BUSINESS FROM SCRATCH
Starting a business with us is easy, clear and fast
There are various legal forms for business organisation in Latvia: a limited liability company (SIA), a joint stock company (AS), a company (BDR), a private entrepreneur (IK).
We can prepare documents for registration of any legal form.
Most entrepreneurs choose SIA.
Why is that?
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Minimum costs at the stage of opening. There are no minimum authorised capital requirements for registering SIA, you can set up a company with a capital of 1 euro.
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It’s fast. The Company Register registers SIA within 1 to 3 business days.
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Limited liability. Your liability is limited to the amount of the authorised capital. For example, when you register an IK, you are liable for all the property you own.
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It's profitable. Latvia has 0% tax on undistributed profit.
GOOD TO KNOW
Most frequently asked questions
What information is needed to set up a company?
We need the following information from you in order to prepare documents for company registration:
1. Company name;
2. Passport / ID card of the founder;
3. Declared address of the founder;
4. Legal address of the company.
Where can I get a legal address for a company?
The legal address of the company and your declared address may be the same. This will be the most convenient option for you, as you will promptly receive all correspondence addressed to the company.
If you are unable to register a company at your own address, we will help you find a legal address for rent.
Is it possible to start a company with small capital first and then increase it later?
How quickly can you set up a company?
If you set up SIA with only one owner, then the company can be set up in 1 business day. The review of documents will take 3 business days if your company has more owners.
Small and full authorised capital: what's the difference?
SIA with small capital is a company whose authorised capital is EUR 1 - 2,799.
SIA with full capital is a company whose authorised capital is equal to or more than EUR 2,800.
The main difference occurs when the company makes a profit. If the company's capital is less than EUR 2,800, it is not authorised to distribute dividends. Otherwise, there are no differences in the conduct of business.
It is also necessary to remember that in a small capital company only the founders of the company can be a member of the Management Board, whereas in a full capital company a hired director who does not own shares in the company can be a member of the Management Board.
Starting a small capital company is quicker as there is no need to open a temporary bank account for capital payment before submitting the documents to the Register.
Is it possible to set up a company without being in Latvia?
If you have a Latvian digital signature, or a digital signature of any EU country, you can set up a company remotely and online.
If not, documents for registering a Latvian SIA can be certified by a notary in your country. We help to translate documents into any language.
Do I need to make an appointment with a notary?
We are strongly in favour of electronic documents because it is fast and convenient. If you have a digital signature / Smart-ID application / eID card, all constituent documents can be signed online. If not, it is necessary to book a visit to a notary.
If necessary, we can help you to obtain a Latvian digital signature.
We always are ready to answer on all your questions
during online or offline consultation
How many owners and directors can there be in a company?
A small capital company can have a maximum of 5 founders. The Management Board may also have a maximum of 5 members. Each Management Board member must also be a founder in a small capital company. However, not all founders need to be the members of the Management Board.
There is no limit on the number of owners and directors for full capital companies. Also, a member of the Management Board does not need to be both a founder of a company and have no shares in that company.
What are the company registration fees?
It will be necessary to pay a fee of EUR 20 for the processing of documents to start a small capital company. If the company has full capital, the fee will be EUR 75.
When can I open a bank account for a company?
A temporary bank settlement account must be opened before submitting the documents to the Register in order to incorporate a company. The company's authorised capital of EUR 1 - 2,800 or more is deposited in this settlement account. This account can be converted into a permanent one after registering the company. Most banks provide the service of opening a temporary account online.
If you have any difficulties when opening an account, we help you prepare all the necessary documents and fill in the bank forms correctly.
Can a foreigner start a company in Latvia?
Yes, starting a company in Latvia is available to citizens of any country. It is possible to register a company even without travelling to Latvia.
Is it difficult to liquidate a company?
Company liquidation is a process that takes about 3 months on average. When liquidating a company you need to liaise not only with the Company Register, but also with the Tax Office.
We assist in all stages of company liquidation: we prepare documents for the Register, prepare the liquidation balance sheet of the company, and prepare documents for exclusion from the VAT register. When cooperating with us, the process of liquidating a company will be simple and understandable for you.
Is it possible to re-register an already established company? Or change its name?
Yes, you can change the name, legal address, Management Board members, founders, the amount of the authorised capital, etc. We prepare packages of documents for making any registration changes in an existing company.
Any other questions? Make an appointment for a consultation
BUSINESS ENVIRONMENT ORGANISATION
The company is established. What's next?
With years of experience serving companies from a variety of business areas, we know all the steps necessary to ensure that a client's company is prepared for successful business activities.
As a rule, these steps include obtaining various types of licenses, and assistance in obtaining a VAT number, in obtaining special VAT regimes, in opening settlement accounts, in obtaining visas and residence permits for foreign employees, etc
What issues we help to solve
We help you to register VAT number in Latvia
If your company works only with Latvian customers, you will not need VAT regime until your turnover reaches EUR 40,000. If you are going to work with other EU countries, your company must obtain the VAT payer status before the transaction is completed.
The VAT obtaining procedure is quite labour-intensive and is accompanied by an extensive package of documents. We know the nuances of this procedure and help our clients to obtain VAT payer status. If you need our assistance, please contact us.
We prepare documents for obtaining work visas and residence permits in Latvia
Latvian companies often invite foreign specialists to work in Latvia. Company owners often face difficulties in processing documents for foreigners.
We help to prepare all the necessary documents for obtaining a category D visa and/or a residence permit with the right to work in Latvia in order to ensure that their employment in Latvia is legal.
Even after obtaining the right to work, there are many nuances that you need to know and take into account if you plan to hire foreign employees. We provide consultations on the employment of foreigners and communicate with the Migration Department on your behalf.
Please contact us for more information.
We prepare documents for obtaining licences
Many business activities in Latvia do not require a licence, however, if you plan to engage in:
• Freight transportation;
• Personnel lease;
• Construction;
• Trade in food products;
• Trade in excisable goods,
Then you need to get a license. We prepare documents for obtaining any of these licenses. Please contact us in order to start the licensing process.
SIA "Marx"
Reg. No 40003729697
VAT No LV40003729697
Legal address: Rītupes iela 30 - 5, Rīga, LV-1019
Office: Elijas iela 26 - 6, Rīga, LV-1050
