In general, when registering a company in Latvia, it is necessary to understand that the full registration process includes work with three instances – the Register of Enterprises, the State Revenue Service (SRS), and the bank.
In order to open a company in Latvia and to obtain a certificate of tax residency, it is enough to apply to the Register of Enterprises.
You can get VAT and EORI number, register the type of economic activity, and receive the access to the Electronic Declaration System in the SRS.
You can open a temporary Bank account to pay for the equity capital and a permanent current account in one of the many Latvian banks.
The company registered in Latvia in the sense of international business is onshore company, and has all the relevant advantages:
Latvia is widely known, first, as a well-developed regional banking center, second, as a trade corridor connecting the East with the West, and since 2013, considering the innovations in the tax legislation, favourable for international business, as a holding and financial center. Therefore, the most effective company in Latvia can be used:
The company in Latvia has the status of a prestigious onshore company and plays a significant role in the international tax planning due to a big list of double taxation agreements (60 countries, including 12 CIS countries).
Facts about company registration in Latvia
The advantages of the Latvian company include:
In Latvia, according to the Law “On Taxes and Duties”, there are 15 types of taxes. The payers are persons who carry out the business activities independently.
Working in the internal territory of Latvia, a taxpayer may not be registered as a VAT payer if the total value of the taxable goods delivered and services provided in the previous 12-month period did not exceed 50 000 euros. After exceeding this threshold, the person is obliged to register.
In Latvia, according to the Law “On Taxes and Duties”, there are 15 types of taxes. The payers are persons who carry out the business activities independently.
Working in the internal territory of Latvia, a taxpayer may not be registered as a VAT payer if the total value of the taxable goods delivered and services provided in the previous 12-month period did not exceed 50 000 euros. After exceeding this threshold, the person is obliged to register.
The person is also obliged to register in the case of regular import of goods in excess of 10,000 euros. VAT registration in Latvia is carried out in the SRS within 10 working days. Possible periods of taxation: a month1 or a quarter2 . VAT Declaration must be submitted electronically (in the Electronic Declaration System) within 20 days after the end of the taxation period.
The price may vary according to the wishes and needs of the customer. Do not hesitate to ask a question.
For owners of Latvian companies we offer comprehensive business accounting services. Read more here.