Company formation and accounting in Latvia
Last updated: 2015-07-09
In the Latvian banks anyone can open a multi - currency account. Some banks will convert incoming payments in the base currency. Regarding other banks incoming payments are not converted and remains in the same currency. Latvian banks are working with the euro, U.S. dollars, pound sterling, Australian dollar, Russian rubles, Swedish Kronas and other currencies.

For a legal entity to open a bank account, in most cases, the following documents are required:
  • Documents proving existence of the legal entity;
  • Documents, certifying rights of an individual to represent the legal entity;
  • Passport of the person with the “signature rights” (rights to represent a company and operate with bank account).

You also need to fill in a questionnaire. In the questionnaire must describe planned business activities of a company, the number of transactions per month, the amount of transactions, planned business partners and other information.

Fees for opening of bank account depends on particular bank.
  • In Swedbank opening fee is 14.23 euro.
  • In SEB also 14.23 euro.
  • In Citadele the price is 14.23 euro.
  • In Rietumu banka 70 euro for Latvian company.
  • In Nordea the price is 21.50 euro.
  • In DNB the price is 14.23 euro.
  • In NORVIK BANKAthe price for residents (companies, registered in Latvia) is 14 euro.

Must note that the company, registered in the Republic of Latvia has the rights to open a bank account in any foreign country (of course, according to the laws of the particular country). The company must inform the State Revenue Service (Latvian tax authority) about opening a bank account in a foreign country.

For individuals to open bank account a passport is required. There is no requirement, for example, be a citizen of Latvia or have an insurance number in Latvia. You need to have only a passport. You should also fill out a questionnaire, which states the maximum amount of transactions and other information.

Current account can be managed remotely (Internet bank- online bank). The Bank provides a code calculator or a code card. By entering an identification number and password, you can login the Internet bank and make the necessary transfer and receive information about account status (for example account statement).

If necessary, you can receive a payment card (debit or credit card) VISA, Maestro or MasterCard, depending on the bank.

In a typical situation you can open a bank account within less than an hour. However some banks, for example, Swedbank and SEB, do additional checking if a member of board of directors is a foreign person.

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