Learn The Reasons Why Set Up Business in Bulgaria
The economy of Bulgaria is quickly growing and they have a booming export market; its business-friendly environment and an educated workforce attract foreign investors. The number of foreign companies going there has increased while making important investments. They open new branches and production facilities. At the same time, there are more Bulgarian companies today that have expanded, conquering more foreign markets and increasing their exports significantly. Therefore, to set up business in Bulgaria has a lot of advantages, which includes an outsourcing market, good infrastructure, and they have the lowest rate of tax in the European Union.
An Outsourcing Hub
The National Outsourcing Association of the UK recognized Bulgaria as an Offspring Destination in 2015. Furthermore, the European Outsourcing Association gave Bulgaria the European Offshoring Destination of the Year title. Ever since these accolades were given, Bulgaria only continues to progress as a huge outsourcing destination. Bulgaria has stable growth and it has an outsourcing industry forecast. It is predicted to contribute more to the economy until 2020.
The government of Bulgaria has started a new program called the Innovation Strategy for Smart Specialization of the Republic of Bulgaria.
The corporate tax in Bulgaria is 10% which is significant compared to the average corporate tax rate of 25% in other European countries. They only take 10% of your personal income tax, while it is 40% across other countries in Europe. Furthermore, dividend blasting is only 5%.
Low Foundation Capital Requirement
In order to start a limited liability company in Bulgaria, you only need 2 BGN to register a limited partnership or to become a single member of a limited liability company. Therefore, anyone who wants to register their company for business or buying land can do it for 1 euro only.
Bulgaria is Open for Business
Since they have a fast-growing economy, Bulgaria is able to offer a cost-effective and qualified workforce, reasonable office rental rates, low costs of production and transport. Bulgaria also offers a competitive rate for starting a business. In comparison to other EU members, Bulgaria surely provides a cost-effective business environment.
The GDP of Bulgaria in 2017 was 50.4 Billion Euros and they reached an economic growth of 3.6%. The investment rate grew by 3.8%, and the exports have reached 25.8 billion Euros.
Real Estate is Affordable
A business requires space, which can be storage, a plot, building, or an office. Most of the time, the costs of housing are the huge expense of companies. The price of buying or renting real estate in Bulgaria is the lowest in Europe. Even if you compare it to other Eastern-European countries such as Romania, Hungary, or Poland, the real estate prices in Bulgaria are really competitive.
Any business owner will understand that it is important to have a good housing cost because less money needs to be invested in these. Therefore, the total investment is lower and there will be more money for other business activities.