Doing Business In Latvia
In the last decade the economy in Latvia has been growing rapidly leaving behind many Western European countries. Despite the global economic crisis the Latvian Government has worked towards a clear programme of economic stability, recovery and even stronger further growth with the help of International Monetary Fund and European Commission. It includes the reorganisation of public sector to reach higher cost efficiency and provide supportive business environment to attract foreign direct investments as well as to promote small and medium size businesses.
Latvia is business friendly and cost effective, provides easy access to a highly qualified workforce, has reliable infrastructure and international recognition and follows international standards.
Forms of Business Organisation
To start up commercial activities, the merchant (komersants in Latvian) is required to register in the Commercial Register. Forms of business organisation include individual merchants (sole trader), partnerships (general and limited partnerships) and capital companies (limited liability company – SIA and joint stock company – A/S). The most widely used form is the limited liability company which limits the liability of the shareholders to the amount of their investment in the share capital.
Foreign investors intending to expand their business in Latvia may register a branch or representative office. Branch is territorially or otherwise separated from the organisation and can be established by local and foreign organisations to carry out commercial activities. The representative office may only be set up by foreign organisations to represent and promote the organisation and carry out market researches, but is not entitled to carry out commercial activities. Learn more [link to http://www.ur.gov.lv/eng/registries.html]
Latvian Investment and Development Agency
For more than 15 years the Investment and Development Agency has provided support for local businesses and foreign investors to increase the competitiveness and promote further foreign investment. The Investment and Development Agency helps to find partners or locations in Latvia for overseas businesses and assists in administrating the State support programmes co-financed from EU Structural funds. Learn more [link to http://www.liaa.gov.lv/eng/home/news/]
Register of Enterprises of Republic of Latvia
The Register of Enterprises of the Republic of Latvia registers enterprises and administrates the information according to the Latvian legislation. It also registers mass media, public organisations, commercial pledges, decisive influences, marriage contracts, public and private partnership agreements, religious organisations, political parties, trade unions, arbitrages and processes of insolvency. Learn more [link to http://www.ur.gov.lv/?v=en]
State Revenue Service
State Revenue Service is a government organisation set up to implement taxation and customs policy. All enterprises must be registered with the State Revenue Service and report on their taxable income on a regular basis. Learn more [http://www.vid.gov.lv/default.aspx?tabid=8&hl=2]
Foreign Investors’ Council in Latvia
The Foreign Investors’ Council is a non-governmental organisation that brings together the largest foreign investors to discuss regularly at the governmental level the ways in which the business environment and investment climate in Latvia can be improved. Learn more [link to http://www.ficil.lv/index.php/home/]
Latvian Chamber of Commerce & Industry
Latvian Chamber of Commerce and Industry is a members’ organisation which brings together Latvian companies from various business sectors with the aim of improving the business environment. It also assists local enterprises to promote their services. Learn more [link to http://www.chamber.lv/en]
British Chamber of Commerce in Latvia
British Chamber of Commerce is a members’ organisation providing the environment for establishing the business relationships between Latvian and British enterprises through organising events with the participation of business and public sector representatives. Learn more [link to http://www.bccl.lv/]