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Businesses who registered their entity in Latvia have an opportunity to apply for various support programmes fostering innovation and growth. Specific criteria apply for each programme to qualify. Programs are subject to change based on the regulations of the Government of Latvia.
Entrepreneurs, associations, foundations and research and knowledge dissemination organizations have access to support for process digitization, the purpose of which is to promote process digitization in commercial activities and increase productivity.
Support is given in the form of a grant:
* A microenterprise is an enterprise with fewer than 10 employees and whose annual turnover (revenue over a certain period) or balance sheet (statement of assets and liabilities of the enterprise) does not exceed EUR 2 million;
A small enterprise is an enterprise with fewer than 50 employees and an annual turnover or balance sheet not exceeding EUR 10 million;
Eligible costs:
Supported activities:
Before applying for support, an initial digital maturity test must be performed to determine the necessary investments for digitalization needs, and it is necessary to receive a digital development road map issued by the European Digital Innovation Center (Latvian IT cluster).
A capital company with a high growth potential the basic activity of which is related to the development, production or improvement of scalable business models and innovative products under the Law on Aid for the Activities of Start-up Companies may qualify for the following aid:
The start-up company has the right to apply for a fixed payment for the employee from the amount of the two minimum monthly wages set by the Cabinet of Ministers, applying the mandatory contribution rate.
A start-up company has the right to apply for an aid programme for attracting highly qualified employees. The Cabinet shall issue regulations regarding aid programme for attracting highly qualified employees by determining the procedures for granting the aid to start-up companies.
An employee of the start-up company is exempt from the personal income tax if regarding him or her a fixed payment has been made for the income subject to a payroll tax obtained in the start-up company.
Find more information here.
Acceptance of applications is open while funding is available.
The loan is meant for projects to be implemented in the fields of smart technologies, smart materials, technology and engineering systems, information and communication, smart energy and mobility. If the aims of the project are achieved, part of the allocated funding will be covered in a form of a grant.
The programme will be implemented by the Investment and Development Agency of Latvia and ALTUM.
The program is expected to support a total of 1,500 companies.
The overall funding of the aid program is €73.38 million and aims to ensure that financing is available to innovative businesses and export promotion. The aid program will promote businesses focused on high-value-added creation in the medium-high and high-tech field, thereby contributing to the achievement of the objectives of the National Industrial Policy Latvia's Smart Specialisation Strategy.
EEN provides free services:
EEN also helps to search partners for participation in international programs.
Learn more: Go to the webpage
Address: 2 Perses Street, Riga, Latvia, LV-1442
Web: www.investinlatvia.org
For more information: invest@liaa.gov.lv
For tailored advice contact our team of experts
Stay up to date on the monthly newsletters on recent news and activities.
Stay up to date on the monthly newsletters on recent news and activities.