Procedure for Issuing a Startup Visa

Draft amendment and supplement to the Implementing Regulations of the Investment Promotion Act, adopted by Council of Ministers Decree No. 221 of 13.09.2007, promulgated in State Gazette No. 76 of 21.09.2007, effective from 21.09.2007, amended and supplemented in SG No. 20 of 17.03.2009, effective from 17.03.2009, amended in No. 93 of 24.11.2009, effective from 24.11.2009, amended and supplemented in No. 62 of 10.08.2010, No. 24 of 12.03.2013, effective from 12.03.2013, amended in No. 62 of 12.07.2013, effective from 3.07.2013, amended and supplemented in No. 2 of 7.01.2014, No. 36 of 25.04.2014, effective from 25.04.2014, supplemented in No. 94 of 14.11.2014, effective from 14.11.2014, amended in No. 40 of 2.06.2015, amended and supplemented in No. 88 of 13.11.2015, effective from 13.11.2015, amended in No. 86 of 27.10.2017, effective from 27.10.2017, amended and supplemented in No. 41 of 18.05.2018, effective from 18.05.2018, amended in No. 70 of 24.08.2018.

§ 1

A new Section V is created with the following content:

Section V

Procedure for issuing a certificate for a high-tech and/or innovative project

Article 27g

(1) For the issuance of a certificate for a high-tech and/or innovative project under Article 27a of the Investment Promotion Act, a third-country national shall submit an application electronically to the Bulgarian Investment Agency, together with the following documents in electronic format:

1. A copy of the page of the travel document containing the applicant’s photograph and personal data.
2. Information about the company, if one is already registered.
3. A brief presentation of the activity, product and/or service they offer:
4. • a) What distinguishes the activity, product, or service from others on the market (innovation);
   • b) How customers use the product/service:
   • 1. Desktop
     2. Mobile or tablet application
     3. Software as a Service
     4. API
     5. Hardware product
     6. Other
   • c) Where they operate (city and country);
   • d) Industry/industries.
4. Contact information, where applicable:
5. • a) Link to website
   • b) Links to social media (Facebook, LinkedIn, GitHub, Twitter)
   • c) Contact phone number
   • d) Skype
   • e) Email
   • f) Link to mobile application
5. Video presentation of the team and the product (optional).
6. Information on the number of users (with automatic link to Google Analytics):
7. 1. Number of visitors
   2. Number of clients
   3. Number of subscribed clients
   4. Other useful indicators
7. Turnover to date (if they are already operating).
8. Turnover for the last month (if they are already operating).
9. Information on external financing:
10. • a) Whether financing is being sought or not;
    • b) What investment has been secured so far;
    • c) How much investment is still needed at the moment;
    • d) Monthly operating expenses;
    • e) How ownership is distributed: who the partners/shareholders are and what percentage each holds or will hold, what amount of investment each has secured so far, and other information.
10. Who the key clients are (or potential key clients).
11. Description of the problem they solve:

• a) Technical description of the product/service;
• b) Intellectual property/patent of the product — whether they have one, whether they plan to obtain one, and explanation;
• c) How large the potential market is;
• d) Who the three main competitors are and what their advantage is;
• e) What the three most important areas are in which they need help;
• f) What their growth forecasts are;
• g) What their main development indicators (KPIs) are;
• h) To send their most up-to-date company presentation/pitch deck;
• i) Whether they have a CSR policy and which causes they support financially or otherwise.

12. Business development plan.
13. Recommendations (may be attached).
14. Information about related individuals:

• Partners/shareholders
• Investors
• Supervisory board
• Advisory board
• Key employees

For each team member, a name and a link to a profile on LinkedIn or F6S.com must be provided.

15. Information about the applicants:

• a) Brief personal description
• b) Their role in the startup
• c) Skills
• d) Something impressive they have achieved
• e) Location (city and country)
• f) Contact information:
• 1. LinkedIn profile
  2. GitHub
  3. Twitter
  4. Facebook
  5. Email
  6. Telephone
  7. Website (if applicable)
  8. Skype

(2) The application and the documents under point 1 may be submitted either in Bulgarian or in English.

(3) The application shall be submitted electronically, and the review of each application shall be carried out within an electronic platform intended for applications.

(4) The application and the documents under paragraph 1 shall be reviewed by the Expert Council under Article 27b of the Investment Promotion Act.

(5) If the Expert Council finds inconsistencies and/or omissions in the application and the documents under paragraph 1, the applicant shall be informed electronically and given a срок of up to 14 days from submission of the application to correct them. If the applicant does not correct the inconsistencies and/or omissions within that period, the application shall not be reviewed and the procedure shall be terminated, of which the applicant shall be informed.

Article 19v

(1) After evaluating the application and the documents under Article 19b, paragraph 1, the Expert Council shall prepare a reasoned proposal for issuance or refusal to issue a certificate.

(2) The proposal shall contain:

1. A full and accurate assessment, with reasons, for issuing the certificate in accordance with the requirements of the Investment Promotion Act and the regulations; or
2. Grounds for refusal to issue the certificate.

(3) On the basis of the proposal under paragraphs 1 and 2, the Executive Director of the Agency or an official authorized by him/her by order shall issue a certificate for a high-tech and/or innovative project or refuse to issue one.

Article 19g

(1) A third-country national shall be issued a certificate for a high-tech and/or innovative project in a form proposed by the Executive Director of the Bulgarian Investment Agency and approved by the Minister of Economy or an official authorized by him/her.

(2) The certificate shall contain the following details:

1. Serial number;
2. Date of issue and validity period;
3. Legal basis for issuance;
4. Names of the persons applying with the project;
5. Name of the project or company with which the person applied for the certificate;
6. Description of the declared business activity;
7. Signature of the Executive Director of the Agency or the authorized official and seal.

(3) The certificate shall be issued for a period of 18 months.

(4) The certificate shall be issued in two bilingual copies in Bulgarian and English — one copy shall be kept by the Agency, and the other shall be provided to the applicant.

Article 19d

(1) The issued certificates shall be entered into an electronic database of the Agency.

(2) The electronic database under paragraph 1 shall contain the following information:

1. Number and date of the application for issuance of the certificate;
2. Number, date of issue, and validity period of the certificate;
3. The application for issuance of the certificate and the documents attached to it;
4. The information under Article 33a, paragraphs 2 and 3 of the Implementing Regulations of the Foreigners in the Republic of Bulgaria Act;
5. The information under Article 27v, paragraphs 1 and 3 of the Investment Promotion Act;
6. The information under Article 27g, paragraph 1, second sentence and under Article 27d of the Investment Promotion Act.

(3) The public part of the electronic database under paragraph 1 shall be publicly accessible on the Agency’s website and shall contain the information under Article 19g, paragraph 2.

(4) The issued certificate, the application, the documents under Article 1, paragraph 1, and the reasoned proposal under Article 19v, paragraph 2 shall be stored by the Agency in accordance with the requirements of the National Archival Fund Act.

Article 19e

The electronic database under Article 19d, paragraph 1 shall be maintained in accordance with Article 18.

Article 19zh

(1) In the event of a change in the circumstances entered in the electronic database, applicants shall be obliged to submit an application electronically to the Agency within 7 days of the occurrence of the change.

(2) The documents certifying the change shall be attached to the application under paragraph 1.

(3) Within six months of the initial granting of the residence permit and the start of the innovative or high-tech activity, the applicant shall submit electronically to the Agency a report on the activities carried out up to that moment, in accordance with the submitted business plan and the information provided during the application.

(4) Changes shall be entered following the procedure under Articles 19b and 19v after assessment of the submitted documents, within 14 days from receipt of the application.

(5) Where the change in the circumstances entered in the electronic database leads to a change in the data entered in the certificate, a new certificate reflecting the changed circumstances shall be issued. The new certificate shall be provided after the return of the originally issued certificate.

(7) If the originally issued certificate has been lost or destroyed, the Executive Director of the Agency or an official authorized by him/her shall issue a duplicate certificate following an application by the applicant, accompanied by a written declaration of the circumstances under which it was lost or destroyed.

Article 19z

(1) For renewal of the startup certificate, the third-country national shall submit electronically to the Agency an application, to which the following documents shall be attached:

1. Activity report for the past period;
2. Business plan for the next one-year period.

(2) The documents under paragraph 1 shall be submitted no later than 45 days before the expiry of the validity of the certificate for innovative activity and in compliance with the requirements for its initial issuance.

(3) The authorization for extension of the validity period of the certificate for innovative activity shall be issued within 14 days after payment of the fee under Article 27a, paragraph 5 of the Investment Promotion Act, and shall be sent electronically to the email address specified by the applicant.