New business in media, film making and audio engineering studio

Hi I am traveling to sofia Currently. I am professional in sound recording mastering  industry from india. About 15 years experience in high end professional audio and film making. I would like to set up a studio here in sofia, and if possible a media production house too.. what are my chances of being able to successfully implement this? How do I go about it? And what are the expenses I am looking at?
PS: this will be a serious high end, state of the art audio facility

Hi there,

Actually your chances are quite good. I would say excellent.
As for the necessary steps, they could be the following:
1. Set up a company in Sofia.
- bank account;
- company registration;
- VAT registration;
- electronic signature;
2. Find appropriate premises for your studio and hire the place;
I guess you will have some specific requirements - quiet surroundings, thick walls, permission to install sound isolation materials
- here you will have to recieve an approval from the Fire Department Service!!!
- also you might need a permission from the neighbours in the building;
3. Hire staff.

As for p. 1 your costs will be about 400 EUR in case you decide to hire a person to do this for you (actually a lawyer and an accountant), and less if you do it yourself.

For p. 2 I suppose you will know best what kind of a place will be suitable for the purpose, what materials to install for a sound insulation and what equipment to buy. Renting the place will cost you between 200 and 500 EUR  as a rough estimation.

p. 3 - Only GOD knows ....

:))

In fact the most interesting part will be finding clients for your business (apart from the staff).
Good side of all this is the at the end you will own a EU based company, located in the country with the lowest possible taxes - 15 % ( 10 % corporate tax and 5 % divident tax).

:) Hello there,
I am very happy to read your reply to my question,
Thank you very much for your time and the information that you have provided.
Its very useful, to know this.
I will get in touch with you soon again.
цао

Hello Kaamod,

Not sure how much this helps but is some kind of a start.

good luck,

Highly skilled staff in media sector is expensive. People speaking good English can easily find a job in Holland, Britain etc. Importing employees is not an option

Hi there,  life in Bulgaria is not cheap at all.  A lot of things are more exoensive than Western Europe.  I am from Plovdiv , it is the second biggest city in Bulgaria after the capital,  Sofia.  Of course,  life is a bit more expensive in Sofia than Plovdiv.  Depends on what budget have at ypur disposal... Example, to rent a big apartment in a good area in Sofia more or less furnished will cost you 1000 usd per a month.
Regards, 
Radina

Salaries in the media sector below 1000 euro: forget about that

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