Introduction

Latvia is Europe's newest country, having gained its independence from the Soviet Union in 1991. Since then, it has been working hard to build a thriving economy and business environment. Latvia has seen rapid economic growth since joining the European Union in 2004, with GDP reaching over double what it was 20 years ago. The country has attracted interest from investors worldwide thanks to its high standard of living, low crime rates and high-quality infrastructure.

Latvia is a country with a long history of entrepreneurship.

Latvia is a country with a long history of entrepreneurship. It has always been a place where people are willing to take risks and try something new, even if it might not work out in the end. Latvia's economy has experienced periods of growth and recession throughout its history, but it has always bounced back stronger than before.

The first time Latvia was mentioned in written sources was in 1201 when German crusaders invaded the region under orders from Pope Innocent III (1160-1216). In 13th century Livonia became part of the Hanseatic League - an alliance between cities along the Baltic Sea coast that controlled trade routes between Europe and Russia for almost 300 years until 1721 when Swedish King Charles XII defeated Russian forces at Poltava during what became known as "the Great Northern War".

The financial crisis in 2008 left Latvia's economy in ruins.

The financial crisis in 2008 left Latvia's economy in ruins. The country's GDP fell by 15% between 2008 and 2009 and unemployment increased from 5% to 20%.

Despite this, however, Latvia has seen a remarkable recovery since then. It has one of the lowest unemployment rates in Europe (4%) and its economy grew by 2.6% last year: more than double what most other EU countries achieved during that time period.

Latvia offers its entrepreneurs lots of support and advice to help them succeed.

Latvia offers its entrepreneurs lots of support and advice to help them succeed.

You can get advice from the government, which has a lot of resources to help you succeed. The government is also happy to give you more information about setting up your business in Latvia and how they can help you achieve success as an entrepreneur.

Business regulations are clear and easy to understand.

The business law is clear and easy to understand. It's not overly complicated or restrictive, which encourages entrepreneurship.

Your business will be welcome in Latvia, regardless of its size or sphere of activity.

Latvia offers the best conditions in the EU for starting a business. The country has been ranked third in Europe and 18th worldwide by Doing Business 2019 report, which examines measures taken by countries to create a conducive environment for entrepreneurs.

While this ranking might seem surprising given Latvia's relatively small size and population (1 million), there is much opportunity here for anyone who wants to start their own business. Any sector and size of operation is possible without any restrictions on foreign ownership or residency requirements - even if you're not planning on living here permanently!

You can get a new residence permit very easily in Latvia.

If you want to set up a business in Latvia, it's important to know that it's possible to get a new residence permit very easily. You can apply for a temporary or permanent residence permit and receive it within a few weeks. If you have family members living with you who are not citizens of Latvia, they may also be granted permission to stay there as well.

Opportunity is knocking!

Latvia is a country with a good business climate. You can find many opportunities here:

Latvia has low operating costs and taxes, which makes it an attractive location for business development. The Latvian economy is stable, so you will not have any problems with financing your projects or finding partners for cooperation. The country also has excellent transport connections to other EU countries as well as Russia, Belarus and Ukraine - these are very important factors that help businesses grow faster than those located in other countries outside Europe's borders!

You may be wondering if Latvia has everything else needed for running your new company? Yes! Our country has friendly laws regarding corporate governance; there are no restrictions on foreign investments or changes in ownership structure during initial capitalization period (up until three years). The administrative burden associated with setting up new companies is low compared to many other European countries so don't hesitate - come over here right now!

What are the requirements to set up a business in Latvia

As a new business owner, you will need to:

●     Contact the local authority to register your company.

●     Get in touch with the tax office and open up a bank account.

●     Get a business address and register it with the social security fund (if applicable).

●     Set up a business insurance policy that covers both your employees and yourself (if applicable).

Once you have done all of this, it's time for registration! You will need:

Can non-residents set up a business in Latvia

Yes, non-residents can set up a business in Latvia. You must have a registered address in Latvia and you can register a company online or at your local registry office.

When you register your company with the State Revenue Service (SRS), it will issue an identification number which will be used when setting up bank accounts, opening letters of credits and making tax payments.

Can non-residents apply for a business bank account in Latvia

Yes, you can apply for a business bank account in Latvia. In order to open a bank account with a local bank or with a foreign bank, you need to provide documents that prove your identity and address.

You will also need to sign up for an e-Tax portal user account at https://e-dati.vat.gov.lv/kontakti/signup_eng/.

Conclusion

Although Latvia is not a member of the EU, it is still very easy for non-residents to set up a business here. The country offers its entrepreneurs lots of support and advice, so you can start your business quickly and easily. You can also get a new residence permit very easily in Latvia!

 Please note that a jurisdictions’ requirements may change from time to time. Please contact us for current requirements in this jurisdiction.