COREDO > Legal Protection for Business > Legal outsourcing > Legal Services and Protection in Latvia

Legal Services and Protection in Latvia

Doing Business in Latvia

Latvia is a developed European Union economy with one of the most flexible tax systems in the region. One of Latvia’s key advantages is its unique tax model: corporate tax is levied only on distributed profits.

COREDO specialists have been supporting foreign companies in Latvia since 2016 — from registration to ongoing compliance.

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Cost of the services
from EUR 500

Doing Business in Latvia: What to Know

Latvia taxes companies only when profits are distributed, which changes how you plan dividends and reinvestment. Three areas matter for a foreign company: tax, licensing and reporting. Latvijas Banka supervises banks, payment and e-money institutions, investment firms and insurers, and most government documentation is in Latvian. Annual financial statements go to VID within fixed deadlines, and electronic filing is available.

COREDO provides a full range of legal support for businesses in Latvia. Our clients are foreign companies and investors, EMI and PSP firms, companies in special economic zones, startups and businesses with cross-border contracts. We arrange translation and notarisation of documents in Latvian and represent clients before Latvijas Banka, VID, courts and administrative bodies.

Describe your situation in a request: we respond within one business day and tell you how we can help.

Business Environment in Latvia

Taxation

In Latvia, CIT is payable only upon profit distribution. The effective rate is approximately 25% (nominally 20%). Retained earnings are not taxed. VAT is 21% (reduced rates of 12%, 5%, and 0%). Social contributions amount to 35.09% of salary. Residence permit programmes and SEZ tax incentives are available for investors.

Licensing

Licences are required for financial services, transport, healthcare, tourism, telecommunications, alcohol trade, and other regulated sectors. The financial sector is supervised by Latvijas Banka, regulating banks, PIs, EMIs, investment and insurance companies, funds, and capital markets.

Reporting

Annual financial statements must be submitted to VID within 4 months and 30 days after the financial year-end. Reports include the balance sheet, P&L, and cash flow statement. Electronic filing is available. Most government documentation is conducted in Latvian.

Our Services in Latvia

Company registration

selection of legal form (SIA, AS, residence permit), preparation and notarisation of documents, registration with Lursoft

Contract drafting and review

preparation, review, and adaptation of contracts in accordance with Latvian legislation

Licensing support

obtaining Latvijas Banka licences (EMI, PSP, investment companies), preparation of documentation packages. For CASP authorisation under MiCA, which lets a CASP serve clients throughout the EU, we prepare the legal, AML and ICT documents and submit the application. We then communicate with Latvijas Banka during the review and monitor the procedure until the authorisation is issued. A pre-assessment with the regulator is optional and is a separate paid service of COREDO. The government fee for reviewing the application and the annual supervisory levy are paid by the client on top of COREDO’s fee. For CASP authorisation, UBOs, directors and the MLRO provide identity documents, CVs and clean criminal records not older than 3 months. The company adds a business plan with a 3-year financial forecast and its IT and DORA documentation.

Due diligence

financial, tax, and legal review of counterparties

Tax advisory

structuring operations to leverage the “tax on distributed profits only” model, analysis of SEZ opportunities

Tax reporting preparation

compliance with VID requirements, adherence to filing deadlines

Representation

defending interests before Latvijas Banka, VID, courts, and administrative bodies in Latvia

Regulatory monitoring

tracking changes in Latvian and European legislation, timely adaptation of corporate processes

Who These Services Are For

Our clients include:

Foreign companies and investors — registration, 100% foreign ownership, residence permits for investments starting from EUR 50,000

Financial companies (EMI, PSP) — Latvijas Banka licensing, AML compliance, ongoing support

Companies in Special Economic Zones — leveraging preferential tax conditions in the Rēzekne, Latgale, and other SEZs

Startups and technology companies — accessing government support, including subsidies covering up to 45% of salaries for highly qualified specialists

Companies with cross-border transactions — structuring international contracts, liaising with Latvian partners

Companies facing documentation challenges — translation, notarisation, filing documents in Latvian

How We Work

Initial consultation

analysis of the client’s legal situation: type of activity, licensing status, tax structure.

01

Legal audit

assessment of compliance with Latvijas Banka and Latvian legislative requirements, identification of “deemed distribution” risks.

02

Strategy development

formulation of a legal protection plan, selection of the optimal tax and corporate structure.

03

Legal support

preparation of documents, interaction with Latvijas Banka and VID, translation and notarisation of documents.

04

Ongoing support and monitoring

tracking changes in Latvian legislation, filing reports with VID within established deadlines.

05

Service Timelines

Service	Timeframe
Legal Opinion	10 working days after payment and receipt of the full set of documents
One-off consultation (up to 5 hours)	1–2 business days
Legal Outsourcing launch	3–5 business days
Contract documentation	5–10 business days
CASP authorisation: Latvijas Banka review	completeness check 25 working days from submission, then a decision within 40 working days (can be extended if information is insufficient)

Service Pricing

Legal Opinion — from EUR 1,500 + VAT (10 working days after payment and receipt of the full set of documents).

Legal Outsourcing — package rates:

Package	Hours	Price
Starter	5 hours	EUR 550
Basic	10 hours	EUR 1,000
Standard	20 hours	EUR 1,800
Extended	40 hours	EUR 3,200
Professional	80 hours	EUR 5,600
Corporate	160 hours	EUR 9,600

One-off consultations:

Basic (up to 5 hours) — EUR 130/hour
Standard (from 20 hours) — EUR 100/hour
Premium (from 80 hours) — EUR 80/hour

Pricing depends on the complexity of the task. Submit a request for an estimate.
All prices are exclusive of VAT.

Our Experts

Pavel Kos

At COREDO since June 2017. Head of Legal since July 2020. Specialises in licensing financial companies (EMI, PSP), corporate law, and M&A across EU jurisdictions.

Alena Mach

Executive Director

Nikita Veremeev

Founder & NED

Johann Schneider

Lawyer

Frequently Asked Questions

What does legal protection for business in Latvia include?

Legal protection in Latvia covers: company registration, obtaining Latvijas Banka licences, tax structuring using the “tax on distributed profits only” model, preparation and review of contracts, and representation before VID and Latvijas Banka.

Is personal presence in Latvia required?

In most cases — no. COREDO operates remotely and arranges translation and notarisation of documents in Latvian. For certain regulatory procedures, a power of attorney may be required.

How much does legal support in Latvia cost?

Legal Opinion from EUR 1,500 + VAT, Legal Outsourcing packages from EUR 550 to EUR 9,600 and one-off consultations at EUR 80–130/hour.

Can COREDO assist with EMI or PSP licensing in Latvia?

Yes. COREDO has experience supporting payment institutions and EMI through interactions with Latvijas Banka, preparation of licensing documentation, and ongoing AML compliance.

How does the "tax on distributed profits only" model work?

In Latvia, corporate tax at 20% (effectively approximately 25%) is payable only when profits are distributed as dividends or through “deemed distributions.” COREDO helps structure operations to make optimal use of this model.

Legal Support for Your Business in Latvia

Our experts are ready to help. Submit a request — we will respond within one business day. Tell us what you need — a new company, a licence or a contract review — and we will suggest the right format: a one-off consultation, a Legal Opinion or a Legal Outsourcing package.

Phone: +420 228 886 867 Email: info@coredo.eu Office: K Cervenemu dvoru 3269/25a, Prague, 130 00, Czech Republic

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