Registration of company in Latvia
How easy it is to register a company in Latvia?
As the international research on starting a business in different countries of the world shows that Latvia is appreciated as the 14th easiest country in which to do business and also the registration of company in Latvia can be done in a short period of time. Unfortunately, it may be difficult for foreigners to find information on how to register a company in Latvia. Well, we will try to find out how to register company in Latvia and if you have someone who can help you as a foreigner with the language, then it is actually quite simple. One of the main things is to choose the right type of business and it depends on your type of business. The types of legal entities in Latvia, from which you can one: Individual Merchant, SIA or Limited Liability Company, Joint-Stock Company, Partnership and Branch and Representative Office. The most often people choose SIA or LLC.
Choose lawyer in Latvia who will help you
But why you choose to register company in Latvia? If you decided that this is the best decision and you have to register your business in Latvia, then the most important advice that we can give for you is: get a lawyer in Latvia, and brace yourself for the paperwork. Two professional lawyers in Latvia Armands Rasa and Jānis Ešenvalds are partners of a law firm “Rasa and Ešenvalds”. They provide legal assistance in various areas and offer the representation of the customer’s interests in courts. So, if you need a lawyer in Latvia, then choose one of these two knowledgeable lawyers.
The Law office Rasa & Ešenvalds was established in 2010. This law office offers legal assistance in the following areas:
company restructuring processes,
insolvency, extra-judicial legal protection proceedings and legal protection proceedings,
rights in personam,
rights in rem,
other type of legal assistance (residential permits, vessel arrests, protection of intellectual property, protection of honour and dignity).
Lawyers Jānis Ešenvalds and Armands Rasa established their own law office to offer high-quality legal services and they are still working and runs their law office. They work with foreigners as well as with local businesses and offer legal services in court proceedings in Latvia, in international arbitrations and the Court of Justice of the European Union.
Registration of company in Latvia
Registration of company in Latvia starts with paperwork, so you have to fill out some forms, which are available at the Enterprise Register website. So, here is work for a lawyer, because he will translate and fill the forms for you. Take into account that all the documents and forms for registering a company will have to be submitted in Latvia. from a legislative point of view, companies with foreign capital have the same rules and obligations as local businesses.
After you submitted all forms and documents, you need to set up a bank account for your company. This step is very easy to do, set up an account at any bank you like and pay in the initial share capital. You will need to pay all fees for setting up business and after that information that the registration of company in Latvia has been made will be published in Latvia’s official state newspaper “Latvijas Vēstnesis”. Your company will be registered in a few days. If you have a layer in Latvia, so you should not worry about all this process, because it is not so painful as it sounds. And now it is time to start working and get you first customers and clients.
Useful advice before registering a company in Latvia
After all, we think that it is easiest to hire someone, for example, a lawyer in Latvia, an accountant or bookkeeper to submit your monthly company returns and compile your annual report. There are many firms which work and specializes in foreign as well as domestic clients. It is not expensive and there are many companies which offer outsourcing services. Your team here in Latvia will also be useful to keep you informed of any changes in the law that might affect your business. We also suggest collecting information about all types of business what can be registered in Latvia and choose which one is best for you. To start business and register company in Latvia, you need do more research in the proposed business, so you will be able to understand the necessity for specific permits or licenses. Different types of businesses need different types of permits, for example, the restaurant or alcohol trade store. Also, you may be required to apply at State tax authority and to register as Value Added Tax payer. Registration of company in Latvia is not considered complex, so have good luck and hire a good lawyer in Latvia – lawyers from a law firm “Rasa and Ešenvalds”.