Bulgaria can now officially issue startup visas
Source：Investor BG
From：Taiwan Trade Center, Sofia
Update Time：2022/11/07
The legal changes introducing the legal regulation for this have been published in the State Gazette
Bulgaria joins almost half of the countries of the European Union that can issue so-called startup visas, after the Law on Amendments and Supplements to the Law on Bulgarian Citizenship adopted at the end of February was published in the latest issue of the State Gazette .
The transitional and final provisions of the text introduce amendments and additions to the Law on Foreigners in the Republic of Bulgaria, one of which is the creation for the first time of a legal regulation of the so-called Startup Visa (Startup Visa) - grounds for residence in the country of foreign entrepreneurs, with the aim of developing a high-tech and/or innovative project.
Thanks to the new legislation, foreigners, citizens of third countries who want to develop a high-tech and/or innovative project in Bulgaria, will have the possibility of quick access to long-term residence in the country. For this purpose, they will be able to apply for a certificate from the Ministry of Economy for this type of project (called a Startup visa). After obtaining a long-term residence visa type D, the applicants must have become partners or shareholders holding more than 50% of a Bulgarian commercial company, whose subject of activity is the one stated at the time of issuing the certificate.
The startup visa is not bound by requirements for a minimum financial investment - the size of the capital of the company, through which the startup project will be carried out, will be irrelevant. There is no need to disclose a certain number of jobs for Bulgarian citizens. In this way, the possibility of non-EU entrepreneurs to start a business in Bulgaria is greatly facilitated.
This type of visa in various forms is already available in half of the member states of the European Union (EU), explained in a newsletter from the Dobrev and Lyutskanov law firm.
According to the Bulgarian Startup Association BESCO - one of the main initiators of the project, through which our country is provided with access to capital - the companies will develop here, for the benefit of the Bulgarian economy, will pay taxes here, will attract foreign investments, will accelerate the growth of the economy. In addition, they will bring ready specialists from abroad and will also open new jobs for Bulgarians. Last but not least, the newly attracted companies will bring new know-how, new technologies and practices and will enrich the country's business ecosystem.
Source: https://www.investor.bg/a/566-novini-i-analizi/362064-balgariya-veche-ofitsialno-mozhe-da-izdava-startap-viz