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
The UK's National Outsourcing Association named Bulgaria as the Offshoring Destination of the Year for 2015. In addition, the European Outsourcing Association also named Bulgaria as the European Offshoring Destination of the Year. Since these accolades, Bulgaria has only continued to grow as a prime outsourcing destination. Stable growth is forecasted for the outsourcing industry, and it’s expected to contribute more and more to the national economy between 2016-2020 (source).
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 2017, Bulgaria’s GDP amounted to 50.4 billion Euros and economic growth reached 3.6%. Investment grew by 3.8% and exports reached 25.8 billion Euros.
The European Commission is predicting economic growth just under 4% for 2018, followed by a similar rise in 2019.
To learn more about Bulgaria’s booming business environment, check out this.
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
To learn more about doing business in Bulgaria or Bulgarian residency and citizenship programs, please don’t hesitate to contact us.