Bulgarian Start-up visa

The Bulgaria Start-up Visa program offers a great opportunity for entrepreneurs to reside in the country while working on innovative projects. With this visa, applicants can obtain a residence permit and work on their projects with ease. Although the Start-up visa process can be daunting, this article aims to make it easier and provide insight into what to expect.

What is the Bulgarian Start-up Visa?

How to Apply?

An application must be submitted online to the Ministry of Innovation and Growth, through the National Investment Management System (NISM), in either Bulgarian or English.

Who is Eligible?

This scheme applies only to non-EU nationals.

How Long is it Valid for?

The initial period of validity is one year from the date of issue. After an approved report on the work done on the initially requested project, the term of the Start-up visa is extended by another two years.

What Information is Required?

The application form has several questions that must be answered by the applicant with relevant information:

Brief information about the applicant - name, identity document, place of birth, email, phone number, education, and workplace
Brief information about the company - name, company registration number; registered office and country of incorporation of the company, if applicable
Basic information about the high-tech and/or innovative project - title/name; comprehensive description of the business activity, financial calculations and projections of production and income and expenditure growth over the next 3 years from the date of the application's submission, a market, sales, customer and partner analysis, and information on human resources.

What Documents are Required?

The following documents should be submitted along with the application:

a copy of the identity document;
business plan and project presentation;
valid patent document or utility model registration certificate (if applicable);
an investment agreement with a specialised international equity and venture capital fund worth at least BGN 100,000, as well as a recommendation from the relevant financial institution for the applicant's involvement in the project, if deemed necessary;
a contract or letter of intent for investment from an equity and risk investment fund in the Republic of Bulgaria for no less than BGN 100,000 (if applicable);
Seal of Excellence project quality certificate under the Horizon 2020 or Horizon Europe programs (if applicable);
distinction in an agency competition or competition in the field of innovation and entrepreneurship organized by the European Commission or the European Space Agency (if applicable);
published at least two scientific articles in the international databases Scopus or Web of Science, when applicable;
proof of completed education, when applicable;
bank or equivalent document for available funds of the applicant;
evidence of realized sales of at least BGN 100,000 in the last two years, related to the activity, product or service, when applicable;
letters of intent or partnership contracts with Bulgarian business partners if deemed necessary;

How is the Project Evaluated?

The submitted documentation is assessed based on six expert evaluation criteria:

Applicant's means of support - maximum score of 3 points.

Attached is a bank statement or similar document certifying the availability of the applicant's funds for at least a month prior to the application date. The funds should amount to at least three times the minimum wage in Bulgaria.
Financial forecasts and available capital - maximum score of 3 points.

Duly developed, comprehensive and realistic financial projections for the project for three years from the date of submission of the application. The projections must have information on a monthly basis for revenue, direct costs, operating costs and net profit and which assume revenue growth over a period of three years from the date of submission of an application for a Start-up visa.
Client network - maximum score of 1 point.

Availability of sales contracts, evidenced by contracts, expenditure justification documents and bank statements as a minimum BGN 100,000 for the last 2 years.
Investments - maximum score of 1 point.

A copy of an investment contract or a letter of intent to invest with an equity and risk investment fund or a contract or letter of intent to invest from an equity and risk investment fund for no less than BGN 100,000 has been submitted.
Valid patent or utility model registration certificate - maximum score of 1 point.

A document demonstrating a valid invention patent or a valid utility model registration certificate has been provided for either the US, EU, or a member state of the Organisation for Economic Cooperation and Development.
Business plan and presentation - maximum score of 5 points.

It must consist of the following:
- Unrealism/realism of the assumed hypotheses, forecasts and plans.
- Willingness to reach the market and generate revenue after 6 months.
- Absence/presence of projected scalability of the project.
- Lack of opportunity/opportunity to develop a team and hire a team of up to 10 employees in the first year.
- Absence/presence of export potential.

A project must have a score of minimum 8 points to progress.

Who Evaluates the Project and Reviews the Application?

The expert council at the Ministry of Innovation, which includes representatives from the state, academic community, and business.

How Long Does the Project Review Process Take?

The review process depends on a number of factors and because of that it is expected to take up to 30 days after submitting the required documentation.

What should be Expected After the Project is Approved?

After passing the evaluation process, successful candidates will be required to apply for a visa. We strongly recommend checking the type D visa requirements. You will need to apply for your visa before you travel. Once your visa is granted, you must enter Bulgaria within the visa validity period and file an application for permanent residence. Only visa holders are eligible to apply for residency status.

What Happens in the Case of Missing or Incorrect Application Information?

If the submitted documents are incomplete and/or inaccurate, the applicant is notified of the need to remove them and given 14 days from the receipt of the notification to do so.

If the irregularities are not corrected within the specified period, the Minister of Innovation and Growth issues a reasoned decision to refuse the issuance of a certificate. The decision is communicated within 7 days of its issuance and can be appealed.

In which cases is the Start-up visa revoked?

The certificate for a high-tech and/or innovative project is revoked with a reasoned decision of the Minister of Innovation and Growth if:

The foreigner has provided false information and/or has not notified the MIR of any changes within the legal term.
Changes in circumstances prevent the implementation of the project.
Violations of Bulgarian legislation were found, which hinder the realization of the project.

Is the Start-up Visa Sufficient for the Residence of a Foreigner in Bulgaria?

No, it's not. The Start-up certificate is only one of the mandatory conditions for granting a long-term residence permit (for a period of up to 1 year).

Is it possible to extend the term of the Start-up visa?

Yes, it is. After submitting a report on what has been done so far, the extension is for another 2 years.