The Secondary Regulation to the Bulgarian Start-up Visa was adopted by the Council of Ministers on the 7th of October 2022. This regulatory regime is the last piece of the Start-up Visa that the Government first presented in the 2021 Aliens in Bulgaria Act. The legislation is intended to bring entrepreneurs to develop high-impact start-up businesses in Bulgaria to boost the Bulgarian influence in the world of tech and create a technological hub in the Balkans.
The application
It is here at the ministry that the application is reviewed and assessed by a panel of elite individuals who work at the government or who have academic or business experience. Fits its provisions based on six criteria, including adequate funds available, financial forecasts and capital available, customer network, investments, good patent or IP certification and business plan and presentation. The application must be reviewed within a period of 30 days after submission.
All the criteria are weighted differently, and the applicant has to achieve an average of 8 points out of a maximum of 14 points. The process of applying is non-paying.
The Regulation explains the course and conditions of the issuance of the Start-up Visa Certificate (hereinafter referred to as the Start-up Certificate) based on which a Type D Visa and a later residence application are permitted.
The process could start with an online application. Start-up Council
In the same way as in the UK (Innovator Visa), Finland (Business Finland) and Denmark (Start-up Denmark), Bulgaria has appointed a special committee to give their opinion regarding the case.
The Bulgarian regulation envisages a Start-up Expert Council (the Start-up Council), comprising representation of governmental officials, and other people working in the start-up environment and VC environment in the form of NGOs. The composition of the Start-up Council is fixed by the Minister of Innovation and Growth based on individual decisions.
Procedure
People can apply online at the Ministry of Innovation and Growth. The attachment of all possible information and documents should be attached. Where there are any discrepancies or information is required, then the applicant shall be allowed a time of 14 days to furnish the required information or to act on the instructions. Whenever everything is properly in place, the Start-up Council reviews the application after 30 days. A report can be issued by the Start-up Council, and it can contain the following:
- The satisfactory view of the reasons why the approval of the application ought to be given.
- A well-explained narration regarding the reasons for refuting the application.
- As per the report, the Minister of Innovation and Growth is either able to grant or reject the issuance of the Start-up Certificate.
In general, 3 candidates can take advantage of single approval (the applicant and 2 people, the input of whom is necessary, to develop the project).
Criteria
Each application will be assessed by the Ministry of Innovation and Growth based on 6 criteria and based on a points system, namely:
- Available money- up to 3 points.
- Financial projection and starting capital are a maximum of 3 points.
- Client network- up to 1 point.
- Confirmable patent or utility model registration- up to 1 point.
- Business plan or presentation- up to 5 points.
- All the criteria are given different points, and the applicant should get not least 8 out of 14 points.
Residence and Visa
After receiving the Start-up Certificate, the applicants are eligible to apply at the Bulgarian Consulate accredited to their country of permanent residence for a Type D visa. After the successful acquisition of the visa, the applicant must arrive in Bulgaria and have the chance to receive a residence good up to one year with the right to be renewed.
Renewal
In order to renew their application, the applicants are to present the data concerning the course of the start-up development and the data proving that they have a 50 percent share of the capital of a Bulgarian company. Whose focus is the one identified in the original application for the Start-up Certificate. The submission must be in one month before the Start-up Certificate expires.
Validity
The entrepreneurs will be entitled to live and work in the country for a year, after which they can revise their visas. During the last part of the interim, the business should be answering to the commission and presenting the way it is growing. The result is that entrepreneurs will remain in Bulgaria and get funding to develop their idea to an international level.
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