Registration of companies in Latvia
MAIN LAWS ON COMPANY REGISTRATION IN LATVIA:
Civil Code of the Republic of Latvia (January 23, 1937), Commercial Law of the Republic of Latvia (2000).
MAIN BUSINESS LEGAL STRUCTURES IN LATVIA:
- Limited Liability Company - SIA (sabiedrība ar ierobežotu atbildību).
- Joint-Stock Company - AS (akciju sabiedrība).
To choose which legal structure of business in is best for you, you can request us to carry out a legal research, where we compare pros and cons of business in Latvia, as well as tax burden of a certain legal structure.
NAME OF AN SIA IN LATVIA:
A name of a new SIA must be checked. One can use letters of Latin or national alphabet. Words “Latvia” and “Riga” can be used with some limitations.
MINIMUM AUTHORIZED CAPITAL OF AN SIA IN LATVIA:
A minimum authorized capital for founders that are legal entities is 2,860 EUR. At least 50 percent of an authorized capital must be paid up before the registration. For individual founders, a minimum authorized capital is 2 EUR and it is not mandatory to pay it.
MAIN SERVICES OF REGISTRATION OF A COMPANY IN LATVIA:
- Preparation of constituent documents of an SIA;
- Registration of an SIA in tax authorities;
- Ordering and receiving of a seal of an SIA;
- Registration of data of an SIA in extra-budgetary funds;
- Opening of current accounts for an SIA in Latvia and abroad.
BACKGROUND DATA REQUIRED FOR REGISTRATION OF AN SIA IN LATVIA*:
- Company name;
- Registered address (can be provided by us);
- Participant’s data (name, citizenship, passport/company’s constituent documents);
- Amount of the authorized capital;
- Kinds of activities;
- Chosen bank in Latvia and kinds of accounts to be opened therewith;
- Choice of the taxation system;
- Other documents and data at the request of the experts of ALPS & CHASE.*
*All of the documents must be provided in advance, so we have time to translate them into Latvian.
All provided documents must be notarized and legalized in Latvian Embassy of a participant’s (shareholder’s) country or apostilled according to Hague Convention of 1961 by the relevant authorities after notarization.
PRESENCE OF THE PARTICIPANTS DURING REGISTRATION OF A COMPANY:
Presence of the founders during a company registration in Latvia is not necessary. The main registration activities will be performed by our experts under a power of attorney. The presence of a Director General is necessary only at the opening of bank accounts in Latvia.
TERM OF REGISTRATION OF AN SIA IN LATVIA:
Registration of an SIA with foreign participation takes at least 4 business days, as well as the registration of a branch. Accelerated registration within 2 business days is possible. When planning the term of registration, please, take account of the time necessary for preparation, translation and sending of the documents.
It is possible to purchase an existing company in Latvia.
APPOINTMENT OF A DIRECTOR GENERAL IN LATVIA
You can appoint either a Latvian citizen or a foreign citizen to a position of a Director General. To appoint a foreign citizen, one has to obtain a work permit, if one plans to work in the territory of Latvia. If a director plans to work outside the territory of Latvia, there is no necessity to obtain a permit. Directors that are legal entities are not allowed.
In any case, if you need the permanent presence of a Director General for settlement of administrative matters, our company will provide you with the service of temporary directors in Latvia.
Such directors can perform various tasks, interact with the tax inspectorate, customs or the banks. The main requirement to use this service is a complete legality of a client’s business.
OTHER SERVICES IN THE AREA OF REGISTRATION OF A BUSINESS PRESENCE IN LATVIA:
- Registration of a branch in Latvia