Bulgaria is a very cost effective solution that gives access to the EU market and as Bulgaria is a European Country the Financial Services License/Forex license allows full access to work in EU under operation.  Bulgaria also has a 10% corporate income tax rate, compared to other countries the rate is low. Cyprus has 12.5%.

The legal fees for company incorporation and licensing are also reasonable in Bulgaria.
Because Bulgaria has a highly qualified work force and low salary rates a competent director in Bulgaria could be renumerated 1000 euros only per month, which is considered to be reasonably low.
Investment intermediary represents a person who provides one or multiple investment services and has investment activities in regular occupation or in a business professional basis.

Comparison of Investment service licenses for Investment- and Forex companies.

Specifics Small License


Middle License Large License
Minimum Capital (EUR) 50,000 125,000 750,000
Holding clients’ money X V V
Receipt and transmission of orders V V V
Placing clients’ orders X V V
Placing own orders X V V
Portfolio management X V V
Investment consulting V V V
Underwriting and/or placing of orders with a commitment to subscribe/acquire the financial instruments for its own account X V V
Initial offering of financial instruments X V V
Organizing multilateral trading system X V V
Foreign exchange deals X V V
State fee for licensing by FSC (EUR)* 2,200 3,250 5,200

Forex Brokerage License (Middle License)

Overall there are two levels of licenses available to choose from. There are conditions in place to distinguish the licenses and the minimum paid up capital. Brokerage license is required as minimum investment of capital of 125,000 Euros and the financial intermediary may hold client funds and Conditions of License. If a financial intermediary is under small license is not held client money or financial instruments as the scope is the same for two.

For the Brokerage license, a required minimum investment of capital of 125,000 Euros is needed. 25% of the capital has to be deposited prior filing of the application form and 75% must be paid within 14 days of approval.

The financial intermediary may hold client funds and Conditions of License. We can start working on the company incorporation and the license at the same time.

The fees for the company depends on whether you want to incorporate an LLC on our standard fees that we gave you for your company incorporation to be applicable, we provide the incorporation, a Bank Account as well as the inclusion of the VAT registration. We can also provide you with a joint stock company.

The trading through Forex is allowed to be conducted either by limited liability companies or joint stock companies, with the assumption that the services are for LLC. All in all, we can provide Forex licensing package in Bulgaria for less than 15.000 EUR.

The Government Licensing cost for the license is 6400 BGN which makes approximately: 3250 EUR in total. The documents should be notarized and apostilled for legalization of documents.

Forex Market Maker license (Large License)

The Market Maker license grants the Forex broker the opportunity to create their own public rates, spreads, odds and quotations. This means the Forex clients would be betting directly against the market maker.
The capital requirements for the Forex Market Maker license is BGN 1 500 000 (approximately EUR 750 000)


The conditions are the company needs to have at least two directors that can be foreigners and have Proper higher education in topics such as finance, and economics. They must also have experience in the field of work which is to be evidential.
Another condition is that the criminal record should be clear of any convictions or crimes. The company must also provide a detailed business plan to the committee with income forecast, expected profits which will help to finalize overall and provide the initial plan to make it applicable and in accordance with Bulgarian laws.

The fee listed is based on the condition that the necessary back office software and technical equipment is available to conduct the service and form negotiations with third parties using their services and software.

Capital Requirement

In terms of the capital requirement, 25% of the minimum capital is required of 125,000 and this must be deposited prior to filling in the application form. Furthermore, 75% must be paid within 14 days of receiving approval. A payment must also be made to a further guaranteed fund of just 1% o the capital. With this in mind, the company will be required to have premises in Bulgaria, that includes offices.

There are formalities of the government level that takes about four months to complete the application process when the authority will decide if it is complete. The files may take up to 2 months depending on time and financial instruments.

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