Did the Bulgarian banks put on hold the foreign applications for opening of bank accounts? Read more.
"Outsourcing of jobs and immigration are temporary pains that will eventually lead to global prosperity and unity." - Salil Jha
We assist foreign companies with their outsourcing projects in Bulgaria.
The history of the IT outsourcing sector in Bulgaria
Bulgaria experienced huge rise in foreign companies projects outsourced to the country. In the first years after Bulgaria joined the EU, there were hundreds, if not thousands of foreign companies, mainly from the IT sector, who opened offices in the big cities and hired young, educated staff to work for them. This logically led to a gradual increase of the wages in the sector, driven by the fierce competition among the western companies.
The cooling off
With the overall cost (mainly the wages) on the rise, the outsourcing market in Bulgaria cooled off. However, with the stricter regulations, doing business in the Bulgaria (from a foreign investor’s perspective) became much easier and cheaper as many of the administrative procedures were brought in line with the highest EU standards.
With the cooling off of the outsourcing hype in Bulgaria, new opportunities have arisen. For instance, many highly skilled IT specialists in Bulgaria have started their own companies and the outsourcing transformed in some cases into outsourcing to a small subcontractors rather than outsourcing the projects to individual employees.
How can we assist for your outsourcing project in Bulgaria
Our team is assisting international companies with their outsourcing projects in Bulgaria. We provide company formation services as well as full accountancy support. We can additionally assist to obtain all required licenses that might be necessary for the particular business in Bulgaria.