Resource guide for foreign entrepreneurs in Bulgaria

12/01/2025
Resource guide for foreign entrepreneurs in Bulgaria

Migrants pursue entrepreneurship in Bulgaria for diverse reasons. While some arrive with entrepreneurial objectives as their primary goal, others turn to business creation after facing difficulties accessing traditional employment. According to OECD research, many highly skilled migrants face significant challenges like qualification recognition barriers, visa restrictions, and limited access to regulated professions. Whether entrepreneurship is your first choice or an alternative path, it represents a strategic opportunity to unlock your full potential.

Bulgaria emerges as a compelling destination for this entrepreneurial journey, offering genuine business opportunities that can transform both ambitions and challenges into competitive advantages.

Despite bureaucratic complexities, banking challenges, and information gaps that foreign entrepreneurs must navigate, Bulgaria stands out as one of Southeast Europe's most promising destinations for business founders. This recognition comes from leading authorities, including the Bulgarian Chamber of Commerce and Industry (BCCI) and the Bulgarian Entrepreneurial Association (BESCO), who have documented the country's remarkable entrepreneurial ecosystem:

  • 10% corporate tax rate - one of the lowest in the EU, providing significant cost advantages for new ventures
  • 400,000+ jobs created by foreign-owned businesses as of 2022, based on Bulgarian and Eurostat data, demonstrating a strong track record of international success
  • 77,000 skilled IT professionals in 2024 – access to exceptional technical talent at competitive rates
  • 14% youth entrepreneurship rate – highest in the EU, according to Flash Eurobarometer 513 (2023), reflecting a culture that embraces entrepreneurship
  • 5.6x capital efficiency – Bulgarian startups achieve more with less investment compared to US counterparts, according to McKinsey & Co
  • 25+ local VC funds – a maturing investment ecosystem ready to support promising ventures
  • Foreign direct investments reached 13,527 million EUR for 2024, the largest so far, across construction, agriculture, mining, and manufacturing
  • The country offers a Startup Visa, formally known as a certificate for a high-tech and/or innovative project, to non-EU citizens who want to develop innovative or high-tech businesses in Bulgaria, and the newly introduced Digital Nomad Visa for non-EU nationals, both advocated for by BESCO

Below, we’d like to offer some of the most essential resources that our experts, focus group discussion participants, and the international community recommend to new and established entrepreneurs.

This research initiative was led by Anastasiia Dehtiarova as part of the Mentorship and Ambassador Program (MAP) with New Women Connectors, in collaboration with Multi Kulti Collective. The project aims to understand the challenges and needs of migrants related to accessing the job market in Bulgaria, with a specific focus on entrepreneurship as a pathway to economic integration. Current as of November 2025.

 

Legal and accounting services

Bulgaria’s bureaucracy could be challenging not only to foreigners but to locals as well. With the questions of business paperwork, it’s wise to seek professional help. Look for law firms and accounting professionals who have experience working with foreign entrepreneurs:

  • Focus group discussions participants recommend lawyers familiar with both business formation and immigration issues. They also emphasized the importance of finding accountants who understand the specific needs of foreign entrepreneurs and can help to keep track of duties and responsibilities a foreign business owner might not be familiar with. Personal recommendations from the focus group participants included Trust Accounting, Berg Law, and Plamen Stefanov, Attorney at Law at Manev & Partners, who has shared his expertise and findings to help us create the Manifesto of Foreigner Entrepreneurs, this resource page, and the article about this project.
  • Consider working with lawyers and accountants recommended through the "Foreigners in Sofia and Friends" community

Banking services

While opening business accounts can be challenging, these options may be more accessible:

  • According to the focus group discussion participants, having a Bulgarian business partner can facilitate the banking process
  • Often, entrepreneurs can get help from their accounting or legal professional with opening a bank account
  • For your day-to-day operations, you might want to consider digital banking like Icard Business (with a Bulgarian IBAN) or Revolut Business (with an EU IBAN)

Government agencies

Key institutions you'll need to interact with (mainly, through your accountant and lawyer):

  • National Revenue Agency (NRA)
    • The agency for all questions of registration, corporate and personal income tax, and various personal contributions, like the pension fund and health insurance
    • Website: nap.bg (Bulgarian only)
    • Note: As reported in the focus group, email communication with experts can be challenging as email inboxes may be full
  • Ministry of Interior
    • Handles residence permits and ID documents
    • Website: mvr.bg (Limited English)
  • Bulgarian Commercial Register
    • For company registration
    • Website: brra.bg (Limited English)

At the founding point for your company, you have several options for your business:

EOOD (Single-Member Limited Liability Company)

  • Most common for foreign entrepreneurs
  • Minimum capital: 2 BGN (approximately €1)
  • The owner has limited liability
  • Required documents: company statutes, bank certificate for capital deposit, specimen signature for the company manager (usually the same as the owner)
  • The owner is employed as the company manager

OOD (Multi-Member Limited Liability Company)

  • Similar to EOOD but with multiple partners
  • Minimum capital: 2 BGN (approximately €1)
  • Partners have liability limited to their contribution
  • Useful when partnering with a Bulgarian associate (recommended by the non-EU focus group participants in case it’s not easy or possible for the owner to open a company)
  • Required documents: company statutes, bank certificate for capital deposit, specimen signature for the company manager

ET (Sole Trader)

  • Simpler structure but unlimited personal liability (meaning, the owner is fully liable) 
  • No minimum capital required
  • The owner and the business are not legally separate
  • A less common choice for foreign entrepreneurs due to liability issues

 

If you’d like to understand which industries and sectors could be interesting to establish your business in, BESCO and the Bulgarian Chamber of Commerce and Industry share their data:

Most active industries for foreign entrepreneurs

According to BESCO, foreign entrepreneurs are most active in:

  • IT & Software Development
  • Fintech & Blockchain
  • Artificial Intelligence
  • E-commerce & Digital Services

Sectors with growing opportunities

Based on BCCI data, significant foreign investment occurs in:

  • Construction
  • Agriculture
  • Mining
  • Manufacturing
  • Service Sector (trade, transport, hospitality)

 

If you plan to stay and live in Bulgaria, as a foreigner, you have several options, depending on your nationality and the type of company you founded:

EU citizens

  • Right to stay for up to 3 months without registration
  • For longer stays, you must register for a residence permit
  • After 5 years of continuous residence, eligible for permanent residence

Non-EU citizens

  • Depending on your passport (and eventual visas and residence permits you might have), you might need to get an entry visa 
  • A short-term residence permit is typically valid for 1 year
  • Can be a limitation for business operations requiring longer-term contracts (as noted in the focus group)
  • The renewal process should begin 3 months before expiration

Startup visa

  • Recently introduced (advocated by BESCO)
  • Allows innovative startups from non-EU countries to relocate to Bulgaria
  • Requirements include a viable business plan and proof of sufficient funds

Blue card

  • Mainly used for hiring highly qualified foreign specialists
  • Minimum salary requirement applies (1.5 times the average salary in Bulgaria)
  • Valid for up to 4 years, renewable
  • Can lead to permanent residence

 

If you plan to expand your business, want to connect with fellow entrepreneurs - foreigners and locals alike, or want to explore Bulgaria’s business opportunities, the following resources can support you:

Bulgarian Chamber of Commerce and Industry (BCCI)

  • Provides a wide range of services for foreign entrepreneurs: from business research and sector analysis to consultations on commercial activity in Bulgaria and organization of topical seminars and training
  • Can assist with trade documentation and settling trade disputes
  • Website: bcci.bg

Bulgarian Entrepreneurial Association (BESCO)

  • Supports the integration of foreign entrepreneurs into the startup ecosystem
  • Provides access to networks, funding opportunities, and policy insights
  • Website: besco.bg

Fund of Funds Bulgaria

  • The state-owned manager of EU-backed financial instruments and a key source of venture capital in the local startup ecosystem
  • Has proven crucial for the startup ecosystem, according to BESCO
  • Website: fmfib.bg

Sofia Tech Park

  • A hub that supports the growth of small and medium businesses by providing know-how, networking opportunities, and access to new technologies
  • Offers an incubation program, South East European Innovators Program (SEEIP)
  • Website: sofiatech.bg/en/startups 

Community resources

  • Bulgaria’s biggest international community, “Foreigners in Sofia and Friends” 
    • 70,000-member Facebook community
    • Highly recommended by the focus group participants
    • A valuable source of practical advice and recommendations
    • Facebook group: Foreigners in Sofia and Friends
  • Bulgaria’s startup community
    • Networking events and support for entrepreneurs
    • Connect with both foreign and local founders
    • Facebook group: StartupBG

Accelerators, incubators, academies

 

The common challenges entrepreneurs face are often related to paperwork and understanding the local ways. These are some of the advice the focus group participants shared for this article:

  • Banking challenges: Foreign entrepreneurs frequently struggle with banks refusing to open accounts for non-Bulgarians. Consider partnering with a Bulgarian national or acquiring an existing company as workarounds.
  • Navigating bureaucracy: Many foreigners find government departments and administrative processes overwhelming to handle independently. Hiring specialized lawyers or accountants with local expertise can significantly ease this burden.
  • Language barriers: Important business transactions often require Bulgarian language skills, especially for contracts and official documentation. Engaging translators for crucial meetings and paperwork can prevent misunderstandings and complications.
  • Finding reliable service providers: Entrepreneurs report high "try costs" when searching for quality service providers. Instead of random selection, leverage community recommendations and networks to find trustworthy professionals.
  • National health insurance for non-EU citizens: Non-EU citizens, holders of a “Prolonged residence”, are not covered by the national health insurance, according to Art. 33 p.1 item 3 from the Health Insurance Act. This means you are not obliged to pay health contributions until you change your residence status, for example, obtain a permanent residence. Inform your accountant about your status and this law. Note that when you obtain a permanent residence, your LNCh (personal number of a foreigner) and EGN (unified civil number for citizens and permanent residents) are not automatically linked, and you need to inform your local NAP about this change.

 

Based on lawyer interviews, focus group insights, and stakeholder recommendations, we can suggest a few points to keep in mind to navigate Bulgaria’s business ecosystem:

  • Misunderstanding legal frameworks: Foreign entrepreneurs often incorrectly assume their home country's laws apply in Bulgaria or are very similar. Always research Bulgarian-specific regulations and legal requirements before making business decisions.
  • Following unreliable information sources: Be wary of advice from social media groups where contributors may lack expertise on specific subjects. Instead, verify information through official channels or qualified professionals to avoid costly mistakes.
  • Trusting front-desk officials exclusively: Document-receiving staff at government agencies may provide incomplete or inaccurate information. For complex matters, consult with specialists who fully understand the regulatory landscape.
  • Underestimating bureaucratic processes: Administrative procedures often take longer than expected in Bulgaria. Plan for delays, prepare thorough documentation in advance, and maintain patience throughout bureaucratic processes.
  • Overlooking cultural workplace differences: Communication styles and work expectations may differ significantly in Bulgarian business culture. Be explicit with instructions, as employees may wait for clear direction rather than taking independent initiative.

 

Based on BESCO’s suggestions, these initiatives could help improve the conditions for foreign entrepreneurs and attract more international talent:

  1. Visa and residence permit improvements: Streamlining document approval processes for foreign entrepreneurs
  2. Easier business bank account opening process: Facilitating and streamlining the company bank account opening procedures for non-EU foreigners
  3. FDI Act amendments: To attract strategic investors in high-value industries
  4. Angel investment stimulation: A mechanism to encourage investment in startups
  5. Pension fund investment reform: Facilitating pension funds to invest in alternative funds

 

For more details, please consult our Manifesto of Foreign Entrepreneurs in Bulgaria.

 

Action steps for new foreign entrepreneurs

  1. Connect with the community: Join relevant groups like "Foreigners in Sofia and Friends"
  2. Secure professional assistance: Engage a lawyer and accountant familiar with foreign entrepreneurs' needs
  3. Research banking options thoroughly: Understand the challenges and prepare alternatives
  4. Consider local partnerships: A Bulgarian partner can significantly ease administrative burdens
  5. Develop a residence strategy: Plan for potential visa/permit challenges, especially if you're a non-EU citizen

 

This resource guide was developed based on interviews with legal professionals, business association representatives, and focus group discussions with foreign entrepreneurs operating in Bulgaria. While we strive for accuracy, regulations and practices may change. Always verify current requirements with official sources or qualified professionals.

This research initiative was led by Anastasiia Dehtiarova as part of the Mentorship and Ambassador Program (MAP) with New Women Connectors, in collaboration with Multi Kulti Collective.