Latvia

Latvia is a country with the consistent political and economic situation, comparatively low taxes and convenient location. The location makes it possible to export goods to European markets. Its neighbors are Estonia, Russia, Lithuania and Belarus. Latvia is an onshore zone. 

Country’s jurisdiction advantages

  • Country is a member of WTO and EU.
  • Developed transport infrastructure.
  • Small fee for company registration, business activity and personnel services.
  • Quick economic growth.
  • Low taxes.
  • No forex control.
  • Easy to get residence permit.
  • Preferential treatment.
  • Consistent banking system. 

Country’s jurisdiction disadvantages

  • Annual reporting on social and income taxes shoud be submitted.
  • Corporate income tax - 15%.
  • Annual final reporting and tax declaration provision.
  • Source tax 15% for sums, paid to offshore companies. 

Types of companies available

Limited Company (SIA) – have a possibility to carry business activity anywhere in the world. 

Who will benefit the most

International trade will benefit the most as companies will be able to interact with other European businesses. It is also convenient for holding companies registration as they are free from some taxes. 

Corporate/legal requirement

  • Name of company should consist “Sabiedrība ar ierobežotu atbildību” or “SIA”.
  • A shareholder and a director should be present.
  • A minimum charter capital should be 2800 Euro.
  • Annual financial reporting. 

Taxation system

  • Corporate tax - 15%
  • Dividends - from 0 to 10%
  • VAT – 21%
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