It sounds bizarre to say that if you can consider choosing EU instead of some offshore zone would be a reasonable choice, but there are always exception to every rule. Bulgaria offers a wide variety of opportunities for all kinds of entrepreneurs all over the world.
If you want to open a company in Bulgaria, there are plenty of aspects that will work in your advantages and a good research will help you identify them easier. Some of these aspects are general ones while others are more specific to different types of corporations but whatever you choose to do, is important to stay informed on what the Bulgarian business market has to offer.
1- Simplified bureaucracy
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Considering the bureaucracy is wise before you take the step to invest in a new country. Bulgaria makes it easier for entrepreneurs to open and manage their business in a good relationship with the authorities. It doesn’t take more than a few days to open a business in Bulgaria and the papers are kept at minimum. The founder of the company doesn’t even have to be in Bulgaria to open a business because using a power of attorney is quite efficient as long as there is a trusted person to take care of things locally.
2- Lowest taxes rates in European Union
Taxes are also friendly for entrepreneurs. A Bulgarian business will be only taxed based on its profit, therefore you will never pay extra fees just because you are a business man. The tax on profit is 10 percent and Bulgaria doesn’t require double taxation with certain countries such as United Kingdom, Turkey or Russia. So, your company will only pay Bulgarian taxes.
3- Competitive advantages
The success of any business opened and functioning in any country is based on a factor of competition. And competitiveness is based on the quality of your workers. When it comes to Bulgaria, the labor force is highly skilled and efficient. You will be able to hire locals for different positions and have great results. Most Bulgarians are educated and ready to work to the highest standards so there is no need to worry that your company will not be a successful one.
4- Employment costs
Motivating your workers is also important so make sure to keep a balance between what you need to obtain and what you can give in return. Bulgaria has low minimum wage which makes it easier for you to keep quality labor force for a longer time without making significant financial efforts. Social incurrence costs are also affordable for the business owner so your workers should be kept happy with a decent investment.
5- Accounting services
Having an accountant to work for your recently opened business is not mandatory in Bulgaria. Since the paperwork in relation to the state is not so consistent, you should be able to manage it yourself if you have some basic knowledge in the matter. Also, there are online programs that can help you in this process. However, for comfort reasons, most companies tend to use accounting services once a year since this facilitates the entire process and it is all that will be required of your company.
So, if you are looking at Bulgaria for your new business opportunity, you have your eyes on the right place. The business environment is friendly and easy to access so all you will need is to make some local contacts that will help and support you in the process. Most Bulgarians speak well English and if you choose to develop your business in one of the big cities that the country has, you could build a strong company with the help of wise and competitive locals. If you have any questions or concerns, there are local attorneys that will be more than happy to back you up in the process.