If you wish to carry out your business internationally and tax-efficiently, Latvia is the perfect place to register your company! Thanks to its excellent infrastructure, a hassle-free way of doing business, and plenty of development opportunities, it is not difficult to see why establishing your company in the Baltic country is an alluring idea.
With our help, discover the advantages of registering your company in Latvia and the steps you must take to do it.
What are the perks of owning a company registered in Latvia?
Great infrastructure. The business environment in Latvia is quite a developed business, Latvia is home to several development centres. With many parks, special economic zones and free ports, it is an ideal location for any business.
The country has a convenient transportation system. It is easy to move around by sea, road, railway, or air. According to reports, Latvia also has very fast internet speed.
Tax benefits. Latvia has several advantages when it comes to taxes. Recently, significant tax incentives were introduced. Nowadays, the tax should be paid upon the dividends distribution only. The incoming dividends, as well as, flow-through dividends are not taxed at all.
Convenient location. It is hard to beat Latvia’s location. To name one positive, by registering your company there, you’ll be able to easily trade with EU counterparts and Eastern markets alike. It means that there’s a lot more room for growth in so many ways.
Hassle-free way of doing business. Contrary to what you may have heard, foreign and local investments will be met with the same regulations.The World Bank ranked Latvia 21 on a list of how easy it is to do business in 2020.
With a supportive business environment, you will always find a skilled and reliable workforce to help in your journey. When there are fewer things to worry about, you can focus on what really matters – your business.
What are the steps for registering a company in Latvia?
- Providing necessary information
The first step is gathering any necessary information, including the company’s legal name, passport details and address of shareholders (including the ultimate beneficial owner) and board members of the new company. The investor should also decide how many shares will be issued and the par value of one share.
- Completing the draft
After we have received the information, we will create draft documents in Latvian and English (or other languages, if required). Then, we will have to arrange a notary to attest some of the documents.
- Temporary bank account
When the documents are signed, the shareholder has to pay at least fifty percent of the subscribed capital into a temporary bank account. We can open a temporary bank account on your behalf.
- Submitting documents
Once that is done, we will send the application and all required documents to the Commercial Registry, which will then review the request. Usually, they decide within one to three working days.
- Transforming your bank account
When your request has been approved, you must transform your temporary bank account into a permanent one. Sometimes a company’s representative is required to be present to do that. If you wish, we can help in this step. Through the power of attorney, the bank account can also be opened remotely.
- Signing an agreement with tax authorities
After the registration process has been completed, you will need to sign an agreement with the tax authorities. Then you will get access to the system, where all of your tax returns will be submitted.
Why should you need our help?
Although the company registration in Latvia is quite straightforward, it still may be difficult to navigate if you have never done it before, especially as a foreigner. For this reason, our team offers consultations before starting the registration to guide you on the applicable taxes and other requirements related to carrying out the business in Latvia.
With our help, you are guaranteed to have the company registration process go as smoothly as possible.