Limited liability company

Limited liability companies (LLC) are closed business entities whose equity capital consists of the total amount of the par value of the shares, which cannot be traded publicly. Limited liability companies may be established by one or more individual persons or legal entities. The minimum share capital of an LLC is EUR 2 800. More detailed description available here.

Joint-Stock company

Joint-stock Companies (JSC) are business entities whose equity capital consists of the total amount of the par value of shares in the company’s stock. Joint-stock companies can be closed or open with shares in public circulation. The minimum statutory capital for JSCs is EUR 35 000. More detailed description available here.

All companies must be registered in the Register of Enterprises.

Steps to register the most common type of entity - Limited liability company:

1. Opening a Temporary bank account and equity capital payment;

2. Payment for State duty and cost of publication in newspaper “Latvijas Vēstnesis” (bank receipts required later on);

3. Document submission in Register of Enterprises :

• Application form KR4, signed with a secure electronic signature or the signature on the application, notary certified.
• The Foundation agreement or decision of Foundation (in case of a single founder);
• Articles of Association;
• A document certifying the payment of the equity capital
• The Register of Members (Signed with a secure electronic signature, notary certified signature, or in presence of Register of Enterprises officer);
• The consent of the members of the Executive Board (Signed with a secure electronic signature, notary certified signature, or in presence of Register of Enterprises officer);
• Board notice of legal address of the enterprise;
• The property owner's consent for the registration of the legal address of the company in the specified property (if the application is signed by the person who owns the specified real estate property, submission of consent is not required)
• Receipt or a copy, or online banking payment of the State duty fee;
• Receipt or a copy, or online banking payment for publication in newspaper "Latvijas Vēstnesis".

More detailed information, including fees and forms, available here.

*Note: All submitted documentation must be in Latvian or with a notary certified translation.

A person can obtain a temporary residence permit for a period not exceeding three years if he or she plans to establish a start up company, which is defined as a capital company with a high growth potential and it is related to the development, production or improvement of scalable business model and innovative products.

Within three months after receiving the temporary residence permit, the person must be appointed as a member of the board in the company in which he plans to carry out the mentioned activities.

A year after issuance of the temporary residence permit, the company must either receive venture capital investment or show that it continues to develop the product.

Documents to be submitted:

• Filled out application form;
• Photography;
• Document confirming that you have the necessary financial means available (430 EUR in this case);
• Clean criminal record issued by the country of citizenship or the country of residence if the person has resided there for more than 12 months;
• Start-up idea and a 3 year growth plan described in a free form, preferably a one-pager;
• Receipt or a copy, or online banking payment of the State duty fee.

Another option how to obtain a temporary residence permit not exceeding five years is by investing at least 50 000 EUR in the equity capital of either a new or an existing company. Additionally, 10 000 EUR must be paid in the State budget. A total of 10 persons can apply for a temporary residence permit through investment in the same company if each of them fulfills the necessary investment requirements.

Documents to be submitted:

• Filled out application form;
• Photography;
• Document confirming that you have the necessary financial means available (430 EUR in this case);
• Receipt or a copy, or online banking payment of the State duty fee.

*If your spouse and child is entering Latvia with you, they must submit documents certifying kinship. If you are entering Latvia only with your child, then an allowance from the other parent which is notary approved or signed at the presence of a consulate official, must be submitted.

*Note – Investor has to be an individual

*TEMPORARY RESIDENCE APPLICATION DOCUMENTS CAN BE REVIEWED WITHIN 5 DAYS

*More information available in the website of Office of Citizenship and Migration Affairs.