Company registration in Latvia

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Basic information on company registration in Latvia

  • Company registration:

    can be carried out remotely, takes from 1 to 3 days.

  • Charter capital.

    The minimum capital of 2,800€ is required to be deposited into a temporary account before submitting documents to the Register of Enterprises. It is possible to open a company with a small capital (1 – 2,799€). In this case, opening a temporary account and depositing capital is not required.

  • Legal address.

    The company must possess (lease) a legal (postal) address in Latvia.

  • Documents notarization:

    for countries-members of the Hague Convention - apostilization, for the rest countries - consular legalization (through the Ministry of Foreign Affairs)

  • Register:

    an open register with available information on the founders, charter capital, board members and annual financial statements.

  • Reporting:

    An accountant is required, mandatory reporting in the electronic declaration system (EDS), in Latvian.

  • Audit:

    At the end of the year, it is necessary to undergo an audit if 2 out of 3 criteria are met: the balance sheet total exceeds 400 thousand €, the net turnover exceeds 800 thousand €, the number of employees is more than 25.

  • Certificate of Residence:

    is issued without additional tests and conditions.

  • VAT and EORI numbers

    are assigned after passing the compliance check in the SRS.

To learn the registration cost

Frequently-asked Questions

  • Who has the right to register a company in Latvia?

    The company can be registered in Latvia by any individual or legal entity.

  • What size should be the charter capital of a Latvian company?

    The minimum charter capital amounts to 2,800€. Before submitting documents to the Register of Enterprises, it is necessary to open a temporary bank account and deposit the amount of the authorized capital into it. It is possible to pay 50% of the capital at the time of registration, and pay the second 50% during the year. An individual has the right to establish a company with a small capital (1 – 2,799 €). In this case, it is not required to open a temporary account for depositing the authorized capital. Such a company has only one difference (limitation) from a company with full capital - the distribution of dividends. Distribution of profits to dividends requires increase of the capital to 2,800€.

  • What is required to know about a legal address?

    The company needs a legal address to receive correspondence. A letter sent to the legal address of the company is considered received on the 5th day.

  • How long does it take to open a company?

    The standard term for consideration of documents is 3 working days: the documents were submitted on Monday, consideration takes Tuesday-Thursday, we take a decision on registration on Friday. There is an accelerated procedure - 1 business day. In this case, a 3-fold fee for documents consideration (225€) is paid.

  • Is t possible to open a company in Latvia remotely?

    It is possible to remotely open a company in Latvia. To do this, the founder needs to certify the constitutuional documents with a notary in his/her country and, if necessary, affix an apostille. Practice shows that it is much faster (and sometimes cheaper) for the founder to come to Latvia for 3-5 days to open a company and apply to the bank to open an account. In addition, having once visited Latvia, a non-resident has the opportunity to receive an eID card in order to be able to sign documents electronically in the future.

  • How much does it cost to open a company in Latvia?

    On average, for a non-resident registering a company in Latvia costs from 1,000 to 1,500 €. This amount includes the preparation of documents for the Register of Enterprises, payment of state fees and notary services, lease of a legal address for a year, etc. To calculate the cost more accurately, please use our calculation form or contact us by phone.

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How to open a firm in Latvia?

1

How to open a firm in Latvia?

To open a company in Latvia it is necessary to come up with a unique name within the Latvian register (https://lursoft.lv), rent a legal address (https://postoffices.lv), pay fees and submit documents to the Register of Enterprises. But, as a rule, to start an active business, the company needs to open a bank account and obtain a VAT number. Therefore, a full registration of the company in Latvia includes work with three instances:

  • Register of Enterprises;
  • Bank;
  • State Revenue Service (SRS).
2

Register of Enterprises

Registration procedure in the Register of Enterprises is described in detail above on the website.

3

SRS

After registering the company, within a month, it is necessary to activate the company user account on the State Revenue Service portal. All tax and financial reports are submitted, certificates and references are ordered, and correspondence with the SRS is conducted in the user account. In practice, everything related to the SRS is handled by an accountant or a licensed accounting agency.

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4

Bank

The procedure for opening a temporary account takes 1-2 days and requires a preliminary verification of the beneficiary. The procedure for opening a permanent account on average takes from 2 to 8 weeks and includes a thorough check of both the company itself and its owners.

5

Licensing

In some cases, commercial activities involve licensing.
For instance:

  1. Construction
  2. International cargo/passenger transportation
  3. Personnel lease
  4. Catering and food trade

Please note that obtaining the appropriate license may take some time (usually up to 30 days).

6

Visas and residence permit

After registration, the company has the right to hire foreign citizens, and has the ability to issue visas and residence permits with work permit in Latvia to non-residents. In addition, the founders of a Latvian company can also obtain a residence permit in Latvia and be able to move freely within the EU countries.

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In any case, when registering a company in Latvia, it makes sense to first contact the Latvian registrar to discuss your specific case. Leave a request, we will contact you within 24 hours.

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