As per the World Bank’s “Doing Business 2020” Latvia is positioned in nineteenth spot among 190 nations all throughout the planet. Latvia is a member of European Union with open economy and enactments intended to pull in investments from abroad. Proceedings for company registration in Latvia are easy and fast. The expenses for company registration in Latvia are likewise exceptionally small whenever contrasted with other EU nations.
Commercial Law stipulates that one should be a merchant to be qualified to do business. A physical person enlisted in the business register as an individual merchant or a commercial company can be considered as merchants. The most often used sort of commercial company are LLC or, in Latvian, Sabiedrība ar ierobežotu atbildību (SIA).
When the company registration in Latvia is needed it is possible to register both ‘normal’ SIA and decreased capital SIA. While the statutory capital of normal SIA is 2800 EUR, the statutory capital of decreased capital SIA can be about as little as 1 EUR which makes company registration in Latvia considerably more interesting.
Each organization needs to have a legal address to be put into the application for company registration in Latvia. It is required that the landowner of a real estate agrees to permit to utilize the property as a legal address. Your legal advisor can most likely help you with this.
It is advantageous to open organization in Latvia for foreigners as there are no limitations on the foundation and responsibility for in a Latvian organization. There are three basic possibilities for arrangement of company registration in Latvia:
– visiting Latvia and signing all documents here in order to make the procedure faster;
– without visiting Latvia (by signing in your country and giving a PoA to a lawyer (law office);
– without visiting Latvia (by utilizing qualified electronic signatures acknowledged by business register).
The company registration in Latvia takes just 4 business days from the date of filing of relevant documents with Commercial Register. The registration time might be reduced up to two business days upon payment of a heightened fee. The VAT registration (if required) can take from couple of days up to one month.