Bulgaria has always been attractive to Russian business. Еven if it is not the richest country in the EU. Neither is the most orderly. Bulgaria is not the most democratic also. Outside the top 100 countries in the world is by criterion: Freedom of speech in the media.
However, more and more foreigners – Russians, Chinese, Germans, Italians, Americans – start their own companies or buy ready-made companies and start a business in Bulgaria. The Question is: why? If you read this article you will understand why they do it. And what are the advantages of doing business in this beautiful East European country.
The advantages of business in Bulgaria
The countries of Central and Eastern Europe are largely mentally close to the Russians. It affects a long stay in the socialist community, and sometimes centuries-old historical traditions. Bulgaria in this sense can serve as one of the clearest examples. The similarity of languages, writing and culture creates comfortable conditions for the Slavs.
At the same time, EU membership gives Bulgarian citizens the right to freely move their goods and services within Europe. And, of course, go by yourself anywhere without a visa to the EU. Access to profitable loans from European banks. Moreover, if you have a Bulgarian passport, you can travel without a visa to 168 countries all over the world.
To find a place in the business world of countries such as Germany, France or Italy, you need a solid initial capital. In Bulgaria, without money, too, will not be easy. However, the order of the amounts is different, more modest. There are other important benefits:
- High economic potential of the tourism and service industry.
- Favorable tax climate.
- European legal standards.
- Developed infrastructure.
- Relatively low staff salaries.
- Cost of living commensurate with Russian conditions.
- Benevolent attitude of the authorities towards investors.
- Advantageous geographical and logistic position of the country.
- Choice of possibilities for legalization of residence and economic activity.
- Availability of the free economic zone “Burgas”.
What business can the Russians do in Bulgaria?
A person who has not found an effective way to earn money in his homeland will not be easier in a foreign land. How much they were close as mentalities, Bulgarians and Russians, there is a difference between them.
There is nothing surprising in the fact that local businessmen are engaged in the most profitable sectors. Visitors get directions that citizens of the country for some reason cannot or do not want to do. Unique offers work best. The second option is to serve the same foreigners as the entrepreneurs themselves.
Russian business in Bulgaria
There are only two main areas of activity of Russian entrepreneurs operating in Bulgaria:
- Positioning on local consumers.
- Serving the Russian-speaking target audience (visiting tourists and migrants).
Both options have advantages and disadvantages. It is advisable to offer Bulgarian consumers goods and services that are few or not in the national market. To enter into open competition with local businessmen “on their field” is not the best idea, but often obviously losing. It is advisable to open enterprises of the following profiles:
Ideas and market niches for small businesses in Bulgaria
- Restaurant, pizza, other places for public catering. This sector of the service sector in Bulgaria is well developed. In addition to the very rich national cuisine, there are Turkish and other oriental cafes and restaurants on the market. Quite good results can be given by the offer of something “original” (you can not get into the subtleties): ravioli, pasties, borscht, fish soup, dumplings and other dishes, commonly known as Russians. The main thing to ensure is high quality and affordable prices.
- Shop type “Berezka”. The assortment is made up of handicrafts (hand-made), souvenirs and objects of applied art of the peoples inhabiting Russia. The selection of goods should be treated very carefully, experimentally determining the most liquid positions.
- Mini IT-center. Russian computer programming and maintenance specialists are rightly considered highly qualified. The demand for services is steadily growing, and not only from large corporations. Ordinary citizens also often need to repair a laptop, reinstall the system, clean the computer from viruses, etc.
- Auto repair shop. A small enterprise can be opened by a high-class specialist who knows many types of machines. In Russia there are such craftsmen. Plus – relatively low rates for services. The service station of the leading brands in Bulgaria, of course, is there, but the prices there are quite European, even for an oil change. Difficult economic realities induce to save. In addition, some Bulgarians drive Russian and even Soviet cars.
- In car washes, coffee houses, sweet carnings (a kind of small bistro, which offers cakes and coffee), kiosks with popcorn, and similar small enterprises, there is nothing sharply national. However, in tourist regions they are almost never superfluous – there is enough space for everyone in the market. The income of such outlets brings not gigantic, but stable.
However, whatever you decide to do, you will need help on the ground. Look for a Bulgarian consulting firm that provides corporate and accounting services. Such a company is VD&A. They are proven professionals in this field. They will help you with registering your business(company formation). By opening your bank accounts. As well as keeping your new firm’s accounts.
To be Continued…