To set up business in Bulgaria

Hello Paul,
welcome to the board!
I founded my company from Germany, but it was a little bit difficult.
I recommend to search a Bulgarian who has experience in setting up a company and that you come to Bulgaria physically for some days.
In this way, you can clarify every point in your presence.
With kind regards,
Peter.

The procedure is quite simple:

1. Open a bank account;
2. Court registration of your company
3. Registry Agency registration
4. VAT registration / necessary only for international trade/

This can be done by a lawyer, an accountant or almost everyone with some business experience in Bulgaria. There's even an online service.

Possible legal forms are LTD ( OOD),  Personal LTD (EOOD), Sole Propriator (ET), SA (AD) and many others ..... Consider the EOOD for a start.

Can I open this bank account from Dubai. Coz I don't have visa to travel to Bulgaria

In your case opening of a bank account is necessary for the registration of the company, so yes, you can do it from Dubai, provided you have hired s.o. do to this for you. This could be a lawyer, an accountant, a stipulated person or even a company.

Obtaining a Visa is normally not a problem. Especially for business/tourist purposes.

***

Hi Stefano, really could use your help in knowing how to start in Bulgaria as a business.

Regards
Michael

I sent you a PM

Regards.

***

Hey,

I'm curious about this too.

Beyond the technical questions regarding how it happens, the biggest concerns I have are regarding "Am I shooting myself in the foot in the long term if I start a company in Bulgaria as a foreigner?"

Basically, how much am I limiting my growth capability and potential investors? How about potential clients and employees? Am I in for an uphill battle if I want to establish myself as a technologically savvy IT business with extremely modern skills? Are there some other Bulgaria-specific things that need to be taken care off?

The situation back home in Finland is that the country is well-known for the things I am describing and we are not known for being a country that gets "outsourced to" -- Bulgaria is realistically speaking still in this category and it worries me a bit. I am aware that the current situation in 2018 in Bulgaria is that it is somewhat difficult to find competent and motivated employees. This is unfortunate since one of the reasons I wish to start a company in Bulgaria is to also help employ Bulgarians and get things rolling here.

There are hopefully also good things that being from Bulgaria might open up, which I am completely unaware of. Maybe some Russian or eastern contacts where the Slavic/Cyrillic culture plays a role? Maybe something of being an underdog in the worldwide competition with competitive prices?

I wish to bring these things up and front because this is something I take very seriously.

-- Finnish Guy

That is the most interesting post I've read for the last 2 months and I really enjoyed it!!! So I will pay special attention to it:



And directly to the question:

"Am I shooting myself in the foot in the long term if I start a company in Bulgaria as a foreigner?"

The direct answer is YES!!!

And this is valid also for companies like SAP ( 15 yrs in Bulgaria), VMWare ( 10 + yrs in Bulgaria), PROGRESS ( 5 + yrs in Bulgaria), Telerik ( 20 + yrs in Bulgaria), Convergis, Concentrix, DXC Technology, Ingram Micro, Alorica,  Sum Up, IBM, Telus ...... )))))   even the shops here consider starting to sell additional (third) shoe to the regular sets of two.



"Basically, how much am I limiting my growth capability and potential investors? How about potential clients and employees?"

Well, currently Bulgaria's population is 7,5 mln while Finland is 5.5 .... So you ARE already Limited in everything above mentioned.
And I would better understand that question, if asked by s.o. living in Germany, UK, France .... even in Netherlands, but from a country with 50 % more population than Finnland, and when speaking of IT, not selling chocolate ............. I don't understand it. Looking for NO Limitations - try the USA 500 mln. people both as potential employees and clients.



"Am I in for an uphill battle if I want to establish myself as a technologically savvy IT business with extremely modern skills? "

EVERYONE IS IN THE SAME SITUATION! Be sure!!!

"Are there some other Bulgaria-specific things that need to be taken care off?"

Of course!!!  Can you name a single country, that doesn't have ?!!
But since you're asking - YES, fastest Internet connection in Europe, for example.

"Bulgaria is realistically speaking still in this category (outsourcing) and it worries me a bit. " .....

That's strange! I thought you were speaking exactly of some kind of outsourcing to Bulgaria .... Or not ?

"I am aware that the current situation in 2018 in Bulgaria is that it is somewhat difficult,  to find competent and motivated employees."

Oh Really ? What do you plan to search for here - sugar cane harvesters ????? Or companies like SAP and VM Ware hire just waiters ????



Companies that provide adequate payment, or even higher than average do get competent and motivated people and not only from Bulgaria!  IT professionals come here from Germany, Italy, Spain, France and even the USA.  But they all work for money, just like Bulgarians do. And yes, they know exactly how high the salaries are.



"This is unfortunate since one of the reasons I wish to start a company in Bulgaria is to also help employ Bulgarians and get things rolling here."

Come on !!!! All the companies, that outsource their businesses here com for PROFIT. They come for the LOWER TAXES, for LOWER SALARIES, for HIGHER QUALITY, for LOWER RUNNING COSTS ..... Better climate, Beautiful Nature, Four Seasons, great Mountains ...........etc.

You are really gonna be the first one, who comes to help Bulgarians ... ))  BUT IT SOUNDS GOOD. Probably you can use it when you start recruiting.




"There are hopefully also good things that being from Bulgaria might open up, which I am completely unaware of. Maybe some Russian or eastern contacts where the Slavic/Cyrillic culture plays a role? Maybe something of being an underdog in the worldwide competition with competitive prices?"



Better start thinking of some serious competitive advantage!! Otherwise shooting in your leg might become reality.

Somebody had their Jimmies rustled, I believe. There was room for some serious discussion regarding this but since this became an Ad Hominem fest this seems to close the thread. Your arguments while understandable in tone feel like straw men to me.

The only real part that bothers me is the fact that my motivations for actually helping Bulgarians is questioned. Some people have human decency left in them and they enjoy helping other people while getting something out of it them self.

Mea culpa! I thought you were joking, so relied in the same line of thoughts.

Anyway, if you want some serious advice here it is:

1. Post a separate topic,
2. Be serious and describe as detailed as possible your concerns/questions with some information on the business itself.
3. Avoid any qualifications like "shoot my foot", "lack of competent and motivated people", "limiting my growth capacity", "underdog", "Slavic/Cyrillic culture" and especially "helping Bulgarians".

That is your chance to get some serious and possibly helpful comments.

Still wanna "help Bulgarians" ? ... you're kidding!
O. k. then focus on your business, achieve stability, growth, quality, technological and marketing advantages and start paying decent salaries. Success is not guaranteed.

Wanna be really GREAT in helping Bulgarians ?
There's a shortcut, much more successful and that no multi billion investment can beat in terms of effect:
Buy yourself a paintball gun and some red paint ammo, hide it under your coat and when possible try to shoot with the red paint ammo balls as many as possible of the corrupted politicians that keep destroying the country. In public! Guaranteed result + probably a court trial for you!!!!




P.S. there's nothing like Slavic/Cyrillic culture in BULGARIA:
1. Bulgarians are not Slavs!!! All genetic surveys confirm this clearly.
2. The so called Cyrillic Alphabet is actually BULGARIAN alphabet, created to counter the Glagolitza, written by St. Cyril and St. Methodius. The present day "Cyrilic Alphabet" was created 30 years after the death of Cyril.
3. The current year (2018) after Gregorian calendar's equivalent to 7523 in the old Bulgarian calendar. When did the Slavs appear on the map ??

If this country doesn't need help, I don't know what does. Maybe the EU should withdraw all the money they are pouring in here too because that is considered help? I am happy to not pay taxes that get siphoned here.

You've hit right in the center of the target. Right now (which means the present year and the past 15 yrs. Bulgaria's biggest problem is the EU money!!

The EU funds "poured" in Bulgaria are the greatest generator of corruption and the biggest stop of Bulgaria's economic development. Absorbtion of funds does not mean ecomonical and efficient use. This in turn leads to emmigration, depopulation and total decline.

DO YOU THINK EU OFFICIALS DO NOT KNOW WHAT IS HAPPENING ?! For 15 YEARS ??!!

And this is considered "help" in your own words. Now you understand why I am so angry when I hear s.o. wants to "HELP" Bulgaria/Bulgarians.

And I am pretty sure FIns still remember the "HELP" provided by Russia/USSR.

Going a bit into semantics. For me 'help' is a balanced word which implies co-operating on equal terms to maximize the full potential of the other person. I would say I help my brother out since I know what he is capable of

In my original post I said literally "help employ Bulgarians" which was meant to strictly convey the fact that average Bulgarians are not responsible for all the stupidity happening on governmental level. My ad-hoc solution was to simply empower the people by thinking about how can I increase the skill set and expertise locally.

The grand vision could be to raise some huge company with personal profits but which actually serves national interests with trusted local people in charge. I am crazy like this that I actually enjoy doing something good for the world (while getting my own out of it.)

Could be. But going a bit into reality would be more helpful. Actally EU help results in minimizing the potential of this country - both human (from 9,5 mln to 7,5 mln), economic, scientific, military ... etc. A small difference with the semantics. Of course I do not expect that everyone would know this.

And this: In my original post I said literally "help employ Bulgarians" is strange, since you've mentioned an IT company and there's no unemployment in the IT sector in Bulgaria. Just the opposite.

Bulgarians are not responsible for all the stupidity happening on governmental level. I wouldn't agree. We are responsible. Countering it is a different topic, presently almost impossible.

to simply empower the people by thinking about how can I increase the skill set and expertise locally. Locally there's skill enough. The question is whether you want to pay for it or will be employing lower qualificatin people and try to develop them. Kind of strategy related thinking.

to raise some huge company with personal profits but which actually serves national interests with trusted local people in charge. Forget about national interests. Politicialns are working against national interests, and no one cares about your input to this.
Besides, you can start speaking of sth like this after you've employed at least 10 000 people. Do you think you have the capacity for this? Even in 20 years term .....

I would agree with the last one:
I am crazy like this that I actually enjoy doing something good for the world (while getting my own out of it.)
But you have to reach a certain financial and probably political level, otherwise effect is minimal or just above zero. A fery few people have ideas, that can help the world, and even fewer of these ideas reach fullfillment phase. If they are allowet at all. What I am speakig of - check the story of Ev1:

This is getting a little too serious for some kitchen table talk. In this thread you are actively working against your own interests if you think that any grassroots movement where foreigners come here is irrelevant since it's not "big enough". The crazy thing about big things is that they start small. The part that I am interested in is just doing something worth doing and see where it develops. The key being that I believe in it, whatever it is.

If you think there are many other solutions to problems, go ahead. The pessimism and cynicism is so real here that it's turning into stupidity. This is not the way to change anything.

The gist that I get from this is that "You can come into Bulgaria and start a company as long as you try to fuck us over as much as you can, and definitely don't try to be optimistic about things."

Yeah this makes sense. It's a completely psychopathic situation in a no-holds-barred competition. This is probably not a mess worth getting into so this thread served its purpose well

Thanks for the craziness. This shook me a bit out of my rose-tinted view of Bulgaria

I see great business logic speaking here, arguing on the usefulness of international help and taking strategic business decisions on the basis of a forum "quarrel" between three total strangers.

O, I forgot to mention the historic patch ... it really enlightened me on the Bulgarian/Thracian and Pelasgean history input, though I am the only one here with the relevant origin.

Anyway, it is good to know that I've helped a "helper" not to shoot himself in the leg, and probably to reconsider his rose-tinted approach towards creating a business in Bulgaria.

P.S.
I will never forget two great remarks, that I saw here:

1. "Pelasgeans were Finns" !!!!!!!!!! and the Thracians came after ))) neither of which is true, but I'll leave it to the finnish guy to comment.....
2.  I have asked a random finnish guy on a temporary visa (+AirBNB) to take responsibility for Bulgaria's shortcomings and fix the country. ...Probably by telling him that nothing depends on him and he can't change anything, and adwising to focus on the business side rather than or the Savior in the Rhye part.


of course, it is additional fun to know, that Bulgarian fighters were helping Italy (Garibaldi) against the Turks, and in this way bringing the SUN back .... but this goes deeply in how little one knows the history of this country and the way of thinking of the people here.

We are talking of regions subject to endless waves of new ethnic populations coming from all the sides.

You're talking for a different place, not Finland, right ? Otherwise did the Mongols or the Greeks arrive there first ?? ))

As much as many Bulgarians like to pretend they are some 100% thracian stock,

Are you sure ? You can conduct a survey yourself, and I can assure you that less than 1/20 Bulgarians will claim 100 % thracian origin!!! Less than 5 % !!!

Bulgaria means mixed people

Ooops, you're again absolutely wrong ... or intentionately wrong. Or both ?!!

and thracians were mixed theirself to begin with

Nope. The thracians were about 200 different tribes. And that was their biggest problem - Lack of unification/mixing if you like.

And have you ever asked yourself WHAT Happens if you begin with a wrong assumption ?

same is for the greeks

The greeks were mixed ? That really breaks the silence here. Anyway, the grreks were primarily of two tribes - ionians and dorians, almost constantly at war!!! Mixers came later, and were NOT from greek origin. But then Greece stopped existing as autonomous state.

It would be good for you to find a more reliable source of information than Wikipedia. And if you like start learning greek. But that will not help you ... do you know why ?

in the early mix .......baltic populations dna.

That is ...WTF is that ?! Baltic population spread its semen accross Asia, throughout the Mongols, or accross Africa, where the greeks came from ??!!!

Do you have any idea what approximately was the population of the Baltic region some 2000 yrs ago ? DIspersing it throughout Europe would mean totally depopulating the entire Baltic region. Leaving no single soul there !!!

look at the map yourself. The names of the places contain the root of archaic greek names or better, the other way around.

Another funny statement. Have you ever asked yourself why there are no greek names in Egypt localities ?! since the greeks originated from there ....

a hint .... whoever has the alphabet, he leaves the written history - which means also the names.  Especially if the authors are also greeks .... one Example - Alexander the Great is these days considered a greek, though this was not true when he was alive )

BTW I'never asked anyone to thank me for the help provided by Bulgarian patriots .... not sure why you are interpreting it that way, but this was to demonstrate that we not only did not wait for anyone to help, but also provided help for other nations, occupied by the turks - e.g. Serbia, Greece etc.

As for Italy regions - well having a dead weight is probably important, but this did not stop the Germans for example .... after the fall of the Berlin walls.

as for your games - that is quite interesting, especially having noticed your approach towards the important information, so I would  preferr to stay out of wikipedia based "knowledge", incorrect interpretation and deliberate distortion of truth. Not my kind of game.

It is time to put some order here .... otherwise the mess is unbelievable.

So speaking of greeks, the ancient greeks were grouped in three basic tribes - ionians, dorians and aeolians. Some these are believed to have come from the land of Egypt, which is different from being Egyptians themselves. And I doubt there were many blond haired people between them. Otherwise they wouldn't turn this into a cult.

Mikeans and Minoans are a different story. And the population of Crete too. Why ? well ....

Because the Crete-Minoan civilisation existed between 2700 and 1450 BC, and totally disappeared by 1100 BC. Those people build great temples as early as 2000 BC.

Greeks on the other had came to Europe about 900 (800) BC .... mainly from Africa (Egypt) and Asia (Anatolia). Greece existed between 800 BC and 146 BC, divided into three periods - Archaic, Classical and Hellenic. There was no Greece before that ) Which is quite cleverly concealed in the abstract you have shown.

Please notice the time gap of about 200 to 700 years betwen the Crete-Minoan civilisation and the Greek/Hellenic civilisation. That is a lot of time ....

Mikenans are a different story, but they however managed to get hold of the alphabet of Crete-Minoans - Linear A, and transform it in Linear B, which was then adapted for greek language (why ?) ... but finally forgotten and the Greeks ended up with an alphabet based on the Phoenician script (Why if they already used Linear B?!).

And to make it even more interesting for you, here are two pictures:

The first describes the similarities between 3 alphabets - the old Bulgarian runic script (Pliska rosette), the Linear A and the Linear B.



Striking resemblance, eh ?

And the second one is even more interesting - it describes the similarities between the Troyan Alphabet, the old Bulgarian runic script and Linear A:



Oooops ...........

the parallels are more than 30. Shall I place a graphic depiction of the parallels between Linear A and the modern Bulgarian alphabet ?

I'll deal with the Macedonians later, when I have time for this... and yes, there you will have your blonde hair ))

By the way, speaking of modern greeks, a couple of years ago the mayor of a greek municipalyty said: "Everyone knows, that there are no greeks in nothern Greece."

ha, your in the wrong place buddy!!lol

It's a orgy of corruption. You'll find no worse in all of Europe.

If you want to become a millionaire in Bulgaria, come with two.