Company formation in Latvia

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One of the most popular company forms in Latvia is Limited liability Company - Sabiedrība ar Ierobežotu Atbildību in Latvian (SIA)

25-40%

is corporate income tax (CIT) rate in Latvia

20-31%

is personal income tax (PIT) rate in Latvia

21%

is Value Added Tax (VAT) rate in Latvia

Step by Step Description

Step 1. Initial Setup:

  • Initiating a preliminary project assessment
  • Preparation and filing of the package of documents

Step 2. Company registration:

  • Verification and reservation of the company name at the Register of Enterprises of the Republic of Latvia
  • Facilitating the notarial process for the company's official registration
  • Incorporating the company's data into the Register of Enterprises of the Republic of Latvia
  • Obtaining the Certificate of incorporation from the Register of Enterprises of the Republic of Latvia, Memorandum and Articles of Association
  • Registration for tax and social security purposes
  • Opening a corporate bank account
  • Obtaining licenses and permits (optional)

We also can help with:

  • Company secretarial services
  • Opening bank accounts
  • Preparing apostilled documents
  • Further legal support

Requirements for a SIA in Latvia

Before deciding to set up a new company in Latvia, read the information below to understand the characteristics of a Limited liability Company (Sabiedrība ar Ierobežotu Atbildību in Latvian):

The type of company is a Sabiedrība ar Ierobežotu Atbildību (SIA).

Number of directors/shareholders – minimum of 1 director/ 1 shareholder.

Company secretary – no requirements.

Number of employees – unlimited.

Share capital – at least €2,800 and 50% of which should be paid at the time of establishing.

Liability – the liability of shareholders in Latvian SIA is limited to the value of the investments made.

Accounting – a SIA in Latvia must file the following list of reports:

  • Annual Financial Statements and Corporate Income Tax declaration;
  • Monthly Social Security Tax declaration (if the company has at least one employee);
  • Monthly, Quarterly or Semi-Annual VAT declarations (if the company is registered as VAT payer);
  • Statistics declaration (if the company is chosen for reporting by the Latvian Statistics Committee).

Document requirements:

Taxation in Latvia:

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