Have you ever thought of starting an own business? Are you fed up with your current job, or feeling stressed because of your boss?
Or maybe you have a dream to be independent and launch your own brand?
I guess all of us have had at least once in a lifetime such a moment of consideration. But even with no professional expertise, it is clear to everyone that a start-up relates to some preparation and some investments. That is one of the greatest worries of every individual to make the first step to entrepreneurship.
In the next lines, we will explain why Bulgaria may be a great place to “try your luck” in business and of course the main pros and cons.
Bulgaria is a small country in Eastern Europe but as a part of the EU hides great perspectives. Centuries ago, the country was the desired place for many colonists because of the great location and the multiple options for trade. Nowadays, Bulgaria attracts many foreign investors with much more.
The country is enhanced with numerous resources: mountains, sea border, lakes, rivers, fertile soils, Spa & Ski resources, historical remains, sightseeing spots, opportunities for a variety of sports activities, and a lot of inspiration for art fanciers.
But is that all? Of course – no! Let us see the economic and business perspectives. One of the most asked questions by our foreign customers is “How much do I need to start a business in Bulgaria?”. There is no universal answer to this question since any juridical form has its mandatory requirements to be legally established. But let us preview the general case. The legal and commercial frame in Bulgaria allows starting a business with almost no initial investment. What you need is to find a good business consultant or an experienced lawyer to do all the work for you. After that with some specific details, you should open an initial bank account, sign all necessary documents for the Commercial Register and …. Ta-Da! You have a new start-up company in Bulgaria! And all of that for less than a week and for less than 500EUR. But again, it should be mentioned that the process is easy only if you work with the right professionals.
But why in Bulgaria, not somewhere else? The low corporate tax, affordable external services, low-cost rentals in modern city architecture, high-educated staff, which is competitive and attractive to many western European headhunters, nice locals, helpful professionals, fair competition between businesses, delicious food, and excellent entertainment choices… and let us not forget that Bulgaria is one of the most welcoming to foreigners country.
And now someone may say: “Come on, it could not be so good to be true!”. I am not here to advertise Bulgaria and create illusions. That is why, I will point the negatives in having business here, too. As a part of ancient trade practices, Bulgarians are very good at negotiations and “selling sand to a nomad”! In case you decide to take the risk and do all the above on your own without professional help, relying just on Internet posts, you may be soon very lost in the perfect trade game. Why is it so? Although commercial legislation is quite friendly to entrepreneurs, there is a lot of bureaucracy and paperwork. That means, if you do not know how to deal correctly with that in one shot, then you will be running in circle weeks or worse months until you see your company registered. And what’s more, all this will be connected with additional expenses for budget costs. It is even worse if you think that the cheapest always means good – that is not the case here. Many professionals think that they can go out of their competency and do additional services for extra profit. But finally, the cheap one turns into great expenses. So, finding the best solution could be a struggle here. That is why, we advise our customers to do market research, choose wisely, and then invest their money for real results.
In conclusion, Bulgaria is a great country for adventurous entrepreneurs or just for individuals that want to try if their idea may work with possibly the lowest investment. The country has a lot of chances for business development and outstanding minds, but you should be informatively prepared, knowing all stages of the establishment process and of course know all the cost for it in advance. Hopefully, this review may help you to make your mind if Bulgaria is your next destination!