Bulgaria is the best place in Central and Eastern Europe to launch a business

Bulgaria earned praise as the best place to start a new business among the countries of Central and Eastern Europe in the new Euronews Business ranking. In its analysis, the media unit points to a total of five European countries where the act of setting up a small and medium-sized business is the easiest, and where the institutions are "open and welcoming to both local and foreign investors and businessmen."

The analysis takes into account the same factors used by the World Bank's Doing Business index, such as ease of registering property, working with building permits, obtaining credit and others.

The study on Bulgaria states that the country is a "highly-favored new business center in Eastern Europe", citing "comparatively low bureaucracy involved in setting up a company, which only takes up to a couple of weeks", as reasons for this. An expected advantage for Bulgaria is its flat 10% corporate tax, as well as the low administrative costs, cheap labor and low living expenses.

The report adds that foreign companies have no legal restrictions on purchasing land in the country and that thanks to Bulgaria's membership in the European Union they have access to the Single European Market.

Bulgaria's geopolitical location in Southeast Europe also provides convenient access to other established markets such as Greece and Turkey, while opening up opportunities in Serbia and North Macedonia.

Bulgaria also allows remote company registration.

The local problem with corruption, however, is highlighted as one drawback.

[It] still remains an issue in the country, which needs to be taken into account while considering what type of business to set up and in which part of the country to be based in,' according to the analysis.

The other countries

Another top location for starting a new business is Ireland with its digitally developed economy and low tax rates of 12.5%. The Netherlands is also on the list with an "exceptionally highly educated and skilled workforce" and incentives for new businesses, especially development, and despite a higher corporate tax rate of 25.8%.

In both countries, the advantage of Eurozone membership (to which Bulgaria is also striving) was emphasized, in addition to the wide use of the English language.

Sweden as a "business hub for technology entrepreneurs" is also part of the ranking.

The UK is the fifth country in the analysis highlighted for its tax breaks and a strong legal system.

Translated by Tzvetozar Vincent Iolov