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We are an independent company of Chartered Accountants, Business Advisors and Tax Consultants based in Sofia, Bulgaria.
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WTP Advisors Bulgarian Chamber of Commerce
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Running a Business in Bulgaria

When John Hazlewood told one of his advisors he was planning to hire a team of Bulgarians to build and operate his online travel company, the advisor thought he’d lost it, according to Hazlewood. Today, with TheStoreMaker.com up and running, Hazlewood is proving that basing his high-tech business in Bulgaria makes sense. The small country, located near Romania with access to the Black Sea, has a tradition of high-tech skills dating back to when it was a communist nation.

“During communist times, Bulgaria was producing computers,” said Jonathan Kimball, desk officer for Southeast Europe at the Department of Commerce in Washington, DC. “Now, with access to Western technology, their engineers can be highly valuable to American companies. There are opportunities, especially in the high-tech field, because of their highly educated work force. This, combined with the low labor costs and close proximity to Europe, creates many opportunities for U.S. companies in Bulgaria.”

 




Foreign direct investment in Bulgaria in the first half of 2017 stood at 405 million euro, the equivalent of 0.8 per cent of the gross domestic product.

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Foreign direct investment in Bulgaria in the first half of 2017 stood at 405 million euro, the equivalent of 0.8 per cent of the gross domestic product (GDP), statistics from the Bulgarian National Bank (BNB) showed. In the same period of 2016, FDI was 760.9 million euro, but the original amount reported by BNB last year was 778.4 million euro, which was revised downward later.

Investment in equity, including in the real estate sector, showed an outflow of 123.9 million euro (compared to an inflow of 172.9 million euro in the first half of 2016) and re-invested earnings accounted for 257.8 million euro (versus 353 million euro a year earlier), according to preliminary data.

Receipts from real estate investments by foreign companies totalled 3.4 million euro, compared to 48 million euro during the same period of 2016.

Written by Independent Balkan News Agency

 




Bulgaria the perfect mid-shore option….

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  1. Why Bulgaria?

The OECD and EU Initiatives bring about a lot of changes. From FATCA to GATCA, BEPS, AML/CFT Directive, Tax Rulings, Global Transparency, Exchange of information, UBO’s Registers and many more…  CSPs under a magnifying glass… How should we deal with it?

 




Bulgaria to implement TOMS for wholesale supplies

The Bulgarian authorities have announced that with effect from 1 January 2017, the tour operator’s margin scheme (commonly referred to as TOMS) will apply to B2B wholesale supplies of travel packages, as well as supplies made to end users.

Until now, as with a number of other EU member states, B2B wholesale supplies have been treated in accordance with the place of supply of services rules introduced in 2010, however this contravenes EU law, and indeed was the subject of numerous infrigement proceedings against EU member states.

Businesses making such supplies should review agreements and transactions, particularly as input tax recovery will be significantly affected, as will reporting obligations.

 




Brexit –The Global Business Impact

When the 5th largest economy in the World leaves the EU, it definitely will reflect on all others.

While UK slowly starts Brexit processes, the impact on UK, the rest EU countries and least but not last – on each 3rd country is definitely noticeable.

The main obstacle which Brexit will accrue to UK and to the other EU members is the European Union single market access which allows the free movement of goods, services, money and people within the European Union.

 




Bulgaria: The most attractive IT outsourcing destination in Europe

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OUTSOURCING TO BULGARIA

In the course of the most recent decade, the IT business in Bulgaria has expanded profoundly in terms of its capabilities. Considering this fast yet stable advancement for Outsourcing to Bulgaria, the country can be seen as one of the best outsourcing destinations in a worldwide perspective. In the past, agriculture, metallurgy, production of goods and chemicals were the center of Bulgaria’s industry, these days they have been greatly replaced by industries, for example, IT and telecommunication services.

 




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