The reputable IT company UB – 70 contacted Sb Accounting & Consulting for the first time back in September 2008. In the dawn of the Global Financial Crises, the client which HQ is based in the UK, was seeking opportunities for minimizing its operative expenses and reducing its tax exposure. Their first choice was Bulgaria as our country has been in the focus of the investors’ interest for several years at that time. The political stability and predictability due to the NATO membership and to the EU accession, the stable economic perspective and the growing credit rating of the country and its institutions were only some of the elements drawing UB – 70’s attention. The UK firm has been attracted by rapidly developing national industry, highly skilled workforce and significant new market. UB -70, in the present situation has accounted that, with the world financial and economic crises, the macroeconomic framework of Bulgaria is favorable for entry of investments.
The first step which Sb Accounting & Consulting had taken for UB -70 was to draw up an Entering Implementation plan for the client. The due diligence search which we did had shown that the city of Varna offers the most favourable ratio of profit – expenses in the IT outsourcing business in Bulgaria. Being relatively large city Varna offers skilled IT work force on price which is more than 2 times lower than in the capital Sofia. Moreover, despite of the fact that Sb Accounting & Consulting is based in the capital Sofia due to our unique online business solutions for distance servicing of clients there were no obstacles for us to serve UB – 70 in Varna.
Therefore after the client took a decision to outsource his business from the UK to Varna, as a next step we established the Bulgarian Limited Liability company for the client and got it VAT registered. Also simultaneously with the business incorporation, Sb Accounting & Consulting advised and implemented for the client all other administrative solutions which a Bulgarian company may need at the time of entering the Bulgarian market. These services included:
- Assistance with Health and Safety at work and finding Industrial Medicine Company;
- Registration with the Personal Data Protection;
- Initial and Annual reporting to the Labour Agency for Bulgaria;
- Set up of Internal Rules of salary formation within the company;
- Accounting and Bookkeeping implementation services;
- Payroll, Personnel and HR set up services
UB – 70 has been already working with Sb Accounting for more than two and a half years. At the moment the client has 15 employees in the Varna office and the business is increasing with a steady pace. Sb Accounting & Consulting currently is providing accounting & bookkeeping, payroll & HR, taxation and specific reporting services for UB -70. Our intercourse is flawless and both companies client and provider benefit from the excellent relation which is a base for long term future cooperation
Letter of Recommendation from UB – 70 is at disposal of Sb Accounting & Consulting and available upon request from our prospective clients.