Setting up a business in Latvia
18 November 2009by Ina Dimireva -- last modified 18 November 2009
An overview of the process of starting a new business in Latvia.
Legal requirements
The Ministry of Economics is in charge of implementing and coordinating government policy for supporting business start-ups. Entrepreneurial activity in Latvia is governed by the Commercial Law and other regulatory enactments. The Commercial Register is responsible for the registration of businesses.
In addition to a successful business start-up plan a new business needs an appropriate business strategy and secure finances.
Access to finance — European Union
Administrative procedures
A business can be started by a self-employed person, a sole proprietor, a registered partnership (general partnership and limited partnership), or an enterprise (limited liability company and share company). Any of the four business types should be registered at the respective regional department of the Commercial Register responsible for the area where the business has its legal address. The application forms are available at all regional departments and at the website of the Commercial Register.
Resources
The Investment and Development Agency of Latvia (LIAA) provides information on starting up a business, raising funds, government assistance schemes and export opportunities in international markets.
Investment and Development Agency of Latvia
The Latvian Guarantee Agency (LGA) is a government agency which supports SMEs in Latvia by providing loans and guarantees for financial and industrial leasing.
The Promotional Programme ALTUM is a structural unit of the Latvian Mortgage and Loan Bank which is in charge of national and EU financed programmes which provide high risk loans to promising SMEs projects that commercial banks reject for reasons of insufficient security or other risks. Under the provisions of the programme a SME may apply for a loan of up to 700 000 LVL for a period of 3 to 10 years.
Information, advice and consultations on setting up a business:
Small and medium sized enterprises in Latvia
Latvian Import and Export Directory - EXIM
Programmes
Competitiveness, innovation and industrial policy goals for Latvian businesses up to 2013 are set out in the government programme: Programme for the Promotion of Business Competitiveness and Innovation in 2007-2013.
Programme for the Promotion of Business Competitiveness and Innovation in 2007-2013 [LV]
Personalised help and advice
The Enterprise Europe Network provides businesses with information and advice through its local partners.
Enterprise Europe Network – contact points – Latvia
SOLVIT helps businesses deal with problems that arise when national authorities wrongly apply EU market rules.
SOLVIT – contact points – Latvia
Source: European Commission
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