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).

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.

The economy of Latvia is a free market economy, it is regulated by appropriate laws, protecting commercial rights, trademarks and investments;

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.

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

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.

 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.

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.

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.

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.

Latvian residents are liable for Latvian taxes on their worldwide income. Non-residents are liable to income tax on their Latvian-source income.

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.

The standard rate of VAT in Latvia is 21% There are reduced rates of 12% and 0%

Visa information for tourists, students and business

Latvia visa requirements for country of origin.

A guide to all forms of public and private transportation

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.

Telecommunications in Latvia include radio, television, fixed and mobile telephones, and the Internet.

Unemployment benefit is granted and paid by the State Social Insurance Agency (VSAA)

Scope of employment regulations including minimum wage, worktime restrictions, employee representation

General rules of employment in Latvia according to Labour 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.

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. 

See “Business Protocol and Etiquette” on this site

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. 

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 information includes price indices for rent, food, utilities, transportation, restaurants, clothing and more

Cost of living in Latvia is 36.37% lower than in United States

The dos and don’ts of business etiquette in Latvia

US Department of State – Go to Safety and Security for updates from the Swedish government

Forum on safety in Riga from visitors.

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.

On this site you will find below a list of the most popular international and bilingual schools for expats in Latvia with fee information.

Schedule of National holidays and Observances

Holidays and festivals are a part of our culture, tradition and nationality.

Demographic information includes population, quality of life, health, sports, technology, energy and the environment

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.

Import and export regulations from Latvia customs

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. 

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.

CORPORATE HOUSING IN FURNISHED APARTMENTS

A guide to hotels, apartments, guest houses, camp sites and more in Latvia

Travel information from the official Latvia travel web site

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.