The ISO code of Bulgaria is BG according to the ISO 3166 standard. The local name of the country is the same as its English name. Bulgaria capital city is Sofia. People in Bulgaria speak the Bulgarian language. In the year 681, Bulgaria emerged as a sovereign political entity. The largest city in Bulgaria is Sofia.
Bulgaria is located in the UTC +02:00 time zone, which is also called Eastern European Time or EET. The internet country code top-level domain (ccTLD) for Bulgaria is .bg. Other domains assigned to Bulgaria are .бг, .ею, .eu. The domain name .eu is available for use by organizations in and residents of European Union member-states. The International dialing code for Bulgaria is 359. People in Bulgaria drive on the right side of the road. Total land area of Bulgaria is 110,879 km² (approx. 42,810 mi²). Bulgaria is not a landlocked country. It means that is is bordered by at least one major body of water.
Bulgaria is located in Europe. Bulgaria is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Bulgaria faces various issues, including air pollution from industrial emissions, rivers polluted from raw sewage, heavy metals, detergents, deforestation, forest damage from air pollution and resulting acid rain, soil contamination from heavy metals from metallurgical plants and industrial wastes.
Doing business in Bulgaria
We offer various corporate services in Bulgaria jurisdiction. These services can serve both, people coming from Bulgaria and foreigners. If you plan on doing business in Bulgaria you might be interested in contacting us.
To find out about starting your business in Bulgaria click on company formation in Bulgaria.
To find out how to open a bank account in Bulgaria and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Bulgaria.
Choose preferred service below or continue reading to find out more about Bulgaria.
Demographics of Bulgaria
The total population of Bulgaria is 7,036,848 people. In Bulgaria, the population density is 66 people per square kilometer (172 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Bulgaria is 0.4021. Bulgaria has approximately 102113 foreign immigrants. The median age is approximately 42.6 years. In Bulgaria, 55.15 in every 100 people use internet. Bulgaria has a Human Development Index (HDI) of 0.777.
The majority religion of Bulgaria is Christianity, Bulgaria is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Bulgaria.
Culture of Bulgaria
People in Bulgaria speak the Bulgarian language. According to data on inbound tourists in Bulgaria, 6,898,000 tourists arrive in the country each year. The first McDonalds in Bulgaria was opened on 10 December 1994, and it was located in Sofia. One of the most popular national dishes of Bulgaria is banitsa. To read more click on culture of Bulgaria.
Geography of Bulgaria
Bulgaria is considered to be a large nation because of its total area. Its total land area is 110,879 km² (approx. 42,810 mi²). Bulgaria is located in Europe. Its capital city is Sofia. Bulgaria has 5 neighbouring countries. Its neighbours include Greece, Macedonia, Romania, Serbia, and Turkey. Total length of land borders of Bulgaria is 1806 kilometers (~697 miles).
The highest point of Bulgaria is Musala, with its official height being 2925 m (9,597 ft). Including land mass and EEZ, the total area of Bulgaria is approximately 145,186 km² (~56,056 mi²). The most notable natural resources found in Bulgaria are bauxite, copper, lead, zinc, coal, timber, arable land.To read more click on geography of Bulgaria.
Economy of Bulgaria
The currency of the country is Bulgarian lev. The symbol used for this currency is лв, and it is abbreviated as BGN. 5.9% of population in the country are unemployed. The total number of unemployed people in Bulgaria is 415,174. Each year, Bulgaria exports around $27.9 billion and imports roughly $32.88 billion. The Gini Index of the country is 35.4. Bulgaria has a Human Development Index (HDI) of 0.777.The Global Peace Index (GPI) for Bulgaria is 1.607. Bulgaria has a government debt of 47.4% of the country's Gross Domestic Product (GDP), as assessed in 2012. Bulgaria is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are electricity, gas, water, food, beverages, tobacco, machinery and equipment, base metals, chemical products, coke, refined petroleum, nuclear fuel.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Bulgaria is $129,104 billion. Each year, consumers spend around $68,704 million. The ratio of consumer spending to GDP in Bulgaria is 0%, and the ratio of consumer spending to the world consumer market is 0.1981. The corporate tax in Bulgaria is set at 10%. Personal income tax ranges from 10% to 10%, depending on your specific situation and income level. VAT in Bulgaria is 20%. To read more click on economy of Bulgaria.
Infrastructure of Bulgaria
Infrastructure quality in Bulgaria is rated to be at 2.94. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Bulgaria, 100% of the population has access to electricity. There are 976,277 internet hosts in Bulgaria. Bulgaria has 68 airports nationwide.
The logistics performance index of Bulgaria is 3.16. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.88. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Bulgaria is 249. To read more click on infrastructure of Bulgaria.
Politics of Bulgaria
Bulgaria, is a unitary parliamentary republic. With regard to political and civil freedoms, Bulgaria is 1. Citizens in Bulgaria experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Rumen Radev.
According to the World Bank Group, the government effectiveness index of Bulgaria is 0.09. This indicates that the government of Bulgaria is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Bulgaria before considering any business maneuvers.In Bulgaria, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Bulgaria is 1.607. The strength of legal rights index for Bulgaria is 9. Overall, it is considered to be rather strong - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible. Bulgaria is a member of the United Nations (UN). On 14 December 1955, it joined the UN as a full member state. Bulgaria is a member of the European Union (EU). On 14 December 1955, it joined the EU as a full member state. Bulgaria is a member of the World Bank. To read more click on politics of Bulgaria.
Environment of Bulgaria
Bulgaria emits 6.7 metric tons per capita of CO2. 36250 km² of Bulgaria's territory is covered in forests. and forest land comprises 33% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Bulgaria is 249. To read more click on environment of Bulgaria.
Company formation in Bulgaria
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Bulgaria.
When establishing a company in Bulgaria, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Bulgaria that will affect the establishment and growth of one's business. Contact us or click on company formation in Bulgaria to read additional information when setting up a business.
Bank account opening in Bulgaria
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Bulgaria. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Bulgaria, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Bulgaria or contact us.