Bulgaria eases rules in Investment Promotion Act

Written by on October 7, 2015 in Business - Comments Off on Bulgaria eases rules in Investment Promotion Act

Bulgaria’s Cabinet has approved changes to Investment Promotion Act regulations in a move intended to ease the burden on investors applying for an investment classification certificate, the government said on October 7.

The changes regulate the possibility of the investor applying for a certificate to indicate which of the required data can be found in public records.

Further, investors are exempted from the obligation to submit documents that they already have submitted to the Invest Bulgaria Agency in relation to other administrative procedures.

Requirements for the conditions to be met in order to provide incentives amounting to state aid are optimised, according to the government statement.

The draft decree provides for the waiver of specificity of training in implementing the aid scheme for training, the statement said.

It introduces a differentiated approach in the allocation of funds for partial reimbursement of the investor on his account, in his capacity as employer, mandatory contributions to state social insurance, supplementary pension insurance and mandatory health insurance for employees taking up work in the new jobs.

The period for which funds are granted is to differ depending on the geographical area in which the investment project is implemented.

In municipalities that for the previous year had unemployment higher than the national average, the period is 24 months, while in other cases it will be up to 12 months.

(Photo: Facebook page of the Invest Bulgaria Agency)

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