If you want to start a high tech or an innovative business in Bulgaria, you are citizen of a country out of the EU and you want to move to live in Bulgaria, then the new startup visa in Bulgaria is your best shot. Our team of experienced lawyers will make the process as smoothly as possible and will assist you with all the necessary steps.
What is startup visa in Bulgaria?
The startup visa in Bulgaria allows you to get a Bulgarian residency if you are founder of a company that is developing a high tech or an innovative business in Bulgaria It allows you to move to live in Bulgaria and also have your business growing here.
You need to provide information about yourself, your company and your high tech or an innovative business project.
To whom the startup visa is suitable?
The startup visa in Bulgaria is suitable for:
- people coming from countries outside of the EU;
- who want to start a high tech or an innovative business in Bulgaria;
- being a founder or co-founder of a Bulgarian company;
- and want to move to and live in Bulgaria.
How does the process go?
First you need to apply for a certificate for high tech or innovative business project, which is called Startup visa. The certificate is issued by the Ministry of Innovation. The applications together with the supporting documentation are submitted to the Minister of Innovation and they are review by a special committee. The committee comes with its decision within 30 days after recipient of the application.
If the startup visa is issued, then the applicant can apply for a residency permit based on that startup visa. The startup visa is issued for 1 (one) year and the residency permit is used based on the visa.
However, the startup visa doesn’t exclude the need for a visa D as a mandatory perquisite in some cases.
What is high tech or an innovative business project?
A high-tech project that provides for the implementation of the main economic activity in one of the following sections, according to the Classifier of economic activities (KID 2008):
Manufacture of medicinal substances and products
Manufacture of computer and communication equipment, electronic and optical products
Film and television production, sound recording and music publishing
Activities in the field of information technology
Research and development;
Innovative is a project that ensures innovation and market applicability of the relevant innovation fulfilling at least one of the following conditions:
– the innovation is protected by a valid invention patent;
– the innovation is protected by a valid utility model registration certificate;
– the proposed innovation is new on the world/European market and outperforms alternative solutions.
Why should you start your business in Bulgaria?
Bulgaria is a member of the European Union (=EU) and you have a free access to the European common market. You can sell your goods and services everywhere within the EU with no duty tax and 0% VAT rate.
The corporate tax rate is 10% (one of the lowest tax rates in Europe), which is only taxed on the profit of the company. The dividend tax rate for the earnings of the owners and shareholders is just 5%.
The mandatory VAT registration is set at 100 000 BGN (or appr. 50 000 EUR) so you can sell goods and services up to that amount without VAT. Of course, if you decide that it is more beneficial for you to have VAT registration we can do it for you. By doing so you will have EU VAT number.
The manager(s) will be appointed based on a management contract with the company and will receive a monthly salary and will be socially and health insured in Bulgaria.
Our time can help you and assist you in the procedure for issuance of startup visa and the respective residency permit. We also provide consultations and drafting of the necessary documents. If you would like to apply for startup visa, do not hesitate to contact us. We would be more than happy to help you move to Bulgaria and grow your Bulgarian startup company. Don’t think twice before writing to us! Our team will reply you within 1 business day. If you want more information about us. We are also available on LinkedIn.