Investments

According to statistics, compiled by the World Bank, Latvia is in sixth place in Europe by the comfort of doing business, and in first place among the Eastern European countries. More recently, the government of Latvia implemented a sound investment in the sphere of high technologies and revised some business rules that resulted in significant reduction of red tape and regulated the terms of attracting of foreign investors.


Latvia is an economic bridge between the EU and Russia


Latvia remains one of the EU countries with the highest percentage of ethnic Russians (40%), plus it has maintained over the past two decades its social and economic ties with the Russian Federation. In Riga the Russian language is predominant in the business environment. In addition, the strengths of Latvia become apparent by availability of skilled labour, combined with a high quality education in secondary and high school.

These features make Latvia an ideal partner for European companies, which want to take great potential of the Russian market. Similarly, Latvia is also a privileged place for those entrepreneurs who want to "conquer" Russia through the European market. And it is promoted by the following advantages:

  • Low-paid workforce

    Today Latvia has the status of one of the few countries with low-paid labour force, having a high degree of specialization in the labour sector. Currently Latvia is in fourth place in the European Union by reducing the total cost of works. A worker in Latvia receives four to five times less than a worker with similar qualifications in Germany.
  • High performance

    Due to the high quality of teaching in secondary and high school, Latvia offers a skilled labour force with high productivity due to the northern mentality, which is an essential factor in the approach to work.
  • Low tax rates

    Latvia is one of the few EU countries with the lowest tax burden for business. Corporate taxes are 15%, while in the free ports and special economic zones tax levy reaches about 1.5%. As for the beginning of 2013, in accordance with the rules in Latvia, "capital gains" and dividends are not taxed.
  • Minor bureaucratic institutions

    After financial collapse of 2008, the Latvian government has initiated a comprehensive monitoring of all bureaucratic processes that impede economic transformation. Due to the fight against bureaucracy, Latvia reserves the status of one of the European countries with the fewest restrictions and bureaucratic obstacles to free initiative of enterprises. Today you can create and start managing a corporation within a few days, while the procedures for obtaining permits and licenses for business was greatly reduced in recent years.
  • Transparent legal and judicial system

    The Latvian government has fulfilled all the requirements of the EU in the field of freedom of entrepreneurship, has greatly improved the efficiency of the judicial system, particularly in civil matters and disputes of commercial nature and the time for arbitration conduct was reduced.
  • Low cost of commercial real estate

    After financial crisis six years ago, Latvia has reduced the price of selling and rental rates for office and industrial buildings. This is a determining factor, especially for new businesses and entrepreneurs of small and medium business level.
  • Developed transport system

     Due to its location, Latvia is the only country of the three Baltic countries, which can boasts of three harbours free of ice throughout the year (Riga, Ventspils and Liepaja). Ventspils port currently is the second largest port in the world by the qualitative services provided.
    The country inherited from the Soviet Union railway links with many former Soviet republics. In addition, Latvia is still a transport centre in the transit of goods between Russia and the European Union.

    Riga International Airport is the largest airport in the Baltic republics, with daily and weekly flights to major airports in Europe and the former Soviet republics. Riga Airport offers daily flights to Rome and Milan, and weekly – to Venice, Bari and Nice.
  • Free economic zones

The Republic of Latvia has established four free economic zones, two free ports – Riga and Ventspils, and two special economic zones in the city of Rezekne.

Companies operating in the four free economic zones can take advantage of the following benefits:

  • 80% reduction in corporate income taxes (1.5%);
  • 80% reduction in property taxes (1.5%);
  • value-added tax (VAT) to 0% for all goods exported from the territory of Latvia.

Using our services, you can register the corporation within one working day.
 

Our company provides the services of execution of all actions and procedures necessary to create a legal person, which include:

  1. opening a bank account;
  2. registration in the Registrar of Companies;
  3. obtaining VAT registration number.


Our company also offers competitively priced office buildings or registered office of the company in Riga and other Latvian cities.

References

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Accurate information is very important, especially in dealing transactions. It is understood in the company «Vecon», no claims! Well done, guys! Thanks for your work!

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St. Petersburg

 

Excellent quality of brochures and original concept of advertising and promotion! It is a pleasure to work with those who understand you perfectly.

Caroline Holmes,
Vita Frame