New Business in Bulgaria- Read Why and How...

Author: Richard Reuben

Starting a business can be a challenge...Bulgaria is the only place which allows the easiest and the most convenient procedure for starting a new business. Read on further to know a multitude of reasons for entrepreneurs to start business in Bulgaria:

  • Bulgaria is a member of the European Union, NATO and WTO which makes it a politically stable option;
  • Bulgaria has one of the lowest government debts in the European Union;
  • It has the most favorable tax regime as compared to other parts of Europe. (Corporate income tax rate is 10%; Personal income tax rate is 10%).
  • In Bulgaria, industries which are in high-unemployment areas are granted 0% tax rate which is one of the most favorable reasons for people to invest in Bulgaria.
  • It has the most competitive costs of labor in both Central and Eastern Europe.
  • The four major airports: Sofia, Plovdiv, Bourgas, and Varna are a big advantage for business operations to be carried out hassle-free. Also, the two sea ports at Varna and Bourgas add to the advantage.
  • The office rents are quite reasonable and the cost of utilities is also fairly low, thus making Bulgaria a favorable place for business investments.
  • Due to its location, Bulgaria has easy access to some of the key markets like CIS, European Union, Turkey, Middle East, and North African market.
  • The work force in Bulgaria is well educated, highly skilled and multi-lingual. So it becomes very convenient for new or existing businessmen to employ manpower from within Bulgaria only.

      • If all conditions for opening a company are met, the incorporation process is quite simple for both new entrepreneurs as well as for existing ones who wish to expand their business. A client needs to provide identification documents, a recent utility bill, the articles of association, the certificate of incorporation, and a certificate of good standing. If the process is carried out by a representative of the owner of the company, then a power of attorney (notarized) is required. Furthermore, the representative may submit an application for the Company Registration Office and set up a bank account. For the registration process, the client would need a company uniqueness certificate, the statement for taxes that have been paid and the tax for publishing in the State Gazette.

      The concluding step to start a company in Bulgaria is submitting an application form with the National Revenue Agency for VAT registration. For investors who need any kind of assistance, there are quite a few reliable companies that are highly resourceful and experienced in helping out investors establish as well as run a business in Bulgaria.