Informes Sectoriales OP - Icex

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TOURISM AND RELATED SERVICES IN BULGARIA Holding - it is a public limited company, a public limited partnership or a private limited company with the purpose to participate in whatever form in other companies or in their management. At least 25% of the capital of a holding has to be entered directly in subsidiaries. A subsidiary means a company in which the holding owns or controls directly or indirectly at least 25% of the stocks or shares, or can appoint directly or indirectly more than 50% of the members of the managing body. The Law on Commerce explicitly names the activities, which a holding is allowed, and those not allowed, to perform. Branch - foreign legal entities registered abroad, as well as foreign natural persons and entities that are not legal persons, can register a branch in Bulgaria provided they are registered as commercial entities in accordance with the relevant legislation in their home country. No authorized capital is required to found a branch. A branch is not a legal entity, it is part of the company - founder. Branches are obliged to maintain accounts as an independent company. A branch of a foreign company must prepare a balance sheet. Representative Office - it is regulated by the Foreign Investment Law. Foreign persons who are entitled to engage in business activity under the legislation of their own countries may set up a representative office which is registered with the Bulgarian Chamber of Commerce and Industry. Representative offices are not legal persons and may not engage in economic activity. Joint Venture - it is a company formed jointly by a Bulgarian and a foreign partner. The size of the foreign participation in a joint venture is not limited. Joint ventures must take one of the forms of business entities pursuant to the Bulgarian Law on Commerce. Establishment of a joint venture is one of the forms of investing in Bulgaria. Bulgarians like to do business with people, face-to-face, therefore visiting the country to meet and work with local partners and customers is vital. You will need to be prepared to visit Bulgaria regularly to maintain the relationship with your partner and customers. Simply sending emails or faxes, or relying on distance selling techniques will not work. Finding the suitable local business partner(s) is the most important factor for export success. Managing already established business relationships will require more time than in other countries, and regular visits to the market are vital. Business etiquette The usual office hours of business in Bulgaria are 9.00 am - 5.00 pm, Monday to Friday. Below are some words of advice about the ways Bulgarian people do business: ♦ Appointments can take some time to arrange, depending on the seniority of the person you wish to meet. It is recommended to seek appointments in advance of a visit. ♦ Allow sufficient time for business meetings, which can be quite protracted – ♦ always allow more time than you expect. It is expected that visitors arrive on time for an appointment. If unexpected Spanish Economic and Commercial Office of the Spanish Embassy in Sofia 50
TOURISM AND RELATED SERVICES IN BULGARIA ♦ ♦ ♦ ♦ ♦ ♦ circumstances arise to cause a delay of more than 10-15 minutes, call to notify the person of the delay. In the public sector, Bulgarians have at least two to four weeks holiday per year. The annual vacation period is usually in July and August and it is advisable not to arrange appointments during this period or Christmas/New Year. At formal meetings surnames are used. As relationships gradually build up it would be natural to address your counterpart in given (first) names. Business cards are normally exchanged at the beginning of a meeting. Decision-making is usually made on a consensus basis and it is recommendable to include all possible decision-makers. A business lunch or dinner usually follows negotiations. Bulgarians are very hospitable, and enjoy Bulgarian food and drink. Occasionally some of these lunches and dinners may take longer than usual. Lunch normally starts between 12.30pm-1.00pm, while dinner starts around 7.00pm-8.00pm. English is spoken in most of the big restaurants, especially in the capital, Sofia. There is a Bulgarian habit of toasting by clinking glasses with a 'rakia', a strong grape or plum brandy that comes together with a salad. The toast in Bulgarian is 'nazdrave' which means 'to your health'. Smoking is not an issue in Bulgaria, and Bulgarians can light up a cigarette in the middle of their salad. Nevertheless, it would be polite to ask whether it is accepted to smoke when visiting someone's office or home. 4.4. FOREIGN AND SPANISH INVESTMENT IN THE SECTOR. MAIN SUCCESSFUL CASES OF IMPLEMENTATION IN BULGARIA ♦ Spanish hotel chains RIU, Iberostar, Barcelo In the service sector, Spanish hotel chains have entered in the tourist sites of Bulgaria through management contracts or franchising of hotels located in the Black Sea coast. RIU has been present in Bulgaria since 1999, and after the opening of two more resorts in 2003, it managed seven hotels in 2004, all of them located on the Black Sea coast, with a total of around 2000 beds. IBEROSTAR is also present in Bulgaria, managing hotels with a total of over 2000 beds, including two opened in 2003, all of them also on the Black Sea coast, with plans to expand its presence with more hotels. Spanish hotel chain Barcelo Hotels & Resorts will be managing the new 4-star city hotel that opened in November 2005. Investor is the Bulgarian company Festa Holding with BGN 14 mln. The seven-floor building has 120 rooms, 4 suites, 2 restaurants, 3 bars, etc. According to Jose Palou, Barcelo’s representative and its executive manager for Europe, the hotel chain has already held talks with investors who will build tourism sites in Sunny Beach. ♦ Spanish company Ferry Group with golf complex project In a recent development, on February 3, 2006, the certificate for First Class Investor, issued by InvestBulgaria Agency (IBA), has been awarded by Roumen Spanish Economic and Commercial Office of the Spanish Embassy in Sofia 51
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