Sofia, the capital of Bulgaria is among the top business destinations preferred by entrepreneurs worldwide for startups. The appealing business climate allows foreigners to easily set up their activities and enjoy great conditions for implementation and development of activities. Our team of company formation agents in Bulgaria
can provide support and guidance to young entrepreneurs who want to open startups in Bulgaria
How can I open a startup in Bulgaria?
First of all, it is important to choose the business entity, and the limited liability company or the OOD in Bulgaria
can represent the proper choice, as this form suits most of the business needs. Here are the main steps of forming an OOD in Bulgaria
- It all starts with a name verification and reservation with the Bulgarian Trade Register.
- An OOD must have at least one shareholder and one director, appointed by the owners.
- The minimum share capital of BGN 2 must be deposited in a local bank account in Bulgaria.
- The application form, the name certificate, and the Articles of Association are the main documents of the limited liability company in Bulgaria.
Once the documents are accepted by the Bulgarian Trade Register, the company will have a tax and registration number. Next, the tax registration is required. The entire registration process is not complex, and all the formalities can be properly handled by one of our specialists in company incorporation in Bulgaria. They can help you open a startup in Bulgaria, regardless of the business field in which you want to activate. Here is ain infographic with information about startups in Bulgaria:
Do I need a business plan for my startup in Bulgaria?
Yes, once the firm is registered, it is required to create a business plan with complete information about the operations and activities you want to start. This is one of the main conditions for opening a startup in Bulgaria
. Among the components of a business plan, one should note the executive summary which represents the overview of the plan, details about the competition and target market, sales plan and marketing, location, legal structure, and a financial forecast. We mention that our company formation agents in Bulgaria
can help you create a business plan for your startup and then help you with the following steps involved.
Bulgaria provides a great environment for startups
Bulgaria is considered a great business destination that offers a wide range of business benefits. It is a known fact that foreign investors look for a great tax regime and low labor force, criteria that describe de advantages of the business climate in Bulgaria. The corporate tax rate in Bulgaria is set at 10% and it is one of the lowest in Europe. Having a well-motivated, experienced, and skilled workforce represents a plus in front of foreign investors in Bulgaria who also enjoy an affordable labor force. When it comes to company registration in Bulgaria
, the process is simple and straightforward, allowing foreign entrepreneurs to gain time and focus more on business development. We can also add the fact that the banking system in Bulgaria is quite developed, letting foreigners work in different currencies. For more details about how to open a startup in Bulgaria
, feel free to talk to us.
In what sectors can I open a startup in Bulgaria?
The Bulgarian government sustains foreign investors in all sectors of interest and accepts investment projects of all kinds. The IT sector is quite prolific in Bulgaria, attracting investors from abroad in a large number each year. Startups in Bulgaria can be sustained by foreign or local businessmen or entrepreneurs who want to fund feasible projects that can return the investments. Most of the Bulgarian startups can be successful outside the borders if integrated into varied ecosystems. If you believe that Bulgaria is an ideal destination for your startup, you can get in touch with our team of consultants and find out more about the steps involved in the registration and formation process. You can also read the following facts and figures about the economy and investments in Bulgaria:
- • around USD 2,05 billion was the total FDI stock for Bulgaria in 2018;
- • the total FDI stock for Bulgaria in 2018 sustained 75% of the country’s GDP;
- • 24% of the total FDI stock of Bulgaria is directed to the real estate sector;
- • Bulgaria ranks 61st out of 190 economies in the world, according to the World Bank and the 2020 Doing Business report.
Persons who want to know more about how to open a startup in Bulgaria
are invited to contact
our team of company formation agents in Bulgaria
and ask for support.