Company registration in Latvia

Service name Standard set Premium set
Company registration + +
Official address for 1 year + +
Apostil set +
The Power Of Attorney +
Bank account +
Formation fee 2500 EUR 2700 EUR
Fee for yearly administration 800 EUR 900 EUR

May1, 2004 Latvia has joined the European Union. Since March 29th 2004 Latvia is NATO member.
On December 21, 2007 Latvia part of the Schengen zone.

General information

Area  – 64 589 sq. km
Population   – 2 005 000
Capital    – Riga
Official language   – Latvian
Official currency   – Euro (EUR)
Legal system    – parliamentary republic

Legal form of company

Most common legal form in Latvia is Company with limited liability
Limited Liability;
Joint Stock Company.

Key specials

Latvia has agreements for the prevention of double taxation with following countries:
Australia, Austria , Belgium, Britain , Germany, Greece , Israel , Zambia Denmark , Iceland, Ireland, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand , Norway, Pakistan , Poland, Portugal, Russia ,USA, Finland, France, Czech Republic , Switzerland , Sweden , Estonia , South Africa , South Korea , Japan,Mexico , Netherlands, New Zealand, Norway, Pakistan, Poland, Portugal, Russia, USA, Finland, France, Czech Republic, Estonia, South Africa, South Korea, Japan.

Corporate legislation

– Latvian Commercial Law

Share capital

Limited Liability Company   – 2 800    EUR
Joint Stock Company    – 35 000   EUR

Opening of bank accounts

For Latvian Company we offer bank accounts in following countries:
Latvia
Estonia
Lithuania
Switzerland
Cyprus
Denmark
St. Vincent and the Grenadines
Belize
Seychelles
Tanzania
Bosnia
Hong Kong
Dubai

The main requirements for directors  and shareholders for company (sia)

Legal status    – a legal entity
Founders,Shareholders   – minimum one
Status of     – private or corporate persone
Residence    – can be resident from any country
The Government
Directors   – minimum one
Status of     – private persone
Residence      – can be resident of any country
Secretary    – one (private persone)
* Information about shareholders    stored in the registry.

The main requirements for directors  and shareholders for company (as)

Legal status    – a legal entity
Founders, Shareholders – minimum three
Status of    – private or corporate person
Residence   – can be resident  from any country
The Government    – Meeting of shareholders’
Directors   – minimum one
Status of     – private persone
Residence     – can be resident of any country
Secretary    – one (private persone)
* Information about directors and shareholders  stored in the registry.

Taxation

Value added tax  – 21%   (transactions in Latvia); 0%  – (export transactions with the EU)
Corporate tax  – 10%
The tax on dividends is: received  – 0% (excluding dividends from offshore ); paid  – 0% (if the recipient private person – 10% if offshore – 15 %); interest paid   – 0% (excluding interest in offshore);
Paid royalties  – 0% (excluding royalties in offshore);
Capital gains from the sale of shares   – 0% (other than shares of offshore companies).

Accountancy

Accounting records must be kept at the private address of the company:
Annual audit;
VAT declaration 1 once a month;

Opening information on beneficiaries of government authorities

Not disclosed
Free Enterprise Register of the application form  the company.

Timeframes

New Company registration takes from 1 day.
Shelf companies are available.

For more information, please contact us.