Latvia is a small country with business regulations meant to attract foreign investments and that's why the incorporation process of a company is very quick and simple. Business start-up costs are also quite competitive compared with costs in other European countries.
The first step for setting up a company in Latvia is to choose a name for the company and submit it with the Trade Register for approval. Once the name was approved, the investor can go on with the registration process and draft the articles of association of the company.
Foreign investors must also open an account with a Latvian bank and deposit the minimum share capital for opening a business. The minimum share capital depends on the type of company selected and can influence the start-up costs. If all documents have been prepared and the share capital deposited, the investor can submit the registration file with the Latvian Company Register.
Following this procedure, the incorporation certificate will be issued and the company must register for taxation purposes before commencing its activities. The company will also have to register its employees with the State Revenue Services.
Foreign investors can choose the type of company they want to register in Latvia:
The incorporation process of a Latvian company is quite simple and it takes about two weeks. When registering a company in Latvia, the following costs must be considered:
Additional costs may be implied depending on the type of company clients want to set up, but our Latvian lawyers can provide all the details related to business start-up costs.
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