- Global HR Compliance
- Global PEO and Payroll
- Work permit for hiring expats via PEO
- Expand without a Company Set Up
- Contractor vs. employee: which is better?
Employer of Record (EOR) in Bulgaria
What Is a Global Employer of Record?
Global Employer of Record (EOR) in Bulgaria has become increasingly popular for businesses looking to add workers to new global markets quickly. This global employment solution provider helps manage all employment requirements on behalf of a client organization, which greatly reduces the time and cost associated with establishing an entity in a foreign country. Additionally, relying on global EORs eliminates the risk of legal and regulatory compliance breaches by allowing companies to operate within each country’s existing employment laws, regulations, and frameworks. As a result, local HR support is often available when employees cross borders.
What Services Can a Global Employer of Record Provide in Bulgaria?
Hiring a candidate in Bulgaria is challenging – but with a Global Employer of Record, you will be hiring top talents quickly and efficiently. A GEO gives you immediate access to a skilled, flexible, and fast team of legal professionals in Bulgaria, ready to help you hire your next employee in Bulgaria. A Global EOR assumes responsibility for the following international employment functions.
Onboarding of Local and Ex-pat Employees in Bulgaria
An EOR with the expertise and necessary processes can be an excellent resource for orchestrating the employment process while complying with all applicable regulations in Bulgaria.
Many businesses are expanding globally, but they often find it challenging to comply with local laws regarding employee onboarding. In most cases, establishing a legal foreign business entity can be complex, costly, and time-consuming. Many employers are not ready to take on this challenge, so they turn to Global Employer of Record companies that can help them get around these restrictions.
Acumen International offers a global employment solution that helps circumvent the legalities of direct hiring, eliminating the need for you to establish a legal entity in Bulgaria to conduct business there. Our EOR is explicitly designed for your organization and can help you easily access and onboard a workforce in Bulgaria without any hassles. Contact us today to learn more!
Compliant Employment Contracts via EOR in Bulgaria
The EOR provider drafts employment contracts in compliance with the applicable local employment regulations. The contracts are tailored to meet best the needs of both employees and your organization as the factual employer. Each employee will receive a copy of their Employment Contract, designed to reflect the specific local employment regulations at the time of contract execution in Bulgaria.
Payroll Administration via EOR in Bulgaria
Payroll processing can be a time-consuming and complicated task. Through its payroll processing services, the Employer of Record ensures that all deductions and reimbursements are accurately calculated and accounted for on time.
Employers have many charges to consider when paying their staff:
–Deductions for income taxes in Bulgaria, social security fees, medical insurance, retirement plans, etc.
-Reimbursements for mileage driven on work-related business or expenses related to employment
-Employer’s share of employee benefits such as life insurance and disability coverage
When an employer outsources payroll processing to an Employer of Record (EOR), it can ensure that all necessary calculations are done accurately and that all employees receive their earnings in an orderly fashion. The EOR provides employers with a monthly report outlining exactly how much each employee should receive from each deduction so that employers can ensure they have accurately accounted for everything before sending out payments to employees.
Tax Registration in Bulgaria
The official employer is responsible for paying and filing employees’ taxes in Bulgaria. As the legal employer, the EOR is registered with the relevant tax authority and is required to process payments and comply with all tax reporting requirements.
Employee Termination in Bulgaria
The Employer of Record is responsible for terminating an employee if the employer receives instruction from the employer. The termination will be carried out following the applicable law in Bulgaria.
Why You Should Look for a Global EOR for Your Business Expansion to Bulgaria
1. A fast and compliant way to hire candidates in Bulgaria is to hire through a global EOR
To hire a candidate in Bulgaria, there are two options. One is to engage them directly as an employee of your company, and the other is to go through an EOR (Employer of Record). The second option is the most practical and compliant way to hire someone in another country, especially if you are not yet set up in that country. A Global EOR (Employer of Record) lets you onboard the best talent at any location in an inherently compliant way without setting up an entity. A Global EOR (Employer of Record) is contracted by the employer to perform functions related to payroll, tax reporting, benefits administration, and other HR and administrative tasks.
2. Low-Risk, Low-Cost Entry into Bulgarian Market
The Employer of Record (EOR) is an entity that hires a company to provide services in a specific location, such as Bulgaria The EOR typically contracts your company to provide payroll and health insurance services. Still, your company is not required to be incorporated in Bulgaria.
The EOR option allows you to test a market before incorporating there. You can use the EOR to test whether there is enough demand for your product or service in a specific market, whether there are enough customers who want what you are offering, and whether you can make money by selling your product or service at a certain price point. This type of testing helps you determine if it’s worth incorporating in Bulgaria.
3. Avoid the Bureaucracy of Setting Up an Entity – Work with an Employer of Record in Bulgaria
The Employer of Record is an entity that solves all your problems with administrative hassle. With short-term engagements and flexible working arrangements, you can avoid the need to establish a formal relationship and undergo all the associated bureaucracy. You can work with any candidate anywhere, including in Bulgaria, without risking your business or personal reputation. The benefits of working with an Employer of Record are manifold: fast and easy setup, minimal liability exposure, avoidance of costly entity set-up fees, and non-compliance risk – all at a fraction of the cost of setting up a traditional company!
12 Benefits of Working with a Global Employer of Record in Bulgaria
- Build a global company faster
- Local HR experts for global teams
- Market entry in days
- 80% lower global expansion costs
- Increased employee satisfaction
- Risk-free global employment
- 100 % Compliant Payroll support
- Standardized and fully compliant employment contracts
- Pay employees in local currency
- Avoiding the cost and process time for entity set up
- Minimized the risk of legal and regulatory compliance breaches
- 27/7/365 local HR support in Bulgaria.
Employ your Selected Workforce in Bulgaria via Acumen’s Employer of Record (EOR) Solution
Acumen’s Global employment services are designed to provide our clients with professional assistance to meet their global HR needs, such as:
- Global talent acquisition and retention
- Global expansion to help you quickly enter new global markets without legal and HR compliance risks
- Local support for international clients and their ex-pat employees
Businesses desiring to hire local employees should be prepared to pay competitive salaries to attract and retain the most qualified candidates. Acumen International serves end employers and service companies representing international clients as a global employment organization.
Acumen’s Global Employer of Record (EOR) service in Bulgaria offers an efficient and inexpensive alternative to direct hire. Our solution allows companies to operate in Bulgaria and 190 international markets where we serve clients without registering as a local business entity.
Do you have Ukrainian workers planning to flee to Bulgaria to escape the Russian conflict? Or have your employees already left Ukraine and arrived in Bulgaria?
Acumen International can help companies like yours, including IT, to compliantly employ your Ukrainian talent in Bulgaria within days. Acumen’s global PEO and Payroll solution helps you legally relocate your Ukrainian personnel to Bulgaria so you can enjoy uninterrupted workflow with employees you know and trust. Our solution enables us to arrange for global payroll and to open bank accounts for your employees. We can also provide your talent with laptops, mobile phones, and other tools they need to perform their jobs.
Legally Onboard and Payroll your Employees in Bulgaria with Acumen’s Global Employment Solution
Acumen’s EOR global employment solution helps businesses overcome legal challenges by hiring and compensating your local and ex-pat workforce in Bulgaria on your behalf risk-free and cost-effectively.
Partner with Acumen International, and let us help you handle your global employment and HR needs. You can trust Acumen to handle your workforce management’s global employment and HR details in Bulgaria to ensure compliance with in-country employment laws and changing COVID-19 regulations.
In addition to legally onboarding local citizens, we can organize work permits and business visa sponsorship for your expatriate team via our Employer of Record and employ them on your behalf once legal permissions have been attained.
With Acumen, you can rest assured that all legal requirements are met for compliant hiring and compensating your local and expatriate employees in Bulgaria and 190 countries worldwide where we serve our international clients.
Global Employer of Record (EOR) Packages in Bulgaria
With affordable packages and budget-friendly rates, Acumen International can offer secure, efficient global HR services to manage Global Payroll, HR & Benefits Administrations for businesses that need international talent but don’t have the resources or skills to handle it themselves.
Our full-service management solutions — from legal talent employment to benefits management, from compliance to payroll and taxation — are tailored around each client’s specific needs.
Acumen International’s unique and integrated approach allows us to offer a comprehensive array of EOR functions, including:
- Processing Immigration requirements
- Visa applications & extensions
- Work permit sponsorships
- Streamline onboarding, benefits, payroll, PTO
- Local labor law compliance
- Audit-proof compliance requirements
- Employee benefit management
- Handling employment contracts, terminations, and compensation
- Processing medical insurances and benefits
- Payroll, including year-end tax statements
- Relocation services & housing
- Benefit management
- Special needs or requirements
- Multi-country employment without limitations
- Handling contract worker and ex-pat workforce management
- Compliant employment or termination within 72 hours.
Spotlight on Bulgaria
Bulgaria, officially the Republic of Bulgaria, is a developing country with an upper-middle-income economy. Bulgaria is a member of the European Union.
- Location: Bulgaria is a country in Southeastern Europe. It is bordered by Romania to the north, Serbia and North Macedonia to the west, Greece, and Turkey to the south, and the Black Sea to the east. The capital and the largest city is Sofia; other major cities are Plovdiv, Varna, and Burgas.
- Capital: Sofia.
- Population: 6,873,253 (2022).
- Local currency: Lev (BGN).
- Official language: Bulgarian.
- Labor force: 3.113 million.
- Most developing industries: Industry relies heavily on the manufacturing sub-sectors (metallurgical, chemical, machine-building). However, the most dynamic sectors are textile, pharmaceutical products, cosmetic products, mobile communication, and the software industry. Bulgaria’s main mineral resources include bauxite, copper, lead, zinc, coal, lignite (brown coal) and iron ore.
- Main trading partners: The minimum wage is 710.00 BGN per month.
- Thirteen salary: There are no provisions in the law regarding 13th salaries.