Company Formation in Latvia: A Step-by-Step Guide for Entrepreneurs 

• Company formation in Latvia is a strategic move for businesses looking to gain a presence within the European Union. The business environment of Latvia is welcoming, registration is simple, and the market is open to the EU, which ranks Latvia as one of the more sought-after locations for business. To proceed to register company in Latvia it involves following a step-by-step process that ensures compliance with laws and regulations. 

• Tetra Consultants offers full-service support during the process of company formation in Latvia. From choosing the most appropriate business structure to checking that your company name is available, we take care of each step with ease. Our experts help prepare and submit all the necessary documents, such as the Memorandum and Articles of Association, and arrange tax registration with the State Revenue Service. We also help open a bank account for the company without you having to travel to Latvia. In the article above, we have outlined the procedure for company registration in Latvia to make it easy for you. 

Steps for company formation in Latvia 

Step 1: Selection of an ideal business structure 

• The initial step in the company registration process in Latvia is to choose the most appropriate business form according to your business plans and long-term intentions. Tetra Consultants will evaluate your business model with great care and advise you on the most suitable corporate form, for instance, a Limited Liability Company (SIA), which is the most prevalent form in Latvia. We will also advise the best paid-up share capital and corporate structure to help meet the Latvian regulatory requirements but also meet your operating needs. 

Step 2: Availability of company name  

• Tetra Consultants will conduct an extensive search for your desired company name in the Enterprise Register for its availability as part of our international trademark registration services. 

• We will also verify if the chosen name is not close to any registered trademarks present in the Patent Office. This step prevents potential legal dispute and makes your company name unique and in line with Latvian naming conventions. 

Step 3: Preparation and submission of pertinent documents 

• For further incorporation, Tetra Consultants will help you in obtaining all required KYC documents, including identification proof of directors, company resolutions, and shareholder information. A bank statement indicating the minimum paid-up capital requirement (€2,800 for an SIA) has been at least 50% deposited will also be required. From these documents, we will prepare and sign necessary incorporation documents, such as the Memorandum and Articles of Association and a business plan.  

• All documents will be prepared, Tetra Consultants will register your company through Latvia’s Commercial Register e-service. After incorporation is successfully completed, we will deliver the Certificate of Incorporation, Memorandum and Articles of Association, and other corporate documents to your desired address. 

Step 4: Tax registration 

• After incorporation, Tetra Consultants will get your company registered for Value-Added Tax (VAT) in the State Revenue Service’s (SRS) Electronic Declaration System. This will ensure that your company is in compliance with Latvian tax regulations and is ready to begin operating legally. 

Step 5: Corporate bank account opening 

• Tetra Consultants will facilitate corporate bank account opening with an established Latvian bank that meets your business needs. We will draft all the documents and liaise with bank authorities to ensure the process goes smoothly. In most cases, directors and shareholders do not have to travel to Latvia, nevertheless, if travel is unavoidable, our specialists will accompany you or negotiate alternatives such as conference calls or waivers. Once the account is successfully opened, Tetra Consultants will deliver internet banking tokens and access credentials to your preferred address. 

Requirements for company formation in Latvia 

• Approved capital, a minimum of €2,800 in the case of a Limited Liability Company (SIA), of which at least 50% must be paid up at the time of registration. 

• At least one founder, either an individual or a legal person, with no limits on foreign ownership. 

• A management board consisting of at least one director, whose details and consent to serve must be submitted. 

• A Latvian registered office address, with the owner of the property agreeing to use this as the legal address of the firm. 

• A unique name of a business that is compatible with Latvian law and does not contradict existing names or trademarks. 

• Submission of incorporation materials like Memorandum and Articles of Association, shareholders’ register, and application form duly signed by all the founders. 

• Payment of stamp duty, publication charges, and confirmation of contribution of authorized capital. 

• Disclosure of ultimate beneficial owners (UBOs) and their identification particulars. 

• A minimum of one employee in Latvia. 

Conclusion 

• Latvia Company Formation is a great chance for business owners looking to access the dynamic markets of the European Union. With over 7,929 new businesses incorporated in Latvia in 2022, the country is still appealing to investors due to its business-friendly environment and streamlined incorporation process. Through Tetra Consultants, you can easily and comfortably have a company incorporated in Latvia. 

• Our services include complete assistance, ranging from choosing the best business form to obtaining tax registration and opening a corporate account. We provide compliance with Latvian laws and minimize bureaucracy. Whether you are a startup company or a mature business venturing into Latvia, Tetra Consultants provides personalized solutions for you. 

• Contact us to know more about how you can proceed with company formation in Latvia and our team will revert back in 24 hours.