Opening a business in Bulgaria offers you more benefits that you might imagine. When it comes to EU, Bulgaria is in the top 5 countries that are business friendly and easy to access for foreign investments. They don’t just know how to welcome foreign entrepreneurs from all over the world, but they do their best to keep them and help them grow their business in a profitable way. Among the main advantages that you will have when you open a business in Bulgaria, three of them are more important than the rest.
Some of the lowest rents in Europe
When you invest in a new country, is important to consider the basic costs. Having a renting place to develop your business is essential and one of the first steps for your professional success. Offices spaces are some of the most affordable in Europe and the quality of them is not to be neglected either. The rate per square meter in Sofia, the capital of Bulgaria is 12.00 euros, while in Bucharest is 18.50 euros and in Prague, it can get up to 21.50 euros. This will save you finances that you will be able to invest in other aspects of your business. The urban areas of Bulgaria are nicely developed and facilitate all the needs that you have for a productive working environment which is very useful for a recently opened company that needs to be integrated into the market.
Affordable raw material
Breaking into a new industry is also a challenge and it takes more than an affordable working place to reach a professional success. Bulgaria is a reach country and there are plenty of local raw materials that you can access. According to your business’s profile, you will be able to contact locals and find the best offers for your needs. You will be able to avoid transportation costs and import costs and this will only work for your benefit in the long run. If you need natural resources and locally produced materials, you can find them in the industrial areas of Bulgaria and even collaborate with local companies that can give you affordable offers to enrich your production.
Qualified labor force
The labor force is maybe some of the most important aspects that can influence significantly the future of your company. If you would be to bring workers from abroad, you would have to pay extra fees for paperwork and other facilities such as accommodation and even higher salaries. Luckily, in Bulgaria, you will not need to import labor force because the locals are highly educated and known to be specialized in a variety of domains. The average wage is also affordable for foreign investors and facilitates the possibility to have a productive working team to collaborate with. Not to mention that it will be in your interest to hire local labor force, for social advantages as well because they will help you integrate your business into the Bulgarian market and access more clients.
While these are the main local advantages that you have as a foreign investor on the Bulgarian market, there are plenty of other details that will be specific to your company’s profile and specific to your expectations. In order to have a productive and successful business, you have to pay attention to many aspects and factors that can support your professional development and that is a constant learning process. Your business adventure will be a gradual one and if you take the baby steps you have bigger chances of reaching the level that you are aiming for.