No, and dealing with the government is quite an adventure, even for natives (as I am). I certainly do not recommend, unless you have a Bulgarian native co-founder or/and lots of money to spend on good accountants/representatives.
To run corporation you should have physical presence in Estonia as well.
Others in this thread have suggested that no physical presence is required.
Others in this thread have also suggested tax fraud. Hearsay in either direction are not facts.