Company registration is an important step to start your business in Latvia. To do this, it is necessary to comply with certain requirements and prepare documents. Here are the main steps and documents needed to open your company in Latvia.
1. Choose a business type
- SIA (Limited company) – the most popular type of business in Latvia. Minimum share capital: 2800 EUR.
- JSC (Joint Stock Company) – for larger companies that want to issue shares. Minimum share capital: EUR 35,000.
- IK (Individual Merchant) – suitable for smaller companies or one-person business.
- Farm or individual farm – suitable for agricultural activities.
2. Choosing a company name
- The name must be unique and relevant to the law.
- Check the availability of the name in the Enterprise Register (UR).
3. Registration address
- You will need a legal address in Latvia. It can be your home or office.
- If you do not own the registered office, you will need the consent of the owner.
4. Prepare the incorporation documents
- Founding agreement or deed – if there are several founders, a founding agreement is required. If one founder, then the act of incorporation.
- Articles of Association – the company’s operating rules, which describe the company’s goals, methods of operation, capital, etc.
- List of founders and officers of the company – indicate the founders, board members and other officers.
5. Pay up the share capital
- Deposit the minimum share capital into a bank account and receive a payment receipt.
6. Registration in the Enterprise Register
- Fill out the application form in the Enterprise Register.
- Attach all necessary documents (incorporation agreement/deed, articles of association, list of officers, payment receipt).
- Pay the stamp duty and notice publication fee.
7. VAT registration (if required)
- If you plan to have a turnover of more than EUR 40,000 per year or carry out activities that require the payment of VAT, register as a VAT payer with the SRS (State Revenue Service).
8. Opening a bank account
- After registering your company, open a company bank account if you haven’t already done so.
9. Commencement of operation
- After registration, you can start the business, conclude contracts, hire employees, etc.
Additional tips:
- Advice: If you are unsure about the process, you can consult a lawyer or business advisor.
- Accounting: It is important to ensure proper accounting from the start. You can outsource or hire an accountant.
The company registration process can take a few days to several weeks, depending on the type of company chosen and the documents prepared.