Start-up visas allow entrepreneurs and innovators into a new country for them to build their business.
Across the world, Start-up visa programmes have surged in popularity over the past decade. They aim to attract entrepreneurs with regulatory or financial incentives, in turn, creating a flourishing and innovative business ecosystem in the host country.
Startup visas can also diversify the host country’s business community. A more cosmopolitan market can be beneficial for both the host country and the entrepreneurs themselves.
On October 7th, 2022, Bulgaria’s Council of Ministers completed the legal framework to create its own start-up visa. While the government initially introduced the visa in the 2021 Aliens in Bulgaria Act, it supplemented it last year with the Secondary Regulation. Designed to attract entrepreneurs seeking to grow high-impact start-ups in Bulgaria, the legislation aims to increase the Bulgarian presence in the global tech ecosystem and further develop the country as the Balkans’ techhub.
Bulgaria’s start-up visa programme offers a number of benefits for entrepreneurs looking to launch their business. Compared to other jurisdictions, the law creates a streamlined and efficient process for obtaining a visa and establishing a business presence in Bulgaria.
Details of the procedure and requirements for obtaining a start-up visa certificate are found in the Secondary Regulation. This certificate provides the basis for a Bulgarian Type D Visa and a subsequent residence permit application.
As of February 16th, 2023, the online application for start-up visas has officially begun. In short, the start-up visa program in Bulgaria is an attractive option for entrepreneurs seeking to establish a foothold in the European market. Should you need assistance with navigating the law and submitting your application, NBLO’s experienced immigration team is here to help and guide you through the process. For more detailed information on the process, please check out our article - https://www.newbalkanslawoffice.com/start-up-visa-in-bulgaria-application-process-overview/.