Bulgaria is one of the European countries that provide an excellent environment for entrepreneurs to start up a business. For start-up businesses, sole-proprietorship and entrepreneurs, Bulgaria offers comprehensive benefits for investment and doing business.
The process of creating a company in Bulgaria is relatively easy with an online application available for the same even though the online application form is in the Bulgarian language.
The application requires one to have a bank account in a Bulgarian bank and also pay a required government fee. Then you will need other few documents, and you are good to go. Various people can direct you to start up a business.
Whether you prefer to do it by yourself, the application is easy and direct to fill and return it to the right offices. It takes a few days also for a business to be approved if it passes all the requirements. The process for a solopreneur is the same but requires the signature of the business owner.
Opening a company in Bulgaria
Creating a company in Bulgaria will go far in bringing a businessperson to a great environment and market. The first thing you may need to have is a digitally scanned passport. It acts as an identity document to identify you. Many agencies also can help in setting up the whole procedure for you. Next thing that is required is the details of the manager and the amount of the registered capital.
All documents filled are given to the entrepreneur for signing by the manager and the entrepreneur. The manger signs the papers in front of a notary. It also requires the manager to open a bank account, and all these procedures take a few days, and some may take up to two working days.
You can also sign the documents in your own country by going to the Bulgarian consulate and booking a day for the same via online. It will take up to ten days for processing at 70 euros.
Benefits of creating a company in Bulgaria
- Bulgaria is in a perfect place with access to both Asia and Europe hence widening the market to cover two continents. It also means that you can get the materials quickly from both continents. With its strategic place, it involves significant traffic will pass through hence increasing the market for anyone. Bulgaria being a European country, it means reduced custom duties but a great market.
- Bulgaria has excellent tax benefits including low corporate income tax, low personal tax and flat tax rates. Bulgaria gives entrepreneurs a great advantage because of its small fee. It makes businesses to grow and offers the ability to maximize profits.
Its low tax incorporated with the low labor cost increases the profit to the company. Anyone who wants to grow their business then Bulgaria is one of the best places to invest and start up a business. Bulgaria helps entrepreneurs to save on tax and reduce the domestic burden.
Besides, the country has no restrictions for nationalities of the directors, and also there are fewer rules in setting up a business. The procedure is quite fast too.
- Bulgaria opens the door to investment opportunities. Entrepreneurs, sole-proprietorship and even start-ups can get a high chance in Bulgaria. It has a secure banking system with some of the largest European union banks available in Bulgaria.
There is the availability of e-banking in these banks. There is an assurance of safety due to Bulgaria political and financial stability. The banks also help in ensuring less financial risks.
Bulgaria offers a very high skilled workforce. When creating a company, you need to cater to the workforce to help realize your dream as an entrepreneur. Therefore, getting a skilled workforce is essential.
When opening a company, you need to look at the following costs that you may incur. Registration fee is about 983 euros for the registration forms, certificate of incorporation, business name and company documents. Other agents may help in anything, and their payment might increase the cost a bit.
Bulgaria is a great nation with many business opportunities for foreign investors. It has low tax and low labor cost that will help get higher profits. The process of business formation is fast and requires minimal documentation.
There are many types of business that one can create in Bulgaria. It comes down to an individual choice and vision. Investing in Bulgaria is one way of realizing dreams.