Is starting a Business in Bulgaria a good idea?
This is a question we often get on our website and phone lines. It is because people are wondering what made the country so popular to investors and business owners.
There are several reasons for this and with this article we would like to share our experience on the topic.
First is the country`s stable economic environment.
There has been a stable growth in the past 5 years in Bulgaria GDP. Furthermore, the country is one of the most efficient ones in employing the European Union growth stimulating economy programs.
Another reason is the taxation system.
Bulgaria currently has the most advantageous tax jurisdiction in the world. With a flat corporate tax of 10% and a flat income tax of 10% business owners can rest assured that they are best optimizing their taxes.
This gives them the opportunity to reinvest a large amount of their taxes payable and thus gain a significant competitive advantage over their immediate competitors. As a comparison in most Central and Western Europe corporate tax can reach as much as 60%.
Having a stable economy and a beneficial tax jurisdiction are major factors but not enough for most.
The last factor is the stable banking system.
As part of the European Union Bulgaria`s banking system was subjected to a stress test. One that was passed by all banks without any issues. Furthermore, all banks were showed to be highly liquid and able to sustain any form of outside pressure.
These three factors have made Bulgaria a preferable place for people to start or move their business.
How can this be achieved if you are not in Bulgaria?
By choosing a reputable partner such as Bulgarian Law you will be able to complete the whole incorporation process remotely. Our dedicated team of lawyers, accountants and economist with over 20 years of experience can assist you every step of the way.