Digital accounting for companies that work as a Contractor

If you are the sole owner of a company that is incorporated in order to work on projects or contracts with other companies, such as a Contractor (Freelancer), we can offer you digital accounting for this type of companies.

What is peculiar in this case is that the individuals who incorporate such companies work for the respective company as subcontractors on individual projects or for individual companies instead of under an employment contract. These companies are particularly popular in the sector of the IT services.

The Elvada Accounting Company has experience with such companies and we can offer you a digital way of working, tax planning and optimization.

„I have been working with the Elvada Accounting Company for more than 4 years. They were recommended to me by a friend, and it all started with a brief but very useful consultation.

Then, when I decided to set up my own company, which I run as a freelancer, I entrusted them with the entire company registration process and accounting services.

During this whole time, I have been exceptionally satisfied with their accounting services—I can always count on them for reliable advice and meticulously accurate accounting (we have not received a single comment or remark from the NRA, NSSI or any other institution).

In this way, I can focus on my primary business activity, while knowing that the accounting and accounting documentation are in the right and capable hands.”

Daniel Nikolov

Owner and manager at Dalkia Bulgaria JSC/ Veolia Solutions Bulgaria JSC

„The Elvada Accounting Company has a highly qualified team in the field of accounting, taxation and legislation. The management team of the company is exceptionally qualified. In the course of our work, all activities that were agreed with the Elvada Accounting Company Ltd. have been performed on time and with a high level of quality.”

Claire Marguerita

Financial Controller at Dalkia Bulgaria EAD

„During the course of our contractual relations, the Elvada Accounting Company has successfully, competently and in accordance with the statutory deadlines fulfilled its obligations in relation to the commitment of provided subscription accounting services to our companies.“

Chang Bong Kim

Executive Director

Frequently asked questions

Is there a need to incorporate a company or can I work as a freelancer?
Is it mandatory for me to register under the VAT Act if I work as a contractor?

Is there a need to incorporate a company or can I work as a freelancer?

In general, the incorporation of a company and the registration as a free professional both have their advantages and disadvantages. It is advised before initiating work and operations to evaluate both options and to see which one will be more advantageous for the individual. We, personally recommend individuals that are working as contractors to incorporate a single-entity limited liability company in view of the limitations of the responsibility and the taxation system for legal entities.

Is it mandatory for me to register under the VAT Act if I work as a contractor?

In case the company will perform and execute services under a contract with another company located outside of Bulgaria, registration under the VAT Act is mandatory. It may be either optional or under Article 97a of the VAT Act.

If the person works as a contractor for a Bulgarian company, registration under the VAT Act is not mandatory up to the amount of the threshold for registration or the occurrence of any of the circumstances specified in the VAT Act.

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