Company formation and accounting in Latvia
Last updated: 2012-07-10
If you have decided to start business in Latvia, you should need to decide some questions:
  • What business type to register (limited liability company, joint stock company, sole trader or partnership). Most common form is a limited liability company.
  • If decided to register a limited liability company, then what equity capital to pay and what tax regime to choose (micro-company tax or standard taxes; register as VAT payer or not).
  • To arrive in Latvia or not.
If you arrive in Latvia to register company, then a lawyer of arranges for meeting with notary to certify your signature. To incorporate and register a company, you must certify your signature on application and on the compartment of registry of shareholders.

If you need or you want to open temporary bank account before registration of company, a lawyer of will help you to choose bank and will inform about requirements to open temporary bank account and to pay/deposit equity capital. You must open bank temporary bank account before submission documents to the Register of Enterprises if you form a company with equity capital 2800 euro or more and (part of) the equity capital payable by money.

Also a lawyer of will go through all registration process with you. So at any time during the process you can ask questions, you want to know. Also it possible to authorize a lawyer of to do some activities, related with registration, to free your time.

After a company is registered you must conclude with tax authority a contract about online submission of tax returns. A lawyer of will prepare such contract and will submit the contract to tax authority.

If you need or want to register as value added tax (VAT) payer, a lawyer of will do that. You only need to sign authorization and provide necessary information. For example, you have an obligation to register as VAT payer if you plan to provide or receive services to companies, registered in other European Union countries.

A lawyer of will provide you consultations about taxation and accounting. Latvian company must do accounting, keep records, submit tax reports and pay taxes.

If you need translation or legalization of registration documents or other documents related to business startup, a lawyer of will ensure such translation and legalization (will contact with translation agency and will do necessary activities in Consular department of the Ministry of foreign affairs). also can help to find necessary premises for your office or residence.

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