Set Up a Company in Agriculture in Bulgaria
Set Up a Company in Agriculture in BulgariaUpdated on Tuesday 23rd May 2017
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A growing demand for food and beverages that are naturally produced and for Bulgarian traditional products has determined more foreign investors to consider setting up a company in agriculture in Bulgaria.
The country has good natural conditions for the cultivation of a large number of vegetables, crops, and fruits and for growing livestock. Rural development programs have made the investment conditions more attractive for foreign investors and the Government offers special incentives for investments in this sector, along with several options for EU funding.
Bulgaria welcomes foreign investments in agriculture, however, investors are advised to seek professional help for the purpose of establishing a company according to the local laws. Our team of attorneys in Bulgaria can help you open a company in the agricultural sector.
The agriculture sector in Bulgaria
The food and agriculture sector is an important one in Bulgaria and also one that is attracting important foreign investments. International companies target key sectors such as food, beverage, dairy or fruits and vegetables.
Bulgaria has approximately 50% of its territory suited for farming and good natural conditions for growing a wide range of fruits, vegetables, and crops. The country’s geographical position also puts it at an advantage for food and beverage producers: it provides easy access to the rest of Europe, Russia or the Middle East.
Bulgaria has adopted the EU norms and laws for food safety and manufacturing and its local laws for food and beverage production demand that investors obtain special permits and licenses for functioning.
Our team of lawyers in Bulgaria is able to help you with information on the available Government incentives (for example, for fisheries) and the laws and regulations that are currently in place in this business sector.
Opening a company in Bulgaria
Investors who want to open a company in Bulgaria must choose the type of structure and register the legal entity with the Commercial Register. An important source for commercial companies and for running a business in Bulgaria is the Commerce Act.
Companies are taxed in Bulgaria on the income they derive from a Bulgarian source. Different taxation schemes may apply for foreign companies that operate through a branch and whose principal company is located in a country with which Bulgaria has signed a double tax treaty.
Companies in the agricultural sector will need to observe the VAT Act and the registration that is mandatory in his case.
For more information on how to open a company in the country please contact our law firm in Bulgaria.