Business friendliness

Being a small country in today’s globalized world, Latvia recognizes the importance of attracting foreign investment to sustain economic development. As a thriving democracy, Latvia has consistently pursued liberal economic policies and welcomes investments that foster principles and benefits associated with free markets. 

Indeed, World Bank’s report Doing Business 2020 ranks Latvia as 19th out of 190 countries for ease of doing business. In recent years Latvia has improved its position, and the change has come thanks to improved access to credit information and reforms that have made paying taxes easier.

Latvia is also a fully integrated member of all major economic and political structures — including the European Union, NATO, WTO and OECD — advancing trade, peace and freedom in Europe and the world. Its position in the global market offers investors both opportunity and stability.

Streamlined bureaucracy

The Latvian government and local authorities have worked diligently to streamline procedures for doing business in Latvia. For example, you can incorporate a company in a single day. The government has developed and implemented a national strategy enabling communication, cooperation and execution of tasks among stakeholders — industry, government and academics — involved in making investments successful.

Collaboration with investors

Indeed, Latvia’s government understands that active dialogue between elected officials and international investors is vital. Through the process, investment projects of particular importance to Latvia can be raised for administration as necessary by the Coordination Council for Large and Strategically Important Investment, led by the Prime Minister. The Council provides leadership, helping to solve significant issues if any arise for individual investors. LIAA acts as the Secretariat of the Council. Key investment issues are also regularly raised with the government through the Foreign Investors’ Council in Latvia, various chambers of commerce and, less formally, through access to individual officials and decision-makers.

Significant EU Structural Funds available

As a member of the EU, Latvia operates under common, pan-European legislation. To further stimulate investment, the Latvian government is channelling EU Structural Funds to implement several state-support programs to foster business development.

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