Things to know before opening a company in Bulgaria.
So what should you know before opening a company in Bulgaria? We would like to cover the main points that have made Bulgaria such a popular destination for businesses and individuals alike.
First and foremost, it is the economic environment.
For the last 7 years Bulgaria`s economy has been steadily growing. Something that should be of utmost importance to every business owner. This means that your business and funds are safe.
The second factor is the Bulgarian banking system. Recently the European Central Bank completed a stress test to which all banks were subjected to. This showed that the banking system in Bulgaria as a whole is liquid enough to sustain any significant imbalances.
Perhaps the most interesting subject is the taxation system.
Bulgaria currently has the most beneficial tax system for business. With a flat corporate tax and a flat income tax of 10% this will allow your firm to get ahead of all your competitors.
In most Western countries corporate tax can get up to 50+%. Having the opportunity to completely legally save 40% of your profit and reinvest it back into your business will give you a great advantage in front of your competitors. Furthermore, By doing this you will exponentially increase your growth rate.
Now that we have gone over the main things one needs to know. The next question is how can you execute such a decision?
Thankfully thanks to modern advances in internet security and e-government systems you can now complete the whole process remotely without ever having to visit Bulgaria.
This means that by choosing the right professional and reputable partner you can incorporate a company, handle all your accounting needs, open a bank account with one of the biggest banks in Bulgaria and resolve any legal inquiries that may come up.
Here at Bulgarian Law we have a dedicated team of lawyers, solicitors, accountants and economists with over 20 years of experience in the field.