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.

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.

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

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