Latvia Company Formation

Latvia Company Formation

Old Riga

The Republic of Latvia is in the Baltic region of North Eastern Europe. It is bordered to the north by Estonia to the south by Lithuania and Belarus, to the east by Russia and to the west by the Baltic Sea and Sweden. The capital is Riga. It is a multi-lingual society where Latvian, Russian and English are widely spoken. The currency is the Lats (LVL) and it plans to introduce the Euro by 2014. It is a member of the EU and UN. The name Latvia originates from the ancient Latgalians which was one of the four Indo-European tribes that together with Semigallians, Couronians and Selonians was involved in the ethnogenesis of Latvians. The main sectors of Latvian economy are information technologies, chemical and pharmaceutical industry, electronics, mechanical engineering, wood processing, construction, food industry, textile industry, fishery and agriculture.

  • TYPE OF COMPANY: Limited Liability Company (LLC)                 
  • COMPANY LAW: Commercial Law (as amended)                   
  • SUFFIX TO DENOTE LIMITED LIABILITY: SIA                                
  • DIRECTORS: Minimum of one who must be a natural person (corporate directors not allowed) of any residency or nationality – we can provide                                           
  • SHAREHOLDERS: Minimum of one of any residency or nationality natural persons or corporate entities allowed – we can provide
  • CLASSES OF SHARE: Registered           
  • CAPITAL REQUIREMENTS: Minimum share capital is 2000 LVL (€ 3,000) which must be fully paid up                  
  • OWNERSHIP: 100% Foreign ownership allowed
  • TIME TO INCORPORATE: 7-14 days  
  • REGISTERED OFFICE: Required in Latvia – we can provide    
  • ANNUAL RETURN: Yes
  • ACCOUNTS: Yes
  • DISCLOSURE: Yes
  • TAXATION: Corporate Tax 15%
  • GOVERNMENT LICENCE FEE: N/a
  • DOUBLE TAXATION TREATIES: 48
  • LANGUAGE OF DOCUMENTATION: Latvian with certified English translation

If you would like further information on setting up a company in Latvia or the formation of a Latvian company or other Latvian corporate entities or require professional advice relating to taxation or the structuring and requirements of a Latvian company, please contact us. We can also provide advice on establishing a subsidiary, joint venture or foreign company to carry on business in Latvia. We can provide a wide range of support and administration services, bank introductions, nominee directors, nominee shareholders, virtual offices, accountancy and legal services. We can also advise on compliance with all the regulatory and statutory requirements.