You need to boost your business or want to learn how others deal with challenges? Bulgaria is full of options and diversities. Here are the top 7 reasons why you might want to consider starting your business in Bulgaria.
Bulgaria is a rising destination for startup founders and entrepreneurs alike. People who are looking for alternative business destinations in Europe find that Bulgaria has a lot to offer. Many freelancers as well as startups, developing software products or offering software services, are tempted to move their bases to Sofia, the capital of the country. It is also referred to as the Silicon Valley of Europe. If you need to hire talented people or to outsource some of your load, you will be surprised how easy and affordable it is to fill-in open positions and to get help for your projects. Whether you want to relocate, expand your startup or launch from scratch, here are the top reasons to choose this fabulous location within Europe.
Low corporate tax rate – a flat 10%
Bulgaria is considered as one of the countries with the lowest tax rates in the EU. Corporate income tax is capped at a fixed rate of 10% per annum. Dividend and capital gains tax is 5%. This means that you will pay less than 15% tax on your annual company income. It is believed that Bulgaria has a tax regime that is the most favorable for businesses in the entire EU.
Free access to the European markets
There are no taxes for import and export within the EU. Bulgaria has a long history being a member of the European Union being part of the EU since 2007. One of the benefits includes free access to European markets. This is important for businesses looking to start their operations in Bulgaria, as they will also benefit from free markets like any other company in Europe.
You will have access to young and talented employees, especially if you operate within the IT industry. The wages are affordable and you will be able to offer more competitive prices compared to other European countries. It is also possible to transfer skilled employees from other EU countries – yet another advantage of the free EU market.
It is easy
Registering your business is relatively easy. if you know what to do or who to contact. Getting your business registered in Bulgaria takes only about 10 days or less. We can offer all the services you need, take the administrative burden away and offer a seamless incorporation experience.
It is affordable
The entire process of registering your company in Bulgaria is extremely affordable. The registration of a VAT company can be done in under 500 Euros – all included!
Getting Tax Residency
You are lucky if you are an EU citizen! You can choose to move and relocate to another European country with ease. We can assist you with your residency application if you want to move your tax-residency to Bulgaria.
Many people from all over Europe see the benefits to relocating to a place that offers more freedom and opportunities. Bulgaria is not over-regulated yet and attracts people from all over the globe. The rising number of co-working spaces and the communities that are attracted to Bulgaria are a huge benefit to people who establish a new base. There are also options for non-Europeans to become permanent residents.
Communities of likeminded people
You need to boost your business or want to learn how others deal with challenges? Bulgaria is full of diverse communities of expats and digital nomads that offer great benefits. Join meet-ups or co-working spaces and mingle with like-minded people. It is so easy to get connected. People are open to sharing best practices and tips. We can connect you to groups in person or refer contacts to meet. Many people have partnered up and started new projects together, which is purely amazing!
If interested to read more, here is another blog article on Taxation in Bulgaria we recently wrote