Estonia vs Bulgaria

Bulgaria is £329 cheaper in year 1 and £45 a year cheaper after that.

Costs
	EstoniaPrivate limited company (OÜ)Start with 1Office	BulgariaEOOD / OOD
Minimum, year 1	£443	£114
Minimum, per year after	£130	£85
Typical year 1	£1,548	£1,744
Government fee	£228€265 state fee	£24€28.12 online, €56.24 on paper
Indirect setup	£85–380	£5–1,020
Running per year	£130–2,045	£85–2,330
Share capital	€0.01	€1
Rules
Directors	No local directorA local contact person is required if run from abroad.	No local director
Remote setup	Fully remoteFully online with e-Residency. One trip to collect the card.	Through a providerRemote by power of attorney. Your signatures are notarised and apostilled at home.
Audit	No audit below size thresholds	No audit below size thresholds
Time to form	1 to 3 days	1 to 3 weeks
Ease for foreign owners	5/5	3/5
Tax and banking
Corporation tax	0% / 22%0% on profit kept, 22% when paid out.	10%10% flat, one of the lowest in the EU.
Dividend withholding	None	5%5% dividend withholding, none to EU companies.
VAT / GST	24%	20%
Banking	3/5LHV and Swedbank are selective. Wise and Revolut are common.	3/5Local banks usually want one visit.
	All company setup fees in EstoniaUse 1OfficeAd	All company setup fees in Bulgaria

Questions

Is Estonia cheaper than Bulgaria for company setup?

No. Bulgaria is cheaper, at least £114 in year 1 against £443 for Estonia.

Which is cheaper to run each year?

Bulgaria, at least £85 a year against £130 for Estonia.

Which needs a local director?

Neither. You can run a company in either without a local director.

Which is faster to set up?

Estonia, in 1 to 3 days. Bulgaria takes 1 to 3 weeks.

How does corporation tax compare?

Estonia: 0% on profit kept, 22% when paid out. Bulgaria: 10% flat, one of the lowest in the EU.