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Bulgaria Reduces Red Tape for Companies by 21.7%

Written by: Bridgewest

Bulgaria-reduces-redtape-for-companiesAfter promising to reduce the administrative burden related to opening a company in Bulgaria, the Government has delivered the first official data after the measure was implemented. The results have shown a considerable save on the costs associated with the new measure. Our Bulgarian lawyers can assist you in setting up a business in this country.

The new Bulgarian action plan rendered its first results

When deciding to implement the new action plan which provided for several measures that would turn Bulgaria into a more competitive country at EU level, the Government also decided to reduce the administrative burden placed on those starting businesses here. According to the Government, the results after the first year in which the new system was enabled generated savings worth 104.5 million leva, the equivalent of over 53 million euros.

The initial plan of the Government was to clamp down the red tape affecting Bulgarian companies by 30% during the 2015-2017 period. The report shows that at this moment the burden has been reduced by 21.7% which is a good result on a year-to-year basis.

Other measures contained by the action plan

The action plan to be unfold by the end of next year contains a set of 18 measures developed by several state agencies. Among these, the Finance, Transport, Labor and Social Policy and the Information Technology and Communications Ministries have proposed measures meant to assist companies in Bulgaria. The Employment Agency in Bulgaria has also come up with several solutions in order to grow employment levels.

The Customs Agency has also managed to draft and upload the first guideline for filing electronic administrative and excise declarations. The new program allows for the recovery of duties to be done within 7 days, compared to the previous 14 days-period.

Three of the measures proposed by the Bulgarian Ministry of Agriculture and Food were implemented sooner than programed, while the amendment of the Waste Management Act was approved on April 27th, 2016. The new legislation on waste management should ensure more competitiveness in this industry.

For complete information about the measures to be taken by the Government in order to help investors, do not hesitate to contact our law firm in Bulgaria.