Company registration in Latvia

The small state of Latvia, also known as the Republic of Latvia, is situated in Northern Europe and is one of the Baltic countries. Since 2004, it has been an EU member, and in 2014, the euro was adopted as the official currency here.

The IMF recognizes Latvia’s economy as developed, placing it among countries with high income levels. According to World Bank rankings, the state consistently secures a position in the top twenty for ease of doing business. The backbone of Latvia’s economy comprises the service sector, along with the food and textile industries, mechanical engineering, and pharmaceutical production. The country boasts a well-developed transport infrastructure, featuring 8 seaports.

ADVANTAGES OF REGISTERING A COMPANY IN LATVIA

The Latvian business environment welcomes foreign investors, with laws and regulations aligning with established EU requirements. Registering a company in this jurisdiction offers several key advantages, including its favourable geographical location and easy access to European markets. Additional benefits encompass:

Simplified process for registering a new company.
Flexibility within the taxation system, providing the opportunity to pay taxes at preferential rates.
Existence of Double Taxation Agreements with over 45 countries.
Well-established infrastructure and a modern business landscape.
The convenience of submitting all necessary reports online through the electronic declaration system.
Access to highly qualified, educated, yet cost-effective labour.

AVAILABLE TYPES OF BUSINESS ORGANISATION IN LATVIA

Following local regulations, non-residents have the opportunity to establish enterprises in Latvia with various organisational and legal structures. Among these, the most popular options include:

SIA — a limited liability company, is well-suited for small and medium-sized businesses. It requires a minimum authorised capital of 2,800 euros, and the founders can be individuals or corporate entities.
PS or KS — a full or limited partnership. They share similar registration and taxation processes; their distinction lies in the partners’ degree of responsibility.
AS — a joint-stock company, can be either private or public, with a minimum authorised capital of 35,000 euros. Its management involves the council, management board, and shareholders’ meetings.

Non-residents can own 100% of shares in companies, serve as sole directors, and manage partnerships.

FEATURES OF COMPANY REGISTRATION IN LATVIA

The process of registering a company in Latvia is relatively straightforward. Documents, such as the registration form, articles of association, and details of shareholders and directors, need to be translated into Latvian, certified by a notary, and submitted to the Commercial Register. Before applying for registration, it’s required to deposit at least half of the authorised capital.

Registering a legal entity in Latvia can be done swiftly, typically within 1 week. However, opening an account for a non-resident in a local bank may take longer due to the careful verification of all applicant data. COREDO specialists can provide assistance in preparing all the necessary documentation for company registration in Latvia, offering legal support, and ensuring a prompt resolution of any issues.

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