Republic of Latvia
Capital: Riga HDI: 0.81 (48th)
Language: Latvian GDP (PPP): $48.2 billion
Population: ~ 2 million
Located in the center of the Baltic nations and between the EU and Russia, Latvia benefits from a highly developed transport infrastructure that facilitates business and trade between these regions. The port of Ventspils sees the most trade of the Baltic States and is a major handling center of Russian oil going to Western Europe. Latvia is the top ten fastest growing economies in Europe and is high on the World Banks ease of doing business rankings. After they were hit hard by the 2008-2009 recession, but rebounded with vigor. The government has pursued union with the Eurozone to ease trade and business and accelerate growth and was successful in 2014.
Doing Business in Latvia
This economy profile presents the Doing Business indicators for Latvia. To allow useful comparison, it also provides data for other selected economies (comparator economies) for each indicator. The data in this report are current as of June
1, 2014 (except for the paying taxes indicators, which cover the period January–December 2013).
Starting a Business in Latvia
Overview of Latvia Economy – This page summarizes Doing Business 2015 data for Latvia. The first section presents the Ease of Doing Business rank (out of 189 economies) and the distance to frontier (DTF)** measure, overall and by topic. The second section summarizes the key indicators for each topic benchmarked against regional averages.
Industry Trends & Business Climate
Business environment in Latvia
The economy of Latvia is a free market economy, it is regulated by appropriate laws, protecting commercial rights, trademarks and investments;
Economy Minister: Latvia
The Ministry of Economy and business organizations have developed the annual Action Plan to Improve the Business Environment in Latvia, which has been submitted to the Cabinet of Ministers.
Establishing a Presence
Business Types – Company types and legal structures
There are several legal forms for running business in Latvia. Entrepreneurs usually register the following types of undertakings: limited liability company, joint stock company, branch, representative office of foreign merchant
Business Types – Latvia Company Types, Legal Forms
The most common are the limited liability company and the joint stock company. There are also the individual merchants, the general partnership and the limited partnership.
Business Registration Requirements – Starting a Business in Latvia
This site provides detailed summary from the World Bank of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Latvia.
Latvia Corporate Tax Rate
The Corporate Tax Rate in Latvia stands at 15 percent. Corporate Tax Rate in Latvia averaged 19.19 percent from 1995 until 2015, reaching an all time high of 29 percent in 1996 and a record low of 15 percent in 2002. Corporate Tax Rate in Latvia is reported by the State Revenue Service, Latvia.
Latvia Corporate – Taxes on corporate income
The standard corporate income tax (CIT) rate is 15%. The tax is assessed on a company’s financial profit (loss) that has been adjusted by certain corrections required by law. There are no other taxes on corporate income stated either by the government of Latvia or by local municipalities.
Latvia Personal Income Tax Rate
The Personal Income Tax Rate in Latvia stands at 24 percent. Personal Income Tax Rate in Latvia averaged 24.85 percent from 1995 until 2014, reaching an all time high of 26 percent in 2010 and a record low of 23 percent in 2009. Personal Income Tax Rate in Latvia is reported by the State Revenue Service, Latvia.
Latvia – Taxes on personal income
Latvian residents are liable for Latvian taxes on their worldwide income. Non-residents are liable to income tax on their Latvian-source income.
Latvia Sales Tax Rate | VAT
The Sales Tax Rate in Latvia stands at 21 percent. Sales Tax Rate in Latvia averaged 19.44 percent from 2000 until 2015, reaching an all time high of 22 percent in 2011 and a record low of 18 percent in 2001. Sales Tax Rate in Latvia is reported by the State Revenue Service, Latvia.
Latvia V.A.T and other Taxes
The standard rate of VAT in Latvia is 21% There are reduced rates of 12% and 0%
Obtaining visas – MFA of Latvia
Visa information for tourists, students and business
Latvia Visa: Application, Requirements
Latvia visa requirements for country of origin.
Best Latvia Transportation on VirtualTourist
A guide to all forms of public and private transportation
Public transport in Latvia
Travel through Latvia is convenient using the network of buses and trains, while in the capital passengers are transported by bus, tram and trolley-bus.
Telecom/IT – Telecommunications in Latvia – Wikipedia
Telecommunications in Latvia include radio, television, fixed and mobile telephones, and the Internet.
Unemployment Benefit – Labklājības ministrija
Unemployment benefit is granted and paid by the State Social Insurance Agency (VSAA)
LATVIAN LABOUR LAW
Scope of employment regulations including minimum wage, worktime restrictions, employee representation
Valters Gencs – General rules of employment in Latvia
General rules of employment in Latvia according to Labour Law
GlobaLex – Guide to Latvian Law
See “labor Law” on this site. The aim of the Labour Dispute Law (adopted on 26 September 2002) is to ensure fair and rapid settlement of labour disputes, determine labour dispute settlement bodies and the procedures for settlement of labour disputes.
Labor Market Regulation in Latvia
This site providesa detailed summary of some of the labor regulations that would apply to local entrepreneurs wishing to hire workers, organize working schedules, improve job quality for workers, or make workers redundant for economic reasons in Latvia.
Business Etiquette – Latvia – Language, Culture, Customs and Etiquette
See “Business Protocol and Etiquette” on this site
Climate of the World: Latvia
The climate of the Latvia can be described as typical European continental influenced climate with warm, dry summers and fairly severe winters. January is the coldest month with daytime temperatures usually around -5°C, but in some cases winter months can be quite colder with temperatures far below zero, about -20°C or lower and strong, cold northeasterly winds.
Climate – Weather in Latvia | Latvia Travel
Latvia is located in the temperate climate zone and therefore has four pronounced seasons. Travelers visiting Latvia can enjoy a real winter with subzero temperatures and snow, spring floods, warm summers, and colourful autumns. –
Cost of Living in Riga
Cost of living information includes price indices for rent, food, utilities, transportation, restaurants, clothing and more
Cost of Living in Latvia. Prices in Latvia
Cost of living in Latvia is 36.37% lower than in United States
Business Etiquette in Latvia
The dos and don’ts of business etiquette in Latvia
Safety – Latvia – US Department of State
US Department of State – Go to Safety and Security for updates from the Swedish government
Safety in Riga – Riga Forum
Forum on safety in Riga from visitors.
Education in Latvia
The total duration of general school education in Latvia is 12 years. It consists of 9-years of basic and 3 years of upper general secondary education.
Education – International Schools in Latvia
On this site you will find below a list of the most popular international and bilingual schools for expats in Latvia with fee information.
Holidays and observances in Latvia
Schedule of National holidays and Observances
Holidays and festivals are a part of our culture, tradition and nationality.
Demographics – Latvia Demographics Profile
Demographic information includes population, quality of life, health, sports, technology, energy and the environment
Demographics – Latvia – Wikipedia
Latvia’s population has been multiethnic for centuries, though the demographics shifted dramatically in the 20th century due to the World Wars, the emigration and removal of Baltic Germans, the Holocaust, and occupation by the Soviet Union.
- OEC – Latvia (LVA) Exports, Imports, and Trade Partners https://atlas.media.mit.edu/en/profile/country/lva/
Import and export regulations from Latvia customs
Export.gov – Latvia
The commercial environment is generally friendly to foreign companies, and EU directives are implemented and observed. There are no controls on import, export, or the use and conversion of foreign currencies, which facilitates investment and repatriation of profits.
WTO | Latvia
This site provides key information on Latvia’s participation in the WTO. Latvia has been a member of WTO since 10 February 1999. As of 1 May 2004 it is a member State of the European Union (more info). All EU member States are WTO members, as is the EU (until 30 November 2009 known officially in the WTO as the European Communities for legal reasons) in its own right.
Housing and Rentals
Corporate Housing Riga | Riga Extended Stay
CORPORATE HOUSING IN FURNISHED APARTMENTS
Accommodation | Latvia Travel
A guide to hotels, apartments, guest houses, camp sites and more in Latvia
Latvia Travel | Official Latvian Tourism Portal
Travel information from the official Latvia travel web site
Latvia – Lonely Planet
A tapestry of sea, lakes and woods, Latvia is best described as a vast unspoilt parkland with just one real city – its cosmopolitan capital, Rīga.
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