Bulgaria others

Success tips when doing business in Bulgaria

    doing business in Bulgaria
  1. Non-personal communication with Bulgarians is acceptable, but it is essential to visit Bulgarian business partners to maintain the level of trust and understanding the relationship is built on. Relationships are very important so when doing business in Bulgaria, take the time to get to know your Bulgarian counterparts;
  2. The capital city Sofia is the most attractive location for setting up a business in Bulgaria. Business Park Sofia for example is one of the largest office parks in South Eastern Europe and is designed to provide efficiency, flexibility and convenience;
  3. Entrepreneurs from the United Kingdom should register with the British-Bulgarian Chamber of Commerce (BBCC);
  4. Bulgarians appreciate foreigners who use humor to break the ice. However, pay attention to not direct it at anyone particular;
  5. During business conversation if you casually compliment Bulgarian sport or historical event, you will gain significant positives;
  6. It is not customary to exchange business cards when doing business in Bulgaria. Thus, if you forget to bring on a meeting it will not be considered a problem;
  7. Business culture is heavily influenced by Germany, thus punctuality is highly appreciated;
  8. Maintaining eye contact is vital for a healthy business discussion;
  9. Bulgarian business culture respects and appreciates formality, which means you should dress conservatively and formally;
  10. When toasting, it is customary to say ‘NazDrave’ (which means good health) to the whole group but also to each person while making eye contact.

Interesting facts about Bulgaria

    Bulgaria country information
  1. In the period between 2006-2012, Bulgaria enjoyed one of the highest GDP growth rates in the European Union, with GDP reaching US$53,5 billion in 2012;
  2. Bulgaria’s exports are mainly targeted towards Italy, as the biggest export trading partner amounting to US$2.6 billion. Main exports include i) refined copper; ii) refined petroleum and iii) packaged medicaments;
  3. Bulgaria is not part of the Eurozone. The local currency is the “leva” and has a fixed exchange rate with the euro, negating foreign exchange risk between the two;
  4. In the midst of the European debts crisis, Bulgaria is one of the few countries with low public debts in the EU, amounting to only 27% of GDP in 2014;
  5. In Bulgaria, people shake their heads up and down when they mean ‘no’ and nod left to right when they mean ‘yes’;
  6. Bulgaria is negatively ranked i) the least press free country in the European Union and ii) as the 100th press free country world, according to the World Press Freedom Index 2014;
  7. The country is in the top 20 of the highest inflation rates in history due to the monetary crisis in 1997;
  8. Bulgarian is in the Top 10 countries in the World by home ownership rate around 86%;
  9. Meiji Corporation bought the rights to sell Bulgaria yoghurt in Japan in 1950. Nowadays Meiji Bulgaria yoghurt boasts 60% of the dairy market in Japan;
  10. Bulgaria is the oldest country in Europe not to change name since its creation.

External readings

Contact us

For additional information on our company registration services in Bulgaria, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
Bulgarian chamber of commerce and industry Bulgaria financial supervision commission Bulgaria government Central bank of the Republic of Bulgaria - Bulgarian national bank