Starting a business

Can I open my own business in Latvia?

A third-country national can start a business in our country, just like a Latvian national, for example, by setting up a new business or acquiring a business in Latvia.

Business in Latvia is open to persons who are of legal age and are not subject to sanctions. If the person does not have a personal identity number in Latvia, birth data are used. All company registration documents must be submitted in Latvian.

How do I register my company?

To start a business, you must register your company with the Register of Enterprises making it a legal and official activity. Registering a company means being responsible for all the obligations of an entrepreneur, such as paying taxes. The next step is to choose the type of tax you will have to pay – this is determined by the type of business activity, and you need to register the chosen tax regime with the State Revenue Service.

The easiest way to register your company is to register digitally using the latvija.lv. Everyone connected with the company (board members, founders, supervisory board members) will benefit from an e-signature – a digital app or software that allows you to electronically sign documents, carry out various transactions and receive various services online. Read more about e-signatures here.

The following steps will help you understand the process of setting up a business:

Step 1

First, choose the type of business to be set up. Get to know the types of business in Latvia.

Step 2

When starting a new company, you must choose a name. The name must be unique and specific to help understand the company's profile and distinguish it from other companies.

Step 3

Registration requires the company's registered legal address. This address will be used for official communication.

Step 4

The registration documents must include the resolution of incorporation or the memorandum of association, as well as the company's articles of association and the register of shareholders (a document showing the full composition of the shareholders and the distribution of shares).

Step 5

Open a temporary current account in a bank in Latvia for your company, into which the amount of the share capital must be paid.

When registering the company with the Register of Enterprises, submit the completed registration form and proof of payment of the fees (the state fee must be paid before the application for registration is submitted).

The application (registration form) and the accompanying documents may be submitted by the founders or by any other person entrusted by the founders to do so. Documents can be submitted to the regional office of the Register of Enterprises, via the e-service, by e-mail (electronically signed) or by post.

At the same time as registering with the relevant register of the Register of Enterprises, you can apply for value-added tax or micro-enterprise taxpayer status.

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