Introducing euro in Latvia

Government of Latvia on year 2013 plan to make campaign on promoting good will of euro. It is because there are plans that starting from 2014 Latvia plan to introduce euro as main currency in Latvia.
For example - introducing euros instead of Latvian Lats poeple think that there can bes lost Latvian identity. But it does not mean so because there will national folk daugther's symbol, on two euro coin there will be first line of anthem of Latvian. We can also see that other European Union countries which introduced euro such as Germany, France, Italy, Estonia and even smallest Vatikan has not lost their identity by using euro instead of crones and franks etc.
Important thing is that since euro will introduced, there will not be fear of devaluation of Latvian Lats. It is also as safatey guarantee for foreign investors, who sometime are not sure about this risk. But since there will be euro in Latvia also foreign investors will be more sure about investment stability.

Changes in Taxes in 2013 in Latvia

Starting from January 1, several Finance Ministry’s managed legal regulations in relation to tax policy will come into force. More about taxes, comapny formation and accounting you can find in our webpage register your company in Europe.
Latvian residents will be mostly affected by the changes to PIT rate: starting from January 1, 2013, the standard rate will be 24%, instead of the current 25%. Starting for July 1, 2013, on the other hand, benefits for dependents will be increased from the current 70 to 80 LVL, informs Finance Ministry.
2013 will also introduce new tax avoidance prevention regulations in relation to taxation of income that comes to PIT payers from their participation in low tax and no tax or territorial associations, trusts or other judicial formations.
In order to limit tax planning for enterprises that avoid paying the salary tax and mandatory social insurance payments, when issuing cash or non-cash advance payments, from now on, advance payments in cash or not cash will be considered equal to an employee’s income if tax payments are not submitted for them within 90 days of the advance payment.
Next year’s state or EU support payments for agriculture and rural development will not be included in the yearly income. Starting from December 31, 2014, however, there will be an extension of the period of time when income, received as a result of reduction of credit obligations, can be considered non-taxable.
!!! Starting from 2013, CIT will not be applied to non-residents’ paid and received dividends. This regulation will not apply to dividends that are paid to low-tax or non-tax state residents. There will also be a central CIT regime on income and losses from sales of shares, except sales of tax or non-tax state shares.
January 1, 2013 will also introduce amendments to the Taxes and Duties Law in relation to restrictions of using cash – the cap will be reduced from 3000 LVL to 1000 LVL. After reaching this cap, it will be necessary to declare the cash transactions. Also, tax payers that carry out economic activities will be required to declare all cash transactions carried out in the previous year with private persons that are not required to register their economic activity, unless the amount of one cash transaction does not exceed 2000 LVL.

Nice quotes on Success

Here is some quotes for inspiring you :)

- "Only put off until tomorrow what you are willing to die having left undone." - Pablo Picasso

- "Try not to become a man of success, but rather try to become a man of value." - Albert Einstein

- Success belongs to those who believe in the power of their ideas." - Michael Irwin

- "If you want to achieve greatness stop asking for permission." - Anonymous

- "Successful entrepreneurs are givers and not takers of positive energy." - Anonymous

- "The starting point of all achievement is desire." - Napolean Hill

- "Courage is resistance to fear, mastery of fear - not absense of fear." - Mark Twain

- "All our dreams can come true if we have the courage to pursue them." - Walt Disney

- "Remember, happiness is a way of travel, not a destination." - Anonymous

- "Your problem isn't the problem. Your reaction is the problem." - Anonymous

More than 75000 eID cards are issued in Latvia

The Office of Citizenship and Migration Affairs in Latvia during this year has issued more than 75000 elcetronic identification cards (ID cards). Latvia started to issue eID cards just on the 1st April, 2012. Interest was big and there were long queues for ID cards, which by the way allows also to travel. More about eID cards you can read in article on eID cards in Latvia.

Every month there are issued approximately 13000 eID cards in Latvia.

EID card must not obligatory used in Latvia and citizens can deside which document to obtain from the age of 15 years. So one can obtain eID card or passport or both documents. 

In the territory of Latvia in all places where it was necessary to use passport, now it is possible to use also eID card which is equal to Latvian passport.

There are also included special tools for signing documents electronically, for example it is possible to sign documents at home for forming and company registration in Latvia. And it is not necessary to go to public notary.

Latvian electronic identification card (eID card) can be used as valid travel document un European Union countries, member states of European Economic Area and Swiss confederation.

Interests of buying Latvenergo bonds exceeded the expectations

To secure an additional source of funding for the Latvenergo Group’s long-term capital investment programme, as well as make a major step towards enhancing the company’s image, recognition and competitive performance, the Group issoued to issue public bonds as part of its borrowing programme at the end of this year. More about business environment in Latvia you can read in section About Latvia.

The funding attracted by issuing bonds will be directed towards the Latvenergo Group’s projects to invest in generation, distribution and transmission network assets. Whereas so far, Latvenergo has attracted supplementary funding for its long-term capital investment programmes, a decision to attract financing by issuing bonds will allow the power company to draw on additional sources of funding on favourable provisions, to diversify its portfolio of borrowers, and increase its recognition among investors, facilitating the attraction of funding in the coming years.

On the 13th of December the placement of investor’s applications for the issue of the first series of Latvenergo notes in the amount of EUR 20m took place. As the investors' interests exceeded the expectations considerably, the first issue of the notes of Latvenergo Concern has been very successful.

Within the framework of the issue of the first series of Latvenergo AS notes on the 13th of December the placement of investors' applications for the issue of notes in the amount of EUR 20m with the maturity terms of the notes of 5 years took place. The total demand for the notes at the end of the placement period was above EUR 90 million, thus exceeding the planned issue amount by 4.6 times. Considering the huge investor interest during the placement period, the yield to maturity range was decreased and the final yield was set at 2.8353% at the end of the placement period. Thus, the issue of the first series of Latvenergo AS notes should be evaluated as very successful.

During the placement period purchase orders were received from more than 50 investors who represented all the three Baltic countries. There are banks, pension funds, asset management funds and insurance companies among the investors.

Latvenergo has demonstrated itself as a reliable investment partner for a broad range of investors also across the borders. It is very good for the image of Latvia. The inclusion of the notes of Latvenergo in the stock exchange means not only the possibility for attracting financing from investment and pension funds, which basically invest in the securities listed in the stock exchange, this is also the attestation of the maturity of the company - it is voluntarily assuming liability to increase the transparency of its operation and finance, to provide more frequent and broader detailed information on the financial results and essential news. This information impacts both the price of the notes on the market and also the future costs of attracting financing for the company. When a company proves its stability to investors over a course of time, it gains the opportunity of using more beneficial borrowing rates in future. This issue confirms that if there is willingness, also other state companies can be transparent and present the interest for investors.

If you consider that Latvia is safe place for your investments and wish to invest in Latvia, you can get more information in section company formation.

Special Economic Zones (SEZ) in Latvia

Special Economic Zones (SEZ) in Latvia

 There are four Special Economic Zones (SEZ) in Latvia - Riga Free Port (www.freeportofriga.lv), Ventspils Free Port (www.portofventspils.lv),  Liepaja Special Economic Zone (www.portofliepaja.lv) and  Rezekne Special Economic Zone (www.rsez.lv) (see map for exact locations). Established in 1997 for 20 years (until 2017) to promote entrepreneurial activities within the regions, all of them offer very favourable business incentives.

The main benefits for companies operating in the Free Ports and SEZ are as following:

• 80% rebate on real estate tax (RET) which is 1,5% in Latvia (0,3% rate is applied within SEZ territory until compensation of 50% of the amount invested (65% for SME’s));

• 80% rebate on corporate income tax (CIT) which is 15% in Latvia (5,0% rate is applied within SEZ territory as the tax is calculated from the former 25% CIT) on activities carried out within the zone until compensation of 50% of the amount invested (65% for SME’s);

• 0% VAT for most goods and services provided to enterprises in free zones or exported out of them;

• 0% VAT for most goods and services supplied in the  free zones, including construction services.

Relevant sections from the law On the Application of Taxes in Free Ports and Special Economic Zones:

    - Section 7.  Enterprise Income Tax Relief

(3) A zone capital company, when paying dividends, and remuneration for management and consultancy services and payment for intellectual property to a non-resident, shall withhold enterprise income tax from such payments with an 80% rebate of the tax amount calculated.

(4) A zone capital company or a licensed capital company shall reduce income subject to enterprise income tax by the investments in such infrastructure or social sphere sites as belong to the State or local government and are located in the territory of a special economic zone or free port, if such investments have been made in accordance with an agreement which has been concluded with the zone authority or free port authority.



      - Section 8. Restrictions on the Application of Direct Tax Rebates for Large Investment Projects

For large investment projects by a SEZ company within the scope of which the planned costs of the investments to be made exceed 50 million Euros, the following conditions shall be applied:

 1) The percentage of the accumulated amount of investment of 50% shall not be applied, but the Cabinet of Ministers shall decide regarding the maximum allowable percentage which does not exceed:

a) 50% of the accumulated amount of investment in investment projects up to 50 million euro or a total of EUR 25 million,

b) 25% of the accumulated amount of investment in the project part from 50 to 100 million euro or a total of EUR 12.5 million, and

c) 17% of the accumulated amount of investment in the project part, which exceed 100 million euro;

   2) if the planned costs of the investments to be made exceed 100 million Euros and the amount of the direct tax rebate to be applied  for such an investment project exceeds 28 million 125 thousand euro, the European Commission shall be notified separately regarding the planned large investment project and the implementation of the investment project shall commence only after the receipt of a decision by the European Commission regarding the compatibility of the aid with Article 87 of the Treaty establishing the European Community.

Special Laws on Free Port of Riga/Ventspils and on Liepaja SEZ determine the principles of operation and management procedures for the Free Ports and the Special Economic Zone in order to promote the participation of Latvia in international trade, attract investments, develop manufacturing and services, as well as create new jobs.

• Tax relief and special customs control measures determined by the Law apply to companies which have entered into a contract with the Port Authority regarding entrepreneurial activity under a free zone regime, and have obtained permission in accordance with the procedures set out in the Law for the carrying on of such an activity, as well as with the Port Authority.

• State and local government land within the territory of the Free Port may not be sold, gifted or otherwise alienated. The land in the Free Port owned by natural persons and legal persons may be sold, gifted, exchanged or otherwise alienated only for the benefit of the State or local government. Accordingly land in the possession of the Free Port is leased.

• The loading, supply, storage, processing of goods (freight) and other services, and the production of goods under a free zone regime can be carried out by undertakings which are registered in the Republic of Latvia, have entered into a contract regarding entrepreneurial activity under a free zone regime and have obtained a permit from the Port Authority for the carrying out of such activities.

• The profile of activities and the development prospects of the company shall conform to the development program of the Free Port which has been approved by the Board of the Port; and the founders and the shareholders of the undertaking (company) shall have a good reputation, a stable financial position and experience in the field of entrepreneurial activities

• For obtaining the permit an applicant shall submit  a program of operations, including an investment program. A decision regarding the entering into of a contract with an applicant shall be taken by the Board of the Port.

As the Free Port Authority and SEZ are decision takers for leasing out State or local government land in the port territory and granting free zone regime permits, they welcome investments, which conform to development strategy of ports and are related to port activity.

Riga Port is mainly looking for investors, whose activity is related to sea cargo handling or high added value logistics services.

Ventspils and Liepaja Ports, besides companies that are engaged in sea cargo handling and logistics, also welcome export oriented manufacturing investment projects

Latvia to accept law on euro introducing on 2014

Latvia plans to to be ready to introduce the eur(euro)  in January 2014

Latvia plans to be ready to introduce the European common currency, the euro, in 2014. Should it really be done? The turbulence in the euro area caused by the debt crisis has given rise to a number of questions and doubt. Overall, the euro area is healthy, yet it reflects the developments in the debt crisis of several its member states which Latvia should carefully follow thinking about the planned euro changeover. The euro area still has more pluses. Why? Because it will continue to mean greater security, confidence and financial advantages: it will provide good preconditions for growth. The small EU member states that already use the euro – Slovenia, Slovakia, Cyprus, Malta, and Estonia have successfully used the euro shield in the global crisis: the drop in their economies has been smaller.
It is intended in law project that 3 month before and 6 month after the official date of introducing eur there will be allowed using Latvian Lats and euro, but after from July 2014 there will be allowed only eur as official currency in Latvia.
A wider discussion on the opportunities provided by the euro no doubt needed in Latvia and, as far as we know, the Government is planning to hold such a discussion (the Euro Changeover Steering Committee is planning several conferences) and it is also on the agenda of the Bank of Latvia and IMF Conference at the beginning of the summer.

What is lacking in the public discussion on the euro is awareness of the real possibilities offered by the common currency: that with euro Latvia will repay its debt cheaper, saving huge sums on the interest difference; that we will not have to pay to convert currencies; that for responsible small countries the euro has provided protection both in terms on interest rates and ECB loan facility and finally that we are an EU country for whom the euro is one of the cornerstones in capital movement, common trade and functioning of the financial system.

The euro also means much lower interest rates – and for exactly that reason, in the absence of euro, Latvia will overpay about a billion lats for its external debt in the next ten years! In the next few years, the state will have to repay the debt of 2.3 billion lats it accumulated during the crisis years. It will have to be refinanced in 2014 and 2015. It is very important at what interest rate this can be done: 2-2.5% or 5.5-6%. The difference in ten years time is the aforementioned one billion lats or an equivalent to an annual health care or education budget payed out in interest every year.

Glass made in Latvia is used in Louvra musuem

Glass made in Latvia is used in Louvra musuem

Innovative company in Latvia

If you are visiting Louvre museum, then you must know, that glass made by Latvian company GrosGlass, LLC is used in Louvre to protect artworks. This company is made just 4 years ago but already now it is one of the worlds leading company in its business type. Company produces glass coverage for artworks, TV, showcases, vitrines, windows etc. 

More about Latvia (Lettonie, Lettonia, Lettland) you can read in section on Latvia.

Now GrosGlass is exporting its production to more than 25 countries and not only EU, but also USA, Canada, Brazil, Chile, UAE, Turkey, Soth Africa etc…
Company production volume every year is growing for more than 100% and now it is reached already 10 million margin. 

It just shows, that it is possible very profitable producing also in Latvia, because Latvia has one of the smallest tax weight in whole European Union, and even in the world.

If you are also interested in company formation and registration in Latvia, you can get more information in section on company formation.

Branch in Latvia of foreign company

Latvian branch of foreign merchant/ foreign company

Branch in Latvia of a foreign merchant or foreign company is an independent entity, which is territorially separate from the main company (mother company) and is running business in the name of the main company. The main company/ mother company bears full responsibility for the liabilities of the branch.

To register branch in Latvia of a foreign company, registration documents of foreign company must be submitted in The Register of Enterprises of The Republic of Latvia in Commercial Register, as well as the decision to establish a branch in the territory of Latvia and the power of attorney authorizing a particular person to perform the branch registration process in Latvia.

Necessary information for the formation and registration branch in Latvia of foreign company:
- Name and registration number of the foreign merchant/ foreign company
- Legal address of the foreign company
- Type of the foreign company (LLC, JSC)
- Name of Latvian branch of foreign company
- Legal address of the Latvian branch
- Amount of share capital of the foreign company
- Information about the person authorized to represent the foreign company while performing activities related to the Latvian branch
- Amount of authorization - full authority, for particular actions only (must be specified)

Expenses for formation and registration of Latvian branch of foreign company:
- State tax for registering a branch in Latvia of foreign company - LVL 20,-
- Payment for publication of registering a branch in Latvia of foreign company in the newspaper „Latvijas vēstnesis” - LVL 16,-
- Payment for notary attestation of signature – starting from LVL 10,- depending on the notary prices
- Payment for bank services – commercial bank pricelist

More information you can get in section company formation.

Branch of a Latvian Merchant/ Latvian company

Branch of a Latvian Merchant/ Latvian company

If Latvian company plan to form/ register its branch in Latvia then we need following information:- Title (Latvian company name) and registration number of the current merchant- Legal address of the Latvian company/ merchant- Title of the branch, if it is different from the main company's title- Legal address of the branch or Latvian company- Information on the person who will be authorized to represent the Latvian Merchant/ Company in activities related to the branch- Amount of authority - full authority, for particular activities only (must be specified)


Expenses for registering a branch of Latvian company/ Latvian Merchant- state tax for registering a Latvian company's branch – 20 Ls- payment for publication about registering Latvian company's branch in the official paper „Latvijas Vēstnesis” – 16 Ls
- payment for notary certification for a signature – starting from 10 Ls, it depend on the pricelist of notaries- payment for banking services – bank pricelist.

More information you can get in section on company formation.

50% of deposits in Latvian banks belong to non-rezidents

50% of deposits in Latvian banks belong to non-rezidents

Almost 6 billions Lats (~8.57 billion EUR) in deposits boleng to non-residents of Latvia. This amount is 49.5% from all banks deposits.

In comperance with year 2012 Q3 deposits of non-residents of Latvia increased by 20% (1 billion). Banks explain that this amount is sent form the other EU countries where is crisis, for example - form Cyprus.

Experts are comparing Latvia with Switzerland - where resident deposit amounts are less that non-residents. Flow of non-resident money is related with risks and also with profits. To control stability of banks where is big turnover of non-resident money, banks are obliged to submit regular statements of indexes to Financial and Capital arket Commission.

It is possible to open bank accounts remotely in some bank of Latvia. Please read about it in section bank account in Europe

General partnership in Latvia

General partnership foundation and registration in Latvia

General partnership is a partnership whose purpose is conducting the commercial activities using a joint firm and where two or more persons (members) are united on the basis of a company agreement, without limiting their liability against creditors.

A member of the limited partnership may only be a physical or a legal entity, as well as a legally capable partnership.

If you wish to do formation and registration of General partnership:
-Title of the company
- The legal address of a General partnership shall be considered to be the address of the place where the management of the partnership is located (the headquarters of the partnership). Changes of the legal address shall be notified to the Commercial Register for registration
- Term of activity (term less, till the set date or aim)
- Total investment of the limited partners
- Information on the limited partners - name, surname, personal code, place of residence, passport serial number, date of issue, issuing institution
- Sum invested by the limited partner and each partner investment in General partnership

Expenses for registering a General partnership
- state tax for registering the General Partnership – 100 Ls
- payment for publication in the official paper „Latvijas Vēstnesis” – 24 Ls
- payment for notary certification for a signature – starting from 10 Ls (depending on the prices of notaries)
- payment for banking services – bank pricelist

For more information please visit our website in section company formation and registration.

Sole Proprietorship/ Individual Merchant in Latvia

Registering Sole Proprietor / Individual Merchant in Latvia

Sole Proprietorship or Individual Merchant is a physical person who conducts economic activities.
Physical person who runs Sole Proprietorship is fully responsible for SO liabilities with all his/her own property.
Sole proprietorship / Individual Merchant has a title and a registration number.

If one wish to register Sole Proprietorship there is necessary following information:
- Title of the Individual Merchant
- Legal address of the Individual Merchant
- Information on the Individual Merchant - name, surname, personal code, passport data and place of residence

Expenses for registering the Sole Proprietorship/ Individual Merchant:
- state tax for registering a Sole Proprietorship – 20 Ls
- payment for publication of registering Sole Proprietorship in the official paper „Latvijas Vēstnesis” – 16 Ls
- payment for notary certification of signature – starting from 10 Ls (depends on the pricing of the notaries)

Total expenses for registration – starting from 55 Ls to 85 Ls

More abour Sole Proprietorship registration you can find in section company formation.

Formation and registration of LLC in Latvia

Formation and registering of Limited Liability Company (LLC, Ltd)

Limited Liability Company (LLC) is a commercial company whose equity capital consists of the total amount of the par value of the shares of the equity capital expressed in full Lats.
The limited liability company is a closed company and its shares are not the object of public issue.
Number of LLC founders/shareholders may be starting from one or more.
Board of LLC may consist from one to more board members.

The LLC company is a legal person.
The founder/sharehoder of Latvian LLC can be legal /physical person


Citizens of other countries (non-residents) may become the founders as well as board members of a Ltd(LLC). Share capital must be at least 2000 LVL
There can be also founded Microcapital LLC and share capital of sucg company can be starting from 1 LVL. More about Microcapital LLC in next topics.

The necessary information for formation and registering a LLC in Latvia

- Title/name of the Latvian LLC
- Legal address of the LLC in Latvia
- Information about the founders of the new Latvian LLC
  - name, surname, personal identification code, birth date and place of residence(address), number of passport, date of issue, issuing authority, parts of share capital by shareholders and value of Ltd share capital
- Information about the board of new Latvian LLC
   - name, surname, personal identification code, birth date and place of residence(address), number of passport, date of issue, issuing authority
- Amount of board member in Latvian LLC
- Information about the share capital of the new Ltd company
- Amount of share capital of new LLC and way and procedure of payment
- Council of Latvian Ltd (council of LLc is not necessary obligatory)
   - name, surname, personal identification code, birth date and place of residence(address), number of passport, date of issue, issuing authority
- Information on branches new Latvian Ltd if planed to be registered.

If the founder of Latvian LLC will be foreign legal entity

If the founder of Latvian LLC will be foreign Ltd or other legal entity, then there is necessary following information:

- Translations into Latvian language with notary authorisation of documents certifying the registration of the founding company. Translated documents must be legalized by an apostille or leglalized in competitive authority of exact country. Documents from Belorusia, Estonia, Kirgizstan, Lithuania, Moldova, Poland, Russia, Ukraine and Uzbekistan don't need apostilles and notary certification is enough
- Passport copy of the legal representative or contracting party
- Notary certified translation into Latvian of the power of attorney for the contracting party or other document containing authorization
- Passport copies of new Latvian Ltd board members
- Confirmational bank resolution that the minimal share capital of 2000 LVL or that 50% of the minimal share capital amount is paid in the temporary bank account. If there is founded microcapital LLC, then no necessary bank resolution.

If the founder of Latvian LLC will be foreigner - private person, then there is necessary following information:

- Passport copy of the legal representative or contracting party
- Notary certified translation into Latvian of the power of attorney for the contracting party or other document containing authorization
(Translations into Latvian language with notary authorisation of documents certifying the registration of the founding company. Translated documents must be legalized by an apostille or leglalized in competitive authority of exact country. Documents from Belorusia, Estonia, Kirgizstan, Lithuania, Moldova, Poland, Russia, Ukraine and Uzbekistan don't need apostilles and notary certification is enough)
- Passport copies of new Latvian Ltd board members
- Confirmational bank resolution that the minimal share capital of 2000 LVL or that 50% of the minimal share capital amount is paid in the temporary bank account. If there is founded microcapital LLC, then no necessary bank resolution.
Mor information you can get in section on company formation.

Schengen visa with a Representative Office of foreign company

Shengen visa by forming representative office of foreign company

Service is available to clients who wish to participate in regular commercial activities as employees of a company with a representative office in Latvia.

The multi-entry Schengen visa option applies to applicants from non-EU countries that are planning to travel for business purposes within the Schengen Zone, but will not permanently reside in Latvia (duration of stay in Latvia or in other Schengen country may not exceed 90 days in a six month period).

Benefits
- Enter Latvia or other Schengen country an unlimited number of times each year
- Enter any other Schengen country with the same visa and stay there up to 90 days

Main things
- No share capital
- No visit required for representative office registration and bank account
- No salary requirements for representative
- No proof of sufficient financial means required for visa application

Procedure for obtaining Schengen visa:
Step 1 – Latvian limited liability company formation and registration
Step 2 – Schengen visa application

The Company issues an invitation to the representative, which must be approved by the Latvian Citizenship and Migration Office.

We provide the applicant with a confirmed reference number and then they personally submit their documents together with an application for a multi-entry Schengen visa at the Latvian Embassy in their country of residence or in any other country where a Latvian Embassy is located. The applicant will be interviewed by an Embassy official.

The applicant applies in their own country for a Multi-entry Schengen Visa as an employee of a foreign company with a Latvian Representative Office.

The Latvian embassy issues the Schengen business visa for one year, permitting a stay in Latvia or the EU for up to 90 days in a six month period.

Note: When obtaining a Schengen visa via the Latvian Embassy, the first visit to the Schengen zone must be to the Republic of Latvia.

Timescales
There is no requirement to visit to Latvia for Representative Office set-up which takes 4-6 days.
The visa invitation is normally approved by the Immigration Service within 5-7 days and is valid for 6 months
More information you can get in section immigration to Latvia

Latvia show the fastest export growth EU

Latvia show the fastest export growth EU

Export of Latvia in first eight month in comperance with the same period in previous year has encreased for 14%, and this is the fastest export growth among all Europen Union (EU) countries.

The fastest growth of export is fixed in Latvia, Slovakia and Greece - by 11% and Portugal - by 10%. 

There is fixed decrease in Luxemburg - by 4%.

Export of Estonia increased by 5%.

Latvian import has also increased - by 15% and that is second highest increase among all EU countries.

The fastest import increase is fixed in Malta - by 16% and also in Bulgaria - 13%.

But the highest decrease of import is fixed in Greece - by 13%, Cyprus - by 8% and Italy - by 6%.

Import in Lithuania and Estonia increased increased accordingly by 7% and 8%.

Economic growth of Latvia

Latvia has EU's strongest growth in the third quarter

In the 3rd quarter of 2012, Latvia showed the fastest year-on-year economic growth in the European Union, as well as the fastest growth when compared with the second quarter, according to updated "Eurostat" data.

Latvia's gross domestic product (GDP) increased 5.3 percent in the third quarter as compared to the third quarter of 2011, which was the highest increase across the EU.

On quarterly basis, Latvia's GDP increased 1.7 percent in the third quarter. Estonia's also increased by 1.7 percent, while Lithuania's quarterly growth was 1.3 percent.

In year-on-year terms, Estonia recorded the second fastest GDP increase of 3.4 percent, while Lithuania placed third with a 3.3 percent GDP increase.

Greece recorded the steepest fall in GDP of 7.2 percent, followed by Portugal (3.4 percent) and Italy (2.4 percent).

Compared to the third quarter of 2011, the EU economy reduced 0.4 percent in the third quarter this year, while the eurozone's GDP decreased 0.6 percent.

As compared to the second quarter of 2012, the Netherlands registered the largest decrease in GDP - 1.1 percent. Portugal's GDP shrank 0.8 percent and Slovenia's 0.5 percent.

Quarter-on-quarter, the EU economy increased 0.1 percent in the third quarter and the eurozone's economy reduced 0.1 percent.

As reported, according to the Central Statistical Bureau's data, calculated using different methodology, Latvia's GDP increased by 5.3 percent in the third quarter of 2012, compared to the third quarter of 2011, according to seasonally non-adjusted data.

Иммиграция в Латвию (Европейский Союз)

    Иммиграция в Латвию (Европейский Союз)

 register–company.lv является Латвийским предприятием предлагающим широкий спектр услуг в сфере  эмиграции и интеграции в Европейский рынок.

Мы гарантируем высокое качество предлагаемых услуг. Наше предприятие делает возможным получение много-кратной визы и получить легализацию в стране, создать компанию которая соответствует вашему профилю действия, открыть банковский счет, приобрести недвижимость в Латвии а также установить бизнес контакты с партнёрами во всех странах Евро Союза.

Мы приготовим налоговую документацию и зарегистрируем вашу компанию в госучреждениях. Совместными усилиями мы разработаем и реализуем план который вам даст возможность получить желанный статус.

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 Если вы нуждаетесь в юридических услугах или в бухгалтерских – пожалуйста, свяжитесь с нами Иммиграция в Латвию (Европейский Союз)

Бухгалтерские услуги

 Бухгалтерские услуги

  register-company.lv предлагает бухгалтерские услуги и бухгалтерские консультации, касающиеся  бухгалтерий налогов и персонала. Мы реализуем полный финансовый анализ бухгалтерского учета и своевременного уведомления администратора о любых рисках, которые угрожают успешному развитию бизнеса. register-company.lv также управляет созданием бухгалтерских отчетов, всех необходимых бухгалтерских документов и их доставку Службе государственных доходов, Центральному бюро статистки и в другие учреждения Латвийской Республики.

  Если вы выберете бухгалтерские услуги  register-company.lv, мы  берём полную ответственность за точность и пунктуальность бухгалтерских услуг в вашей компании и в соответствии со всеми правилами бухгалтерского учёта. Делегировав ваши бухгалтерские услуги к нам, вы сэкономите на персонале, налогах, а также на рабочем месте и курсах повышения квалификации в области бухгалтерского учета для сотрудников, без которых профессиональные бухгалтерские учёты невозможны.

  Предлагаемые бухгалтерские услуги:

–    Бухгалтерия в соответствии с законодательством Латвийской Республики;

–    Анализ первичной документации;

–    Оформление всех необходимых отчетов (деклараций) и представления их в территориальном учреждение Службы государственных доходов;

–    Представительство в Службе государственных доходов;

–    Составление документов бухгалтерской организации;

–    Проверка расчетов с деловыми партнёрами ;

–    Расчет заработной платы;

–    Работа с первичными документами, ввод их в регистры;

–    Консультации по вопросам бухгалтерского учета;

–    Оформление всех внутренних документов в соответствии с законодательством;

–    Налоговая оптимизация.

 

Если вы нуждаетесь в юридических услугах или в бухгалтерских – пожалуйста, свяжитесь с нами  Бухгалтерские услуги

   Создание Латвийского предприятия                                                            

   Одной из наших основных услуг является формирование (создание) компаний в  государственном реестре предприятий Латвийской Республики. Наши сотрудники в соответствии с вашими потребностями готовы представить Вам всю необходимую информацию и консультации о создании латвийской компании и необходимые на то документы, а также их оформление.

   В Латвии есть несколько типов компаний - Общество с ограниченной ответственностью (ООО), акционерное общество, индивидуальный предприниматель, товарищество с ограниченной ответственностью и т.д.Здесь вы можете найти основную необходимую информацию о формировании самого популярного типа компании в Латвии- Общество с ограниченной ответственностью, а также предлагаемых нами услуг, связанных с изменениями в учредительных документах компании.

  

   Требования:

–   Минимальный уставной капитал - LVL 2000 (€ 2850), по крайней мере половина должна быть оплачена;

–   Число директоров – как минимум один;

–   Нет ограничений на иностранных акционеров или директоров;

–   Юридический адрес (зарегистрированный)

–   Визит в Латвию необходим для открытия счета в банке, подписи документов и обсуждения требований бухгалтерского учета. Существует также возможность регистрировать компании без посещения Латвии, создав доверенность для регистрации компании и открытия банковского счета и заполнения некоторых необходимых документов.

 

Пожалуйста, не стесняйтесь обращаться к нам за дополнительной информацией о тех или иных вариантах и возможностях.

 

Преимущества Общества с ограниченной ответственностью (ООО) в Латвии:

–   компания является юридическим лицом;

–   все обязательства компании ограничены уставным капиталом;

–   простая процедура регистрации компании;

–   нет нужды посещать Латвию для регистрации ООО в Латвийском государственном реестре предприятий;

–   владелец общества с ограниченной ответственностью может быть любое лицо (юридическое лицо и физическое лицо), а также оффшорные компании;

–   простое управление (может управляться одним человеком);

–   нет необходимости в местном (резиденте) директоре компании;

–   корпоративный подоходный налог с  ООО составляет 15%.

     Необходимая информация для регистрации ООО

      –   название компании (могут быть использованы буквы латышского или латинского алфавита, должно отличаться от названия уже зарегистрированной компании);

      –   юридический адрес ООО (юридический адрес должен находиться в Латвийской Республике, мы предлагаем услуги по представлению юридического адреса);

      –   сведения об учредителях компании;

      –   информация о членах совета;

      –   информация об уставном капитале.

 

  Если вы нуждаетесь в юридических услугах или в бухгалтерских – пожалуйста, свяжитесь с нами  Создание Латвийского предприятия    

Investments to Latvia

Why to invest in Latvia?

One of the most important reasons why to invest in Latvia is good place how to enter into large markets.

Latvia has a unique geographical, providing a strategic location for business operations targeting developed economies of the EU and emerging markets of eastern neighbors. Latvia is a natural gateway between the US, EU and Asia (especially Russia/CIS). Advantages enabling successful trade include:

Advanced transport infrastructure: Located on the Baltic Sea, Latvia has three major, ice-free international ports—Riga, Liepaja and Ventspils—that are closely linked into the country’s land-based infrastructure, including an extensive rail, road and pipeline system. The largest airport in the Baltics is Riga International Airport—with over 70 international direct destinations, it serves almost two-thirds of all flights in the region.

You can get more information about advatages of business immigration into Latvia in section advanages of immigration to Latvia

Free trade: Latvia’s external trade and customs policy is based on free trade principles. Latvia is an EU country, a member of Schengen and an active participant of the World Trade Organization, enjoying all the benefits of free and open trade in the world’s markets. Customs and border procedures have been made for effective planning and coordination with trade partners around the world.

In case if businessman is non european citizen, then there can be necessary visa, business visa as traveling documents to Latvia. You can get more information about immigration in section Scheme of immigration.

- The government, the Latvian Investment and Development Agency (LIDA), and the Ministry of Economics propose various changes in legislation, including financing foreign visits, to promote the involvement of foreign investors in Latvia. Since 1999, Latvia is a member of the WTO, but in 2004 it joined the EU and NATO. Latvia has concluded bilateral investment promotion and protection agreements with all of its most important partners.
- The business environment is favorable for foreign investments and entrepreneurship: our laws are in line with the legislation of the EU; besides import duties and taxes, there are no additional limitations for the free movement of capital and goods. In transactions with the EU countries, there are no such restrictions at all.

If you are interested to start business in Latvia then you must visit section on company formation. Sometimes there can be necessity to start business as soon as possible, in such case there is possibility to buy ready made company.

Registering as Value Added Tax payer

General information about VAT registration

Persons from the Republic of Latvia are registered in the Register of VAT Taxable persons by the following conditions:

- natural persons according to the declared place of residence;
- legal persons according to the legal address.

In order to register in the SRS Register of VAT Taxable Persons, the person has to submit to the respective   SRS local office the registration form  "Registration Application in Register of VAT Taxable Persons".

All clients are registered as VAT payers accoridng to Law on Value Added Tax. When submitting the registration application, one must either a personal identification document or a driver’s licence. If the registration application is signed and submitted by an authorized person, this person should also submit the Power of attorney. A person is registered in the SRS Register of VAT Taxable Persons within 15 working days from the day of the submission of the application.

A person is considered registered in SRS Register of VAT Taxable Persons as of the day when the registration certificate of a VAT taxable person has been issued to them.

In case the person cannot be contacted at the declared legal address or at the declared permanent place of residence, or if the person does not submit information on a SRS request, or the information provided about the material and technical capacity and financial scope to undertake the declared economic activities of the applicant are false, the SRS takes a decision to reject the registration application. When a person receives a rejection of the registration application, the person has the right to add more precise information in the application and to submit it to the SRS again.

In case any person from a EU member state or a person not registered in the territory of the EU undertakes one or more VAT transactions in Latvia, then the SRS registers in SRS Register of VAT Taxable Persons one of the following persons:

- any person from an EU member state or a person not registered in the territory of the EU - at one of the places where the respective transaction has taken place in the Republic of Latvia;
- their authorized person in the Republic of Latvia - according to the legal address or the declared place of residence of the respective person.

To be registered in the SRS Register of VAT Taxable Persons, the person has to submit the registration application "Registration Application in Register of VAT Taxable Persons from EU member state and for persons not registered in the territory of the EU".

When submitting the registration application, one must present either a personal identification document or a driver’s licence. In case the application is submitted by an authorized person, then the authorization also has to be presented.

A person is considered registered in the SRS Register of VAT Taxable Persons within 15 working days from the day of the submission of the application.

A person is considered registered in the SRS Register of VAT Taxable Persons as of the day when they have been issued a registration certificate of a VAT taxable person.

If the person from EU member state or a person not registered in the territory of the EU has not entered all the requested information into the registration application, SRS takes a decision about the rejection of the registration. When a person receives a rejection of the registration, the person has the right to add more precise information in the application and to submit it to the SRS repeatedly. More information you can get in  section Taxes in Latvia.

General terms:

1. Persons registered in the Republic of Latvia, should personally submit the registration application to the respective SRS local office by presenting the personal identification documents or driver’s license. If the registration application is signed and submitted by an authorized person, this person should also submit the corresponding authorization.

Person from an EU member state or person not registered in the territory of the EU submitting the registration application should present a document confirming the identity of the person or a driver’s license. If the registration application is signed and submitted by authorized person, this person should also submit the corresponding authorization;

2. After registration in the SRS Register of VAT Taxable Persons, the registered person regardless it is registered in Latvia, in EU or it is not registered in the territory of the EU, according to Chapter 1 of Article 11 of the law ‘On Value Added Tax’ have the obligation to submit to SRS a tax declaration with tax calculations for the taxation period within 15 working days after the end of the taxation period;

3. Chapter 3 of Article 11 of the law "On Value Added Tax" foresees that tax declarations should be submitted also in cases, when the taxable person in taxation period hasn’t performed taxable transactions. In accordance with the provisions of Chapter 1 of the Article 9 of the law "On Value Added Tax" the taxation period is one calendar month;

4. If the taxable person during one month after the date, when the tax declaration should have been submitted as established in the law, doesn’t submit the declaration or provide false information, or after sending written request by tax administration, hasn’t submitted documents of audit tax calculations or the taxable person is not available at its legal address or the declared place of residence or the address doesn’t exist, according to Chapter 81 of Article 3 of the law "On Value Added Tax" in the order, established by the Cabinet of Ministers, the person could be excluded from the Register of VAT Taxed Persons.
More information you get in section: Accounting services.