We will continue our previous post about Bulgarian Economy – One of The Most Favorable Economies in The World for Starting a Business According to the World Bank
The registering property procedure has put Bulgaria in front of countries like Romania, Greece, Slovenia, Cyprus, Germany and many others in the global ranking. This good position of Bulgaria among the others can be easily explained with the fast procedure which takes in Bulgaria only around 15 days while in countries like Czech Republic and Poland more than 40 days will be needed (in Poland they will be 152!). In addition, the cost of the procedure is relatively low (3% of the property value), which result equals the result of the Czech Republic and is lower than the one of Hungary (5%).
According to the World Bank’s report Bulgaria is the 6th best country on a global basis for getting credited and it shares this place with the United States, Singapore, Australia and Latvia. Interesting fact is that regarding the strength of legal rights index, Bulgaria ranks third, only after Poland, the Slovak Republic and Singapore and as to the public registry coverage it ranks second after Portugal. The depth of credit information index of Bulgaria is the maximum 6 which equals the result of only one other country – the United Kingdom.
Another highly rated index is the protecting investors index which puts Bulgaria in front of Poland, Czech Republic, Slovak Republic, Hungary and many others. The strength of the latter index for Bulgaria is 6 out of 10. The strong investor protections indicate that the companies operating on this certain market have the more explicit ability to raise the capital needed to grow, innovate, diversify and compete.
The paying taxes index is the result of three considerations taken into account and its value is indicative for the common tax environment of the particular country’s economy. The factors that are being considered in order the index to be calculated are: the total number of the taxes payable and their frequency; the time required to comply with the main taxes payable and the total tax rates. Regarding this index Bulgaria is placed in front of Austria, Hungary, Poland, Czech Republic, Slovak Republic, Romania, Italy and many others in the global ranking table. The main factors contributing to the favorable tax climate in Bulgaria are, on the first place, the total tax rate which is considerably lower than it is in most of the European and non-European countries, together with the number of payments annually due.
