Latvia
Latvia, officially Republic of Latvia is one of the three Baltic states in Northern Europe in the Baltic region. It is bordered to the north by the Baltic state Estonia, to the south by the Baltic state Lithuania, and to the east both by Belarus and the Russian Federation. Across the Baltic Sea to the west lies Sweden.
The Latvian government and local authorities have worked diligently to streamline procedures for doing business in Latvia, for instance, companies can be established just in one day. As a member of the EU, Latvia operates under Europe-wide legislation. To further stimulate investments, Latvian Government is implementing many state support programs via EU Structural funds for private business development.
The most popular business entity is the limited liability company (LLC or in Latvian - SIA). Corporate tax rate is fixed at 15%, one of the lowest in the EU.
A Latvian company is well positioned to be an effective EU intermediary for trade between Western and Eastern, “Russian- speaking” countries. Latvia is a multi-lingual society where Latvian, Russian and English languages are commonly spoken and professionals are adept at working with both Western and Eastern business cultures.
Tax weight
Total tax weight in Latvia which forms from all the taxes including Social insurance tax is 30,5% from GDP. It is one the lowest index via 27 EU countries. Average tax weight is 39,8% from GDP. The highest tax weight are in Denmark - 48,7%, Sweden - 48,3%, Belgium - 44%, France and Italy - 43,3% from GDP. More information about taxes in Latvia.
Latvia facts:
General information about Latvia:
Capital: Riga
Official language: Latvian
Population: 2.07 million
Political system: Parliamentary democracy
EU Membership: since 2004
Official currency: Latvian Lats (Ls); (LVL)
The Republic of Latvia, international abbreviation LV
The Republic of Latvia is founded on November 18, 1918
National anthem: "Dievs, svētī Latviju!" (God Bless Latvia)
International code: LV
Constitution: democratic parliamentary republic
The parliament, called the Saeima consists of 100 elected MPs.
Internet domain: .lv
International telephone code: +371
Geography:
Location: Latvia is situated in Northern Europe, on the coast of the Baltic Sea.
Territory of Latvia: 64,589 square kilometers (24,938 square miles).
Total population: 2 224 230 (on year 2011)
Capital city: Riga (with 723931 inhabitants)
Administrative organization: 7 cities, 65 towns, 26 regions, 11 districts, 467 parishes
Traditionally divided into 4 regions: Vidzeme, Latgale, Kurzeme and Zemgale
Largest Latvia cities apart from Riga: Riga, Daugavpils, Valmiera, Jekabpils, Jelgava, Jurmala, Liepaja, Rezekne, Ventspils
Major ports in Latvia: Ventspils, Riga, Liepaja
Borders: Lithuania, Estonia, Russia and Belarus
Ethnic composition: Latvians -59.0% (1348344) , Russians – 28.3% (646567), Byelorussians – 3.7% (85434), Ukrainians – 2.5% (57794), Poles- 2.4% (54831), Lithuanians – 1.4% (31034), Others – 2.1% ( uz 01.04.2007)
Religion: Non-religious – 35%, Lutheran – 24%, Catholic – 18%, Orthodox – 15%, Others – 8%
Official language: Latvian
Economics:
Currency: Lats (LVL), 1 lats = 100 santimi
Time: GMT +2, from April to November GMT +3
GDP Total: 28,2 billion USD
GDP Per Capita: 12,7 USD
Main Taxes:
Value Added Tax (VAT): 21%
Personal Income Tax (PIT): 25%
Corporate Income Tax (CIT): 15%
Other taxes: Dividend - the usual deduction is 10%, Social Insurance Tax for employer is 24.09% and for the employee - 11%.
Immigration:
Visa to Latvia:
The main types of visas in Latvia:An airport visa - permits a stay in the area of a Latvian airport without entry into Latvia.A transit visa - this obligates the bearer of the visa to leave Latvia within 72 hours of the date of entry. The visa is valid for up to 6 months.Short term visa - allows a stay of up to 90 days. The visa is valid for a maximum of one year from the date of issue.Long term visa - allows a number of entries, up to 90 days on each occasion. The visa is valid for a maximum of 12 months
Residence permit:
Resident Permits in Latvia.
A residential permit enables foreigners to live or work in Latvia.
The permit is required for residency in Latvia of over 90 days within a period of six months from date of entry into Latvia.
The permit is also required to manage or open a business in Latvia. More about residence permit to Latvia.
Company formation in Latvia:
A Private Limited Liability Company (with the suffix SIA)
The minimum registered share capital is LVL 2,000. (approximately Euro 3,000).
The company is prohibited from offering its shares to the public or from trading on the Stock Exchange..
The shareholders' undertaking is limited to the amount of the capital invested only.
The company does not issue share certificates and registration of the shareholders is recorded in the "Shareholders Register".
A director must be appointed for the company.
A Public Limited Liability Company (with the suffix AS)
The minimum registered share capital is LVL 25,000 (approximately Euro 38,000).
The company may offer its shares to the public.
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