〚Bank Formation in Bulgaria 〛 ‖ Eternity Law International

Bulgaria’s economy today is in stable and favorable attitude benefitting from EU membership and the banking sector has solid position, so that this is good jurisdiction to establish a banking institution for all types of investors.

A bank in Bulgaria must be incorporated as a joint-stock company. A bank may open more than one branch within a single population centre, including the population centre where the said bank has the registered office thereof.

A member of the Management Board or the Board of Directors, except for those whose authorisation is solely for the business of a branch of a bank authorised in the Republic of Bulgaria, may be a person who:

holds an educational qualification degree not lower than Master, conferred thereon upon graduation from a higher educational establishment;
possesses qualifications and professional experience of banking adequate to the relevant education, previous experience of at least 5 years on a position requiring performance of managerial functions in a bank or a corporation or institution comparable to a bank, conforming to criteria determined by the BNB;
has no conviction for a premeditated offence at public law, unless he has been exonerated;
holds no previous membership of a management body or a supervisory body of, and no previous status as general partner in, any corporation dissolved by bankruptcy and leaving any creditor unsatisfied, within the two years last preceding the date of the adjudication in bankruptcy, regardless of whether his rights have been restored;
holds no previous membership of a management body or a supervisory body of a bankrupt bank within the two years last preceding the date of the adjudication in bankruptcy;
is no spouse of any other member of a management body or a supervisory body of the bank, and is no lineal or collateral relative to any such person up to the third degree of consanguinity and does not actually live with such a member;