Latvia's unemployment level is the lowest since the crisis

Latvia’s level of unemployment was 9.1% of the total number of economically active residents, as noted by Director of State Employment Agency Inese Kalvāne.

In her interview to Latvijas Radio, she noted that Latvia’s unemployment level is relatively low. “Ever since the end of beginning of the crisis, the level of unemployment in Latvia has reduced two times,” – she said.

“People tend to find jobs more easily this year – there were 79 thousand people who registered as unemployed persons throughout 2013. 95 thousand people had lost their status of unemployed person. 63.1% of them lost this status because they managed to find jobs,” – she said.

She reported that unemployment levels of Latvia’s regions differ. The situation is the best in Riga and Ventspils (7.6%). Liepaja’s unemployment level is slightly above average – 9.2%.

Kalvāne also added that more than 1,000 people could end up jobless in Liepaja because of the insolvency process at Liepājas metalurgs.

More than 120 former employees of LM have registered at SEA as unemployed persons. Other formed employees of LM are advised to do the same. According to Director of SEA, this will increase their chances of finding jobs. The situation in Liepaja does not provide for many vacancies related to metallurgy. SEA has met with the current Board and trade union of LM to discuss the employment situation. “We have reached an agreement on the necessary course of action when the insolvency process has been completed: what people should do, when they should come to SEA, how to register, what they should know about the services available to them,” – Kalvāne explained.

Advantages of company in Latvia

  Latvia is full member if European Union.

  Incorporating the Latvian company you will get European enterprise. Latvian company has all advantages and possibilities of business in European Union. Latvia is new country and legislation system is more liberal than in other EU countries and process of incorporating Latvian company is much easier, cheaper and also faster. If there will be just one founder, incorporating of company takes just one day.

   Tax benefits

 Tax system in Latvia is one of best and gentle between countries in EU. For example, if you form a company in Latvia, from profit you pay just 15% Corporate Income tax. See tax comparison.

 Value added tax (VAT) 0% is applied to purchase and sale deals between Latvian companies and other EU countries companies. VAT 0% rate is also applied to the various of services provided by Latvian companies to EU companies and from third countries. 

 Dividends you get from activity of Latvian company is non-taxable in case of company's founder is the legal person which is a resident of EU country or European Economic Area.

  Short time registration of a new company

 If there is just one founder of company, registration is just one day from the day when application form is submitted and equity capital is formed. Minimum share capital is 3090 Eur and at least half must be paid up before registration. If there is more than one founder registration is up to 5 days.

  Any foreign person can be a fonder of Latvian company

 There is no restrictions to establish, own or manage Latvian company for non - residents. Owners and managers can be individual persons as well as legal persons.

  Your attendance is not necessary !

 You can form a Latvian company without visiting Latvia. To incorporate and manage your company can person or company authorized by you with Power of attorney. 

  Easier order of entering and residence in EU !

 Latvia is a member of Schengen Agreement. It means that Latvian residence permit allows you to enter and leave the country unlimited number of times during the period residence permit is valid, as well as travel free over the countries of Schengen Agreement (with rights of residence up to 3 months in 6 months period, without working permit in those countries).

 The position of board member or council in Latvian company, status of individual merchant or sole founder of company enables to get the residence permit in Latvia for 1 up to 5 years.  

 More on www.register-company.lv

Bank of Latvia issues “Parity Coin” – last of the special 1-lat coins

The new coin will be legal tender in Latvia. The coins will be put into circulation like any other circulation money, reaching commercial and other enterprises as well as population through banks.

 The coin has been designed by Ilmars Blumbergs and the model made by Janis Strupulis. The new one-lat coins are struck at Munze Osterreich (Austria).

 The Bank of Latvia commenced minting special one-lat circulation coins twelve years ago, and the “Parity Coin” concludes the cycle. As of January 1 next year, Latvia will introduce the euro and become a full-fledged member of the Economic and Monetary Union; nevertheless, the tradition to issue special circulation coins will continue.

 A coin with an image of a stork opened the series, and since 2004 a new coin to mark a special occasion has been put into circulation twice a year. The “Parity Coin” is the 23rd special one-lat circulation coin.

 The central motif of the “Parity Coin” resembles a tree trunk keeping roots and branches, the earth and the sky together. It symbolizes a road leading to new challenges, dreams and opportunities.

 The reverse of the new coin shows a symmetrical mirror image of numeral “1″, a component of the inscription “1 LATS” and “1,42 EIRO”. The obverse displays the number 2013, the year of minting, below the coat of arms of the Republic of Latvia. In terms of edge, size, metal or weight, there are no other distinctive features between the new coin and its other one-lat circulation counterparts.

 The total circulation of the coin is 500,000, and, like all other special one-lat circulation coins, it will not be supplemented.