Similar as local residents, also third-country nationals may establish their own companies in Latvia. In order to establish a company, you will need to:
- Convoke the foundation meeting,
- Register in the Register of Enterprises,
- Open a bank account for the company,
- Register the company in the State Revenue Service.
Detailed information about registration of company is available on the homepage of the Register of Enterprises.
The only limitation for opportunities of foreigners to develop their entrepreneurship in Latvia is related to the restriction to acquire land in borderland and protection zone territories, as well as agricultural and forest land. It shall be emphasized, that until 30 April, 2014 agricultural and forest land cannot be acquired also by citizens of the European Union member states and legal persons registered in EU member states. A company registered in any EU member state cannot acquire land in Latvia, if more than half of shares of the company is owned by a foreigner (not a citizen of Latvia).
If you want to acquire land in rural or urban territory, you will have to obtain a permit of the respective local government, where the property is located, explaining the purpose for further use of the land.
In Latvia, companies with foreign direct investment are provided with an opportunity to apply for EU support programmes and various tax discounts. Information about support available for entrepreneurs is available on the homepage of the Investment and Development Agency of Latvia.
