site.btaEnterprises from Russia, Belarus, Ukraine, Georgia, Armenia Showing Interest in Bulgarian Startup Visas

Entrepreneurs from many countries, including the Russian Federation, Belarus, Ukraine, Georgia, and Armenia have already shown interest in Bulgarian startup visas, the issue of which has been regulated since the end of 2022, Nedyalko Dervenkov, CEO of the Bulgarian Startup Association BESCO, told BTA. Though a bill was adopted in October 2022, there is no platform yet for applying under the procedure, which allows foreign entrepreneurs to legally make business in Bulgaria, he said.

According to Dervenkov, the platform is expected to become accessible as soon as possible. The members of the newly established commission to review the applications will become known on Wednesday. On the commission will be experts in various fields, including scientists from the Bulgarian Academy of Sciences. 

Commenting on the countries showing interest in Bulgarian startup visas, Dervenkov said that the military conflict in Ukraine is undoubtedly a catalyst of that interest, but the main reason lies in that the citizens of those countries historically see Bulgarians as a close people. "They are familiar with the culture, therefore they see an opportunity for integration in the European family precisely through our country," he added. The startup entrepreneurs who see opportunities for business in Bulgaria, develop mostly software products; there are also entrepreneurs with products in the outsourcing industry.

The initiative to create texts regulating the issue of Bulgarian startup visas was launched in 2018 by former economy minister Emil Karanikolov at the insistence of BESCO. On October 7, 2022, Parliament amended the Foreigners in the Republic of Bulgaria Act to task the Ministry of Innovation and Growth with the issue, extension, and revocation of startup visas. 

The startup visa allows third-country nationals to launch innovative businesses using high-tech and developing R&D activity. It is important to underscore that this visa is not a residence permit; it is but one of the documents required for the issue of a residence permit to foreigners wishing to make innovative and/or high-tech business in Bulgaria, Dervenkov said. Such a practice already exists in countries such as France, the Netherlands, Estonia, Finland, Iceland, and Denmark.