Starting a business:
When starting a business the first institution to visit is the Register of Entrepreneurs. Here you can register your enterprise as well as get all the information on the requirements.
More information:
Register of Entrepreneurs www.ur.gov.lv
Phone: +37167031703; E-mail: info@ur.gov.lv
Support for start-ups:
On January 1st 2017 Law on Aid for Start-up Companies came into force.
This Law is made for start-ups - a capital company possessing a high growth potential and its main economic activity is related to design, production of development of scalable business models and innovative products;
The main goal is to promote the fast-growing technology companies – start-ups in Latvia, therefore promoting research development and the growth of research products (innovative ideas, products or processes).
The support available to start-ups is:
- Aid programme for fixed payment (extent 2 minimal mandatory State Social Insurance payments - € 340,9) with additional possibility to receive personal income tax as well as enterprise income tax relief up to 100%;
- Aid programme for attracting highly qualified employees - financing 45% of salaries and paid taxes.
The aid programmes may be granted to a start-up company complying with the following criteria on the day of submission of application and during the whole period of aid programme:
- A qualified venture capital investor who is not a related person to the start-up company under Section 139.1 of the Commercial Law invests at least 30,000 EUR into equity capital of the start-up company every aid application submission year. The said investment is provided for implementation of the business idea stated in the application;
- Have received an investment from a qualified investor, either:
- 30,000 EUR from a VC fund
- 15,000 EUR from an accelerator
- 15,000 EUR from a business angel
- or no investment, but can demonstrate that they are developing an innovative product;
- Tax arrears do not exceed 150 EUR;
- Insolvency proceedings have not been applied to the company.
Additional information on start-up support:
Investment and Development Agency of Latvia (LIAA)
Address: 2 Perses Street, Riga, LV-1442, Latvia
(Pērses iela 2, Rīga, LV-1442, Latvija)
Phone: +37167039400
Fax: +371 67039401
E-mail: liaa@liaa.gov.lv
www.liaa.gov.lv
Currently Ministry of Economics together with Investment and Development Agency of Latvia, JSC Development Finance Institution Altum, Latvian Stratup Association, Latvian Private Equity and Venture Capital Association and Latvian Business Angel Network are working on developing Startup strategy (2021-2023) with aim to set the priorities, goals and KPI’s for development of Latvian start-up ecosystem.
SME access to finance:
The objective of the Investment and Development Agency of Latvia (LIAA) is to promote business development by facilitating more foreign investment, in parallel increasing the competitiveness of Latvian entrepreneurs in both domestic and foreign markets.
LIAA is the institution responsible for business sector development in various ways. Consultants can help with business strategy, courses on different topics, understanding the European Social and other funding schemes, introduce concept of business incubators etc.
With over 20 years of experience in the attraction of foreign direct investment to Latvia and promotion of foreign trade, the Agency has worked constantly to improve the business environment and provided services appropriate to the needs of business.
At the same time LIAA has been evaluating its own performance, comparing it with world best practices, and subsequently introducing new services and solutions for our customers.
The main priorities LIAA are to increase the competitiveness of entrepreneurs and further promote foreign investment into Latvia.
LIAA offers an integrated solution – it supports companies in Latvia trading internationally, as well as overseas businesses seeking partners or locations in Latvia.
More information on SME access to finance:
Investment and Development Agency of Latvia (LIAA)
Address: 2 Perses Street, Riga, LV-1442, Latvia
(Pērses iela 2, Rīga, LV-1442, Latvija)
Phone: +37167039400
Fax: +371 67039401
E-mail: liaa@liaa.gov.lv
www.liaa.gov.lv