More and more people are thinking about starting a business in Latvia these days. An advantageous geographical location, membership in the EU, high level of political stability and favorable conditions for entrepreneurs are the main reasons to start your own business in this country. It is necessary no note, that residents and non-residents of Latvia have equal opportunities. Law firm INLAT PLUS international prepares a full package of documents and provide legal support during and after the registration process.
The most favorable type of business to open and develop is a limited liability company (SIA). The minimal amount of share capital is 2800 euro, there is also an opportunity to divide the payment of the capital into two parts (for example, the minimal amount of share capital in Germany is 25 000 euro). The registration of a company involves several stages.
• First stage. Preparation of all necessary documents, selection of the name of the company, legal address, kind of business activity, selection of the members, board of directors, distribution of the shares, and other components;
• Second stage. Opening a temporary bank account to pay up the share capital. The minimal amount of share capital – 2800 euro – should be transferred to a temporary bank account before the submission of documents to the Enterprise Register. It is possible to pay 1400 euro at once, and 1400 throughout the year. For natural persons there’s also an option to open a company with a share capital of 1 euro.
• Third stage. The submission of documents to the Enterprise Register. All documents for the Enterprise Register are prepared in Latvian, lawyers of INLAT PLUS international also speaks Russian and English perfectly, and can provide the translation of the documents into the Client’s relevant language. A state fee for registration in a normal order is 150 euro and is finished in 3 working days. The cost for registration in an expedited way is 450 euro and takes 1 working day. It is also necessary to pay for publication in “Latvijas Vēstnesis”, the official publisher of the Republic of Latvia.
• Electronic signature. Latvian residents and persons with a residence permit can submit the documents electronically, which will reduce a state fee by 10%. INLAT PLUS international will gladly help the Client to register his electronic signature. If a person doesn’t have electronic signature, the documents should be notarized, which will cause additional expenses.
• Fourth stage. Receiving the decision of the Enterprise Register and opening a permanent bank account.
• Additional information. At a Client’s request lawyers of INLAT PLUS international also provide company’s registration amongst the VAT payers.
Residence permit in Latvia for businessmen
Opening a company in Latvia not only gives a wide rage of opportunities for your business, but also provides other benefits, such as receiving a residence permit in Latvia, which allows you to visit other countries of the European Union. Member of the board have rights to receive a residence permit for up to 5 years, if he is registered in the Enterprise Register, but it is also crucial to understand, that before a member of the board submits the documents to Office of Migration, the company should pay taxes for at least one year. There are also possibilities to receive a residence permit on the basis of labor contract with your own company.
Legal support for a company
At a Client’s request, after receiving a positive decision to register a company, lawyers of INLAT PLUS international also provides legal help in maintaining the company’s activities for a company to become fully operational, including:
• Preparation of documents for changes within a company (increase, decrease fixed capital, legal address change, changes within the board, council, number of members etc.);
• Representation of the interests of the Client in government and municipal institutions, as well as before natural and legal persons;
• Legal analysis for current and future business projects;
• Legal support and preparation of the deals involving real-estates;
• Legal support during the process of insolvency;
• Preparing documents for reorganization and liquidation of the company;
• Preparing labor and commercial contracts, consultation and legal help in Labor Law and Commercial Law;
• Providing necessary information to fiscal institutions;
In order to get a consultation and additional information you can contact us by phone, email or coming to our INLAT PLUS international office:
Mobile phone number: (+371) 296 216 15
Address: Lāčplēša iela 41, 2.stāvs, Rīga, Latvija, LV-1011