Stefan Bumov, Executive Director of the Outsourcing Company Sofica Group, Comments on the Proposed Reforms of the Investment Promotion Act

Stefan Bumov, Executive Director of the Outsourcing Company Sofica Group, Comments on the Proposed Reforms of the Investment Promotion Act

Certification of investors

The new point of support on which the focus will fall on identification of the appropriate for certification investors and state support will be the number of generated working places. A certificate for the class A and B will be issued at covering the minimal level of investments and realization of a sufficient number of working places. The idea for the future is even at lower volume of investments, but increased number of envisioned working places, the certificate will be received by the investors.

Changes to the Law on Investment Promotion

The law changes concern exclusively the sector of outsourcing whose projects do not comprehend significant investments but successfully struggle with unemployment in the country as they hire many workers.

The investors in the high technology field are being stimulated since they provide large employment as well as investors in municipalities with increased unemployment. The intentions are that the social security of the personnel in the first years of a company’s functioning will be taken up by the state.

The municipalities will point out the economic activities for the respective region that will receive stimulating privileges.

The Bulgarian Investment Agency will cooperate actively with the municipalities in the development of activities oriented in investment marketing. The certificates of class A will be issued by the Bulgarian Investment Agency and the priority investment projects will be certified according to proposal on behalf of the Minister of Economy and with approval from the Council of Ministers. The most significant financial and administrative incentives are envisioned for the priority investment projects.

Comments of an experienced outsourcing representative

The opinion of Stefan Bumov, Executive director of the outsourcing company Sofica Group, about the working version of the Investment Promotion Act is that the reforms are urgent and adequate according to the market situation. The social aspect of the realization of outsourcing projects where capital investments are limited but comprehend large workforce, is being conformable.

According to Stefan Bumov not only the tolerance towards the number of working places should be considered but also first should be observed the size of the salaries of the employees and on that base have to be estimated the decrease of the minimal investment level. Behind the opening of 100 working places that are related to expenses for technique, rents, payroll and etc. actually stand a few millions of BGN of investments in the country, commented Mr. Bumov.

Source: Sofica Group

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