Business tasks that can be solved by forming a company in Latvia:
You sign registration documents at a notary in Latvia or with a valid electronic signature. After the company is registered, your open a bank account.
7 business daysTime from the day you provide all information required for company formation and make payment.
EUR 800This price includes VAT that can be recovered after the company registration as VAT payer. Lower price may apply to your particular case. Please, contact us to find out.
You approve your signature on the company registration documents at a notary in your country and send the documents to us by mail. We arrange for translation and notary approval of the registration documents and submit them to the Latvian Enterprise Register.
1 - 2 monthsApproximate time from the day you provide all information required for company formation and make payment. Actual duration is dependent on the country of your residence and how quickly will you execute the actions required from you.
Your presence in Riga:
Not requiredYour presence in Latvia for registration of the company is not required. However, you might need to visit Latvia in order to open a bank account.
EUR 1,200This price includes VAT that can be recovered after the company registration as VAT payer. Lower price may apply to your particular case. Please, contact us to find out.
The following information is required for company registration in Latvia:
We designed our service so that we do most actions required for the company registration in Latvia. Your involvement will be required only for actions where your presence is absolutely necessary.
The actions that you will need to execute can be listed as follows:
The shareholders and Members of the Board of the Company will be required to approve their signatures on the company registration documents at a Latvian Sworn Notary. Latvian residents can approve their signatures also in the Latvian Enterprise Register. It is possible instead of approving the documents at a Latvian Sworn Notary to approve the registration documents by a secure electronic signature. Residents of most countries can approve the registration documents at a sworn notary in their country.
In case you choose to have the company's legal address registered in a specific office or other specific location, you will need to submit the building's owner's written consent to register your company there.
By default, a newly founded company will not be registered as VAT payer. Registration as VAT payer is not mandatory, unless a company fulfills certain criteria. If the company is not registered as VAT payer, it neither adds VAT its sales price, nor has the right to claim back from the state VAT on is expenses. Company not registered for VAT does not have to file VAT declarations. In several cases, it is sometimes advantageous not to be registered as VAT payer, e.g., if most of the company's clients are private persons.
Application for company registration as VAT payer can be filed in the Latvian Enterprise Register together with company incorporation documents. It is also possible to apply for registration as VAT payer later at any time, by filing an application to Latvian State Revenue Service (SRS). On average, the company's registration as VAT payer takes approximately 1 week. The SRS may ask for additional information and/or interview with the company's management incase it has doubts that the company will be able to ensure its business and payment of VAT.
The following informationThe following list is not all inclusive and is provided for general understanding only. We have omitted from the list information that we obtain in the process of company incorporation. Please contact us for more detailed information and consultaitons. is required in order to apply for new company registration as VAT payer:
It is mandatory to register for VAT, if company meets at least one of the following criteria:
Companies registered as VAT payer need to file a VAT declaration. Depending on nature and volume of company's operations the VAT declarations should be filed monthly, quarterly or semi-annually.
There are certain local and international statutory regulations that banks have to adhere in opening accounts and servicing clients. The way the banks implement these regulations differ, therefore exact list of information and documents differs depending on a bank.
The following listThis list is not all inclusive and is provided for general understanding only. Please contact us for more detailed information and consultations. is provided to give general understanding of what information banks typically ask for opening an account for new company:
In our experience in some cases bank may ask for additional information to prove the information provided by submitting agreements with potential clients and suppliers.
According to standard procedure, after the company is registered in the Latvian Enterprise Register, the company's Member of the Board should personally visit the bank with his passport in order to fill in bank questionnaire, leave a specimen of his signature, choose required services and obtain code calculator and passwords for remote connection to internet-bank. Depending on the company's specifics, the bank may ask to provide additional documents. For Clients with simple and clear business model the bank accont may become operational in one - two days. For Clients with unusual or complicated business or structure the bank account opening may take a few weeks.
During the last few years, as a result of strengthening of anti-money laundering legislation in Latvia and all over the world, Latvian banks implemented much more scrutinized client acceptance proceduers. Often big Latvian banks reject opening of an account to companies with foreign beneficiaries, especially from Russia and other CIS countries. Such companies have higher chances for opening an account in smaller banks. These banks typically have much higher fees as they need to file extensive documentation for the clients that are classified as high-risk according to the anti-money laundering legislation requirements.
A Latvian company may also open a bank account in a foreign bank. There are a few foreign banks that are focused on on-line banking and open account over the internet.
There are no specific state duties for company maintenance in Latvia. Key expenses on the company maintenance can be listed as follows:
Statutory reporting requirements for companies registered in Latvia depend on the company's operations. As a general rule, actively operating companies have to file more obligatory reports that inactive companies.
The following list states main reportsThis list is not all inclusive and is provided for general understanding only. There is a number of reports that have to be filed not regularly, or when the company conducts certain business activities. that need to be filed by a Latvian company:
You might also be interested in: