A major role for expanding businesses nowadays globally plays the outsourcing. It eliminates boundaries and makes it possible for partners in different locations such as cities, countries and even continents to work together without any kind of issues or concerns that they do not sit next to each other.
In this article we would like to focus on presenting Bulgaria as one of the Eastern European countries and a great place to outsource business. In fact this is applicable for almost every kind of activity. We talk about Bulgaria and its main advantages of a country where outsourcing is done well.
We will present 10 reasons why Bulgaria is a top outsourcing destination and why you as a business owner should definitely think of choosing it if you are on the way of partnering with third party contractors.
Reason 1 – International powerful companies already chose Bulgaria
There is strong presence of very big and famous international companies on Bulgaria’s market already and most of them outsourced their internal processes in accounting, customer service, IT engineering and many more to Bulgaria for the reason that it is a very competitive destination offering every kind of service you need to run your company and achieve better profit.
Reason 2 – A full-fledged member of the European Union
We must certainly not forget to mention as one of the first reasons to choose Bulgaria that it has been a full member of the European Union since January 1st, 2007. As now we are halving 2022 this means Bulgaria already has the same great values and opportunities as every EU-member. Free trade of goods, capital and working force is absolutely not a problem within EU.
The last 15 years have been crucial in Bulgaria’s development. Bulgaria’s membership in the EU makes it part of the world’s largest single market. This results in strong economic growth, technical and social development. Furthermore, Bulgaria can profit from access to different subsidies, most of that are connected to business entities and small and medium companies.
Reason 3 – Geographical location
Bulgaria is on an external border of the European Union, which is a chance for every investor who comes to Bulgaria to use this as springboard for markets to Asia, if they are not already present there.
Reason 4 – Highly educated and qualified personnel
Bulgaria has major of high schools and university that prepare people for good professional development offering them sustainable educational programs that meet the demand of the labor market with good quality. Fluency in foreign languages and affinity for technology make our young people very competitive.
Reason 5 – Time Zone
The time zone of Bulgaria (UTC+3) is very convenient for working with partners from the EU, but nevertheless with those from US for example. As many companies offer part-time vacancies or working on shifts, this could fit practically every client’s need for working hours or customer service. Traveling to Bulgaria is also very nice as it is still in Europe and have great flight and transport possibilities.
Reason 6 – Great infrastructure
The country has an excellent Internet connection, both in the populated areas and outside them. A new company just entering on the Bulgaria market could choose from a number of telecom service providers, installation services as well as long-term support to ensure real-time connectivity and service quality.
In addition, office and residential structures have already been built, suitable for every number of personnel that your company would hire at the very beginning of entering the business market.
Reason 7 – cost efficient
The maintenance of a company in Bulgaria may be a couple times cheaper than in some European countries. The average salary in Bulgaria for the second quarter of the year 2022 is around 875,00 EUR. Therefore, income and insurance tax for employees are much more beneficial as well. Costs for rents, traveling and consumables of the office buildings are also very competitive, so is electricity, water and other utilities.
Reason 8 – Tax friendly
There is a great opportunity for your business when talking about the tax system in Bulgaria, which puts in on the first places for efficiency in the EU. The low corporate tax and general income tax rates of 10% would allow you as an investor to generate profit relatively quickly.
There are initial tax reliefs for businesses that would like to invest in Bulgaria and on one hand offer more jobs to Bulgarian citizens, and on the other hand help the economics grow.
Reason 9 – Nice weather
Bulgaria has four seasons and offers a great weather, suitable for every taste. We have summer, with the opportunity to spend some time on the sea side or in the mountains, autumn and spring to bring you to historical cities and allow you travel all around the country and winter with great winter resorts and ski tracks. Of course, all of these are quite suitable for a team building, too.
Reason 10 – Friendly environment and mentality
Bulgarians are hospitable and have a friendly and warm attitude towards people of all origins, as there are many foreigners living in Bulgaria, and historically we have welcomed many different people on our land. We are ready to help, we are responsive and we also always try to think outside of the box by offering alternatives. In Bulgaria, regardless of whether you are a foreigner or a local, the Bulgarians will make you feel like you are at home.