BePart Consulting provides strategic advisory services to investors in Bulgaria, including financial advisory, project management, legal consulting, mergers and acquisitions support, accounting and audit, and tax advice. It aims to allow clients to focus on their core business by handling advisory needs in Bulgaria. Key services outlined include financial advisory, accounting and audit, and mergers and acquisitions support. The document provides an overview of investment opportunities and the business environment in Bulgaria.

1. Bulgaria Overview
Investment opportunities & General Information

2. 1
Introduction to BePart Consulting
BePart Consulting provides a platform tailored to each investor, which
allows clients to focus on their core business
Financial Advisory
Services
Project management
Due diligence
Legal
Consulting
Mergers and Acquisitions
Equity / debt raising advisory
Restructuring
Project / Infrastructure Finance
Accounting and Audit
VAT accounting and audit in Bulgarian, English and German
Payroll services
Tax advice
BePart Consulting is a
boutique strategic,
corporate and project
advisor in Bulgaria

3. 1
Introduction to BePart Consulting
BePart Consulting provides a platform tailored to each investor, which
allows clients to focus on their core business
Financial Advisory
Services
Project management
Due diligence
Legal
Consulting
Mergers and Acquisitions
Equity / debt raising advisory
Restructuring
Project / Infrastructure Finance
Accounting and Audit
VAT accounting and audit in Bulgarian, English and German
Payroll services
Tax advice
BePart Consulting is a
boutique strategic,
corporate and project
advisor in Bulgaria

4. 3
Five reasons to invest in Bulgaria
1. Political and business stability:
EU, WTO & NATO member
Currency board (fixed rate with € = 1.95583)
Low budget deficit and government debt
2. Low cost of doing business:
10% Corporate tax rate
10% Personal tax rate
Lowest cost of labor in the EU
Favorable office rents and low cost of utilities
3. Access to markets:
European Union / EFTA
Russia
Turkey / Middle East
4. Educated & skilled workforce:
80 000 students in foreign countries
25% of population hold university degree
46% of population speak at least one
foreign language
5. Government incentives:
Social security benefits
Tax benefits
Vocational education benefits

5. 4
Did you know that Bulgaria is…..
Accommodated about 50 companies producing components and systems
for the global automotive industry. In eight of every ten cars in Europe, the
parts are produced in Bulgaria
The best outsourcing destination in Europe, according to Cushman &
Wakefield’s rating for 2015. In the world our country takes the 3rd place.
First in the world in the production of lavender. For the past three years,
our country has managed to surpass France from the first place and France
is historically a leader in this field.
The largest exporter of sunflower seeds worldwide in 2013. Our market
share in the exports of this commodity in the planet is 17.8%.

6. 5
Macroeconomic Indicators
Inflation Rate (%)
Unemployment Rate (%)
GDP: € 44,30 billion
GDP per capita: € 6 150
Budget Deficit: -3.1% of GDP
Government debt: 27.2% of GDP
Exports, FOB: 52.1% of GDP
Imports, CIF: 59.2% of GDP
Trade balance: -7.1% of GDP
Macroeconomic Data (2015)
GDP Growth (%)

7. 6
Foreign Direct Investments
FDI Inflow (€ million) FDI by host country 1996-2015 (€ million)
FDI Inflow by Industry (€ million)

8. 7
Business Environment
Doing Business 2015
Going Beyond Efficiency
COMPARING BUSINESS REGULATIONS FOR DOMESTIC FIRMS IN 189 ECONOMIES
A World Bank Group Flagship Report

9. 8
Taxation Rate
Country
Income Tax (%) Social Security (%)
VAT(%)
Corporate Individual Employer Employee
Bulgaria 10,0 10,0 17,9-18,5 12,9 20,0
Serbia 15,0 10,0-20,0 16,9 16,9 20,0
Romania 16,0 16,0 28,5 16,5 24,0
Hungary 10,0-19,0 16,0 28,5 18,5 27,0
Czech Rep. 19,0 22,0 34,0 11,0 21,0
Poland 19,0 18-32 22,1 13,7 23,0
Turkey 20,0 15-35 27,0 15,0 18,0
Slovakia 23,0 19-25 34,8 13,4 20,0
UK 23,0 0-45 13,8 12,0 20,0
Italy 27,5 23-43 30,0 10,0 21,0
Spain 30,0 24,8-52 29,9 6,4 21,0
Germany 30-33 14-45 19,7 20,6 19,0
France 33,3 5,5-41 50,0 20,0 19,6
Cyprus 12,5 20-35 7,8 7,8 19,0

10. 9
Cost of doing business
Electricity
0.069(€/kWh)
Water
1.09 (€/m³)
Industrial Rents (Sofia)
From € 2.5 (m²/month)
Office Rents (Sofia)
From € 9 (m2/month)
Cost of Labor
Salary (Min.) - € 215
Salary (Avg.) - € 468
One of the most competitive costs in Europe!
Gas
0.032 (€/kWh)

11. 10
Cost of doing business in the EU
Country
Electricity
Country
Labor Costs
(€ / kWh) 2015 (€ / per hour) 2015
Bulgaria 0.0682 Bulgaria 3,8
Romania 0.0707 Romania 4,6
Netherlands 0.0721 Hungary 7,3
Austria 0.0731 Poland 8,4
France 0.0755 Czech Rep. 9,4
Czech Rep. 0.0761 Croatia 9,4
Hungary 0.0778 Greece 14,6
Germany 0.0809 Cyprus 15,8
Poland 0.0833 UK 22,3
Croatia 0.0869 Italy 28,3
Italy 0.0949 Germany 31,4
Greece 0.1037 Austria 31,5
Cyprus 0.1316 Netherlands 34,0
UK 0.1435 France 34.6
EU-28 0.0917 EU-28 24,6

12. 11
Industrial Zones in Bulgaria

13. 12
Unemployment rate by municipalities

14. 13
Machine Building
The Sector:
More than 100 000 people work in the sector in 2015
18% of GDP was generate by the sector for 2015
5 000 € annual wages per employee in 2015
Advantages of the sector:
Established traditions and experience in the sector
Continuous growth between 2000 and 2015
Qualified work force at affordable price
Easy access to the markets
Networks of technical universities and colleges
Available physical infrastructure
Successful examples:

15. 14
Information Technology
The Sector:
More than 17 500 specialists work in the sector in 2015
1.86% of GDP was generate by the sector in 2015
20 600 € annual wages per employee in 2015
Advantages of the sector:
Established traditions and experience in the sector
One of the fastest growing sectors of the economy
The revenues of Bulgarian IT Companies grew by 11% (€ 819 millions)
Over 4 300 students get a degree in IT each year
Bulgarian internet speed is one of the fastest in the world
Successful examples:

16. 15
Business Process Outsourcing
The Sector:
More than 30 000 people work in the sector
3% of GDP was generate by the sector in 2015
8 000 € annual starting salaries per employee in 2015
Advantages of the sector:
Bulgaria offers qualified and cost-effective workforce and advantageous rents of
commercial space
BPO sector generates over € 964 million revenues
Bulgaria is the best outsourcing destination in Europe
The average BPO company in Bulgaria provides services in more than 25 languages
Successful examples:

17. 16
Electronics
The Sector:
More than 45 000 people work in the sector
6 000 € annual wages per employee
Advantages of the sector:
Availability of experienced engineers
Qualified assembly workforce at affordable cost
Easy access to EU, Russian and Middle East markets
More than 75% of the production of the Electronics manufactured in Bulgaria is exported
Bulgarian universities are working together with the companies in the sector to create
qualified workforce
Successful examples:

18. 17
Food and Beverage
The Sector:
More than 660 000 people work in the sector
5 % of GDP was generate by the sector in 2015
5 300 € annual wages per employee in 2015
Advantages of the sector:
Unique natural conditions for the cultivation of a wide variety of crops, fruits and vegetables
49% of the country's territory is farming land
A well-established infrastructure available and affordable human resources
Strategically located to provide routes to Europe, Russia, CIS, the Middle East, and North
Africa
Successful examples:

19. 18
The Government Support
The Bulgarian legislation introduces a system of promotion measures for initial investments in
tangible and intangible fixed assets and creating new employment linked thereto, according to
the legislation of the EU
Investments must be related to the following sectors:
Manufacturing
Research and Development
Education
Healthcare
High-tech Services
Warehousing and Logistics
The government incentives for:
Class B Investment Projects
Class A Investment Projects
Priority Investment Projects

20. 19
What Bulgaria Offers?
LOWEST COST IN THE EU
Competitive cost of labor
Dividend Tax Rate (5%)
Lowest Tax Rate in the EU (10%)
LOW RISK
Political Stability
Economic Stability
Currency Board
INCREASE COMPETITIVENESS
Staff Qualification
Improving Productive Capacity
GOVERNMENT INCENTIVES
Class B Investment Projects
Class A Investment Projects
Priority Investment Projects
ACCESS TO MARKETS
EU / EFTA
Russia / Asia
Turkey / Middle East
North Africa
EDUCATED AND SKILLED
WORKFORCE
Half of the population
speak at least one foreign
language
Quarter of population hold
university degree
More than 80 000 students
abroad

21. 20
BePart Consulting Select Transactions
2011
EEPro GmbH
Acquisition of PV Project
“Dobrich” 15 MW
Pre-transaction advisory
2011
EEPro GmbH
Acquisition of PV Project
“Karlovo” 5 MW
Pre and post transaction
advisory, accounting, support
services
Current
STIR Ltd.
Private placement and/or
strategic investor for local project
SPVs
2013
Nu Boyana Film Studios
Nu Boyana Film Studios used
our services for support and
delivery of services and
equipment during the filming of
the “Expendables 3”
2009
BP Solar
Advising the board on possible
acquisition of real estate assets
in Bulgaria
2012
Chris N Ltd.
Financing advice to Chris N on
liability management and debt
restructuring
Current
BG REI
Advising the board on the sale of
real estate assets
Pre-transaction advisory,
investor contacts,
deal structure
2006-2009
Vointeh EOOD
Ministry of Defence
Principal
Performed Liquidation
Proceeding Accounting for the
biggest Ministry of Defence
state
owned company at the time

22. 21
Contacts
Daniel Nikolov
Managing Director
Tel: +359 2 422 40 41
Fax: +359 2 489 00 92
Mob: +359 888 838 343
dnikolov@bepart.bg
Office 1
Bulgaria, 1000 Sofia
15 Slavyanska Str.
Tel.: +359 2 422 40 41
Fax: +359 2 489 00 92
Email: office@bepart.bg
www.bepart.bg
Office 2
Bulgaria, 1233 Sofia
35-37 Klokotnitsa Str.
Tel.: +359 2 931 56 34
Fax: +359 2 931 21 93
Email: office@bepart.bg
www.bepart.bgBe part of a winning team