Latvian corporate entities may be founded without any limitations by both Latvian residents and foreign citizens. The usage of Latvian company gives new opportunities for business development and significantly facilitates conducting business in Europe for nonresidents. The most common legal corporate form in Latvia is SIA (in English – LLC – Limited Liability Company).
General information about Latvian LLC (SIA)
UniverseLAW offers full range of professional services, associated with business organization in Latvia:
Latvia has signed double taxation agreement with 51 countries, including almost all European countries, USA, Canada, China, Belarus, Ukraine, Kazakhstan, Uzbekistan, Azerbaijan.
VAT number registration
If the company is going to perform transactions, sell products or provide services to EU partners, a taxpayer (VAT) number is obligatory. In order to obtain a VAT number, it is required to submit information about future business partners and provide project agreements with potential business partners. In some cases it is required to arrive to Latvian tax office in person for the interview.
Taxes in Latvia
Latvian LLC on a monthly basis must submit reports on income tax and social payments, as well as VAT reports. On a yearly basis the company is obliged to submit annual report and VAT declaration to SRS (State Revenue Service). There is also a monthly deposit income tax payment system for enterprises in Latvia.
Time required for company formation:
1-3 working days