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| Why start a business in Bulgaria | ||
Bulgaria has become a very interesting choice for opening a business due to the geographical positioning, bordering the Black Sea to the east, Romania to the north, Serbia and Macedonia to the West and Greece and Turkey to the south. The country positions itself in southeastern Europe, with a territory of 110,994 square kilometers, being the 14th largest European country.Having a 7.4 million people population, Bulgaria is mainly urbanized and has its commercial and cultural activities centered on the capital, 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. In addition, Bulgaria has become a member of the European Union, NATO and Council of Europe. Simplified registration process When it comes to opening a business in Bulgaria, one may benefit from many advantages, such as a symbolical minimum required capital, worth 1 Euro, and the simplified registration process. It usually takes a few days for a company to register in Bulgaria, but in some cases, it can take up to two weeks. However, a key advantage in opening a business in Bulgaria lies in the possibility of using a power of attorney to open the company and it is not mandatory for the founder to be present in Bulgaria when registering the company. Another important factor is that there are no running costs for the company; therefore, if the company was registered but it does not have any activity, it is not subject to financial obligations. However, the company must submit an annual tax return, a very simple process that can be made using accounting services or directly by the company’s manager. Low corporate taxes In regards to company taxes, in Bulgaria a company is taxed based on its profit, but it is different from turnover, more specifically, the tax is applied on the profit generated after all expenses have been removed from the total amount. The rate of the profit tax is 10%. In addition, Bulgaria has signed agreements for avoidance of double taxation with countries such as: United Kingdom, Turkey or Russia, meaning that a company will pay taxes only in a single country. Employment costs Other costs for a company in Bulgaria are in regards to salaries and social insurances for the employees. However, the country has a very low minimum wage, as well as low social insurance costs, even if the personnel are well trained. Promotion for investments in certain sectors The state offers promotions, if initial investments are made in industry sectors such as: - manufacturing - production of electricity from renewable sources - computer technologies - research and development - education or human health care. Other attractive sectors in the Bulgarian business market are: electrical engineering, mechanical engineering, electronics, automotive part manufacturing and chemical industry. Competitive advantages on the Bulgarian market Bulgaria has a great deal of advantages in regards to the business sectors, among which are: - it has the lowest operational cost in EU; - a highly skilled labor force; - very low total average monthly compensation. Accounting records Companies in Bulgaria use current accounting as costs are not high, but generally companies choose to use services of an accountant once per year, action permitted by the Bulgarian law. |
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