Why moving your business to another country?
You should think over moving business to another country, if the current conditions are unsuitable or it is meaningless to have an activity in the former location. Changes in legislation , high cost of workforce, unstable conditions in a region can be reasons to switch location.
Opening a business in Latvia can quite often become a reason to receive a residence permit. From the point of view of the Government, this can serve as an investment to the country’s economy. In this case, the procedure of receiving a residence permit becomes much easier.
When transferring a business to the Eurozone, it is better to choose Latvia. We will review the reasons for it below.
Moving a business and receiving a residence permit
Moving a business to Latvia allows you to move there with all members of your family. In this case, the procedure of receiving a residence permit is much easier. The State is interested in inviting investors and entrepreneurs inside.
Latvia has a perfect ecology, high level of education and medicine. Living standards are way above mid-point in CIS countries. This country is very suitable for raising children and it is wonderful if you are thinking about their future.
The level of relationship between the state and the citizens is very different in Latvia. You can notice it in the general life comfort, social and physical protection for each family member.
In all state organizations you are treated as a client, your comfort and time are highly valued.
Why is Latvia so suitable for the business?
Businesses are secured and protected.
Corruption index by countries
- Latvia – 43 place
- Belarus – 119
- Kazakhstan – 126
- Russia – 136
- Ukraine – 142
Businesses in Latvia are protected by law. To solve any kind of issues you can turn to legislation without any obstacles. Personal connections have a very little influence here on any issues solution.
You are fully protected in Latvia. Property in Latvia is holy. If you are the owner, nobody has the right to question this.
Transferring a business to a stable and calm region
It is a worldwide trend to move a business away from big cities. Companies leave front-offices in big cities and move back-offices to calm and cosy places.
In comparison to many CIS countries, Europe (and also Latvia) has all necessary infrastructure in the country.
It means you are free to choose the region most suitable for you. There is no need to focus on metropolitan or central cities.
You will have no problems with the skilled personnel in Latvia.
80% of citizens have university education. Most people speak of not only Latvian, but also Russian and / or English.
Furthermore, you can transfer your most valuable staff to Latvia and they will be able to get Latvian residence permit without any problems.
Convenient transport knot
If your business requires from you to travel a lot between CIS and Europe, Latvia is the best place for back-office. You can be anywhere in Europe in few hours, if you depart from Latvia.
Latvia is technologically developed. Widely developed IT-companies store their servers in Latvia, which can be the indicator of good technological level. Internet quality and legal assets security are the reason of it. Latvian Internet is one of the best in the whole world. You can Skype from anywhere in Latvia as they have fully functioning 4G connection.
It is very easy to get any certificate, documents or permission. Sometimes, there is no need to leave your desk at all – 80% of documents flow is done electronically, which means, that there will be no need to queue in state organizations.
How to legalize a business in Latvia
There are few options of moving a business to Latvia:
- Open a company in Latvia. You will transfer all assets (intellectual rights, patents etc.) to the new company and close the old one in your country.
- Open a subsidiary in Latvia and move back-office there. Back-office will provide services for your main business.
- Open a managing company in Latvia.
Having fulfilled some requirements, you might receive some (sometimes even significant) tax concessions. For instance if you create a holding company in Latvia according to third model, it will be free from most of taxes.
How long will the procedure take?
As we mentioned before, Latvia is very interested in raising investments to its economy. This is why the procedure of moving business to Latvia and getting its residence permit is very simple. It will take not more than 2 weeks from the decision to open a company in Latvia.
BBCRiga managers will not only help you to open a company in a correct way and to pass all legal procedures, but can also provide legal and accounting support to your business.