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Brexit Opportunities for Global Business.

 

Whether you already have a UK business or whether you were thinking of starting up in Britain, you may be feeling a bit wobbly after last week’s Brexit results. But don’t panic. All is not lost. While Britain starts slowly packing its bags and waving a forlorn farewell to the EU, there may be some opportunities in other countries for entrepreneurs who prefer to stay in the EU.

Moving your business operations in other EU countries.

 

Many other countries in the EU area offer fantastic business opportunities that are still to be explored by the BREXIT wave consequences. For example CEE and in particular Bulgaria offer extremely competitive business landscape for post-Brexit business expansion.

Political and business stability

Bulgaria is a member of the European Union, NATO and WTO. The stability of the currency is supported by the currency board, pegging the Bulgarian lev to the euro at the level of 1.96

Low cost of doing business

Bulgaria has the most favourable tax regime in Europe. Corporate income tax rate is 10%, the lowest in the EU. Personal income tax is 10 %, flat rate. Industries in high-unemployment areas are granted 0% tax rate

There is a 2-year VAT exemption for imports of equipment for investment projects over €5 million, creating at least 50 jobs

Depreciation time for computers and new manufacturing equipment is 2 years. 5% withholding tax on dividends and liquidation quotas (0% for EU tax residents). Bulgaria has one of the most competitive costs of labor in Central and Eastern Europe. Favorable office rents and low cost of utilities. Bulgarian cost of electricity for industrial users is 70% of the European average

Strategic location

Located at the heart of the Balkans, Bulgaria is a strategic logistics hub. Ease of transportation of cargo is provided by

Five Pan-European corridors ( IV, VII, VII, XI, X), which pass through the country

Transport program TRACECA, which connects Europe with Caucasian and Central Asian region

Four major airports: Sofia, Plovdiv, Bourgas and Varna

Two main seaports: Varna and Bourgas

Numerous ports at the Danube River

Access to markets

Due to its location Bulgaria provides direct access to the following key markets:

European Union – zero tariff market with population of 500 million

CIS – still not well penetrated market with a high potential

Turkey – zero tariff market of near 80 million population

Middle East – a market with high purchasing power

North African market

Human resources

Work force is well educated, highly skilled and multilingual

62.2 % of the total population is in working age (appr. 4.6 million)

60 000 students annually graduate from 51 universities

98% of the high school students study a foreign language (usually English) and 73% study a second language (mainly German, French, Spanish, Russian)

94% of the schools have Internet access

Brexit will open up new markets beyond the EU

 

If you’re already exporting goods outside the UK, or you’re eager to explore overseas markets, Brexit could deliver a welcome boost. Or, more specifically, the devalued pound resulting from Brexit uncertainty could help to boost your export sales.

Invest in Bulgaria

 

 

Date of publication: 11 November 2019

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This publication is written in the context of EU legislation, effective by the date, indicated above in the text. Please note that future amendments in the relevant legislative acts, court decisions or opinions of official authorities or other sources of legal obligations, which became effective after the quoted date, may affect the accuracy of the information above. This is one-time publication and Prosperamo is not responsible to keep it up-to-date. For more information – please read the following disclaimer.

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