ZKI). Revolut Bank UAB is licensed in Lithuania (by the Bank of Lithuania), not in Bulgaria, and is not registered as a branch or agent authorised by the Bulgarian National Bank to open capital escrow accounts in the legally required format.

The key condition: the bank must be able to issue a capital deposit certificate in the form accepted by the Trade Register — a document bearing the stamp and signature of a licensed bank employee in Bulgaria. Revolut does not issue such a certificate.

The practical solution: a combined approach

If you want to use Revolut Business as your main account, the process looks like this:

1. Open a capital escrow account at a traditional bank (Fibank, DSK, UniCredit, etc.) using the founding act generated by Firmify.
2. Deposit the capital (minimum €1) and obtain the capital deposit certificate.
3. Register the company — file the documents with the Trade Register.
4. After receiving your EIK — transfer the funds and close the escrow account, or convert it.
5. Open a Revolut Business account with your new EIK and use it as your main current account.

The escrow account fee is typically €5–10 — a one-off cost with no ongoing monthly commitment.

Revolut Business after registration — fully legal

Once entered in the Trade Register, you have no legal obligation to maintain an account at a specific bank or in Bulgaria. Revolut Business, Wise Business, Paysera, and similar platforms are fully legitimate for:

• Receiving payments from clients (including international)
• Paying suppliers
• Paying VAT, corporate tax, and social security contributions to the NRA/NSSI (SEPA transfers are accepted)
• International transfers at lower cost

The NRA accepts IBANs from any SEPA bank, including Revolut's Lithuanian IBAN (LT... prefix).

Comparison: traditional bank vs. Revolut Business

Recommendation

The optimal setup for a small company (single-owner EOOD) is:

• Escrow account: Fibank or DSK (fast service, low fees)
• Main current account after registration: Revolut Business (free plan to start) or a traditional bank if you need cash handling, credit facilities, or accounting software integration