MetaQuotes has officially announced that it is opening a new representative office in the capital of Bulgaria, Sofia. The local subsidiary’s name is MetaPenta and it will be led by the Founder-Partner of MetaTürk Software, Emre Peser.

The company is set up as an IT consultancy and will be benefitting from a relatively low flat corporate tax rate of 10 percent in Bulgaria. The move happens as businesses in Turkey, where Mr Peser has been working at MetaTürk Software, feel increasingly anxious about the future amid growing political uncertainty and a squeeze of the retail forex industry.

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MetaPenta Software will be adhering to the business strategy and goals of its parent company MetaQuotes. The company’s website is highlighting the advantages of the MetaTrader 5 suite over MetaTrader 4, continuing on the effort to push clients to transfer their business to the multi-asset trading platform of the software developer.

MetaQuotes is highlighting that the main goals of the Bulgarian subsidiary will be to improve the company’s services and attract more broker clients from neighboring Balkan countries.

Commenting on the announcement, the Head of MetaPenta Software, Emre Peser said: ”The decision for this investment was based on personal observations of the parent company that Bulgaria’s economy is actively developing. There are several brokers using MetaTrader 4 and MetaTrader 5 in Bulgaria at the moment.”

“I also see a lot of potential opportunities to expand the market share of MetaQuotes Software Corp. products. This will be our main objective. The company will work as an agent of MetaQuotes and as such should serve to implement the business strategy and tasks set by its parent company,” Mr Peser concludes.