On 28.10.2022 the bill, suggesting changes in the Law on foreigners in the Republic of Bulgaria has been brought to the parliament. The bill aims to provide more effective procedure for foreigners who want to acquire a start-up visa and receive a long-term permit to stay in the Republic of Bulgaria.
The so-called start-up visa is one of the legal requirements to obtain a long-term permit to stay in the Republic of Bulgaria. The start-up visa is created for foreign citizens who want to develop a high technology product and/or innovative product.
The minister of innovations and development has the authority to issue a start-up visa.
The bill sets new requirements for foreign citizens who want to acquire a start-up visa. First, they have to prove that they have sufficient financial resources for themselves and their family members for the period of time that they will spend in Bulgaria. They should also have a valid health insurance. Once the foreigners acquire a start-up visa and a long-term permit to stay in the country they have to register in a Bulgarian company. Proof that one has been registered successfully is required. If anyone does not meet the requirements, they could lose their start-up visa and therefore lose their long-term permit to remain in the country.
The newly suggested changes aim to provide more effective procedure for foreigners who want to acquire a start-up visa and receive a long-term permit to stay in the Republic of Bulgaria and thus make it more attractive for young entrepreneurs. For better results, future changes in the procedure act of the Law on foreigners in the Republic of Bulgaria are planned so that candidates could apply more easily.
By attracting young and talented international entrepreneurs in the country the economic system will develop more rapidly. Moreover, the new and more effective methods of control over the procedure that foreigners should follow will prevent them from dodging the law.
