Latvia for many years is climbing the “Doing Business” ranking.
Currently, it occupies the 24 positions. Lativa is recognized as a country that is easy to do business and that it has a market that offers a huge demand. Latvian economy for a long time was one of the fastest growing economies from the post-soviet block. The most popular type of a company is „Sabiedriba ar ierobezotu atbildibu” (short for SIA), which is like a Limited Liability Company (LLC or LTD).
Benefits of having a company incorporated in Latvia:
- low taxes, and a special tax from micro companies which equals to 9%, it applies to the companies that have less than 5 people, the partners are also members of the board and they have less than 420 k PLN of revenue,
- possibility to buy a company in less than 24 hours and incorporating on in 20 work days,
- CIT tax that is equal to 15%, and CIT from the financial gains that is also equal to 15%, and VAT that is equal to 21%,
- a robust e-administration system based on e-signatures and online-documentation,
- a possibility to identify yourself through a bank account number,
- the tax year is in sync with reporting year,
- possibility to open a representative office in all EU countries,
- no limitations for the purchase of property for foreigners,
- low property taxes,