|Local Time (LIVE):||5:16 AM|
|Local Currency:||$1 = BGN1.74|
|Business Language(s):||Bulgarian (English, German, French)|
|Tax Year Dates:||1st January – 31st December|
After a somewhat turbulent political past, democratic changes began taking place in Bulgaria at the end of the 1980s. Since then the country has evolved economically, and in more recent years has seen a dramatic increase in revenue derived from tourism, thanks to growing popularity as a ski and summer break destination. Other sources of Bulgarian income come from chief exports; fuels, clothing, footwear, machinery and chemicals.
In its central, east-meets-west location, Bulgaria’s capital Sofia is an ideal hub city for international business. Sofia International Airport is located just 10km (6.2 miles) from the city centre, and offers direct flights to 80 destinations in 31 countries across Europe and the Middle East. The capital itself also offers a comprehensive transport system using trams, buses, trolleybuses and a metro. Services include easy links to the airport, and run efficiently from 5.30am until around 11pm.
Any business-owners considering expansion into Bulgaria must be familiar with the country’s legislation, including those relating to HR and payroll considerations. When hiring local employees or immigrant employees in Bulgaria, there are a number of employment laws to be aware of and adhere to. Understanding such legislation can cause apprehension and stress among business owners, who need to give due attention to every step of the expansion process. Avoid this by letting the experts at FMP give you the guidance you need.
Details correct at time of publication. You should not rely on these details without first seeking professional international advice.