Latvia is recognized as the best country for business in The Baltic states

Latvia is recognized as the best country for business in The Baltic states

Bloomberg has put Latvia in 36th place in the list of the best countries where to make business and it is 8 places lower than year before. And it is still better than to neighbours - Lithuania and Estonia.

All countries are evaluated by 6 factors:
- integration level of economics;
- business start-up expenses;
- expenses of labour and materials;
- transportation expenses of goods;
- less touchable expenses;
- readiness of consumers.
For each factor there there is evaluating for 0 to 100%.

Total result of Latvia is 63,5%. The best evaluating to Latvia is for factor - business start-up expenses - 74,7%, but the smallest one is for less touchable expenses - 53,9%. Integration level of economics evaluating is 60,6%, expenses of labour and materials - 61,5% and readiness of consumers -61,7% and transportation expenses of goods - 66,3%.

Lithuania is put in place 37 with total result - 63,1%, and Estonia is put in place 43, with totalresult 62,2%. Previous year Lithuania was in place 40 and Estonia in place 34.
There are collected data of 50 countries in the world in Bloomberg reiting and the highest result was given to Hong Kong - 79,6%.

The top ten countries are - USA, Japan, The Netherlands, Germany, Australia, Canada, Singapore, Denmark and United Kingdom.

So if you are interested to start business in Latvia, read more on company formation.

CIT will not applied in Latvia in some cases !

Optimize taxes in Latvia from 2013

Starting from 2013, CIT will not be applied to non-residents’ paid and received dividends. This regulation will not apply to dividends that are paid to low-tax or non-tax state residents. There will also be a central CIT regime on income and losses from sales of shares, except sales of tax or non-tax state shares.

These are good new for businessmen who plan to invest in Europe and have not decided where to invest. If you see that with forming company and registering company in Latvia you can save on taxes, please visit our website in section on company formation and company registration.

Latvia pays back remaining 500 million Lats to International Monetary Fund (IMF)

Latvia pays back a loan to International Monetary Fund (IMF)

Using a successful emission of bonds on international financial markets with an all-tie lowest interest rate Latvia makes next step and pays back the loan to IMF before schedule. This is an important event for Latvia’s economy in general and foreign investors. As a result of this transaction, Latvia will save several million LVL, which will not be used in interest payments, but instead will be invested in the development of our country.

The payment of the IMF loan will be performed using the resources gained from the December 5 bond issue. As it is known, Latvia issued bonds worth $1.25 billion with a fixed interest rate of 2.750% annually.

Latvia received a loan from IMF worth 820.2 million LVL as part of the international loan program.

In accordance with the loan repayment schedule, Latvia began repaying the general amount in March 2012. By September 14, Latvia had paid back 149 million LVL.

It should be added that the international loan program lasted for three years and secured 7.5 billion EUR for Latvia. Latvia used a bit more than half of this amount – 4.5 billion LVL.

Visas to Latvia, Schengen

Visa Facilitation Agreements

Citizens of countries which have signed visa facilitation agreements with the EU can have their short-stay visa applications simplified. This applies to citizens of:
- Russia
- Ukraine
- Georgia
- Republic of Moldova

This also applies to citizens of the following countries if they do not hold a biometric passport*:
- Former Yugoslav Republic of Macedonia
- Serbia
- Bosnia and Herzegovina
- Albania

* Biometric passports and travel documents are integrated with identifiers that establish a reliable link between the genuine holder and the document. These identifiers consist of a facial image and fingerprints. The integration of biometrics in passports and travel documents helps to improve document security and to prevent falsification of documents

Citizens from these countries holding a biometric passport do not need a visa.

More information about immigration you can read in section on Immigration.

Business club in Norway

Latvian entrepreneurs are going to establish Latvian business club in Norway, Oslo.

Latvian embassy in Norway informed that Latvian entrepreneurs who do business in Norway and Norwegians who are interested to establish business in Latvia met there. There will be shared experience of different business types and professions.

Entrepreneurs agree that it is necessary to establish such business club and one of objectives will be to support and promoto consultations for new entrepreneurs to take right decisions for the sustainable development.

More about company formation in Latvia you can read in section on company formation.

Bank accounts in Latvia, Europe

Bank accounts in Latvia, European Union

There can be several reasons to open bank account in Latvia:
- temporary bank account before forming and registering Latvian company
- operative bank account for company
- bank account for private person

Before registering Latvian company there in some cases it is necessary to open temporary bank account in Latvian commercial in which must paid money for share capital. After registering company in State register of enterprises, the same bank account will be changed to operating account.
Temporary bank account could be opened also with power of attorney given by founder or founders.

We provide opening bank account remotely for private persons and for companies in some Latvian bank where we have agreement more information you can get in section company formation.

Rrelieved activities of Latvian investors in India and Indian investors activities in Latvia

There will be relieved activities of Latvian investors in India

To promote entreprenuership in Latvia and India Ministry of Finances accepted law project on agreement of government of The Republic of Latvia and government of The Republic of India about avoding of double taxation and of avoiding of payment taxes of income taxes. More about taxes you can read in section accounting services.

Now Latvian and Indian investors are obliged to pay taxes only according the tax laws and tax regulations in the second country. Another country can change tax rates and also taxes calculating formulas and procedures. At the moment there are no guaranties to investors about unchanging of taxation in longer period, and that results to inability to plan investments, pay off and profit in second country. This agreement will relieve activities of Latvian investors in India and activities of Indian investors in Latvia, and in total it will promote attracting of foreign investments, it will make stable investment environment and it will put in order taxations according to international taxation standards.

Purpose of this agreement is to provide secure payment of taxes to both India and Latvia investors and that  tax system is not impacted by changes in other countries laws and regulations as well as make stable basic of cooperation of state institutions of both countries and of course to remove possibilities to avoid of paying taxes.

With this agreement it will be more stable and more secure taxation regime to Latvian and Indian investors related to incomes from entrepreneurship and to other incomes such as dividends, interests, copyrights and reward to technical services which are defined in agreement and regarding those to which are set up maximum limits.

It is certainly said that in country where one has got dividends, interest payment, copyright payment or reward for technical services taxation can be not more that 10% from total amount.

More about company formation you can read in section on company formation.