Doing Business in Latvia, Latvia Business Conduct - Allo' Expat Latvia
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Doing Business in Latvia
 
 
 
 
 

General

In Latvia, foreign investors prefer the limited liability company because it requires fewer organisational formalities, although joint stock companies, branches and representative offices are also possible. Branches and representative offices are treated as independent legal entities and are subject to requirements similar to those of companies. A foreigner may be the sole owner of a Latvian company.

All business entities in Latvia must register with the Commercial Register (Komercregistrs). On paying the registration fee, the application is considered within three working days. Registration with the tax authority occurs simultaneously.

Certain documents required to accompany the application must be notarised.

Forms of Business Organisation

Limited Liability Company

The Limited Liability Company is the most common business vehicle in Latvia. A minimum share capital of LVL2,000 is required, at least half of which must be paid up.

Limited Liability Companies must have at least one director; there are no restrictions on foreign shareholders. Accounts must be maintained in line with statutory requirements.

Documents needing to be filed with the Registrar include:

• an application to register;
• the Memorandum and Articles of Association;
• notice from a bank regarding the payment of equity capital;
• if property contributions are made, the document certifying the value of each such contribution;
• notarised specimen of signatures of the members of the Board of Directors, where relevant;
• notice of the Board of Directors of the company’s registered office;
• receipt confirming the state fee payment (LVL100) for recording the limited liability company in the Commercial Register;
• receipt confirming payment (LVL24) for the announcement in the official newspaper Latvijas Vestnesis.

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