Doing Business in Bulgaria - The Best Kept Secret in Europe
When it comes to running a business, Bulgaria provides a very productive environment to do so. Doing business in Bulgaria is advantageous for a multitude of reasons, including it’s dynamic outsourcing market, well-educated and multilingual workforce, good infrastructure, and the fact that it has the lowest tax rates in the EU.
A hub for outsourcing - the advantages of doing business in Bulgaria
Bulgaria is an ideal offshore outsourcing and business destination due to its strategic location, favorable business climate, and cost-effectiveness. Its central position between Europe and Asia provides easy access to both markets, while the country's low taxes, simplified bureaucracy, and stable political and economic system make it an attractive option for companies. Moreover, Bulgaria boasts a skilled and affordable workforce, making it a prime location for businesses seeking to reduce costs while maintaining high-quality services.
In addition to Bulgaria being named as the best outsourcing destination, the Bulgarian government has introduced a specific program known as the Innovation Strategy for Smart Specialisation of the Republic of Bulgaria. This comprehensive strategy focuses on 4 specific areas of innovation:
- Advanced engineering and clean technologies
- The biochemical and wellness arena
- Information and communications
- Creative and recreative industries
The government is working diligently to ensure that future investment in these and existing areas will continue.
Bulgaria: Open for Business
The Bulgarian economy is growing at a rapid pace and exports are booming, while its business-friendly environment and well-educated local workforce are attracting foreign investments in the different Bulgarian citizenship by investment options . More and more foreign companies are moving there.
Bulgaria offers a qualified and cost-effective workforce, affordable office rents, low production and transport costs, and very competitive costs of doing business. When compared to other EU member states, Bulgaria definitely provides one of the most business-friendly and cost-effective environments.
In 2022, Bulgaria’s GDP amounted to $89,042 million and economic growth reached 3.9%. In addition, Bulgaria's exports in 2022 grew by 37.9% compared to 2021.
Moreover, the European Commission is predicting real GDP to grow by 1.4% by for 2023 and by 2.5% in 2024.
Benefits of doing business in Bulgaria
There are many advantages of doing business in Bulgaria, these include:
- Lowest personal income tax rates in Europe
- All the economic and trading benefits from its EU membership
- A reservoir of highly-qualified potential employees, many of whom are multilingual
- Low rental rates for commercial and residential properties
- An excellent communications infrastructure (including being ranked 3rd in Europe by Cisco Systems for its broadband internet connections)
Companies that service the country's outsourcing industry currently operate in 25 languages, making international trade much easier than in many countries