Ten facts about why Bulgaria is actually a benefit environment for starting, relocating and maintaining business.
Take a look at the selected information below:
1. Stable and safe: Bulgaria has a low crime rate and being a stable democracy, and full part of the EU, WTO and NATO with the second lowest government debt in the EU.
2. Cost of business: with the lowest business cost within EU, Bulgaria is a very cheap country for doing business.
3. Corporate tax: the lowest corporate tax rate in the EU states, namely 10%. Bulgaria also has signed close to 70 double tax treaties!
4. Personal income tax: Bulgaria has the lowest personal income tax rate in the EU, 10% and a dividend tax of only 5%. This makes it great place for your tax residency.
5. Labour force: Bulgaria has a highly-qualified, well-motivated, flexible and multilingual labour force.
In figures: 48 000 students annually graduate from 28 universities, 78% of the high school students study a foreign language (usually English) and 62% study a third language (mainly German, French, Spanish, Russian).
6. Wages: the wages in Bulgaria are one of the lowest in Europe. Also the minimum salary (230eur) is the lowest in the EU. Furthermore, the social security contributions on salaries are very low.
7. Outsourcing: Bulgaria is the best destination in Europe for the development of outsourcing based on the ranking of ‘Cushman & Wakefield’. Companies like IBM, HP, McAfee, Coca-Cola etc. are already outsourced to Bulgaria.
8. Minimum financial risk: the Bulgarian lev (BGN) is fixed to the EUR (1 EUR = 1.9558 BGN). Banking is possible in euros/dollars/pounds. You will find that all the major banks in Bulgaria provide English E-banking and support service.
9. Company incorporation: It takes only one day to register a new company. The minimal start-up capital is only 1 EUR and you will be provided with your VAT-number several working days later. In general there are less restrictions and administrative procedures than for instance in Western Europe.
10. EU-funds: There are plenty of opportunities to get EU-funding for your projects in Bulgaria. Government policy is also focused on building a favourable business climate for foreign investors.