ROWO BUSINESS: BULGARIA – A STARTUP MACHINE

ROWO BUSINESS (rowobusiness.org) is a joint initiative between TP CONSULT LTD and SIV CONSULT 8 LTD that offers consultancy, project management and management services. Tasia Tassova is a certified project manager from Stanford University, and graduated from Sydney University in economics and international relations.

Why do foreign investors choose Bulgaria?

Bulgaria has the advantage of being in South Eastern Europe and this geopolitical and geostrategic location helps it to be a preferred destination for investments. Investors understand that Western Europe has reached its growth limits and is currently in a slow spot, hitting an investment plateau. Meanwhile business keeps on seeking better solutions for its operations. This is why we have here, in Bulgaria, so many Spanish, French, Italian, Turkish, Greek and other companies that have en masse moved their production to Bulgaria. This trend will keep up accelerating; we are aware of entire businesses based at some of Europe's industrial zones actively researching the conditions in Bulgaria.

You say that Bulgaria is the Balkan Mecca of startups. Why?

Because this is a fact. For the past five years we have been experiencing a veritable boom in purely Bulgarian companies – local initiatives that appear on the international stage after being acquired by some corporate giants who have recognised the potential of investing in them. It is becoming a reality: these lean Bulgarian "lion cubs" eventually transform into powerful unicorns. Let me give an example. In just two years in my family alone we successfully sold two companies. One of them was immediately evaluated to over $1 billion. I expect that the other one will soon, too, become a unicorn.

Bulgaria is a startup machine. We know about many foreigners who choose to register their startups here. We, at ROWO BUSINESS, can be of immense help to these young companies by providing full administrative, logistic and consulting support. Should they need, we can also support them in the project management and general management fields, as well as in their business development and growth. We could even introduce them to potential colleagues and partners.

Why are foreign companies interested in investing in Bulgaria?

As discussed, Bulgaria's geostrategic location plays a crucial role for this. Hence, the reason for so many local projects being considered interesting from a business point of view: logistic centres, industrial parks, all sorts of hubs, even private infrastructure projects (PPP's), renewable sources energy projects, hospitals, investment in real estate, and last, but not least, our scientific bio- and IT clusters, including Bulgarian hydrogen companies.

Bulgaria has a wealth of healing mineral waters with a diverse chemical composition that creates perfect conditions for developing SPA and wellness projects at an international quality level. Hospitality and entertainment businesses do have more potential for development for the significant demand for true 5-star hotels offering a luxury experience, including architecture and interior design, is real.

Why do service companies flourish in Bulgaria?

End clients all over the world would rather prefer hearing a European accent, which is great for us. There are already cases of call centres being moved back from Southeast Asia to their country of origin, based on customer feedback. My intuition tells me that the future of service companies can be in Bulgaria's smaller regional capital cities, where there is plenty of room for cost optimisation.

What about Chinese companies? Are they interested in Bulgaria?

Definitely. A Chinese company recently bought a large solar park. A luxury hotel was inaugurated. Many Chinese companies own properties or opened offices as a smart gate to the EU. Bulgarians design robots for a Chinese brand. Infrastructure companies are present. I would like to say to our Asian partners to be more active, as they need not be afraid of signing partnerships with Bulgarians. The Bulgarian presence makes things easier for them. It allows the work flow to move faster and more efficiently on a daily basis. However, such companies need to cooperate with a trusted consultant. As you know, trust is something that should be deserved.

In short, what makes Bulgaria more attractive than its neighbours?

Its geolocation, the low flat corporate tax of 10%, the 5% tax on dividends and other financial benefits, the quality sign Made in the EU. There are also the qualified young people, the loyalty and industriousness of Bulgarians, and the fact that we, Bulgarians, are intelligent, responsible and knowledgeable people. The flip side is we are too critical to ourselves, pedantic and humble – these values are embedded in our national psyche. Bulgaria and, generally, the Balkans are an area of immense potential. We have engineered products that are truly meaningful, they are not hot air in a beautiful wrapping.

Does the frequent change of governments in Bulgaria bother the business?

Not really. We have lived like that for a couple of years now and life keeps on as usual. In 2023, we even had almost a 30% increase in foreign investments in Bulgaria. The business successfully demonstrated its agility, focus, stamina and plasticity. The business loves Bulgaria.

How can you, at ROWO BUSINESS, be of help to a foreign company?

With our consulting services at each step of the process: from deciding whether or not to join in Bulgaria at all, to logistics, relocation, project management and general management services to care for a consistent business growth. We also have our own projects.

What type of companies do you cooperate with?

We work with everyone who is serious.

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