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Latvia

Legal System Romano-Germanic legal system.
The System of the Common State Registrar The company records (name, registration data, shareholder, director, address) are kept the public registry. The registering authority is Latvian Republic Registrar of Companies. (Latvijas Republikas Uzņēmumu reģistrs).
Registration Procedure
Documents are submitted to the Registrar on paper.
The beneficial owner is not required to be present at the registration and filing procedures. Before filing an application for registration, a temporary account is opened in a Latvian bank for a contribution to the authorized capital. After the registration of the company reissued by the constant.
E-Registration Not available.
Pre-incorporation Procedures (statement of compliance, affidavit, etc) Available.
Company Name
Prior approval of the name is required.
he name may be in a language that uses the Latin alphabet. Company name must end in SIA or Sabiedrība ar ierobežotu atbildību. There are limits on the use of word "Latvia".
Incorporation Documents Memorandum & Articles of Association. Original documents shall be drawn up and kept in the Latvian language.
Share Capital The minimum of share capital is 2800 EUR.
Bearer shares are not allowed. Before the presenting documents on registration it is necessary to pay the half of state regulation capital at least. Remaining part of the sum must paid over year from company registration. The share capital is paid by money and/or property deposit. The share capital is from 1 EUR to 2799 EUR if: not more than 5 shareholders - physical persons (residents or non-residents); all founders are the members of rule; participants is only in one company with a capital less than 2800 EUR.
Beneficial Owner The beneficial owner can be any physical person.
Shareholder Minimum of one shareholder (physical person or legal entity). Transfer of shares into trust and use of nominee shareholder is not allowed.
Director Minimum of one director. The director may be a physical person.
Secretary Not required.
Registered office A registered office in Latvia is required.
Residency Is determined by the place of management of the company.
Income Tax 15%
Taxes on Dividends 0%
Taxes on Capital Gains 2%
Taxes on Interest 0%
Tax Withheld at Source 0% on dividents. Percent with related parties – 10%. Royalties– 5% or 15% depending on the type of intellectual property.
VAT 21%
Specific National Taxes and Levies None.
Reporting Each month and year is fully reported in accordance with the IFRS.
Audit Required annual audit at exceeding any 2 from next terms: sum of balance – 400 000 EUR; net amount – 800 000 EUR; amount of workers in a year – 25.
Cost Accounting Rules Costs must be justified and documented.
Tax Administration In accordance with the requirements of the law.
Use of Tax Treaties Over 50 countries.
Terms of Use of Tax Preferences Tax residency.
Controlled Foreign Corporation in Jurisdictions with Low Tax (CFC) Not Applicable.
Disclosure of Information There are official channels of information disclosure. Information about beneficiaries is revealed by the decision of a Court or general prosecutor.
Language Latvian.
Registration of Company From EUR 2 550.
Administration of Company From EUR 2 400 per year.
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