Latvia is an independent republic located near the Baltic Sea. In 2004 Latvia joined the European Union what gave additional advantages in making business inside the country; and also on the territories of the EU and CIS countries. Registration of company in Latvia is a straightforward and quick process. The most widespread legal form of companies is Limited Liability (SIA). Apart from registration, it is also possible to buy an existing company what can save time and money for the client. Income tax rate in Latvia is one of the lowest – 15%.
Companies in Latvia are widely used as a middle chain for commercial and financial activities between western and CIS countries. The banking system of Latvia can be compared to the one of Switzerland or Liechtenstein by the quality and diversity of provided services. Local banks service accounts in different currencies, including Russian and Belarus Ruble. Currency is Latvian Lat (LVL). Official language of the country is Latvian; however Russian is also widely met. Business languages are English, Russian, and Latvian.
Limited Liability Company (Ltd.)
Members of Board
Quantity: minimum 1.
Quantity: minimum 1. Director can also be a Member of Board.
Quantity: minimum – 1.
Standard declared capital – 2,000 LVL (about 3,000 EUR). Half of the sum should be contributed together with registration. The rest is due to be contributed within a year.
Submission of Annual Report
Annual report for the first year should be submitted no later than after 18 months from the registration date.
Submission of Financial Statements
Should be submitted annually. Audit is required only depending on annual turnover and balance sheet indicators.
Corporate income tax rate – 15%.
Agreements about elimination of double taxation
Agreements about elimination of double taxation are signed with more than 20 countries, including European countries, the US, Russia and CIS countries.
Term of company registration
3-10 working days; term of receipt of complete set of documents – 2 weeks.
Set of registration documents
This service is offered to clients that work with Latvian companies inside the EU, and also for clients that perform export operations in other countries.
The registration procedure takes from 7 to 14 working days. Monthly and quarterly accountant compiles and submits VAT reports. Cost of compilation of reports is included in yearly company maintenance fee and depends on the number of operations.
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