Latvia is beneficial not only for its geographical location and the intertwining of economic interests, but also for the opportunity to experience the unique originality of the country’s culture and immerse yourself in the historical atmosphere of Riga and the other cities in Latvia. Riga and Latvia are generally known as the birthplace of famous composers, musical performers, artists, writers, and actors.
Registration of activities of individuals in Latvia
Every five years, a unique event is held in Latvia – the All-Latvian Song and Dance Festival. About 30,000 people participate in the celebration – choirs, dance groups, brass bands, folklore groups, and ethnographic ensembles from Latvia and other countries. The holiday, held since 1873, is included in the UNESCO list of cultural heritage. In honor of the celebration of Latvia’s 100th anniversary in 2018, the song and dance festival was included in the Latvian cultural canon, which has 100 symbols of Latvian culture.
The cultural life of Riga and Latvia is rich not only by representatives of national art, but also by many events of foreign artists. Summer music festivals by the sea, and film festivals of local and foreign organizers are held annually in Latvia. Each year, Riga and Latvia are visited by a large number of world-famous musical performers of both classical and modern genres.
Advantages of business for individuals in Latvia
- For conducting an economic activity of an individual at the initial stage it is enough to register with the State Revenue Service;
- Simplified system of accounting;
- For a number of professions the possibility to register tax patents, which fixing minimal tax liabilities.
The obligation to register an individual merchant occurs under the following conditions:
- The annual volume of business activity exceeds € 284,600;
- An economic activity matching the activity of a commercial agent or a broker (Article 45 of Commercial Law);
- The annual volume of business activity exceeds € 28,500, and more than five employees are employed by the business at the same time.
The regulations of Latvia provide the possibility of getting the TRP in Latvia for self-employed persons who are engaged in economic activities, and for individual merchants.
The company InCube Rīga offers the following assistance for starting business activities for individuals.
Registration of the status
Self-employed
- Finding a promising employer or a partner for work in Latvia or in EU countries.
- Registration in a tax service as an individual who conducts an economic activity.
- Finding a potential place of residence.
- Registration of the TRP and maintenance of the TRP renewal procedure.
Individual merchant
- Preparation of registration documents.
- Notary services for registration of an IM.
- Registration in the commercial register.
- Registration in the tax register of VAT payers.
- Finding a potential place of residence and place of doing business.
- Registration of the TRP and maintenance of the TRP renewal procedure.