Bulgaria will now issue a Startup Visa for quick access to long-term residence in our country to entrepreneurs from third countries who want to develop high-tech and/or innovative projects in our country. Thus, our country joins a large part of the EU countries that have established regulations for the procedure.
“The certificate provides foreign citizens the opportunity to start and develop projects involving high-tech and/or innovative activities in the country, and is one of the mandatory documents for obtaining a long-term residence permit”, states the regulation.
According to our partners from the Bulgarian Startup Association – BESCO, the regulation will help the companies that will come to Bulgaria to develop here for the benefit of the Bulgarian economy, accelerate growth, pay taxes in our country, attract foreign investments, attract experts from abroad who will bring new skills, technologies and practices, enrich our business ecosystem and create new jobs.
The Startup visa is a certificate for a high-tech and/or innovative project that helps foreign founders (citizens of non-EU countries) to set up and develop their startup company in Bulgaria. The visa application is submitted electronically to the Ministry of Innovation and Growth. Among the required documents are a business plan, a document for a valid patent (if applicable), an investment contract for a minimum of BGN 100,000, etc. The projects are reviewed within 30 days, evaluated according to six criteria and, upon approval, a Startup Via is issued with a validity period of 1 year.
A detailed explanation of what the Startup visa is and what it is for can also be found on the BESCO website here.