A short introduction to starting a business in Latvia
Opening a business in Latvia. Why start a business in Latvia? Advantages, opportunities and economic situation
The purpose of this section is to tell as much good things about our country as possible and to reflect on the benefits of business management in Latvia. We at BBCRiga truly love our country, helping our clients to get the feeling of positive attitude towards Latvia as well.
Latvia offers many benefits for the business management, and all of them together create a favourable climate for both business and living. Here are the main arguments, in our opinion, in favour of opening and managing business in Latvia:
- Steady annual GDP growth;
- Access to open European Union customs zone: оpportunities for trading with other companies from EU without taxes.
- Low level of corruption and bureaucracy;
- Beneficial tax system for holding companies;
- Single currency: Latvia started using euro on January 10, 2014.
Geographic location and infrastructure
- Well-developed transport and railroad cross-sections;
- 3 large marine ports;
- 2 hour flight to any European capital;
- One of the fastest Internet connections in the world.
Favourable conditions for business management…
- Simple procedure for registering a company;
- Low costs for real estate rent and labour force as compared to other EU countries;
- Advanced banking system;
- Highly qualified local human resources.
… and living
- Bilingual community: According to TNS data as of January 2013, 95% of the population know at least one foreign language. Majority of the people involved in business and service provision speak both Russian and English;
- Prominent sites and nature: there are many things to see and to do in Latvia in your spare time. Various forms of tourism are very popular here. We suggest watching the video clip “Latvia in three minutes” to see the beauty of our country with your own eyes.