open a company in latvia
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Types of Companies
Available in Latvia
• When opening a company in Latvia,
there are several types of structures
you can choose from.
• The Latvian legal entities can be
divided into: limited liability companies,
joint stock companies, individual
merchants, general partnerships and
limited partnerships.
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Limited Liability
Companies in Latvia
• The Latvian limited liability
companies require a minimum share
capital of 2,000 LVL and at least one
founder.
• The entire amount of the share capital
must be paid at registration.
• The capital is divided into
nontransferable shares.
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Joint Stock Companies in
Latvia
• The Latvian large businesses are
usually organized as joint stock
companies.
• These types of companies require a
minimum share capital of 25,000 LVL
payable in full at registration.
• The liability of the shareholders is
also limited by the contributions to the
share capital.
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Individual Merchants in Latvia
• The individual merchant is an
individual fully responsible for his/her
business.
• This individual has the obligation to
register only if the annual turnover is
over 200,000 LVL or if he/she has
more than five employees and an
annual turnover over 20,000 LVL.
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General Partnerships and
Limited Partnerships in Latvia
• The entrepreneurs with no available
share capital can open a partnership, if
they are willing to conduct business
under the same name.
• The partnerships can be general, when
all the members have full responsibility for
the company’s actions and act in its
name or can be limited, formed by
minimum a general partner and a limited
partner.
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Steps for Company
Incorporation in Latvia >>
• The process of incorporation of a
Latvian company usually starts with
preparing the necessary documents -
the articles of association and the
memorandum of association.
• These documents must be certified by a
public notary.
• The minimum share capital must be
deposited in a bank account and the
receipt for the amount must be issued.
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>> Steps for Company
Incorporation in Latvia
• The company’s documents and
receipt from the bank must be
deposited at the Commercial Registry
followed by the registration with the
State Revenue Service.
• The State Revenue Service will
register the company for VAT.
• The last step is the registration of
the employees with the State
Revenue Service for the mandatory
state social insurance contribution.
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Documents Required for
Company Incorporation in
Latvia >>
• When the founders want to register a
legal entity in Latvia, the following
documents must be delivered:
the signed application form;
the memorandum and articles of
association;
the proof from the bank of the minimum
share capital deposit;
information regarding the payments
made in assets.
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>> Documents Required for
Company Incorporation in
Latvia
the notarized specimen signatures of
the members of the management;
the receipt of payment of the
registration tax and the one for the
announcement made in the Official
Gazette (Latvijas Vestnesis).
• In addition, an entrepreneur must
submit also the following documents in
order to incorporate a company in
Latvia:
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How Quickly Can I
Incorporate my Company
in Latvia?
• The process of company
incorporation in Latvia usually takes
around 16 days.
• For further information about registering
a company, you may contact
our lawyers in Latvia.
Thank you for your
attention!
For more information please contact us at:
(+44)203-287 0408
http://www.lawyerslatvia.com/
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