Outperforming, Outstanding, Outreaching – Outsourcing.
The common thing in the words above is their prefix – “Out”, but it is also the meaning that speaks of success.
The word outsourcing is gaining popularity in the last ten years and is often used in the presentations of the IT sector as a key part of it. Outsourcing a project and thus freeing up available resources in your company is a strategic and often good decision because it allows you to grow with an evaluated risk.
Like any strategic decision, it needs time and detailed research and requires answers to many questions. Some of them are – Which is the place where you can entrust such an important and valuable task? Who are the people who would do the job as well as your team does? Where to outsource – offshore or nearshore?
We will deal with these questions, and hopefully strengthen the opinion that Bulgaria is an unexpectedly good combination of conditions that can give a good advantage to anyone who decides to trust it.
Bulgaria is an EU, NATO and the WTO member with a strategic geographical position.
Its membership in the European Union strictly regulates the legislation and the laws. Bulgaria is economically stable, with growth in GDP for 2019 of 3.4% and amount of 60.7 billion euros (preliminary information of National statistical institute). The country is also with one of the lowest corporate tax in Europe – a flat tax of 10%. The economic environment and good indicators give it a stable, long-term rating. From S&P – BBB A-2, Moody’s – Baa2 and Fitch – BBB.
The population at the end of 2019 is almost 7 million and is concentrated in the large regional cities. Almost 28% of the people between the ages of 25 and 64 have a university degree and almost 50% use at least one foreign language – mostly English, but also German, French, and Russian.
Due to its geographical location, Bulgaria is practically on a three-hour flight from anywhere in Europe, and air transport is well developed, convenient, and accessible.
Thanks to the technical universities and IT academies, Bulgaria prepares highly qualified specialists in the IT field, producing intellectual labor for the world markets. This attracts large, foreign companies that open offices and development centers here and benefit from the workforce. Currently Sofia, the capital of Bulgaria, is one of the largest software centers in Europe.
The good digital infrastructure, fast access to the Internet, and the 5G network give us a reason to claim a serious place in the field of high technologies.
Bulgaria is one of the fastest-growing countries in Central and Eastern Europe in terms of outsourcing. According to GSLI (Global Service Location Index of A.T. Kearney) complete ranking is in the top five European countries for 2019. This is due to the factors above but also because of the high quality of the service that companies provide.
In the Global Competitiveness Report, Bulgaria surpasses many other EU countries. The IT sector is still one of the fastest-growing sectors of the economy and represents 2.9% of the GDP for 2018.
The IT sector employs more than 40 000 people in various fields – analysis, design, architecture, implementation, development, QA, support, a consultancy. The level of payment in the sector is estimated at 3-4 times above the average for Bulgaria.
Apart from the low taxes and fees, both for individuals and corporations, the real estate market in Bulgaria has been very well developed in recent years. It is actively investing in the construction of modern office buildings and business centers, which provides excellent opportunities for opening offices or shared office spaces.
As conclusion, we can say that Bulgaria is also well known for its unique nature, culture, and cuisine. An expectedly good combination. And it`s not necessary to believe us, because you are more than welcome to visit and see for yourself.