Reason for this visit

The Bulgarian government implements a foreign exchange management policy that is freely convertible under the current account and capital account. Foreign-funded enterprises can freely open foreign exchange accounts and freely remit foreign exchange after local registration. For companies registered in mainland China, according to the "Avoidance of Double Taxation Agreement" signed by the two parties, the company does not need to pay taxes when it remits foreign currency after going through relevant procedures. For companies registered in Hong Kong and Macau, a 5% tax is payable on repatriation of profits, and a 10% tax is payable on repatriation of loan interest or service charges. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Bulgaria, the survey team is going to the country for on-site visits.

On-site visit

This time the survey team visited the dealer VARCHEV in Bulgaria, with the specific address at 18 Shipka STr OFFice 102 Varna 9000 BULGARIA.

Based on the above address, the survey team came to the destination of this survey, which was located in the Bulgarian town of Varna. The population there was small and mainly residential. The surveyors arrived at a small office building in the area. A card was required to enter the building, but there was no access control system at the entrance.

However, the surveyors could see the directory inside the building through the window outside. And no company nameplate was visible where shown in Room 102. Upon closer inspection, they did not see any wording about the dealer VARCHEV. Finally, the surveyors confirmed that the dealer VARCHEV did not have an office in the building.

Conclusion

The survey team went to Bulgaria, to visit the dealer VARCHEV and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.

Disclaimer

The content is for informational purpose only, and shall not be taken as final order for making choice.