INVESTING IN BULGARIA POTENTIAL AND OPPORTUNITIES
REASONS TO INVEST in Bulgarian Human Resources
• Low Corporate Tax Rates: Bulgaria has a competitive corporate tax rate of 10%. • Access to the European Market: As a member of the European Union, investors can tap into a market of over 500 million consumers. • Skilled Workforce: Bulgaria boasts a well-educated workforce with a strong emphasis on technical skills. • Strategic Location: Bulgaria is situated at the crossroads of Europe, Asia, and the Middle East, offering easy access to key markets.
• Affordable Cost of Living: Compared to other European countries, Bulgaria has a relatively low cost of living, making it attractive for both businesses and individuals. • Growing Economy: The economy is growing, with a focus on innovation and entrepreneurship, making it an appealing destination for investment in technology and start-ups.
FAVORABLE INVESTMENT INCENTIVES
The Bulgarian government provides various investment incentives, such as tax breaks and subsidies, to encourage foreign investment. Access to Natural Resources: Bulgaria is rich in natural resources, including minerals, forests, and fertile agricultural land, offering investment opportunities in these sectors. Growing Renewable Energy Sector: The renewable energy sector is growing, with investment opportunities in solar, wind, and hydro power projects.
Before making any investment decisions, it’s important to consider your own goals and risk tolerance, and to conduct thorough research.
HUMAN RESOURCES
The human resource (HR) resources in Bulgaria are generally well-qualified. Bulgaria has a well-educated workforce, with a strong emphasis on technical skills, which is why it is an attractive location for outsourcing and offshoring. Additionally, many Bulgarians speak English, making it easier for companies to communicate with their employees. Furthermore, the country has a strong emphasis on continuing education and professional development, which means that its workforce is constantly upgrading their skills and knowledge. Overall, the HR resources in Bulgaria are highly skilled and capable, making them an asset for companies looking to invest in the country.
EDUCATION
Education in Bulgaria is highly valued and has a long history and tradition. Today, the Bulgarian education system is modern and well-structured, offering both public and private education options. The education system is divided into three levels: primary education, secondary education, and higher education.
Primary education is mandatory and lasts for eight years. Secondary education is also mandatory and lasts for four years. It is divided into two parts: lower secondary education, which covers grades 9-10, and upper secondary education, which covers grades 11-12.
Higher education in Bulgaria is provided by universities and colleges, both public and private. Students can pursue undergraduate and graduate degrees in a wide range of fields, including science, engineering, arts, and humanities. Many universities in Bulgaria have strong international connections and offer programs taught in English.
Overall, the Bulgarian education system provides students with a strong foundation in academics, as well as practical skills and knowledge. The country’s emphasis on education and professional development contributes to its highly skilled and qualified workforce. The education in Information Technologies is developing dynamically producing skillful professionals from formal and informal educational practices.
STARTING BUSINESS
Starting a business in Bulgaria is relatively straightforward, with a simple and efficient process in place. The country has a favorable business climate, with a stable political situation, transparent legal system, and pro-business policies. Additionally, the Bulgarian government offers various investment incentives, including tax breaks and subsidies, to encourage foreign investment in the country.
The process for starting a business in Bulgaria typically involves the following steps:
Choosing a business structure: This can be a sole proprietorship, limited liability company, joint-stock company, or any other legal form.
Registering the company: This involves submitting the required documentation to the Commercial Register, which is a government agency responsible for registering companies in Bulgaria.
Obtaining necessary licenses and permits: Depending on the type of business you are starting, you may need to obtain specific licenses and permits from the relevant government agencies.
Setting up a business bank account: This will allow you to manage your business finances separately from your personal finances.
HIRING EMPLOYEES
You will need to follow the legal requirements for hiring employees in Bulgaria, including obtaining the necessary permits and paying taxes and contributions.
In general, the process of starting a business in Bulgaria is straightforward and well-structured, with a supportive business environment and investment incentives available to help entrepreneurs get started.
• Recruitment services in Bulgaria are licensed to ensure that they operate in a regulated and professional manner. The Bulgarian government recognizes the importance of the recruitment industry and has implemented a licensing system to ensure that all recruitment agencies comply with legal requirements and follow ethical practices. • A licensed recruitment agency must meet certain criteria, such as having a physical office, insurance coverage. The licensing process also involves a review of the agency’s business plan and operations, which helps to ensure that the agency is financially stable and able to provide high-quality services.
• Having a licensed recruitment agency provides several benefits for both the agency and its clients. For the agency, it demonstrates its professionalism and commitment to quality. For clients, using a licensed recruitment agency provides reassurance that they are working with a reputable and trustworthy partner. Overall, the licensing system for recruitment services in Bulgaria helps to ensure that the industry operates in a regulated and professional manner.
Using a licensed recruitment agency provides several benefits for clients, including the assurance that the agency has the necessary licenses and insurance coverage, and the expertise and experience to provide high-quality services. In addition, licensed recruitment agencies are subject to regular checks and audits, which helps to ensure that they are operating in a compliant and professional manner.
Therefore, it is generally recommended to use licensed recruitment agencies rather than freelance recruiters in Bulgaria, to ensure compliance with local laws and regulations, and to receive high-quality recruitment services. Horizons Bulgaria service portfolio covers the full spectar of HR business activities.
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EMPLOYER BRANDING
Horizons Bulgaria uses the HR expertise gained over the years to offer professional management of an employer brand. Employer branding is the process of creating and promoting a positive image of an organization as a great place to work, with the aim of attracting and retaining top talent. This encompasses all aspects of the employee experience, from the company’s values, culture, and working conditions to its reputation and its efforts to create a positive work environment.
EXECUTIVE SEARCH
The executive search assignments are delivered by our high-end consultancy practice for strategic talent recruitment – Horizons Executive Search. Executive search is often used for C-level positions, top executives, and other critical roles that require specialized skills and experience. The process typically involves a thorough evaluation of a candidate’s qualifications, experience, and fit for the organization. 
HEADHUNTING
Direct, proactive and confidential approach to high-caliber professionals in completive or relevant organizations. Headhunting is a recruitment method where a company or recruiter actively seeks out and approaches highly skilled and experienced professionals who are not actively seeking a job change, with the aim of convincing them to join their organization. This method is often used to fill key positions or to find top talent in a specific industry or field.
RECRUITMENT AS A SERVICE
Recruitment as a Service (RaaS) is a model where a company outsources all or part of its recruitment process to a third-party provider. The provider takes care of tasks such as job postings, candidate sourcing, screening, and selection, allowing the company to focus on other aspects of their business.
TRAININGS
Soft skills training for HR professionals focuses on the development of interpersonal and communication abilities that are essential for success in the workplace. This type of training can cover areas such as conflict resolution, leadership, teamwork, time management, active listening, emotional intelligence, and cultural competency.
EMPLOYER OF RECORD
Horizons Bulgaria is licensed as temporary job agency in accordance with the provisions of the Labour Code. An Employer of Record (EOR) service acts as the formal employer for a company’s contracted workers, taking on the legal and administrative responsibilities of the employment relationship, including tax withholding and reporting, benefits administration, and compliance with labor laws.