On September 29th, Kambourov & Partners Attorneys at Law law firm, with the support of AmCham Bulgaria, held a discussion named Moving People, Growing Business, Creating Opportunities. The discussion brought together business leaders, institutions and professionals to explore Bulgaria’s changing position as a destination for business relocation and international talent.
One of the key takeaways was that Bulgaria’s investment profile is changing. The country is increasingly moving beyond the perception of being a low-cost destination and is attracting investors through added value, access to skilled talent and the advantages of being part of the EU and other international political and economic structures.
For international professionals, Bulgaria offers a combination of security, access to healthcare, a welcoming environment and competitive purchasing power. At the same time, the country has developed its own pool of experienced professionals, which continues to make sectors such as IT attractive to foreign investors despite the challenges facing the industry.
The discussion also highlighted that successful relocation requires realistic planning from the very beginning. Companies should establish a clear roadmap, choose the appropriate corporate structure and management model, and ensure that employees understand their employment and migration status, including the terms of their employment, probation periods and potential changes of employer.
A local operational representative can significantly facilitate the process, particularly when it comes to navigating administrative matters. Companies should also account for less obvious costs, such as temporary accommodation for relocating employees, as well as the risk of losing an employee after significant relocation investments have already been made.
Finally, representatives of the Migration Directorate and the Ministry of Foreign Affairs shared their perspective on the growing workload associated with legal migration. Despite the significant pressure on the system, both institutions continue to work towards processing applications within the applicable timeframes, while also seeking to improve working conditions and expand their administrative capacity.
