Simbula | Finance, accounting and consultancy company Simbula

Why is Simbula the right choice for you?

Creating and managing a business in Bulgaria, the task you have currently taken on, is an incredible experience for entrepreneurs, but many of them fail, not because they are not resourceful, inspired and purposeful, but because they have underestimated the complexity of administrative requirements and their real impact on business.

While most entrepreneurs are focusing on building their successful business, implementing inspiring business ideas and changing the world – they are exposed to a serious risk; the omission or neglect of one of the many government regulations!

You should not have to focus on regulations, whilst growing your business. We are happy to take on the role of consultant, acting as your interpretor and converting the language of local government regulations into the language of your business, so that you have clarity and predictability, leaving you to focus on developing your products and services, whilst we take care of the administrative requirements for your business.

Business scope

Accounting and Payroll

Comprehensive accounting services

Every business owner and manager needs the peace of mind to develop their products and services. Simbula is the trusted partner for your business, fully committed to monitoring all new regulations and changes and complying with statutory deadlines. We will not burden you with unnecessary questions, nor will we be absent due to sick leave or vacation.

Part-time CFO

CFO when you need it

Any business has the potential to become even more successful. It is a common misconception that only corporations need a CFO. Simbula is here to support start-ups, small and medium-sized businesses on their path to success.

Tax consulting

Every problem has a solution

Creating predictability and clarity is the right of every business. Simbula is your personal tax speed dial consultant. Whenever you are hesitant about the effect of a transaction on your taxes, Simbula is ready to offer you different scenarios so that you can make an informed decision.

Legal services

Choosing the right path predetermines the result

A clear understanding of possible alternatives is the basis to achieving the desired end goal. The legal team at Simbula is at your disposal both for complex business tasks as well as the preparation of documents necessary for the day to day running of your business.

Market analysis

The key to the desired result

Everyone needs a point of reference to evaluate their success. Knowing the environment in which you work is the first step towards understanding it. Understanding and clarity are the basis of well-thought-out decisions and effective actions.

Partners

We at Simbula believe that every person is successful and fulfilled when they follow their vocation. Yours, to create and develop a successful business, and ours - to help you manage it!

We're delighted to work with...

Work with us

...and they appreciate us.

This is difficult to find. Of course, I wasn’t sure if I found them in the face of Simbula…

Before hiring a consulting firm, I was looking for a very specific amalgam of knowledge – a combination of good knowledge in the financial field and at the same time a deep understanding of the business principles in the healthcare field. This is difficult to find. Of course, I wasn’t sure if I found them in the face of Simbula. Based on our work so far, I can say that both projects, which Simbula handled for us, have been extremely complex and marked by significant changes in circumstances. I highly appreciate the ability of giving accurate, timely, and always needs-oriented opinions and advices. The biggest benefits we get from our joint work with Simbula – the combination of in-depth knowledge, the orientation to my needs, and the team’s strong desire to protect my interests as their client. What we like about and distinguishes them is the personal attitude, the complex approach to solving tasks, and the ability to offer sustainable solutions of complex issues. And yes, we would recommend Simbula’s services to colleagues and friends for all of the above.

Dimitar Tsotsorkov

Interest to service the customer not in a linear low thinking way

Like in any other business relationship not only the proficiency of the service is important but also its cost. I have found that the equation Service provision + Quality has an appropriate price tag by Simbula. Using the consultancy services of Simbula I have received on time answers to my questions and always got different options for implementation of what I needed. Of course, the level of risk associated to the options was never the same one. But I am happy at least the offering of options shows interest to service the customer not in a linear low thinking way. In my particular case and that of my companies the expertise on tax management has been the most relevant point. The main benefits of the consultancy services of Simbula are personalized one- to- one service, efficiency on time of delivery, the customer -always -first approach, since even when traveling or not easily available upon my request for advice the executives were within hours contacting me. I am certainly recommending Simbula. The knowledge of the accounting practices, and local legislation is on a very good level and greatly helped me developing my business in Bulgaria. I have been receiving the services and support of Simbula professionals for about 4 years so I can say in my case the relationship has being good for a long period of time.

Ruben Rodriguez

So far we find only excellent performance and results

Before we started working with Simbula, we were wondering if the idea of outsourcing would work, given that we are a group of 10+ companies and until that moment we have had internal accountants. So far, we find only excellent performance and results. The main benefits from our work with Simbula are access to qualified advice on accounting and tax issues, low level of risk (compared to using your own accountant), cost-effectiveness for this type of service. In the services of Simbula I value the most reliability (compliance with commitments and deadlines), correctness (accuracy of the information provided), honesty in terms of competence on a given issue (i.e. the ability to say “I’m not sure about this”, which is very important and much better than giving an opinion at any cost, even if it’s wrong). I highly recommend Simbula because of all the above, as well as because of the personal attitude towards the client and his needs, which creates a feeling of comfort about the quality of services provided.

Dimitar Nitzov

Personal touch

I have not met any obstacle in my work with Simbula. Quite the contrary, the result is always good, precisely what I need. I specifically like the personal touch with which all services provided by Simbula are delivered. I am using support for tasks like opening of bank accounts, immigration, bookkeeping and the result is always to the point. If you are looking for an advanced multidisciplinary team, that gives you certainty in any aery, you should definitely work with Simbula.

Simon

Nozem

They are quick to resolve questions and to propose solutions

We have been working with Simbula since setting up the company in Bulgaria – they have been very helpful, knowledgeable and friendly to work with specifically regarding their accounting services, HR administration and payroll. As an international company they are able to support us with the work we need to do with reporting within the group as well as sorting out our statutory administration. They are quick to resolve questions and to propose solutions.

Richard Haywood

I love that we’re being treated like we’re their only client, it sounds silly but it feels great.

At first, when I came to Bulgaria to establish our company here, I was worried about the language barrier, but everyone we dealt with in Simbula has an excellent grasp of English so we had no issues whatsoever. Simbula saves me a lot of time and hassle every month. When we first setup in Bulgaria they did everything in their power to make our experience as pain free as possible — helped us with a great lawyer, assisted in opening our bank account, and set-up everything else that was required by the government. I love that we’re being treated like we’re their only client, it sounds silly but it feels great. Generally, I can describe the team of Simbula as quick, efficient, and thorough. I am recommending the constancy consultancy services of Simbula without a doubt! Simbula has helped us at every step of the way and continue to provide excellent services. Thank you for making our experience effortless!

Vik

Just Split It

I value the most the reactivity and availability of the team and the way they deliver the financial advisory service

Simbula team was quite reactive and responded quickly at our first requests, including the Managing Partner. This attitude continued also after the quick and easy setup of our operations. I value the most in our work with Simbula the reactivity and availability of the team, the ability to quickly answer complex situations and the way they deliver the financial advisory service. Further by working with Simbula you can rely on a young English and Bulgarian speaking team and Assistance when iterating with different stakeholders. I warmly recommend the consultancy services of Simbula, especially, if you have business operating in several countries, looking for also financial advice (more than standard accounting) you can find this at Simbula in very pragmatic and stating to the point approach. Overall my work with Simbula can be summarized as a good experience.

Michael Aissaoui

Airstage

Accurate and fast solutions on business matters

Когато правиш бизнес в България, Симбула е сигурен счетоводен и финансов партньор. Резултатът от работата ми със Симбула е гладко протичащ бизнес вече повече от 7 години. Без изненади от данъчна или счетоводна гледна точка. Всяка следваща стъпка на бизнеса ми беше прецизно проектирана от Симбула. Най-много ми харесват точните и бързи решения по бизнес въпроси, които получавам от Симбула. Най-големите ползи, които имам от консултантските услуги на Симбула, са: глобалния подход към данъчните въпроси, дружелюбния и отзивчив персонал и справедливото ценообразуване. Горещо препоръчвам Симбула заради техния холистичен подход по бизнес въпроси – счетоводни, данъчни, правни. Симбула просто е доказан и доверен партньор. Иска ми се да имам повече бизнес с тях.

Ioannis Psarros

EEEC

Success stories

Hospital and medical center in transformation

Customer size: 100 people (2015)

Industry: Healthcare

Sale of equity participationComprehensive analysis of the activity

The client, an industrial group, contacted us in 2015. The initial scope of the project was a comprehensive analysis of the activity and formulation of proposals for optimization and improvements of a hospital and medical center, in which our client had a majority stake. In the course of the project, our client decided to sell his shares in the medical companies and committed us to support him in this project. The project ended with a complete exit for our client from the investment in the medical establishments.

Hospital and medical center in transformation

Customer size: 100 people (2015)

Industry: Healthcare

Sale of equity participationComprehensive analysis of the activity

Healthtech Startup

Customer size: 5 people (2020)

Industry: Healthcare

Financial consultingPreparation for external financingCreation of investor materials

The client contacted us in early 2020. The company has in-depth medical and IT expertise and currently employs and external accountant. They reached to Simbula in search of a part-time CFO. They were not sure how much work there would be and they preferred a non-commitment consulting form of engagement, in which we would provide help only whenever and as much as it was needed. Since then, we have built the business model, financial planning and reporting of the company together, prepared the company for external financing and even went to investor meetings together.

Healthtech Startup

Customer size: 5 people (2020)

Industry: Healthcare

Financial consultingPreparation for external financingCreation of investor materials

Development center

Customer size: 50 people (2018)

Industry: Information Technology

AccountingPayrollFinancial consulting and reportingLegalHuman Capital

The client contacted us in 2018. At that time there were about 50 people under the hat of a local IT company. The team was to be bought out, to establish its own subsidiary and to build the necessary infrastructure for the new business. A manager was recently seconded to take over the expansion of the new unit. The new subsidiary needed accounting and payroll, financial and tax planning, detailed monthly financial statements to the parent company and legal services. We gladly took on the new challenge and for several years we continue to take good care of the client, meanwhile approaching 150 staff.

Development center

Customer size: 50 people (2018)

Industry: Information Technology

AccountingPayrollFinancial consulting and reportingLegalHuman Capital

Activity analysis

Customer size: 100 people (2020)

Industry: Healthcare

Comprehensive analysis of the activity

The client, a small municipality, contacted us in early 2020 because they needed help to understand and adequately assess the condition of the hospital they own. The hospital was in a difficult financial situation and the municipal council needed clear parameters in order to make a decision. We performed a comprehensive analysis of the activity and formulated six possible scenarios for optimizing and maintaining the activity of the hospital. The analysis was presented before a meeting of the municipal council.

Activity analysis

Customer size: 100 people (2020)

Industry: Healthcare

Comprehensive analysis of the activity

Double tax burden

Customer size: Individual (2015)

Industry: Consulting on the implementation of DTT

The client, a foreign citizen, contacted us in 2015. At that time the client had left Bulgaria after a stay of several years as manager of a foreign company in Bulgaria and had moved to work in another EU country. Following the relocation, the new country of residence claimed to tax a significant part of our client's income, earned during his time in Bulgaria. As a result of our intervention, our client was able to prove the unfair treatment and tax his income in Bulgaria.

Double tax burden

Customer size: Individual (2015)

Industry: Consulting on the implementation of DTT

Frequently asked questions

To register a company (EOOD, or Ltd.) The following is necessary:

A unique name needs to be recorded at the Registry Agency – you will need to complete an application form for registering the company name;
An application for registration of circumstances of a company (EOOD, or LTD) to be filled in;

Along with the application for company registration (EOOD, or LTD) the following documents should be attached:

Sole proprietor/partners decision for establishing a company (EOOD, or LTD);
Partnership agreement for Ltd. or foundation act for EOOD;
Consent to be elected a manager and his notarized signature sample;
Declaration under Art. 142 of the Commercial Law;
Declaration under Art. 13 para. 4 of the Commercial Register Act;
Document for paid capital;
Document on the state registration fee of a company (EOOD, or LTD).

If your company is registered for VAT, every month. If not registered, once a year.

To make sure that your company meets all the requirements of the state. To inform you about the introduction of any new regulations in the field of accounting and taxes that may affect your business. To advise you about the requirements that you are bound to comply with, given the development of your business (e.g.reaching turnover for VAT registration, purchase of services from abroad).

This is a choice you need to make based on the size of the company and the volume of accounting work. In general, it is more profitable for companies in the field of trade and services to work with an accounting firm, while for companies in the field of production it is optimal to work with internal accounting. When making this decision, you should keep in mind that in accounting the terms are established by law and are not subject to negotiation, ie. you need to be sure that even in a situation where your accountant is prevented from preparing and submitting reports, you will be able to handle it. This usually leads to the appointment of a second person. When working with an accounting firm, it is their responsibility to take care of these matters.

Any company, even the smallest, can benefit from the knowledge of a financier. It is recommended that companies that provide services to end user clients, consult a financier when creating their business model.

The tasks of the CFO in a small or medium-sized company are to:

ensure that the company sells its products at the right price;
ensure that the company buys the necessary goods and services at the optimal price;
participate in conversations with more complex providers, such as banks, leasing companies, mobile operators, providers of key products and services;
create and maintain managerial accountability;
help entrepreneurs and managers understand the trends behind the figures in managerial reporting;
organize and guide the process of planning and budgeting the company’s activities;
critically check the company’s business model and look for optimization options;

Tax planning is a careful review process of all legal aspects of a transaction, be it for the purchase or sale of goods, services, property, shares, etc. including the assessment of the tax burden that will arise as a result of its implementation.

Tax planning brings predictability, security and the peace of mind that you will achieve exactly the result you expect, without any “surprising” tax costs.

Team

The Simbula team is a made up of entrepreneurs and specialists with deep knowledge and expertise in all key areas related to business management. We simultaneously speak the language of accounting, taxes, law, banks, etc. and are ready to translate it into the language of your business.

Jivko Ivanov

Managing partner

Абстрактно изображение заместващо липсваща снимка

Dilyan Tsvetanov

Managing partner

Tatyana Stamova

Chief Accountant

Ivaylo Niklenov

Financial analyst

Erik Milanov

Financial Analyst

Dobri Oreshkov

Financial analyst

Dinko Minkov

Financial Analyst

Katerina Ignatova

Chief Accountant

Stiliyana Mandazhieva

Chief Accountant

Desislava Vasileva

Accountant

Krasimira Vaseva

Accountant

Petya Georgieva

Accountant

Margarita Dimova

Accountant

Tanya Panayotova

Accountant Trainee

Diana Vasileva

Payroll Accountant

Suzana Stefanova

Payroll Accountant

Nedyalka Velichkova

Payment Specialist

Milena Milanova

Attorney At Law

Sofia Nenkova

Attorney At Law

Georgi Marinkov

Legal Advisor

Boyan Stanchev

Junior Legal Advisor

Nikolay Gaydarov

Software Developer

Anna-Maria Yordanova

Office Manager

Tsvetanka Shopska

Office Assistant

Contact

All the expertise and support you need for the successful administration of your business is gathered, structured and ready to start working for you. Ask us for an offer.

Why is Simbula the right choice for you?

Business scope

Accounting and Payroll

Comprehensive accounting services

Part-time CFO

CFO when you need it

Tax consulting

Every problem has a solution

Legal services

Choosing the right path predetermines the result

Market analysis

The key to the desired result

Partners

We at Simbula believe that every person is successful and fulfilled when they follow their vocation. Yours, to create and develop a successful business, and ours - to help you manage it!

We're delighted to work with...

...and they appreciate us.

Success stories

Frequently asked questions

How to register a company?

When do I need an accountant?

What are the tasks of an accountant?

Which is more profitable – an internal accountant or working with an accounting firm?

Which companies need a CFO?

What are the tasks of the CFO?

What is tax planning?

What does the tax planning of my company bring?

Team

Jivko Ivanov

Dilyan Tsvetanov

Tatyana Stamova

Ivaylo Niklenov

Erik Milanov

Dobri Oreshkov

Dinko Minkov

Katerina Ignatova

Stiliyana Mandazhieva

Desislava Vasileva

Krasimira Vaseva

Petya Georgieva

Margarita Dimova

Tanya Panayotova

Diana Vasileva

Suzana Stefanova

Nedyalka Velichkova

Milena Milanova

Sofia Nenkova

Georgi Marinkov

Boyan Stanchev

Nikolay Gaydarov

Anna-Maria Yordanova

Tsvetanka Shopska

Contact