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Latvia PRO

Latvia is one of the EU countries, which demonstrated rapid economic growth in recent years. Attracting foreign investment is due to the favorable tax policy, attractive conditions for holding activities, ability to obtain a residence permit with subsequent registration of EU citizenship.

The existence in the territory of Latvia Free Economic Zones provide additional opportunities for reduce tax payments.

The country has:

- Liepaja FEZ;

- Rezekne FEZ;

- Freeport of Riga;

- Ventspils Free Port.

Choosing the best place for doing business one must be guided by the needs of the company in accordance with the specific logistics or infrastructure. There are following tax benefits for companies operating in FEZ:

- Reducing (up to 80%) or full exemption from property tax and corporate income tax;

- Zero VAT rate for most goods and services produced in FEZ;

- Exemption from excise and customs duties within goods supplying to other FEZ or for export abroad.

To take advantage of these benefits, you need to register a company in Latvia, conclude an agreement with administration of FEZ and obtain permission for conduct activities on its territory. Development of industrial production is the priority area in the development of Rezekne FEZ. The most important road and railway lines are passed through Rezekne region. As for Liepaja and Free Ports in Riga and Ventspils – this is transit sphere and one can notice the development of port facilities. Necessary condition for a successful business is a highly developed banking sector. Open an account in Latvia is not a burdensome procedure - it usually takes about a month. You can open personal, corporate, as well as savings, investment accounts.

There are following benefits for account opening in Latvia:

- Possibility of service in Russian;

- Low service fee;

- Russian-language internet banking;

- Multicurrency accounts.

The guarantee of funds safety is securing compensation payment in the amount of EUR 100 000 in the case of banking financial problems. Ability to open a bank account in Latvia for non-residents is attractive for foreign business. Fee for this service will be about 80 euros. Account opening process can be without client’s personal presence, it is enough to contact with these institutions in other countries, or hire the services of accredited agents.

Standard set of documents is required for bank account opening for legal persons in Latvia:

- Originals of company’s constituent documents: Charter, Constituent Agreement, Certificate of Incorporation;

- Documents (foreign passport), proving beneficiary`s and chief executive officer’s identity;

- Documents confirming the address of above-mentioned persons;

- Documents confirming the right for account opening and signature authorization: power of attorney, extract from the Company Register, protocols;

- In the case of already operating company, one needs Certificate of Good Standing of the company with Apostille;

- Brief description of the company`s activities.

Account opening in reliable bank in Latvia means online management operations with convenient online banking services. There is Support Hotline, thanks to which many problems can be solved telephonically. Account opening in Latvia, is accompanied by the appropriate number in the IBAN format, which is normal practice in EU banks. The ability to use multi- currency account is convenient because the fund can be stored in the currency in which it was credited. One can make currency conversion, make transfers, and manage account balances. Account in one of the banks in Latvia – is also guarantee of funds transferred on the same day without any additional fees.

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