Reasons to do business in Latvia:
- Latvia provides a strategic location for business operations targeting developed economies of the EU and emerging markets of eastern neighbours.
- Latvia is an EU country, a member of Schengen and an active participant of the World Trade Organization.
- Latvia’s workforce is ranked in the top five in the world in terms of university students per capita
- Latvia has one of the fastest telecommunications infrastructures in the world.
- Latvia’s position in the global market offers investors both opportunity and stability.
- Latvia offers significant cost advantages to investors.
How to set up a business
- Select a name and decide on the type of business – individual merchant, Limited Liability Company, joint-stock company, partnership, branch and representative office. For more information on the types of business click here: http://www.liaa.gov.lv/en/trade/market-entry/business-forms-and-registration
- Set up a bank account. You can find a list of banks in Latvia here: http://www.fktk.lv/en/market/credit-institutions/banks1.html
- Register your company in the Commercial Register. More information available here: http://www.ur.gov.lv/kontakti.html. All the documents for registering a company will have to be submitted in Latvian.
- Register as tax payer at the State Revenue Service: https://www.vid.gov.lv/en/taxes
More information on taxes, intellectual property rights, sectors and industries, regulation on competition, mergers and acquisitions is available here: http://www.liaa.gov.lv/en/invest-latvia/investor-business-guide/operating-environment