Registration of a company in Latvia

If you have decide to register a company in Latvia, specialists of the "Prifinance" can offer:

• remote establishment of the company - no need for personal presence on in the country;
• efficiency - the registration of the company in Latvia is possible in just one day;
• affordable cost of registration;
• the possibility of renewal if you pay the second year;
• exemption from territorial restrictions - we are working with all countries, send documents by reliable postal service – DHL.

Latvia offshore zone may be called such only partially. It is attractive for business, but not in all cases it fully exempts from taxes. Registration and maintenance of the company in Latvia are cheap. It is advantageous to establish here an international partnership business, to accomplish merge, to open a subsidiary. European economic space enhances the prestige of companies, creates the preconditions for successful development. Branches can be opened both within Latvia and beyond its borders. The legislation set out the rules of management board formation – half of the board members must be the residents of the jurisdiction.

General information

Registration of company in Latvia assumes availability of the authorized capital in amount of 2850 Euros. It may be paid fully or partially, in the form of tangible and intangible share. Minimum composition is one director. He may be legal entity, resident of the any country.

Possible forms of company registration:

• SIA — corresponds to LLC;
• SE — European company;
• AS — Joint Stock Company;
• EEIG — association in order to perform joint business activity.

System of taxation

Company registration in Latvia entails tax liabilities. The amount of VAT is 21%, the income tax for non-residents is quite low - from 5 to 15% of royalties - 10%, capital gains and income - 15%. The size of the latter can be reduced by reducing the taxable base by the amount of individual income deductions.

Since Latvia is not the classic offshore, companies are not exempt from the record-keeping. Reports and declarations should be submitted every year, making all payments until April 30. Reports on wages are submitted monthly. At the same time the accounting is withdrawn outside the board structure. If the company has only one owner, you need to hire an accountant to be in staff or to entrust these functions to an outside specialist.

VAT payers are companies with volume of taxable transactions more than 10 000 LVL. Filing of declarations is made till the 15th day of the month following the reporting one.

In 2014, the country's legislation abolished tax on intellectual property. When performing tax liability companies may exercise the right to make advance payments.

Algorithm of registration

Specialists of the "Prifinance" can offer ready companies in Latvia. Their clearance will take only one day. It is also possible the registration of companies in Latvia from scratch. It is longer procedure which comprises several stages:

1. Advance payment.
2. Provision passport copy.
3. Registration of a company or issuing of power of attorney.
4. Sending scans of registration documents.
5. Payment of the second installment.
6. Completing he questionnaire + provision of additional documents for bank by the customer.
7. Sending of the signed documents to us, then we forward them to the bank.
8. We send you registration documents + Digipass.
9. When the account is opened, the bank will send instructions on how to log into the account.

Advantages of the jurisdiction

• It's easy and inexpensive. Compared with the most European countries, the registration of company in Latvia will cost 2-4 times cheaper. Cheaper registration of new companies is available only in Estonia.
• A possibility to open a company without personal presence. We offer remote transactions, act in the interests of the customers by proxy.
• Prestige of European jurisdiction.
• Agreements with 45 countries on avoidance of double taxation.
• Impeccable reputation. The country is not represented in the "black lists" of the OECD, the Ministry of Finance, FATF.
• Loyal legislation.
• The simplified tax system - many kinds are eliminated. VAT on transactions within the country is 21%, with European companies - 0%. Income tax is within 15%.

Banks of Latvia

• Baltikums Bank, JSC;
• Baltic International Bank, JSC;
• GE Money Bank, JSC;
• NB banka, JSC Swedbank, JSC;
• Bank M2M Europe AS;
• Latvijas Hipoteku un zemes banka, JSC;
• Expobank, JSC;
• SEB banka, JSC;
• SMP Bank, JSC;
• PrivatBank, JSC;
• Regionala investiciju banka, JSC;
• Rietumu Banka, JSC;
• Trasta Komercbanka, JSC;
• UniCredit Bank, JSC;
• Latvijas pasta banka, JSC;
• Citadele banka, JSC;
• Rigensis Bank, JSC.