The number of fully Greek-owned companies in Bulgaria increased by 72% year on year in 2011, Bulgaria's National Revenue Agency has revealed.

The same year saw a 50% increase in the number of Romanian companies in the country.

A total of 3781 corporate income tax returns were submitted by Greek company owners in Bulgaria in 2011, as compared to 2199 back in 2010. 1535 of all Greek companies in the country are based in the Southwestern region of Blagoevgrad, while 1381 are in Sofia.

The number of Romanian companies increased from 272 to 401.

The largest number of Romanian companies are registed in the Danube city of Ruse, which is only 60 km south of Bucharest – a total of 169. Another 121 Romanian firms are based in Sofia, and 21 are based in the Black Sea city of Varna.

According to officials of the Bulgarian National Revenue Agency, the growing number of businesses from Romania and Greece to Bulgaria is primarily due to the country's low taxes and stable economy.

Bulgaria currently has the lowest tax burden in the entire European Union, including flat 10% corporate and income tax rates.