Latvia

Latvia

Positioned at the crossroads of northern and eastern Europe, the Baltic state of Latvia is rapidly making the most of its recently-acquired status as a member of the EU.

Latvia is a democratic, parliamentary republic. Population is 2,272,300. Latvian is the only official language, however Russian and English are also quite common.

Latvia was under foreign rule from the 13th until the 20th century, but managed to keep its unique language and rich cultural traditions alive.

It regained its independence from the Soviet Union in August 1991 and subsequently joined NATO and the EU in 2004. Corporate tax rate is fixed at 15%, one of the lowest in the EU. A company in Latvia is well positioned to be an effective European intermediary for trade between Western and Eastern, “Russian- speaking” countries. In addition, legislation provides special corporate income tax relief for large-scale investment projects as well as for enterprises operating within the special economic zones. The banking sector is still growing steadily, mainly because of additional investment and high profit margins.

Key Corporate Features

General
Basis of Legal System Civil
Type of Company Limited liability company (SIA); Joint Stock Company
Tax on Offshore Profits 15%
Redomiciliation Permitted Yes
Time to Form 3 days

Corporate Requirements

Minimum Shareholders 1
Minimum Directors 1

Corporate Administration

Corporate Directors Permitted No

Local Requirements

Registered Office/Agent Yes
Company Secretary No
Director No
Meetings No

Public Filings

Directors Yes
Shareholders Yes
Beneficial Owners No

Annual Filing Requirements

Annual Return Yes
Audited Accounts Required if certain criteria are exceeded