The outsourcing industry has been one of the most rapidly developing sectors of the Bulgarian economy over the past years. Our country is a reputable and highly attractive destination to outsource IT, business process and knowledge process projects. Bulgaria is also the most financially attractive outsourcing destination in Europe, well ahead of its competitors in the BPO sector in Central and Eastern Europe.
The combination of multilingual skills, a highly educated and motivated workforce and competitive pricing makes the country an attractive choice for outsourcing customer service and other functions.
Bulgaria offers a combination of political and macroeconomic stability and incentives for doing business:
Stable parliamentary democracy;
EU, NATO and WTO member;
Fixed currency to the Euro under a currency board arrangement;
Lowest tax rate and low labour costs.
Starting a business in Bulgaria is less costly compared to other countries in Europe and developed world.
Besides Sofia, other major cities such as Plovdiv, Varna, Burgas, Veliko Turnovo, Blagoevgrad and Ruse have excellent university programs and significant BPO potential. About 60 000 students graduate annually from all Bulgarian universities. About 50% of the graduates obtain degrees in majors suitable for the needs of the BPO industry. Estimated 80 000 Bulgarian students study abroad and present a major labour source for BPO companies in Bulgaria.
98% of the students enrolled in secondary school in Bulgaria study a foreign language, 73% study at least two foreign languages. There are over 100 specialized language schools (about 10 000 graduates per year) with Western European or other foreign languages of instruction. Other languages taught in Bulgarian secondary schools include Portuguese, Japanese, Chinese, Arabic, Romanian, Swedish, Hindi, Hebrew, and Turkish. Over 544 vocational secondary schools offer concentrations in business, technology, arts and crafts or related degrees. They have over 30 000 graduates per year.
Our country has a favorable foreign investment regime, including government incentives for new investment and low and flat corporate and income taxes. Bulgaria offers the opportunity to choose among several large cities each offering different lifestyle and business.
Bulgarians are very open and receptive of different cultures, practices and innovations. All large cities are relatively close to both the sea side and to a major mountain resort.
Global companies like Concentrix Corporation, IBM, TeleTech, Coca Cola, VMware, Siemens, Ericsson, Copmarex and many others have chosen Bulgaria for some of their outsourcing activities.
- The operational costs are among the lowest in the UE
- Excellent language skills in all major European languages
- A highly-qualified, motivated and flexible labor force – 28% of the population holds university degrees
- Cultural proximity to the Western business world in terms of business attitude and ethics
- Geographical proximity to Central and Western Europe, and EU member states
- Superfast Internet
- Inexpensive offices
- Member of EU since 2007
- Stable macro economical environment
- Low taxes/good fiscal climate for investors
- Fixed exchange rate with the Euro
- Developing infrastructure