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Incentives for investors
EU-funded programmes
As a Member State of the European Union, Latvia implements EU regional funding for economic and social development. The largest financial instruments from which Latvia receives EU financial assistance are EU funds: European Social Fund (ESF), European Regional Development Fund (ERDF), Cohesion Fund (CF) and Just Transition Fund (JTF). For the current EU funding budget, Latvia has been allocated EUR 10.5 billion for 2021-2027. Through EU funds, direct support is available for both local and foreign capital companies. Please see below some of the support instruments available for entrepreneurs from LIAA and ALTUM.
| Programme name | Supported activities | Financing | Support intensity of eligible project costs |
|---|---|---|---|
| Support for process digitalisation | Process of digitalisation in commercial activities | 37 500 000 eur | up to 5,000 euros 100% for small (micro) and small entrepreneurs up to 100,000 euros 30% – 60% for entrepreneurs, associations, foundations, research and knowledge dissemination organizations. |
| Startup support programme | R&D, innovation and new products | 200 000 EUR (in 3 years) | 45% |
| Support for medium and large enterprises (ALTUM) | Business development | 10 MEUR ( per project) | at least 30% of project costs |
| Fast-track 'Green Channel' | Shorter administrative procedures | - | - |
| International Competitiveness Promotion | Attendance of conferences, exhibitions etc. | Up to 75 000 EUR | Up to 80% |
Other incentives include loan programs from State Financial Institution, credit guarantees, business incubators, venture capital and others. ALTUM offers programs for entrepreneurs, which include loans and credit gaurantees.
InvestEU program
The InvestEU program provides investment opportunities for companies that facilitate green and digital sectors, innovation, and startup ecosystems. InvestEU Policy window contains sustainable infrastructure, SMEs, Research, Innovation and Digitalization, and Social Investment and Skills.
It has three components:
- The InvestEU Fund - mobilizes private and public investment using guarantees from the EU budget. It has 26.2 BEUR available for investment. Incentives available are guarantees, equity and other support. More information here.
- The InvestEU Advisory Hub - providing technical advice to investment projects. Find out more here.
- The InvestEU Portal - database bringing together investors and projects. Find the link here.
Contacts
Riga office
Address: 2 Perses Street, Riga, Latvia, LV-1442
Phone: 67039499
E-mail: invest@liaa.gov.lv; jautajumi@liaa.gov.lv