Business Formation

Complete signatories’ cards and companies deeds, certify cards by an official

Agency: Register of Enterprises or Public Notary

The application to the Register of Enterprises, the consents for appointment to the Management Board and the register of the shareholders must be notarized by either a notary public, by an official at the Register of Enterprises or signed by secure electronic signature.

The fee for the verification of signatures by the official at the Register of Enterprises is EUR 9.00 per signature. The verification of signatures by the notary public is EUR 18.78 for the first two signatures and EUR 4.70 for each additional signature.

Additionally, entrepreneurs have an option to use e-signature. Obtaining an electronic e-signature (such as eParaksts eID, eParakstsLV, eParaksts card) can take up to 10 days. Costs for using a secure electronic signature depends on the service provider:

  • For using eParakstsLV- free of charge.
  • For using eID card – free of charge; However, the issue of eID card will cost the following:
    • EUR 14,23 – the card will be issued within 10 business days;
    • EUR 28,46 – the card will be issued within 2 business days.
  • For using eParaksts card – monthly subscriber fee depending on number of cards held by the legal entity. The fee for making the card is EUR 52,01; about 0.40 EUR per one signature, 4.13 EUR for 20 signatures, or 9.95 EUR for a subscription for one year with unlimited signatures.

Time and cost: 1 day, EUR 45 (EUR 9 per signature for 5 founders)

Open a bank account and get a receipt of reference from the bank

Agency: Bank

According to the Sec. 146 of the Commercial Law, at least 50% of the equity capital shall be signed fully and paid-up at least by the submission of the application for registration. If a company has start-up capital below 2,800 EUR, it is not mandated to show proof of depositing capital, and founders can instead certify the payment of share capital.

Most banks do not levy a fee for opening a bank account, but a fee needs to be paid to obtain a bank statement on the payment of the share capital. Generally it is about EUR 10, depending on the bank. Most banks increase the fee for issuance of the statement within one business day.

Time and cost: 1 day, EUR 10

Register at the Register of Enterprises and with the State Revenue Service (tax authority) for VAT

Agency: Register of Enterprises and State Revenue Service

The following company incorporation documents must be submitted to the Register of Enterprises:

  • Registration application, on a special form provided by the Registry (includes information on Board members and company share capital) signed in front of a notary public
  • Company charter
  • Foundation agreement (Resolution on foundation in case of one founder)
  • Proof of investment
  • Consent to the election to the Management Board
  • Notice of the Management Board on legal address of the Company
  • Power of Attorney in case any of the founders is signing the Registration application via authorized person
  • Information on beneficial owners

The entrepreneurs have to pay the state fee (EUR 150 for companies with capital equal to or exceeding EUR 2,800; EUR 20 for companies with capital below 2,800) and the publication fee (EUR 27.03 for companies with capital equal to or exceeding EUR 2,800; EUR 14.23 for companies with capital below 2,800). Since June 2017, an additional EUR 4.00 fee applies to customers who submit an application for registration and accompanying documents to the Company’s customer service room on-site.These fees can be paid either in advance (in that case, proof of payment must be submitted) or at the moment of submitting the documents for registration.

Company can apply for registration as VAT payer at the same time as applying for incorporation.

Alternatively, registration procedure can be done online via The documents submitted in the e-service can be signed with an e-signature issued in the Republic of Latvia – smart card e-signature (e-signature, eID) or virtual e-signature (eParakstsLV).

Consent to election to the position of the Management Board member needs to be signed by secure electronic signature or the signature needs to be approved by the notary public or the official of the Register of Enterprises. Alternatively the consent can be inserted in the registration application, however the signature of the Management Board member needs to be approved as described above. Consent of the owner of the real estate regarding registering the registered address of the company to be established also needs to be submitted to the Register of Enterprises.

Notarized Section of Shareholders Register must also be submitted.

According to amendments of the Annual Reports Law, the annual report of the company should be reviewed by the sworn auditor and the appointment of auditor is needed only if two of the following three criteria are exceeded:

  • The sum of the balance sheet amounts to EUR 400 000 – 800 000;
  • The net turnover amounts to EUR 800 000 – 1 600 000;
  • Average number of the employees during the financial year amounts to 25-50.

Starting December 1, 2017 any new registered company has to include information on beneficiaries in accordance with Law on the Prevention of Money Laundering and Terrorism Financing (AML law). This information has to be submitted in the application of establishment when a company is being registered and it is impossible to register a company without submitting the information.

Time and cost: 3 days, EUR 150 (state fee) + EUR 27.03 (publication fee)+4.00 (in-person registration fee)

Register employees for mandatory state social insurance contribution with the State Revenue Service

Agency: State Revenue Service

Regulation No 827 On Registration of Persons Performing Mandatory State Social Insurance Contributions and Personal Income Tax of the Cabinet of Ministers of Republic of Latvia (dated 7 September 2010) has been adopted and states that the following persons must register with the territorial agency of the State Revenue Service: employers, self-employed person, domestic employees working for foreign employers, and foreign employees working for foreign employers.

There have been amendments made to the Regulation No 827 dated 09.10.2012 and 19.02.2013 providing that the employer registers the employee with the State Revenue Service no later than one day before the person starts the work if the application has been filed in paper format or not later than one hour before the person starts work if the application has been filed via electronic declaring system. Furthermore, the person can be registered at any customer service center of the State Revenue Service instead of the respective territorial department of the State Revenue Service. Also, as of 01.07.2013 the employee’s profession (position in the company, specialty) in accordance with the Profession classification needs to be notified to the State Revenue Service at the registration process. 

Employees registration is done using the Electronic Declaration System ( of the State Revenue Service.

Time and cost: Less than 1 day (online procedure), no charge