Bulgaria's economic surge is undeniable, with a robust GDP 3.4% growth of 2023 [1] and a strategic position in Southeast Europe that facilitates a flourishing trade environment. Recent trends indicate a surge in foreign direct investment, reaching € 1.19 million last year.[2]
Tiras, a leading consultancy boutique firm, is instrumental in helping foreign businesses capitalize on Bulgaria's economic momentum. In 2023 alone, Tiras provided legal, accounting, and business advice to over 100 international clients, resulting in a 75% increase in successful market entries.
The Bulgarian market presents unique tax and fiscal opportunities, and Tiras excels in guiding businesses through these intricacies. An example under the Corporate Income Tax Act, dividends enjoy a tax advantage, being tax-exempt when reinvested. When distributed to individuals, non-profit entities, or non-residents outside the EU or EEA, a withholding tax of only 5% applies.
In fact, the firm's tailored services have contributed to a remarkable 30% growth in revenue for its clients within the first year of market entry.
In summary, Bulgaria's economic landscape is thriving, and Tiras has proven instrumental in facilitating foreign business success. With a track record of aiding over 100 international ventures and achieving a 30% growth rate for its clients, Tiras is the go-to consultancy for businesses aiming to navigate and capitalize on Bulgaria's burgeoning market.
[1] GDP amounting to EUR 95,582 million for 2023 (BNB forecast), and EUR 85,799.4 million for 2022 (NSI data as of 19.10.2023).
[2] Bulgarian National Bank, ‘Direct Investment January – October 2023’.