Doing business in Bulgaria

Julien you kind of look like a typical Bulgarian on your photo yet you ask questions like your not one.

Hi rgorman78,

These questions are asked in order to help other members who are looking information concerning business in Bulgaria.

ps; Julien is the founder of Expat.com.

Please answer his questions. I would like to now this stuff.
Thanks

Ok Julien answers to your questions this is my oponion only.
Foreighn investors are normaly welcome in Bulgaria. That does not mean that you will be treated fairly though. You need to be carefull as many Bulgarians will be out to screw you.
However all that said ive invested before in Bulgaria and will again its not all bad.
Its not hard to rejister a company a accountant or lawyer or even estate agent can organise this prices vary ofcourse.
Corporation tax im not sure but i think you need to make quite a turn over to pay iy anyway.
No its not easy to recruit Bulgarians are rubbish workers and they do not put full effort into work. This attitude is caused by poor pay maybe and years of communism.

Keep chatting ask any more advice you want.
rgorman78@gmail.com

Hi there! Here is the information you need. I hope it will be helpful. The truth is that the foreign buissnes is very welcomed.
Standard corporate tax in Bulgaria is 10%.  For the procedure of registration you may ask google.

http://www.investbulgaria.com/RegisterA … lgaria.php

Good luck ))

are foreign investors welcome in Bulgaria?
Yes. But do not expect presents.

Is it complicated to register a company in Bulgaria? What is the procedure?
No. It is possible to register a Ltd. for abou two weeks. Initial capital is minimal. The cost are within 200 euros. Just find a lawyer, fill the necesary documents and leave him to do the rest. An accountant will also do.

What is the corporate tax rate in Bulgaria?
10 %

Is it easy to recruit?
To recruit yes, to find the right people - no. Just like everywhere else.

Any advice you would share with us?
Invest in projects, that could receive EU financing. Subsidie will normally start at about 50 %. In just two years you will regain 50 % of your investment. Apply for EU financing in Bulgaria BEFORE starting the investment.

Another good advice that I would personally give to the people who 'd like to start doing business in Bulgaria is to hire a lawyer with personal attitude to the client. This advice is addressed to those who are going to establish their companies  with a big law firms. My observation of working in such law firms is that you will not have your documents done by the lawyer himself,which can be harmful, but from those who are learning even how to write a legal document (the legal assistants, usually those are students in their beginning of education). This process is one of the most important for the activity of the company. It has to be fully understandable and clear for you. You have to know before starting that process the necessary documents that you have to provide for the company holders and for the future manager of the company the timeline and the fees. That is important because when you are not living full time in the country you will have to prepare or sign documents even before coming in Bulgaria.
Another important thing before starting that process is the good analysis and the good tax planning during the establishing and planning of business or activity. These services can be provided for you only by a lawyer with strong professional experience in the field of company and tax law.
The other common practice is that people trust accountants for establishing their companies. But the only service that they can provide is probably take prepared documents for another company with just copy and paste the names of the shareholders and the manager. They are going to assure you that those documents are made for you and this is a difficult process so the accountant had to take advice from a qualified lawyer who is a good friend of his/her and that will cost you extra charge for something that have never happened.
So be careful and choose wisely who are you about to trust with you funds, time and most important your future business.
Most of my colleagues are not going to give you that advice and are just going to advertise their services and take your money(twice the usual amount that is necessary or even more). But once when I was outside of my country one lady helped me and told me that she is doing it because some day she will need a help and someone with the same attitude will do it for her. That experience told me that money or spared time are not everything...