Published: 04 Nov 2008 12:15:40 PST
Latvia
Operating a business
Setting up a company
Legal business entities
| Different types of companies | Number of partners/shareholders | Maximum and/or minimum capital | Liabilities | Registration fees |
| The sabiedriba ierobezotu atbildibu is a Private Limited Company. | The number of shareholders varies from 1 to 50. | Minimum LVL 2,000. 50% of the capital must be released at the corporation and the remainder within the year. | Liability is limited to the amount contributed. | LVL 15 for the publication in the Latvijas vestnesis Journal. LVL 100 for the Register of companies. |
| The akciju sabiedriba is a Public Limited Company. | Minimum 3 shareholders. Possibility of having only one shareholder if he is a foreign investor or represents a public authority. | Minimum LVL 5,000. 50% of the capital must be released at the constitution and the remainder within the year. | Liability is limited to the amount contributed. | LVL 15 for the publication in the Latvijas vestnesis Journal. LVL 100 for the Register of companies. |
- Business setup procedures
- The registration procedure with the Register of companies must be made within 30 days, or 60 days if a license is required.
As for foreign companies' agencies, they can be set up in Latvia provided that they register with the Latvian Ministry of Justice. The constitution expenses vary from 800 to 1,000 dollars.
Working conditions
- Legal weekly duration
- 40 hours
- Retirement age
- 55 for women and 60 for men.
- Working contracts
- Employment contracts are regulated by law and to a lesser degree by collective agreements.
The terms of employment contracts are very rigid.
Cost of labor
- Minimum wage
- 90 lats (USD156)
- Social contributions
-
Social security contributions paid by employers: 26.09 %.
Social security contributions paid by employees: 9 %.
Social partners
- Bargaining power
- N/A.
- Unionization rate
- 50 %.
- Labor regulation bodies
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