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Latest business news

Latvia: Residency permit in Eurozone
7th June 2013
After the introduction of the euro in Latvia, Latvian temporary residence permits will be eligible obtain for those who have invested at least 35 500 euros in the share capital of the company.

Residence permit in Latvia: facts and results
6th February 2013
The opportunity to receive a temporary residence permit in return for investments in the Latvian economy has been used by 4744 foreigners by investing a total of LVL 318.3 million within two and a half years, shows statistics summarised by the Office of Citizenship and Migration Affairs (OCMA).

Dividends will not be taxable income in Latvia
28th January 2013
Starting of 1st January 2013, the dividends are not taxable income if the company – Latvian resident pay out dividends to the non-resident unless it is located, established or founded in low tax or no-tax states or territories.

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Baltic Legal - Your corporate law office in Latvia

Baltic Legal focuses on Corporate Law, Tax Law, Company Formation and Registration, and Accounting Services in all three Baltic states - Estonia, Latvia and Lithuania. If you intend to start business in the Baltic States, our team of professionals will provide you with full support and advice in choosing the type of a company, establishing and registration of the company, dealing with tax issues, and promoting your business in Latvia, Lithuania or Estonia.

As countries have different cultural, legal and business administration systems without local knowledge and experience opening a company and its registration in a foreign country can be a challenge. Our assistance will guarantee accurate and timely execution of all the necessary measures in order to facilitate your operations in the Baltic States. Also, on many occasions we are able to offer our clients comprehensive advice on non-business related issues.

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Incorporation in Latvia, Lithuania and Estonia

The most common legal entity(business) set up in Latvia, Lithuania and Estonia is a limited liability company, also known as a LLC. This type of enterprise provides its owner with business opportunities, limiting the exposure of owner’s private capital to risks and not affecting his personal obligations. There are no restrictions to set up a company - enterprise can be set up by resident, non resident or legal entity. In Latvia a LLC is called SIA, in Estonia – OÜ and in Lithuania – UAB. The process of incorporation is not as complex as that of a joint stock company, but still requires time and experience with establishment of such companies. Registration as a Value Added Tax (VAT) payer is not mandatory following the formation and incorporation of a company, but becomes necessary if the annual turnover exceeds the limit stipulated by the law. A limited liability company requires the minimum equity capital which is almost common in Latvia, Lithuania and Estonia; however, there are different ways to invest the capital.

EU residence permit

According to Council Regulation No. 1030/2002 residence permits in the European Union have uniform format, which means that residence permits have the same form in every Member State – it may be a sticker or stand-alone document containing particular information. It is useful to obtain residence permit in a Schengen zone country since it will entitle its owner to move without visa to other Member States of Schengen Agreement (a travel document with residence permit replace visa). It must be noted that Latvia, Lithuania and Estonia have joined Shengen area in 2007, and they provide for great opportunities to receive temporal residence permit through investments. For instance it is possible to receive residence permit in Latvia for up to 5 years by investing at least LVL 50 000 (approx. EUR 72 000) in a real estate or at least LVL 200 000 (approx. EUR 286 000) in a subordinated capital of Latvian credit institution (more information here). Along with main investor residence permit can be obtained by his/her spouse and minor children. The process of obtaining temporal residence permit takes from 1 up to 3 months.

WEB devoloper - Artis Zelmenis