Cyprus vs Bulgaria
Bulgaria is £1,843 cheaper in year 1 and £1,132 a year cheaper after that.
| CyprusPrivate limited company (Ltd) | BulgariaEOOD / OOD | |
|---|---|---|
| Costs | ||
| Minimum, year 1 | £1,957 | £114 |
| Minimum, per year after | £1,217 | £85 |
| Typical year 1 | £3,732 | £1,744 |
| Government fee | £140About €165 registrar fees | £24€28.12 online, €56.24 on paper |
| Indirect setup | £600–1,450 | £5–1,020 |
| Running per year | £1,217–3,917 | £85–2,330 |
| Share capital | None€1,000 typical | €1 |
| Rules | ||
| Directors | No local directorCypriot directors are usually needed for tax residence. | No local director |
| Remote setup | Through a providerRemote through a Cyprus lawyer, who signs the articles. | Through a providerRemote by power of attorney. Your signatures are notarised and apostilled at home. |
| Audit | Audit required | No audit below size thresholds |
| Time to form | 1 to 3 weeks | 1 to 3 weeks |
| Ease for foreign owners | 3/5 | 3/5 |
| Tax and banking | ||
| Corporation tax | 15%15% from 2026. | 10%10% flat, one of the lowest in the EU. |
| Dividend withholding | None | 5%5% dividend withholding, none to EU companies. |
| VAT / GST | 19% | 20% |
| Banking | 2/5Accounts for foreign-owned companies take 4 to 8 weeks. | 3/5Local banks usually want one visit. |
| All company setup fees in Cyprus | All company setup fees in Bulgaria | |
Questions
Is Cyprus cheaper than Bulgaria for company setup?
No. Bulgaria is cheaper, at least £114 in year 1 against £1,957 for Cyprus.
Which is cheaper to run each year?
Bulgaria, at least £85 a year against £1,217 for Cyprus.
Which needs a local director?
Neither. You can run a company in either without a local director.
Which is faster to set up?
About the same. Both take 1 to 3 weeks.
How does corporation tax compare?
Cyprus: 15% from 2026. Bulgaria: 10% flat, one of the lowest in the EU.
Sources: EY · Binderr · Registry Agency · Deloitte · PwC · Innovires