Startup in Bulgaria

Gray metal framed glass building in Sofia Bulgaria

Startup in Bulgaria

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Did you know that according to Forbes among the top 10 cities around the world to launch your startup business is Sofia, Bulgaria?

Behind the blare of Berlin, Beijing, Moscow, and London, the Bulgarian start-up scene is set to become a center for seed investment and startups in southeast Europe. It is due to the fast speed internet and low taxes.

A total of 32 Bulgarian companies compete in the FINALS of the Central European Startup Awards (CESAwards 2017), which aims to distinguish the best businesses in the region. The competition deadline for voting for local winners among the finalists announced on the CESAwards website expired on August 23. At the local level, the initiative is led by the Association of Bulgarian Leaders and Entrepreneurs (ABLE).

On the other hand, Bulgaria is considered as one of the most favorable countries in Europe for investment opportunities and investment projects. Here are some interesting facts that might make every investor choose Bulgaria to invest:

Fact 1 — Corporate tax

Bulgaria has one of the lowest corporate tax rates in the EU, namely 10%. Bulgaria also signed nearly 70 double tax treaties.

Fact 2 — Personal income tax

Bulgaria has the LOWEST personal income tax rate in the EU, i.e. 10%, and a dividend tax of only 5%.

Fact 3 — Business costs

The initial business costs are one of the lowest in the EU.

Fact 4 — Labour Force

Bulgaria has a highly-qualified, well-motivated, flexible, and multilingual labour force.

Fact 5 — Wages and social security contributions

The wages in Bulgaria are among the lowest in Europe. The minimum salary is also the lowest in the EU. Furthermore, the social security contributions on salaries are very low.

Fact 6 — Outsourcing

Bulgaria is the best destination in Europe to develop outsourcing activities. In fact, almost every big IT company has a Bulgarian branch.

Fact 7 — Less financial risk

The Bulgarian lev (BGN) is fixed to the EUR (1 EUR = 1.9558 BGN). Banking is possible in euros. Every bank in Bulgaria provides English E-banking.

Fact 8 — Company incorporation

It takes only one day to register a new company. The minimum start-up capital is only 1 EUR and you will be provided with your VAT-number several working days later. In general, there are fewer restrictions and administrative procedures than for instance in Western Europe.

Innovires legal can assist you with:

  • Application for a corporate name
  • Preparation of company documents and company incorporation in Bulgaria
  • Application for EU VAT number
  • Translation of company documents
  • Business accounts in a Bulgarian bank including internet banking services
  • General Power of Attorney with certified translation and apostil
  • Company address – domicile – in Sofia, Bulgaria
  • Secretarial services
  • Accounting, current VAT registration, declaring annual financial statements
  • Company stamp
This article was curated from Innovires
Featured Image Credit: Photo by Silviya Radkova on Unsplash

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