Bulgaria as a low tax country. Bulgaria as an ideal nation to live out your retirement years. Bulgaria for non-urgent health care (e.g. dental care) or to study medicine at university.
Over the course of this blog we have learned to see Bulgaria from different aspects and, at this point, it should be clear to everyone why it is so convenient to open a company in Bulgaria. Having said this, it is possible to delve further into the discussion by talking about a particular type of company to open in Bulgaria, which is that of "start ups", i.e. innovative companies.
Bulgaria offers fertile ground for these companies. First of all, because it does not burden them with taxes from birth as happens in Italy. But to this we also add the fact that for almost a year now Bulgaria has had a real program, the Startup Visa, to promote start-ups, especially for those proposed by foreign investors.
Let's take a closer look at what it's all about.
Let's start by saying that it is a certificate for high-tech and highly innovative companies, which helps foreign investors from the European Union to found and develop their company in Bulgaria. To obtain it, you must fill out an online form in English on the website of the Ministry of Innovation and Growth in Bulgaria.
To make requests it is necessary to provide the entrepreneur's identification data, a description of the company, a description of the project you want to create and how you plan to make it grow over the following 3 years. Furthermore, those documents capable of confirming the economic solidity of the proposing company must also be attached.
Once the request has been made, it is evaluated by a team of experts from the Ministry of Innovation within 30 days of its submission. The analysis looks at everything, from the validity of the business plan to the financial coverage, from the expected customer network to the planned investments. The evaluation does not have a cost.
Why was the Startup Visa program created in Bulgaria? It was not created as a document for the permanent relocation of foreign workers to Bulgaria but is a "mandatory" document for requesting a long-term residence permit lasting one year.
In general the goal is to attract high-tech investors here in the Balkans, as repeated by Dobromir Ivanov, executive director of the Bulgarian Startup Association (BESCO): “Our efforts to support the development of the startup environment in Bulgaria will continue in 2023. We are currently working on introducing bills to improve access to capital and talent, as well as improving the national framework for doing business. One of these bills aims to provide Bulgarian entrepreneurs with greater flexibility in creating and managing startups”
