Fintech vs. Traditional Banks: The Legal Sandbox of Bulgarian Company Incorporation
Incorporating a limited liability company in Bulgaria is relatively straightforward. Yet one seemingly simple requirement raises an interesting legal question. Under Bulgarian law, the share capital must be paid up before registration, and evidence of the capital contribution must be submitted to the Commercial Register. The applicable regulations expressly refer to capital deposited with a bank. But what happens when the funds are held with a licensed European payment institution or electronic money institution instead? The distinction becomes particularly interesting when comparing different financial service providers:▪ Wise, a licensed payment institution, requires a business registration number as part of its standard verification process.▪ Revolut...
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