Perchè aprire una start up in Bulgaria – VR and Partners

In previous posts we talked to you about the tax advantages for those who open a company in Bulgaria and how, for example, this country lends itself to being the ideal location for an international freelancer.

Today we want to further broaden our horizon by considering another type of investment in Bulgaria, the one linked to the world of innovative businesses or, as they are called in jargon, Start Ups.

Below we will describe, area by area, what are the key factors that make us think that Bulgaria, and in particular the capital, Sofia, is the ideal place in which to create and grow a new start-up.

Facilitated taxation

We have already talked about it but we will not tire of repeating it: the reason why every year almost 1000 entrepreneurs decide to close their doors in Italy and move their business to Bulgaria is the advantageous taxation that this country offers to new businesses, regardless of their size and their turnover. Only 10%. A rate, mind you, which applies both to legal entities and therefore to the income of companies, as well as to that of natural persons.

Access to financing

Anyone who deals with innovative businesses knows that it's not enough to have a good idea, you also need the money to be able to implement and finance it until it can self-finance itself with its own profits. It is therefore necessary to be able to count on a network of financiers or, as they are called in the world of Start Ups, Venture Capital, who can enter into the capital of the start up itself according to percentages to be established. Well, the Bulgarian environment is also lively in this sense thanks to several funds that are very active in financing Start Ups. Here are the top five:

Qualified personnel

Just as it is not enough to have a good idea, at the same time it is not enough to have that idea and the money to make it happen if you cannot count on a group of valid and reliable collaborators. Where to find them?

In the over 23 faculties of the city of Sofia relating to scientific faculties (engineering, mathematics and computer science) which with their over 100 students represent almost 50% of the entire university body of the Bulgarian capital.

A university body which, in addition to its extremely high preparation in the scientific field, also stands out throughout the EU area for its fluency in spoken and written foreign languages: English and German first and foremost.

A human capital that therefore represents the ideal humus within which to create your own innovative business.

Accelerators

We talked about the idea of the beginning of a start up. But we also talked about other essential requirements for its birth, namely financing and human capital. There remains a last, equally important one, which concerns accelerators, that is, that network of structures which, through logistics and consultancy services, are able to protect the start-up in the delicate initial phases and direct it, thanks to their experience, towards more correct market segments.

Which accelerators should you refer to? Here are the 5 most important ones in Sofia:

How to start

We believe, based on our decades of experience alongside companies of different sizes, that the most difficult step when opening any type of business, whether it is a bakery or a metalworking industry, is always the first. A step which, however, we believe, can become easier if alongside the entrepreneurs there is a team of expert consultants capable of guiding them in their first, most delicate, moves. We at VR and Partners deal with exactly this, and we can support you in launching your start up right from the most embryonic stages of your project: with competence, with conscience, with professionalism.