Firstly you should know that if you have a program accepting funds from third parties without being legally registered as a company then you are in an illegal and dangerous situation.
Every jurisdiction has his own rules and as I said above you need a financial license to be legally registered, and it’s very difficult to get this license from that Government.
Adis advises its clients on the full spectrum of equity-related transactions and financial products including syndicated lending, leveraged and acquisition finance, asset and asset management's project, derivative products, and financial services regulation on
Bulgaria territory. (MIFID) http://ec.europa.eu/geninfo/legal_notices_en.htm
Why choose Bulgaria?
Guarranted legaly export services permitt to other EU countries.
The standard rate of tax for a Bulgarian corporate tax in 2011 is 10%.
There is no other contributions.
Attracting businesses low wage rates.
Absolutely minimal requirements accross the Europe.
The requirements for registration are governed by:http://www.fsc.bg/Regulations-en-519