Bulgaria signed Declaration for more favorable conditions for startups

On July 22nd, the Minister of Economy Kiril Petkov signed Declaration for the EU Startups Nations Standard of Excellence and Bulgaria joined the other 24 European countries that commit to supporting startups across Europe in each stage of their development. This happened at an official ceremony at the Ministry of Economy in the presence of the Bulgarian Startup Association.

The importance of startups and the key role innovative projects play in the recovery from the ongoing crisis can not be neglected. In order to accelerate green and digital transformation, the European Commission, together with the Member States, has identified a number of good practices that are criteria for a business environment conducive to economic growth.

Signatory countries of the EU Startup Nations Standard of Excellence so far are Austria, Belgium, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden. Iceland also signed the declaration.

By signing this declaration, Bulgaria commits to actively take action in implementing measures that support startups and growing enterprises such as:

• Establishing a clear EU-wide reference point to define key features of a Startup across all Member States;
• Highlighting that sustainable growth and entrepreneurship friendly environment are central to the future global success of startups and scaleups;
• Establishing a Startup Nations’ Hub, which should promote and enable the exchange of best practices among signatory countries.

The main focus of the declaration is the rapid creation of startups and support of their entry into the market, attracting and retaining qualified professionals by issuing “startup visas” and removing unnecessary administrative burdens on business.

Earlier this year, in March, the EC suggested a target for 2030 of doubling the number of unicorns in the EU within the Communication on the Digital Compass.

For their part, the representatives of the association explained that by 2022 it is quite possible for Bulgaria to meet all the criteria set in the Declaration for a suitable business environment for startup companies.