subject: Making Your Business In Bulgaria A Success [print this page] Bulgaria is known for its picturesque nature and rich cultural heritage and ranks third in Europe after Greece and Italy for the number of its valuable archeological monuments. The country has an appropriate business environment for the development of entrepreneurship for increasing sustainable employment. Compared to western European standards it is said that Bulgaria is relatively cheap. Investors here can still find some outstanding values on the market as opportunities are plentiful. Bulgaria also has a talented labor force and one of the lowest wage rates in EU, besides a convenient geographical location. It has quickly emerged as one of the most exciting investment locations in Europe today.
The Economic Climate
The European Commission has assessed Bulgaria as a fully functional market economy, with a high degree of macroeconomic stability and working market mechanisms. While the expected economical growth (GDP per capital) is about 5 percent per year, the state owned section of the Bulgarian economy is about 20 percent.
Main areas for business
The financial system is stable with many local and foreign investments, and the good prospects for business opportunities include the manufacturing industry, production of electricity from renewable sources, computer technologies, research and development, education, human health care, electrical engineering, mechanical engineering, electronics, automotive parts manufacturing and the chemical Industry.
Legal requirements for starting a company
Companies operating in Bulgaria have to be registered in the Central Commercial Register at the Registry Agency of the Ministry of Justice and notifications regarding any subsequent amendments also need to be registered. The same conditions that are applicable for Bulgarian citizens also hold good for foreign investors who are interested in starting a business here. With the revision of the Investment Promotion Act, there has been an introduction of a system that promotes measures for initial investments in tangible and intangible fixed assets and new employment, and large investors have the option of using various concessions and advantages.
Take the help of an expert
Although during the recent years, a significant number of international companies have opened offices in Bulgaria, it is always good to find a good and dependable local representative to successfully enter the market. It is essential to select a partner due diligence, as efforts with incomplete knowledge about foreign markets can be a real impediment when expanding business overseas. A business model with well planned strategies and execution policies can deliver promising results, and a business consultant can help in just that. You can get the necessary assistance in all areas of your business like international accounting, payroll, sas compliance, HR etc., and ensure that your business expansion is a success.
