Latvia Company Set up as Foreigner
Tetra Consultants advises you to read through our Latvia company incorporation comprehensive guide to fully understand the steps required to successfully set up a business in Latvia. Requirements and regulations are stated clearly to help you fully understand how to incorporate in Latvia.
If you are thinking of how to start a small business in Latvia, it is essential to understand what to expect throughout the whole incorporation process. This is to ensure your resources are well allocated and your company is compliant.
Tetra Consultants expects to complete Latvia company incorporation within 3 weeks after receiving the required KYC documents. Thereafter, you can expect your Latvia business account to be opened within 4 weeks. In total, starting a business in Latvia takes around 4 weeks.
Contact us to find out more about how to start a business in Latvia. Our team of experts will revert within the next 24 hours with information in regards to Latvia company formation.
Simply put, we can break down each engagement into four different phases:
- Planning and Strategy
- Incorporation
- Corporate Bank account opening
- Staying compliant
1. Planning and Strategy
- The most essential step is for you to understand the requirements of how to register a business in Latvia. After understanding your business goals and activities, our team of dedicated consultants will recommend the most suitable corporate entity for you to carry out your business.
- Prior to Latvia company incorporation, you will be advised on the optimum paid-up share capital, corporate structure, legislations, and whether there is a need to apply for any licenses to operate your business.
- Before Tetra Consultants proceed with Latvia company incorporation you are required to provide a list of required KYC documents. Some of these documents include the names of directors, the company’s resolution, and identification proof. Additionally, You will also be required to provide a bank statement to show that at least 50% of the minimum paid-up capital requirement of EUR 2,800 is met.
- Tetra Consultants will search for the availability of your company name through the Enterprise Register. Tetra Consultants will also ensure that your company name does not coincide with any trademarks registered in the Patent Office.
2. Incorporation
- Based on the documents provided, Tetra Consultants will draft and notarize the Memorandum and Articles of Association, business plan, and other incorporation documents.
- Once you are clear on how to register company in Latvia, we will then proceed to file for Latvia company incorporation with the Latvia Commercial Register through the Latvia company register online portal.
- After receiving approval, Tetra Consultants will courier the Certificate of Incorporation, Memorandum and Articles of Association, and other corporate documents to your preferred address.
- These documents contain the business registration number and other Latvia company details required for running the business.
- Simultaneously, Tetra Consultants will register your company for Value-Added Tax (VAT) through the SRS Electronic Declaration System.
3. Corporate Bank account opening
- After the incorporation of your company in Latvia, Tetra Consultants will assist you in opening a corporate bank account. Our team has established partnerships with multiple reputable banks in Latvia. We will present your business to each relationship manager and compliance team.
- Typically, setting up an offshore account takes roughly 4 weeks. In most cases, the directors and shareholders are not required to travel. However, if travel is required, we will have a representative accompany you to the bank meeting so that you can establish your current account. Alternatively, our team will negotiate with the banks to conduct a conference call instead or to request a waiver.
- Once your account has been successfully opened, Tetra Consultants will courier the internet banking token and access codes to your preferred address.
4. Staying compliant
- After incorporating the Cyprus company and opening a current account in the bank, Tetra Consultants will continue to provide you with the necessary accounting and tax services to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations.
- Our team of dedicated consultants will timely prepare your firm’s financial statements, and corporate tax returns and manage bookkeeping on your behalf.
- Our team of dedicated consultants will continue to clarify any doubts you may have concerning your company’s obligations.
Contact us to find out more about how to register a business in Latvia. Our team of experts will revert within the next 24 hours.