Since the EU accession Bulgarian market and economy provides many opportunities and incentives to foreign investors. We as a law firm and consultants truly believe that your business has the full potential to become successful and profitable. Our corporate department will provide you with professional and prompt company incorporation services. Following our professional advices will make it easier for you to start a business in Bulgaria.
Competitive advantages of Bulgaria
- Numerous export oriented sectors
- The lowest operational cost in EU (relatively low taxes, social securities and overall costs)
- Highly skilled and motivated labour force (very good network of universities and colleges)
- Good foreign language background (most Bulgarians speak 1-2 foreign languages)
- Low profit tax (just 10%)
Good to know when registering company in Bulgaria
The legal status of foreign nationals in Bulgaria is governed by the Constitution of the Republic of Bulgaria, the Foreign Nationals Act (effective 1998), the Regulation on the Application of the Foreign Nationals Act and the Ordinance on the Terms and Procedure for Issuing Visas and Determination of the Visa Regime (effective 2008). Generally, the Bulgarian legislation concerning foreign citizens is in compliance with the EU aquis communautaire related to immigration policy.
The Foreign Nationals Act considers as foreigners all persons who are not citizens of any of the member states of the EU, the European Economic Area and the Swiss Confederation (hereinafter Foreigners).
The Foreign Nationals Act does not apply to the status of the citizens of any of the member states of the EU, the European Economic Area and the Swiss Confederation (hereinafter European citizens). Their legal status in Bulgaria is from the Republic of Bulgaria, as well as by the applicable Acts of the EU legislation governed by the Law on Entry, Residence and Departure of European Union Citizens and Members of Their Families.
5 advantages when starting business in Bulgaria
- Location: Bulgaria can be a strategic hub for doing business in the Eeuropean Union (EU) due to the geographical positioning. It borders the Black Sea to the East, Romania to the North, Serbia and Macedonia as well as Greece and Turkey. The country positions itself in southeastern Europe, with a territory of 110,994 square km, being the 14th largest European country. Bulgaria is very close to the newly opened largest European airport near Istanbul, Turkey.
- Business opportunities: with a population of over 7 million people, Bulgaria is mainly urbanized and has its commercial and cultural activities focused in Sofia, which is also the largest city of the country. In terms of business sectors, the most important economic fields are: agriculture, power engineering, and heavy industry and they all depend on natural resources. Moreover, Bulgaria is a member of the European Union, NATO and Council of Europe which grants unified EU laws and offers a convenient degree of political and business stability.
- Low business costs: the country has a very attractive tax regime, with one f the lowest corporate income taxes in Europe and also a low personal income tax; the costs related to labor are also competitive when compared to those in Germany, Belgium, France or other countries in the EU.
- Good workforce: the country not only has low labor costs but also a skilled and multilingual workforce. taxation policy is favourable to foreign investors and companies.
Talk to to our legal experts before making your move in this warm and cozy country.