The administration of businesses plays a significant role in defining their success. In this regard, businesses need to choose an appropriate central point from where they can manage their businesses in different locations effective. Speaking from this perspective, foreign companies opening their administrative offices in Bulgaria have a chance to enhance their competitive advantage over rivals because of a number of benefits that the Bulgarian market offer.
To begin with, the cost of running an administrative office in Bulgaria is relatively cheap as compared to other countries such as the United Kingdom, German, France, and Denmark among others. Arguably, Bulgaria has an average office rent of €9-19 per square meter, as compared to markets such as the United Kingdom and German, which are shunned because of high real estate costs. Moreover, real estate costs in this market have the potential to remain relatively low in the medium term.
The Bulgaria market also offers an opportunity to foreign companies to explore the highly skilled multilingual talent. Notably, there are nearly 60,000 students, who graduate in Bulgaria annually, with most of these graduates obtaining relevant degrees for the BPO industry. As such, foreign companies can easily access an array of talents to address their labor needs. Note that most Bulgarians are multilingual and as such, foreign companies could reduce the costs of hiring staff who are experts in other languages other than English and French. Additionally, the cost of labor in Bulgaria is relatively cheap as compared to other markets within the European Union. Arguably, the average salary in this market stands at €333 per month, which is relatively low as compared to other markets in the European Union. Similarly, this market has an average hourly wage of €3.70, which is less than a sixth of the European Union average.
Another factor that contributes to the suitability of Bulgaria as the best option for setting up administrative offices for foreign companies is its location. Geographically, Bulgaria is located at a vantage point, which provides an avenue for foreign companies to access different markets not only in Europe but also in North America and Asia. Note that when foreign companies open administrative offices in Bulgaria, they strengthen their ability to manage not only their businesses in other parts of the globe such as Europe, Asia and North America, but also enhance their capability to serve their customers well in these regions. The suitability of Bulgaria’s location is enhanced by its stable political environment. In this regard, it is easy to do business in Bulgaria as compared to neighboring countries such as Turkey, Serbia and Greece.
Finally, it is vital to note that foreign companies that open their administrative offices will have access to high technological platforms to manage their businesses. Note that Bulgaria invests heavily in the development of technology. As a result, this nation has one of the highest numbers of patents per 10,000 of its population each year. Similarly, foreign companies that open their administrative offices will have access to technologies from companies such as Oracle, Cisco, Nokia, SAP, HP, IBM, Vodafone, Microsoft, and Siemens, which have set up offices in this market. Additionally, the BPO centers in Bulgaria are among the top BPOs in the world.