Sofia has recently made the list of Europe’s best tech hubs. Ranking among the top 20 Tech Cities of the Future in 2020/2021, Sofia has plenty to offer if you’re looking for the best place to set up your company’s new office.
Why Sofia, Bulgaria?
Sofia has been described as one of the European cities with the most promising technology scenes. Let’s explore five of the city’s major advantages, as listed by Sofia Invest:
1. Strategic Business Location
Set up your company’s operations in an EU-member country, while using Sofia as a gateway into the Middle East, and the Russian Federation markets. And the largest European hubs like Paris, London, Amsterdam, and Berlin are just a 1-3-hour flight away.
2. Regional Talent Hub
With 23 universities, 23+ independent software schools, and over 100,000 students, Bulgaria’s capital has a highly skilled recruitment base, especially in the IT sector.
3. Premium Digital Infrastructure
Benefit from one of the highest average connection speeds in Europe, as well as high broadband adoption to keep your business up and running.
4. Home to innovative startups and global IT leaders
Over 100 IT companies employ 50,000+ people. Moreover, global R&D and IT consultancy leaders like SAP Labs, HP, and VMware have already set up offices in Sofia.
5. Business-friendly taxes
Bulgaria has the lowest corporate tax in the EU – 10% flat, as well as the lowest personal income tax – 10% flat.
Already started considering Sofia as your company’s new home? Now let’s tap into some of the main activities lying ahead of you when setting up operations in the Bulgarian capital.
Step 1: Register your business in Bulgaria
Establishing a new business entity in Bulgaria (including with foreign participation) is governed by the Commercial Act. Note that there’s no limitation on the share participation of foreign legal entities and individuals.
The two most popular forms of business associations in the country are the limited liability company (OOD) and the joint-stock company (AD). Here’s what you need to do in the two cases, as Sofia Invest informs.
Need a trusted partner?
We’ve got you covered. At Campus X, we offer best-in-class partner services to help you manage all aspects of setting up your business entity. Everything you need in one place.
For instance, our partners PwC Bulgaria can help you set-up a Bulgarian legal entity and save you time and resources with their tailor-made tax consultancy