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Guide

Credit institution (bank) licence in Bulgaria

A company that takes deposits from the public and lends on its own account needs a bank licence. In Bulgaria it is issued under the Credit Institutions Act, with the Bulgarian National Bank and the European Central Bank as competent authorities. This page covers who applies, the requirements, the documents and the statutory time limits.

LexorCorp Global OÜ · published 11 November 2026

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In short

A company that takes deposits from the public and lends on its own account needs a bank licence. In Bulgaria it is issued under the Credit Institutions Act, with the Bulgarian National Bank and the European Central Bank as competent authorities. This page covers who applies, the requirements, the documents and the statutory time limits.

Order the application documents: Order

A company that takes deposits from the public and lends on its own account needs a bank licence. In Bulgaria it is issued under the Credit Institutions Act, with the Bulgarian National Bank and the European Central Bank as competent authorities. This page covers who applies, the requirements, the documents and the statutory time limits.

Information as of 11 November 2026. Every numbered statement of this page was checked in the official text named below and re-checked by a second reviewer on 2026-11-11. The page is general information, not legal advice; the authority decides on every application.

What the activity is

Under the Credit Institutions Act (Закон за кредитните институции, CIA), a bank (credit institution) is a legal person that publicly attracts deposits or other repayable funds and grants credits or other financing for its own account and at its own risk1. A licensed bank may also carry out further activities if they are included in its licence, for example payment services and guarantee transactions2.

Only a bank licensed in Bulgaria, a BNB-licensed branch of a third-country bank, or a bank authorised in another Member State may publicly attract deposits or other repayable funds3. Not covered: lending only from funds not raised from the public is the activity of a financial institution, not a bank4. A company without a bank licence may not use the word "bank" in its name or advertising5.

The legal act and the authority

  • Act: Credit Institutions Act (State Gazette No 59 of 2006, last amended by State Gazette No 71 of 2026, in force from 7 August 2026). Banking activity requires a licence6.
  • Implementing ordinance: Ordinance No 2 of the BNB of 22 December 2006 on the licences, approvals and permissions granted by the BNB under the Credit Institutions Act (Ordinance No 2)7.
  • EU law: Council Regulation (EU) No 1024/2013 (the Single Supervisory Mechanism (SSM) Regulation) gives the European Central Bank (ECB) the task of authorising credit institutions8. The application is submitted to the national competent authority, which proposes a draft decision to the ECB; the draft is deemed adopted unless the ECB objects within ten working days, extendable once9. Own funds requirements are set in Regulation (EU) No 575/2013 (Capital Requirements Regulation, CRR)20.
  • Authorities: the CIA names the Bulgarian National Bank (BNB) and the ECB as competent authorities under the SSM Regulation10. Bulgaria was in close cooperation with the ECB from October 2020 and, with the euro introduced on 1 January 2026, the BNB is a full SSM member11.
  • Register: issued licences are entered in a register kept by the BNB12. The entry is made after the documents for starting activity are filed13.

Who must apply

Any legal person carrying out banking activity in Bulgaria needs a licence6. A bank authorised in another Member State may operate directly or through a branch on its home authorisation3; a third-country bank needs a BNB licence for a branch14.

The act does not apply to the BNB, to mutual aid funds lending only to their members from the members' contributions, to pawnshops, and (with stated exceptions) to postal operators for postal money orders15.

Requirements for the applicant

Legal form and capital. A bank is incorporated as a joint-stock company16; the licence is granted to a joint-stock company in the process of incorporation17. The minimum paid-in capital at incorporation is EUR 5 million, and contributions up to that minimum may only be in cash18. Persons subscribing 3% or more of the capital must pay with their own funds, and the origin of the funds must be clear and lawful19. After authorisation the bank must at all times meet the CRR own funds requirements: Common Equity Tier 1 ratio 4.5%, Tier 1 ratio 6% and total capital ratio 8%20.

Shareholders. Shareholders controlling more than 3% of the votes must not be able to harm the reliability or safety of the bank, and those subscribing 10% or more must meet the requirements for acquiring a qualifying holding21.

Management body (fit and proper). The bank is managed and represented jointly by at least two persons, at least one of whom speaks Bulgarian; they must manage the bank in person at its head office address, and a legal person cannot be a member of the management board22. Each management board member needs at least a master's degree, sufficient banking or financial experience (the two managing persons at least five years in a managerial position in a bank or comparable institution), a good reputation, honesty, integrity and independence, and sufficient time23. At least one supervisory board member (or non-executive director) must be independent24. Board members may be elected only after prior approval by the competent authority25.

Staff, key functions and internal control. Before the licence is issued the applicant must show that risk management, compliance and internal audit functions are set up, and that suitable premises and technical equipment are in place26.

Seat and place of management. The registered seat and head office address must coincide with the place where the bank is actually managed and be in the state where it actually operates27.

AML/CFT, business plan and IT. The business plan, organisational structure, internal control systems, policies and the programme of measures against money laundering must ensure sound risk management and the bank's reliability and stability28. Before starting activity the bank files a detailed description of its information system and its protection measures29. Detailed anti-money laundering and counter-terrorist financing (AML/CFT), IT security and outsourcing arrangements are specified for the client's case.

Documents filed with the application

The written application contains the information set by the delegated act under Article 8(2) of Directive 2013/36/EU30, Commission Delegated Regulation (EU) 2022/2580: identity and history of the applicant; programme of activities; financial information; programme of operations, structural organisation, internal control systems and auditors; capital at authorisation; effective direction (management); shareholders with qualifying holdings or, where no one has a qualifying holding, the 20 largest shareholders31.

The CIA adds data on holders of 3% or more of the voting shares and on the 20 largest shareholders, with their professional activity over five years, and declarations on payment from own funds, the origin of the funds and taxes paid over five years32.

Ordinance No 2 adds, among others, the articles and constituent meeting minutes, proof that each shareholder has paid at least 25% of its subscribed shares, and for each 3%+ shareholder identity, five-year income, tax and professional data, bank balances and liabilities; 10%+ shareholders add a ten-year record and, for legal entities, the group structure and a bank reference letter33.

After the decision (see below) the applicant proves the paid-in capital, the managers' and control function heads' qualifications and reputation, premises and equipment, the control functions and internal rules for lending, liquidity and risk34. Before starting business it files, among others, its commercial register entry, proof of the initial Deposit Insurance Fund contribution, the title or lease of the premises and safety documents35.

Before filing, the applicant holds preliminary consultations with the BNB Deputy Governor in charge of Banking Supervision; in procedures within the ECB's competence the application is filed through the IMAS Portal after the BNB assigns a file number36.

State fee and processing time

Fee. Ordinance No 2 sets the fee for issuing a bank licence at BGN 100,000; the BNB does not consider the documents until the fee is paid37. Under the Euro Introduction Act, acts that set fees in leva continue to apply under that act's conversion rules38.

Time limits. The authority investigates the documents and the applicant's reliability and financial standing39. Within three months of receiving the application, or, if it is incomplete, of receiving all required documents, it decides to issue the licence subject to the conditions of Article 15(1) CIA, or refuses40. The licence is then issued if, within the three-month period set in Article 15(1) CIA, the applicant proves the paid-in capital, the managers' compliance, premises and equipment and the control functions; otherwise the licence is refused41. In any case the licence is issued or refused within 12 months of receiving the application42.

These are the law's time limits, not a promise: the authority may exclude activities for which the applicant is not qualified43, and refuses with reasons if a condition is not met or the documents are incomplete or unreliable44.

What LexorCorp Global OÜ does and how to order

LexorCorp Global OÜ offers Package C: regulatory documentation and project coordination for establishing a new credit institution (bank) in Estonia or Bulgaria45. The work includes the incorporation documentation, the licence application with a three-year business plan and financial projections; shareholder, beneficial ownership, capital and suitability files; governance, risk, ICAAP and ILAAP (internal capital and liquidity adequacy assessment) frameworks; AML/CFT, KYC (know your customer), sanctions, compliance and internal audit frameworks; information security and Digital Operational Resilience Act (DORA) documentation, continuity, outsourcing and reporting policies; and compiling the dossier in coordination with local legal and regulatory specialists46.

The client provides the capital, people, premises, IT and source information, and signs47. Our fee excludes state and supervisory fees, regulatory capital and third-party costs; the authorisation is granted by the supervisory authority48. We do not give legal, audit or tax advice, and no service provider can promise the authorisation, its date or the authority's decision49.

The price starts from €175,000; the final fee is agreed by country and banking business model before the service agreement, so Package C is ordered with a price request at order form50.

Sources

  1. CIA Art. 2(1) item 1 — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  2. CIA Art. 2(2) items 1 and 7 — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  3. CIA Art. 2(5) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  4. CIA Art. 3(1) item 3 — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  5. CIA Art. 6(1) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  6. CIA Art. 13(1); act header — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  7. BNB Ordinance No 2, title — text in force from Last amended DV No 4/2026
  8. Regulation (EU) No 1024/2013, Art. 4(1)(a) — text in force from Original act (EUR-Lex)
  9. Regulation (EU) No 1024/2013, Art. 14(1)-(3) — text in force from Original act (EUR-Lex)
  10. CIA Art. 1(2) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  11. ECB press release 'Bulgaria introduces the euro', 1 January 2026 — text in force from Press release of 1 January 2026
  12. CIA Art. 15(5); BNB registers page — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  13. Ordinance No 2, Art. 34(1)-(2) — text in force from Last amended DV No 4/2026
  14. CIA Art. 2(5) item 2; Art. 17(1) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  15. CIA Art. 4(1)-(2) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  16. CIA Art. 7(1) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  17. Ordinance No 2, Art. 2(2) — text in force from Last amended DV No 4/2026
  18. CIA Art. 7(2)-(3) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026 (Art. 7(2) amended DV 70/2024, in force 1 January 2026)
  19. CIA Art. 14(3) items 9 and 13 — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  20. Regulation (EU) No 575/2013, Art. 92(1)(a)-(c) — text in force from Consolidated version 29.06.2025 (EUR-Lex)
  21. CIA Art. 14(3) items 6 and 12 — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  22. CIA Art. 10(1)-(3) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  23. CIA Art. 11(1) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  24. CIA Art. 10(5) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  25. CIA Art. 11(11) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  26. CIA Art. 15(1) items 3-4 — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  27. CIA Art. 7(5) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  28. CIA Art. 14(3) item 14 — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  29. Ordinance No 2, Art. 16(1) item 6 — text in force from Last amended DV No 4/2026
  30. CIA Art. 13(2), first sentence — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026 (Art. 13(2) amended DV 67/2026)
  31. Commission Delegated Regulation (EU) 2022/2580, Arts 1-9 headings and Art. 9 opening words — text in force from OJ L 335, 29.12.2022
  32. CIA Art. 13(2), second and third sentences — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  33. Ordinance No 2, Arts 5(2), 6, 7 — text in force from Last amended DV No 4/2026
  34. Ordinance No 2, Art. 14(2) — text in force from Last amended DV No 4/2026
  35. Ordinance No 2, Art. 16(1) — text in force from Last amended DV No 4/2026
  36. Ordinance No 2, Arts 4(1) and 4a(1) — text in force from Last amended DV No 4/2026 (Art. 4a new, DV 4/2026)
  37. Ordinance No 2, Art. 35 item 1 and Art. 4(2) (Bulgarian text checked: 'за издаване на лиценз на банка – 100 000 лв.') — text in force from Last amended DV No 4/2026
  38. Euro Introduction Act, § 5(1) Transitional and Final Provisions — text in force from Consolidated up to DV No 92/2026, in force 6 October 2026
  39. CIA Art. 14(1) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  40. CIA Art. 14(4); Ordinance No 2 Art. 14(1) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  41. CIA Art. 15(1) and (4) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  42. CIA Art. 16(4) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  43. CIA Art. 15(3) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  44. CIA Art. 16(1) and (3) — text in force from Consolidated text up to DV No 71/2026, in force from 7 August 2026
  45. LexorCorp Global price list and service description (price list)
  46. LexorCorp Global price list and service description (price list)
  47. LexorCorp Global price list and service description (price list)
  48. LexorCorp Global price list and service description (price list)
  49. LexorCorp Global price list and service description (price list)
  50. LexorCorp Global price list and service description (price list)

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