Bulgaria is an inexpensive warm country off the Black Sea coast that offers great opportunities for start-up founders. Recently, the start-up ecosystem in this European country has been expanding and attracting pleasant prospects. It contributes to the growth of business immigration to Bulgaria and membership in the European Union. Today, Bulgaria is actively providing Start-up Visas to immigrants.
The volume of foreign investment in Bulgaria is growing every year. Most of them are large European companies, which indicates the level of confidence in the country. In the first months of 2018, 179 million euros were invested in the country. Investment immigration to Bulgaria also remains quite common.
The price of living in Bulgaria is approximately 40% lower than the average in Europe. Surely, low taxation in the country also attracts investors. By the way, if the company is based on completely foreign capital, then a business immigrant has the right to state subsidies and soft loans.
The new European country attracts business immigrants with loyal legislation and conditions for opening an enterprise. Today there are several ways for such immigration. Given the popularity of start-ups around the world, the most popular option is a start-up visa or an entrepreneur’s visa to Bulgaria.
A start-up visa or an entrepreneur’s visa to Bulgaria provides an opportunity for a business immigrant from a non-European country to open his company in Bulgaria. At the same time, he is issued a residence permit and subsequently permanent residence in Bulgaria. A common phenomenon is the opening of a company branch in Bulgaria on preferential terms. However, in this case, the entity cannot engage in business activities.
European business angels and financial patrons are ready to provide curatorial and material assistance to start-ups which are useful for the country. The necessary amount for the initial investment is 5 thousand euros. However, the minimum installation capital for a company in Bulgaria is 1 euro.
It is worth noting that the basis for obtaining an entrepreneur’s visa to Bulgaria is an invitation letter. It can be issued both for one applicant and for several. Also, the invitation may apply to family members of a start-up founder if they are going to leave with a business immigrant.
Bulgarian business incubators help start-up founders to develop a competent business plan and analytics in order for the documents to be convincing for obtaining a start-up visa to Bulgaria.
A start-up must also meet the following requirements:
- be useful for Bulgaria
- be innovative and effective in implementation
- provide at least 10 jobs to citizens of Bulgaria
- have a minimum installation capital
- have a minimum cost of servicing the company – 150-300 euros per year.
Also, a business immigrant must register his start-up in the state registry. After that, according to the law, he needs to be registered with the statistical, pension and tax services. Financial operations are conducted through a bank, so a start-up founder should also open an account in a local bank.
Entrepreneur’s visa gives a residence permit in Bulgaria for a business immigrant and his family for 1 year. It can be updated and renewed annually for 5 years. Provided that all taxes and debts will be repaid, in the lack of a criminal record and the effective functioning of the start-up.
After 5 years of residence in the country, the status of a temporary resident can be changed to permanent residence in Bulgaria. And after 10 years, a business immigrant can obtain Bulgarian citizenship by naturalization.
Thus, Bulgaria is confidently entering a new level of international cooperation. Opening the doors to business immigrants and progressive entrepreneurs from non-European countries, Bulgaria is developing its start-up ecosystem. This significantly increases confidence among investment immigrants.
As in Canada, in Bulgaria, together with the Start-up Visa, the applicant receives a residence permit, and later citizenship in the country. To open a start-up in Canada, it is enough to attract state or investor co-financing for a Canadian start-up. At the same time, up to 5 co-owners with families can be issued under one start-up visa. In Bulgaria, this is not yet possible: a business visa is issued for one family.
Do you want to realize an interesting idea or take your start-up to the European level? A start-up visa to Bulgaria may be an affordable option. Try business immigration to a comfortable country with reasonable prices.