|     |
EN BG
  1. Home
  3. 2019

Yearly Archives: 2019

Office Renting in Sofia – (Locations/Prices/Options)

Mina Boycheva 05/11/2019
Coworking spaces Sofia new office building in Sofia Office A

If you’re seeking to set up a business in Bulgaria, you will certainly need to consider renting out an office. Local, as well as international realty firms operating the domestic market, are best placed to help you negotiate your way around the choices. Yet, we can certainly offer you a fast summary of your alternatives.

Modern office complex

Rental fees for Class A workplace in Sofia stand at 10-12 euro/m2 at the end of 2018. Although at first glance it appears like there are a lot of high office buildings around Sofia, it turns out there is actually sort of a lack of excellent office spaces that fulfills the requirements of international companies. Bulgaria’s popularity as an outsourcing destination has pushed up the leas and has led to reduced availability. Outsourcing businesses require class A workplace with all the modern-day services for their teams. Additional services related to safety, cleansing, hidden wiring, web and phone accessibility, cooling, cars and truck garage, restaurants and coffee shops, recreational locations, among others, are also needed. That’s why large workplace complexes like the Business Park Sofia still draw in many companies since they offer every one of these additional services, plus outside areas, a selection of dining as well as coffee shop choices, shops, and even dry cleaning. Business Park Sofia remains, in fact, a mini-city.

According to Forton, a real estate consultant, there is presently 1.7 million m2 of Class A and B office space in Sofia.

Most of this is located along the main web traffic highways such as Tsarigradsko Shosse, Bulgaria Boulevard, Todor Alexandrov Blvd, Nikola Vaptsarov Blvd as well as in the residential areas and also the area near Sofia Airport. Significant new projects currently being developed in the prime office segment in Sofia city centre include City Tower (34,600 sq m leasable office space) at Macedonia Square as well as Millenium Centre – 3 high structures near NDK.

Serviced office

Serviced workplace can be a remedy both for long term as well as short-term requirement. Serviced workplace gives fully furnished and also equipped workplaces, IT infrastructure, safety and security and secretarial as well as admin support. This can be a terrific benefit to companies not wanting to make capital expenditure on fitting out a workplace, authorizing long-term rental agreements. Serviced office suppliers offer a great deal of flexibility, consisting of the possibility to alter workplace dimension, per hour rental of conference room, online offices. This is specifically attractive for start-ups and also worldwide companies.

Workplaces in apartment

Many companies still choose workplaces in apartment buildings in the centre of Sofia in spite of negative aspects such as traffic jam, vehicle parking as well as the old facilities of a number of the structures. Most apartment or condos for rental as workplaces are on the ground or on the first floor. The convenience of being situated in the city centre is what leads most companies to select such offices, especially if their organization negotiations happen around. Furthermore, there are some very attractive older buildings around Rakovsky St., Physician’s Garden area, which can add prestige to the firm’s picture. Leas differ hugely from around 4 euro/m2 to equal those of the Course A workplace centres at 12 euro/m2.

Coworking

Coworking is becoming crucial in Sofia, and there are numerous coworking spaces. Such spaces are Soho, Betahaus,Cosmos Coworking Camp,Trevor Workspaces – Lozenets and more, which offers offices, coworking area, a coffee shop with a yard. Also hosts a variety of exciting events.

Read More

Company Registration Procedure in Bulgaria (Step by Step)

Mina Boycheva 31/10/2019
business in Bulgaria company formation Bulgaria company in Bulgaria 2019

How to extent your company in Bulgaria?
How to scale your service in Bulgaria?
How to register a firm in Bulgaria?
Take FREE consultation and offer for company formation in Bulgaria.

In this article, we will undergo the process of registering a company in Bulgaria. With time a growing number of individuals choose to start their own venture right here. This is primarily due to the mix of low company taxes as well as the open door to the European market.
We will try to answer some the most common concerns pertaining to business incorporation in the country, like who can sign up a firm, how much does it cost, what time does it take, etc.

Who can register a firm in Bulgaria?

Actually, any person who has reached the age of 18 regardless of citizenship. There are basically no official demands or conditions for international people that intend to sign up a firm. It doesn’t also matter if you are a European citizen or not.

What sort of firm should I register?

The type of company you need is most likely an OOD. This refers to the well-known and also favored around the world restricted liability business– LLC or Ltd. For a lot bigger companies it might be appropriate to register a joint-stock company but these cases are actually unusual.

How much does it cost?

Company registration in Bulgaria is relatively cheap compared to the majority of European countries. The state tax is approximately 55 EUR, yet it is lowered in half if the records are filed online. In order to do this however, one should have an electronic signature with an electronic certificate. Generally future firm owners license a lawyer or an additional expert that owns an electronic signature to file the company papers on their part in the Trade register.
Apart from this, you must add to the total costs a little notary cost and also an additional tiny fee for opening a checking account (integrated at no more than 15 EUR).

What must the future proprietor of the business do for the registration?

Although the procedure is definitely not complicated, there are a variety of documents that have to be presented to the Bulgarian trade register upon registration. They include the company by-laws, some official statements signed by the supervisor and evidence for paid state fee as well as deposited capital.
A few of the stated documents can be prepared by a legal practitioner while for others you have to go to a notary and a bank institution. At the bank, you open a firm account and also deposit the starting funding. Don’t stress too much over this. The minimum firm resources is 1 EUR although we extremely recommend signing up the business with a much bigger first financial investment. The factor for this is that the new firm resources need to be enough to cover at least the initial expenditures that your business may have, like office rental fee, acquisition of supplies and other.

Do I have to literally remain in Bulgaria for the registration process?

Staying in Bulgaria for the enrollment is useful, yet it is not completely mandatory. Instead of going to a notary you can visit a Bulgarian embassy or consulate abroad as well as you can license a third party to transfer the firm resources on your behalf. You can sign all the required files from another location.

How long does the process take?

Not too long, really. You can conclude the whole procedure from beginning to end in three service days. If you utilize the solutions of a professional, the things that you have to do shouldn’t take more than a number of hours in Bulgaria.
What to keep in mind?
First, you must recognize that in Bulgaria you can just register a firm under a name written in Cyrillic. You are complimentary to add a name in Latin, however it should be identical to the Cyrillic one. This name must likewise be available, implying that there is no other business with the exact same name already registered.
Also note that the files for the business enrollment (or registration) must be written in Bulgarian. You can additionally make use of multilingual documents; still, the translation in Bulgarian is a must.
The best recommendation is that you employ an expert for the company registration. The process may not be that complicated but it is a strictly formal one. This suggests that any kind of blunder will certainly result in rejection by the Trade register and you will certainly need to invest more cash and time in the process.

Read More

How To Hire Foreign Student in Bulgaria in 2019

Mina Boycheva 22/08/2019

This article will help you learn how to hire foreign student to work in your Bulgarian company in 2019

  • Foreign students admitted to training in the Republic of Bulgaria may be employed under a contract of employment without requiring a work permit from the Labor Offices. For them, a mandatory REGISTRATION REGIME is provided for in the Ordinance on the Terms and Procedure for Issuing, Refusal and Withdrawal of Work Permits for Foreigners in the Republic of Bulgaria. – within 3 days of entering the work, the employment contract must be registered at the “Labor Office” Restrictions on working hours and the duration of the employment contract are provided. It can be: – 20 hours a week during the school year and during the official holidays announced by the school concerned – the duration of the contract may not be longer than the period of validity of the residence permit The following documents are required to register the employment contract at the Labor Office Directorate: 1. 3 copies – Declaration for carrying out short-term employment without a work permit through the registration of students in the Republic of Bulgaria under Article 38 CTRM / Annex No. 6 to Art. 34, para 1, item 1 2. Copy of the Registration Certificate at the NRA / registration of the employee – PNL or SV number / 3. A Copy of a Passport 4. Certificate of Higher Education Certificate / that is enrolled as a student for the current year / 5. A copy of the Labor Agreement 6. Actual status of the labor contracts on ……. / last day of the month preceding the month of appointment of the employee / 7. Information about the Legal Register from the Commercial Register / download from the website of the Registry Agency – Commercial Register / All documents that are not originals must be certified with – True to the original, signature and stamp.
Read More

The outsourcing business in Bulgaria has good perspectives ( Updates 2019)

Mina Boycheva 26/03/2019

The newly established Bulgarian Outsourcing Association made prognosis for a stable increase in the number of companies that plan to outsource their business to Bulgaria. These companies be registered in Sofia and could come from many spheres of activity. The new association predicted that the increase in the number of companies will be around three times in the next five years. The outsourcing business is considered among the most dynamic industries in the country and currently it employs around 15 000 people in the capital. Their number is expected to triple according to the five year prognosis. The stable political situation, the low taxes and the acceptable wages in the country, the professional skills of the employees, as well as its being part of the European Union, make Bulgaria an attractive destination for the large and stable companies in Western Europe and the United States. These companies will look for business centers with offices of the highest class, which have central and convenient locations and perfect infrastructure, besides offering an impressive range of services and facilities. It is believed that these big companies will later open other offices throughout the country in cities like Varna and Bourgas, Plovdiv and Rousse.

The outsourcing business is considered among the most dynamic industries in the country and currently it employs around 15 000 people in the capital. Their number is expected to triple according to the five year prognosis.

Among the founders of the Bulgarian Outsourcing Association are companies like Coca-Cola Hellenic IT Services, AII Data Processing, Sofica Group, Atos Bulgaria and Bulpros. They believe that if the state and the companies join their forces, this will lead to a stable development of that industry sphere. If the proper activities are arranged and successful policies are followed, then Bulgaria can become one of the top ten destinations for outsourcing. Special attention has to be paid to the professionals who apply for work in these outsourcing companies. Usually, these are people with a lot of knowledge and skills, but they still need training in certain spheres. It is not a secret at all that some of the largest outsourcing companies that are working in Bulgaria are in direct connection with the universities where they look for ambitious students. They try to attract the talented ones and offer them a job before they head to a carrier abroad. There is potential in the rest of the big cities in the country besides Sofia, where there are no such projects and opportunities, but there are still good professionals. The outsourcing industry is in demand for different types of employees – from recent graduates to managers and strictly qualified professionals.

In general, Bulgaria has excellent reputation among the companies in the outsourcing business and it will continue to attract them. The reasons for that are not only the membership of the country in the European Union, but also the tax alleviations and the desire for less bureaucracy.

In general, Bulgaria has excellent reputation among the companies in the outsourcing business and it will continue to attract them. The reasons for that are not only the membership of the country in the European Union, but also the tax alleviations and the desire for less bureaucracy. Of course, we should also mention the welcoming atmosphere, the excellent infrastructure and the construction of business centers with prestige location that correspond to the needs and the requirements that are important to the foreign investors.

Read More