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Frequently Asked Questions

Frequently Asked Questions

Updated on Wednesday 21st October 2015

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Frequently-Asked-QuestionsOur Latvian lawyers receive a lot of questions about investment opportunities and moving to the country. Below are the answers to some of the most frequently asked questions about immigrating and opening a company in Latvia.

 

1.       What are the steps of business litigation cases in Latvia?

Business litigation is usually tried by the Latvian courts of justice. However, certain business litigation cases can also be tried by the Arbitration Court in Latvia. The steps for resolving disputes usually depend from case to case.

2.       What are the most important legal aspects I should know about company formation in Latvia?

The main steps to open a company in Latvia are to select the type of company you want to register, find out what the required share capital is and prepare the documents for incorporation. Our lawyers in Latvia can draft your company’s Memorandum and Articles of Association.

3.       What are the basic legal requirements for foreign investors wanting to invest in Latvia?

Depending on the type of company you want to register you should know the minimum share capital you have to deposit when opening a company in Latvia. In the case of limited liability companies, you must deposit 2,000 LVL.

4.       Will I need special permits or licenses for my new company in Latvia?

Yes, depending on the type of activity your company will conduct, you could be required to apply for a special license or permit.

5.       What is the procedure of debt collection in Latvia?

Debt collection proceedings in Latvia are usually handled by the court and are treated like any other litigation case. For legal representation you can ask for the services of our law firm in Latvia.

6.       Do you need a visa to enter Latvia? How can I obtain it?

Foreign citizens from non-EU countries are the only ones requiring a visa to enter Latvia. You can ask our Latvian attorneys about the procedure for obtaining a visa.

7.       What are the steps I must follow in order to obtain citizenship in Latvia?

Under the Citizenship Law, foreign citizens can obtain Latvian citizenship after living and working in the country for five consecutive years.

8.       What are the requirements regarding employment in Latvia?

Foreign citizens wanting to work in Latvia must first sign an employment contract with a local company. Company representatives will then apply for a Latvian work permit on behalf of the foreign employee.

9.       Are there any special requirements for marriage and/or divorce in Latvia?

You must announce the local authorities a month prior to the ceremony that you want to get married in Latvia. The spouses must also have two adult witnesses. Divorce proceedings can be completed by a notary or by a Latvian court.

10.   How are individuals and companies taxed in Latvia?

The Latvian taxation system applies an income tax to individuals and a corporate tax to companies. The income tax has several rates, while companies are required to pay a 15% tax rate.

 

If you have questions related to any other matters, do not hesitate to contact our law firm in Latvia.

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