Law services in Latvia: registration of a company (SIA), tax optimization for European's companies, accounting services and business support for new companies
The business services for companies, firm in Latvia. Registration SIA company, law and accounting services, tax optimization
Company registration in Latvia and complete business support
Remote accounting services (accounting outsourcing) in Latvia
– tax calculation, preparation and representation in public institutions declarations and tax reporting in Latvia;
– accounting services for the company in Latvia;
– accounting services payroll in Latvia.
Tax optimization
Getting VAT nr (PVN) number for European companies in Latvia
That to issue /get the VAT nr. (PVN) is necessary next: correctly foundation in getting VAT nr (PVN) in Latvia; possibly, necessary sign agreement at the some months of the office rental (for provide to VID); to have the letter of attorney and contact person in Latvia. Price of service is after a full consideration of information from the customer.
For registration own company in Latvia, getting accounting services and law services, please, upload the doc
Benefits of registration of the company in Latvia
• from January 1, 2013, dividends paid by a resident of the Latvian to non-resident companies are exempt from tax deducted at source (regardless of the percentage of participation), except in cases where payments are made by residents of the territories with preferential tax treatment (offshore companies);
• stability of the law framework of Latvia;
• 21% VAT for transactions within the EU VAT 0%. Also 0% VAT rate is applied to a range of services provided to companies in Latvia to EU companies and persons from third countries;
• free movement of goods and workforce within the EC;
• opening of any assembly manufacturing, entitles the EC marking and free implementation of the products within the EC;
• possible to register Latvia's company for one founder: natural or law person, and the some founders;
The procedure and the price of Registration Company in Latvia Republic
• The registration of company branch in Latvia
The registration of company branch in Latvia is from 750 eur.
For the registration of company branch in Latvia is necessary notarized copies of registration documents of the country of origin + apostille.
- Company statute: notarized copy of the statute of the foreign company/merchant, memorandum or document equated to it;
- Certificate of registration: the document confirming the registration of the company/merchant in a foreign country, or a notarized copy of such a document, if the law of the country where are working the company/merchant provides entry in a register;
- The protocol about opening a branch;
- Complete details information of the head of representation (i.e., scan passports and full address of the place of residence).
Answers on your questions/ consultations/ search information/ any practical action outside of the registration procedure and open a bank account in Latvia - paid separately. Price is determined by additional agreement.
The registration of standard limited liability company in Latvia is from 490 eur.
The total cost includes documents preparation, payment of the registration state duty, newspaper advertisement, notary translation certification, if registration occurs without the presence of founding shareholder, or notary certification of holder's authorized signature if they are present.
The cost is for one founding shareholder. If there are several, there is an extra 100 EUR for every other holder. Registration of a company can be performed without founding shareholders present, if so agreed. A letter of attorney may be drafted in founder's native language and certified at the place of residence.
In Latvia we do the translation to Latvian and update letter of attorney. We sent letter of attorney form only upon payment for the registration services in Latvia.
The registration is fulfilled in 5-7 days after receipt of payment and letter of attorney, VAT tax payer registration - within 10 days after registration in the register of enterprises. VAT number must be registered in the Register, if the company's turnover exceeds 49,000 EUR, and if there is cooperation with law entities from Europe. In any other case, VAT number may, but doesn't have to be registered at once with the submission of the documents to the Register. While registering, it is necessary to indicate at least two partners in Europe.
All documents submitted to the Register must be in Latvian. They can later be translated into any other language.
For registration, we can recommend a servicing bank, but you make the choice yourself. All the banks have on-line banking.
All tax declarations and reports are submitted to the tax administration via internet in the Latvian language (we guarantee the support). Income tax for Sia in Latvia is 15%, payment is carried out at the end of the calendar year, after annual report submission. All offshore payments are taxed 15%.
Company stamp is easier to make at client's place of residence. If made in Latvia, it is ready on the second day after registration. Liquidation of a company costs 300 EUR and takes 3-4 months.
Answers on your questions/ consultations/ search information/ any practical action outside of the registration procedure and open a bank account in Latvia - paid separately. Price is determined by additional agreement.
The registration of micro-enterprise limited liability company in Latvia is from 490 eur.
Micro-enterprise must meet the following criteria:
1) its participants are private entities and its board members at the same time;
2) annual turnover doesn't exceed 98 000 EUR;
3) there are no more than 5 employees, and each employee's monthly income doesn't exceed 700 EUR.
Micro-enterprise tax status can be obtained during registration of limited liability company in the Register of enterprises, if such necessity is expressed.
Micro-enterprise tax replaces the following taxes and duties: mandatory employee insurance payments; personal income taxes; business activity risk duty; income tax on enterprises.
Establishing of a micro-enterprise is especially efficient in the service industry, where a person's work creates big surplus value. Besides that, if there is maximum allowed number of employees (i.e. 5 employees with 700 EUR salary each), micro-enterprise tax is more favorable. Conversely, micro-enterprise status is not suitable for trade and manufacturing enterprises, where most payments are made to purchase products and material supplies.
Tax reports are the same as with any other enterprise: monthly salary reports, quarterly turnover tax reports, VAT report - depends on the turnover, either monthly for big turnover, quarterly, or every six months, if there is no turnover.
Micro-enterprise advantages
- Tax rate for micro-enterprises is 9% of annual turnover. This tax is paid four times a year.
- Employer doesn't have to pay mandatory insurance payments;
- Under the micro-enterprise tax payer conditions, there is no need for an annual report to be attested by a certified auditor;
- There is no need in income tax advance payments (UIN);
- Employees can be registered in several enterprises.
Micro-enterprise disadvantages
- Employees don't get benefits;
- Salary (700 EUR) includes all acquired services at the enterprise;
- Accounting is the same for tax payers in all forms of enterprises;
- Changing of micro-enterprise tax payer status for personal income tax or enterprise income tax payer status can only take place after the end of taxation period (calendar year);
- Employees of micro-enterprise tax payer can voluntarily make insurance welfare payments, but only of no more than 700 EUR per month;
- Employee's state insurance social allowance is decreased, if an employee only works at the micro-enterprise.
If a private entity is registered in several enterprises, or is simultaneously an owner of a sole proprietorship, peasant or fishing farm, etc., the right to pay the new tax belongs only to one of these patterns.
Founder of a micro-enterprise must be assigned a salary up to 700 EUR per month, but this salary will not be taxed! Salary reports must be submitted monthly!
If a founder makes a deposit to a micro-enterprise account, (not authorized capital), they can take that money back in full, net of tax.
Answers on your questions/ consultations/ search information/ any practical action outside of the registration procedure and open a bank account in Latvia - paid separately. Price is determined by additional agreement.
List of documents and registration form is for Ltd/ Sia/ branch/ representative office of a foreign company in Latvia.
Organization of a working of remote office. Secretarial services
• The telephone number of the Latvian telecom operator with total call forwarding of everything incoming calls to your phone number are the price of service 60 eur first 3 months (20 eur / month). During continuous operation with our company, further maintenance free.
Manage phone data plan is yourself, through the web account of the Latvian telephone company. Fill up balance phone number is yourself or with our help.
• Register your remote office in Google Address
Practical comprehensive support registered companies in Latvia
The domicile and post address in Latvia:
• the domicile and the post address of company in Riga (Latvia) is 300 eur/per year;
• the domicile and the post address in other Latvia's city is by agreement;
• resending mail correspondence is by agreement;
Search for real estate office or the manufacture in Latvia:
• search office for the foreign company or a branch in Latvia is by agreement;
• search the warehouses - by agreement;
• search properties for temporary/permanent residence of the owners of the company in Latvia - by agreement;
• effective management of real estate: lease, purchase, exchange, counseling, law support, etc. - by agreement;
Accounting outsourcing in Latvia:
All accounting in Latvia submit only in electronic form and only in Latvian language:
• keeping documents (Accounts, credit slips and debit slips);
• keeping the necessary accounting records;
• calculate of taxes and sending information about the amount of tax to the client, time of payment and payment details;
• preparation and submission of Annual financial statements + Annual Corporate income tax return + Annual VAT return is 250 EUR + VAT;
• preparation and submission of reports to the Central Statistics Office;
• preparation of the annual report;
• VAT reports is including for non-residents of Latvia (submission of reports is in the trade with the EU on a monthly basis, if are trading with other countries on a quarterly basis, it is also important number of trade transactions);
• ntrastat - statistical report about the company's trade with EU countries;
• preparation of internal reports;
Payment accounting services are depends on: the number of accounts, number of employees, the amount of fixed assets, the number of currency and bank accounts, the number cash, the number of debtors and creditors, and so on.
• the cost of accounting services for companies without activity ("sleeping"): if the firm is VAT payer, then 100 EUR every quarter, if is not a VAT payer, then the 300 - 350 EUR per year;
• the price of accounting services for working companies is from 100 EUR + VAT per month (including submission of monthly VAT returns);
• VAT Registration is 250 EUR + VAT;
• tax advisory is 150 EUR/h + VAT;
• communication with tax authorities in case of tax audit or any other request is 100 EUR/h + VAT.
law services in Latvia:
• the remote law service is by agreement;
• the consultation by economic, administrative, labor, corporate and tax law in Latvia is by agreement;
• the documents preparation (drafting contracts, internal documents, including the founding documents) is by agreement;
