5 reasons to set up a company in Sofia, Bulgaria (Part I)

Ever considered moving your business operations to Bulgaria? The country’s tech ecosystem is practically booming, and attracting international investors with competitive advantages such as favorable taxes and highly skilled and cost-effective workforce. Here’s why to choose Bulgaria’s capital - Sofia:

1. Leading talent

Bulgaria has emerged as a regional talent hub and a preferred destination for international companies looking to set up an R&D or services office.

The National Statistical Institute reports that a significant number of local graduates obtain a higher degree and speak English. In addition, the country has strong traditions in mathematics and computer science. To be specific, Bulgaria is in the top 5 in the all-time ranking in competitive programming, following closely much bigger economies like China, Russia, and Poland, according to statistics by the International Olympiad in Informatics.

Bulgaria’s capital Sofia is the biggest regional economy in the country, as Sofia Invest reports. Here’re some key statistics regarding higher education in the country:

  • Over 110,000 students from 23 universities

  • 63 research centers

  • 83 private IT education centers with a total of over 8,000 graduates

  • 51.4% of the city’s working population holds a university degree

  • Nearly 70% of the students attended a language school

It’s worthwhile noting that there’s a need to modernize higher education and close the gap between university curriculums and the ever-evolving IT business demands. Recently, private tech-ed organizations have emerged to respond to this need.

Telerik Academy: partner to all IT companies

The first Bulgarian private tech-ed organization is Telerik Academy - a pioneer and a trusted partner to the entire tech industry, which continuously leads the way in tech education.

Furthermore, the Academy is one of the pillars of Campus X’s end-to-end tech ecosystem. Located onsite at the Campus, it helps our member companies and other leading IT businesses source top Junior talent and accelerate their success in a predictable and sustainable manner.

“Around 15% of our employees are Telerik Academy alumni. They have both the tech skills needed and the attitude of life-long learners. Most importantly, they get up to speed much faster than most junior developers – in some cases within the first few days,”comments Stoyan Damov, co-founder of Tick42, which is a Campus X member.

To put it in a wider context, Telerik Academy’s community currently includes over 130,000 people and 15,800 students (kids, high-school students, and adults), who have participated in its onsite programs to date. Between 300 and 400 people graduate from its career jumpstart programs annually and start working in the IT industry. Hence, the Academy grooms 10-15% of the in-demand software talent in Bulgaria (on a yearly basis the local software industry needs nearly 2,400 people, according to BASSCOM).

Seamless access to top talent