latvian startup guide
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1. Introduction 2. Why Latvia? 2.1.Keyfactsandfigures
2.2.Keybenefits
2.2.1. Cost and time competitiveness
2.2.2. Convenient location
2.2.3.Skilledandmultilingualworkforce
2.2.4.AdvancedITinfrastructure
2.3.LatvianStartupEcosystem
2.3.1.Strongeststartupverticals
3. First steps 3.1.StartupVisa
3.1.1.StartupVisainanutshell
3.1.2.Applicationprocess
3.1.3.ExtensionofStartupVisa
3.2.Startingabusiness
3.2.1.Companyregistration
3.2.2.Openingtemporaryandfull-fledgedbankaccounts
3.2.3.Taxationandannualfinancialreporting
3.2.4.Talenthiring
3.2.5.Officesandcoworkingspaces
3.3.Settlingdown
3.3.1.Socialbenefits
3.3.2.Healthcareandmandatoryhealthinsurance
3.3.3.Housing
3.3.4.Costofliving
3.3.5.Freetimeactivities
3.3.6.Education
3.3.7.Latvianlanguagecourses
3.3.8.Usefulapps
3.3.9.StartupVisastories
4. Resources 4.1.Investmentopportunities
4.2.Equity-freegovernmentsupport
5. Community shapers 6. Useful links
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Cont
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Inthe21stcentury,innovationisno
longerachoice–itisadefaultsettingfor
anyambitiouseconomy.Havingjoined
thegovernmentmissiontohelpLatvia
becomeanattractivestartuphubseveral
yearsago,weattheInvestmentand
DevelopmentAgencyofLatvianeededto
understandhowinnovationactuallyworks:
stakeholders,processes,communication
paths,themechanicsofgettingtothe
desired“win-win”solutions.Andhereis
whatwefound–oneofthemainpillars
ofinnovationisinfactadiverse,open-
mindedanddynamicstartupecosystem.
Fromthenon,wekeptourselvesbusy
takingcareofourlivelystartupecosystem
bychanginglaws,introducingsupport
programs,advocatingforabetterstartup
visa,openingnewgatewaysforLatvia-
basedstartupsacrosstheworld.During
thisjourneywealsometnumerous
enterprisinglocalandforeignstartup
founderstohelpusgettothebottomofa
question–howtomakeLatviaagoodfit
forstartupambitionsanddreams?
Thisguidesumsupallyouneedtoknow
whenbeingonthewayoralreadyapart
ofLatvia’sstartupcommunity–whyour
countryisagoodplacetomaterializeyour
ideas,whatthefirststepsinfoundinga
startupare,andhowwecansupportyou.
Wehavealsoincludedsomestoriesfrom
experiencedplayersonthestartupscene
togivetheirperspective.
Whetheryouareastartupfounderbased
inLatviaormovingheresoon–oreven
ifyouarejusttoyingwiththeideaof
exploringLatviaforbusinessandmore–
turnthepageandfindoutforyourself!
Investment and Development Agency of Latvia
Introduction
54
Introd
ction
Introd
ction
5
Key facts and figuresLookonyourright,spottheareaon
theEuropeanmapwe’vecoloured
green,closeyoureyesandtryto
zoomintoit-evenifbytheforceof
imagination.
Tomany,Latviaisjustasmalldot
onthemap;forus,Latvians—itis
thewholeworld.Whydon’tyouget
acquaintedwithit?
Area:
64,588 km2
Member of
Legislature:
The Saeima (Parliament)
Per capita GDP:
USD 18,104 (2019)
Capital city:
Riga
Population:
1.91 million (2020)
Official language:
Latvian
Political system:
Parliamentary democracy
Currency:
Euro
8 9
Key
fac
tsand
figu
res
Key
fac
tsand
figu
res
Youmaywonderwhetherallofthiscreatesrealvalueforastartup
company.Yes,itdoes.BenefitsforbusinessesinLatviaareprotected by all major European and global treaties, includingbutnotlimitedto:
FollowingabriefreviewoftheadvantageswhichLatvia
shareswithotherEUmemberstates,itistimetofocuson
somecountry-specificreasons,answeringthequestion
“WhyLatvia?“
Transparentexternaltradeandcustomspolicies
thatarebasedontheWTOprinciples
Bilateralinvestmentprotectionandpromotion
agreementswith46countries
Equallegaltreatmentoflocalandforeign
investorsintermsofregisteringcompanies,
purchasinglandorproperty,etc
Visa-freetravelthroughouttheSchengenArea
forallLatvia’sresidents
AccesstoEUfundsviadirectapplicationor
asapartofLatvia’sstate-supportedbusiness
development initiatives
Located at the crossroads between Europe, the Commonwealth of Independent States (CIS) and Scandinavia, Latvia is fully integrated into the major economic and political structures such as the Economic European Area, the Eurozone, the Nato, the OECD, the Schengen Area and the WTO, all of which help to create a favourable business environment.
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Key
fac
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figu
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Key
fac
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RegistrationofyourcompanyCost and time competitiveness
Convenient location
Skilled and multilingual workforce
Advanced IT infrastructure
Cost and time competitiveness
Key benefits
Thelocalbusinesscommunityiscloselyknit,andyouwillbeabletolaunch
yourcompanywitheaseandforareasonableprice.Latviaisrankedashaving
the3rdmostcompetitivetaxationsystemintheOECD.Itisalsoplaced19th
globallyintermsofeaseofdoingbusiness,accordingtotheWorldBank’sDoing
Business2020report.Additionally,accordingtotherecentStartup Heat Map
2019 survey,whichfocusedontheattractivenessofentrepreneurialhubsin
Europe,theLatviancapitalcityofRigaoutperformedtheaverageTop25in
termsofvalueformoneyandbusiness-friendlyregulations.
Thehighscoresintheseinternationalratingsarebasedonacombination
ofoverallcostcompetitivenessandstateincentivesaimedatimproving
thedailyoperationsofbusinesses.
Itshouldbeemphasised,however,that
costandtimecompetitivenessalwaysgo
hand-in-handwithaccessibleelements
ofproduction.Inamodern,IT-based
economy,theclassictrioofland,labour
andcapitalthatwasdefinedmany
centuriesagocanbeinterpretedasa
convenientandtravel-friendlylocation,
aqualifiedandmultilingualworkforce,
andawell-developedITinfrastructure.
Luckily,Latviaoffersallofthesebenefits.
Time efficient procedures
Competitive business costs
remotely in 1-3 days
Averagegrossmonthly salary(December2020):
Corporateincometaxon reinvestedandretainedprofits
Personalincometaxandlow socialtaxforstartupemployees*
Corporateincometaxon distributedprofits
Governmentco-financingforhighlyqualifiedstartupemployees*
TaxrebatesatSpecial EconomicZonesandfreeports
Minimumequitycapitalrequirement:
AverageA-class officerent
AverageB-class officerent
Numerousincubatorsforsmallandmediumenterprisesandstartups,offeringbusinesslaunchresources atadiscountedcost
Priceforadedicateddeskataco-workingspace:
foraprivateindividual
foralegalentity
Registrationcostsforalimitedliabilitycompany:
Lenient tax regime
EUR 1,118 0%
20%
0%
45%
from EUR 1
from EUR 12/m2
/month
from EUR 8/m2
/month
from EUR 100 /month
from EUR 32
from EUR 162
*FormoreinformationabouttaxrebatesrelatedtotheStartupLaw,pleaseseePage115.
lven
ru
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Key
ben
efits
Key
ben
efits
Destination DurationAmsterdam 2h25m
Berlin 1h40m
Brussels 2h25m
Copenhagen 1h30m
Frankfurt 2h15m
Hamburg 2h15m
Istanbul 3h
Kyiv 1h35m
London 2h45m
Minsk 1h
Moscow 1h30m
Oslo 1h50m
Paris 2h30m
Prague 2h5m
Rome 3h10m
Stockholm 1h
Warsaw 1h30m
By air
RigaInternationalAirportisthelargestairport
intheBalticStates,locatedjust15minutes
fromthecitycentre.In2019,theairport
providedservicesto7.8millionpassengers,
whichrepresentednearlyhalf(46%)ofall
passengersintheregion.Morethan100
directflightsfromRigalinkLatviatomajor
businessdestinationsinEuropeandbeyond.
TheRailBalticastationattheairportis
scheduledtoopenby2025,anditwillbethe
firsthigh-speedrailandairtraffichubinthe
BalticStates.Thiswillprovidetravellersand
businesseswithgreateropportunities.
By rail
TherearedirectraillinksbetweenMoscow
andRiga,andthisprovidesaccesstothe
Trans-SiberianRailway.The870kmlong
RailBalticarailline,whichiscurrently
beingdeveloped,willlinkFinland,the
BalticStatesandPoland,thusensuring
thefullintegrationofLatviaintoasingle
Europeanrailwaysystem.
Convenient locationLatviaislocatedatajunctionoftheNorth,WestandEastinhistorical,
culturalandgeographicterms.Itsstrategiclocationisbasedonthe
availabilityofawell-developedanddiversetransportationsystem.
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...andanother 83 destinations
Key
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By seaLatviahasthreemajorice-freeinternationalportsinRiga,
LiepajaandVentspils,oneofEurope’sleadingseahubsin
termsofcargoturnover.Regularlyscheduledpassenger
ferrytrafficlinksLatviatoSwedenandGermany,including
apopularovernightRiga-Stockholmroutethatisoperated
bytheTallinkcompany.
Passenger ferry routes from Latvia
Route Duration
Riga-Stockholm(Sweden) 21h
Riga-Visby(Sweden) 14h30m
Ventspils-Nynashamn(Sweden) 8h30m
Liepaja-Travemunde(Germany) 25h30m
By roadFinally,LatviaisoneofthreeEU
memberstateswithadirect-access
borderwithRussia,whichmeansthat
itisperfectforEast-Westtrade.
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Key
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Key
ben
efits
Skilled and multilingual workforce
Advanced IT infrastructure
Latviaoffersaninternationalandcompetitive
workforceateverylevelofexpertise.
Employeescanbedescribedaspeoplewho
haveaperfectcombinationofNorthern
Europeanworkethics,strongmotivationand
opennesstowardsnewchallenges.Atthe
sametime,thehistoricalbackgroundensures
extensiveexperienceindoingbusinesswith
CIScountries.
Multilingualismisanotherdistinctfeature
ofthelocallabourmarket.87% of Latvians under the age of 35 speak Russian, and 61% of people of the same age range speak English. GermanandScandinavianlanguages
arealsowidespread.
Whenitcomestostartups,thetrendiseven
morepronounced.A2019pollcommissionedby
theMinistryofEconomicsshowedthat100%
ofthesurveyedstartupsstatedthattheir
employeesspokebothEnglishandRussian,
whilealmostone-thirdspokeGerman.
Whenmodernbusinessesrelyheavilyon
thesuccessfulapplicationofinformation
technologies,theroleoftheIT
infrastructurecannotbeunderestimated.
Latviaisamongthegloballeadersin
termsoffibreopticconnectivity,anditis
faraheadofmanyotherwell-connected
statessuchasFinlandandEstonia.
Moreover,accordingtotheWorld
BroadbandSpeedLeague,Latvia is among the top 20 countries in terms of Internet speed — 32.47 mb/s in 2019.ThismeansthatLatviaoutperforms
itsBalticneighbours,aswellas
technologicallyadvancedcountriessuch
asCanada,theUnitedKingdom,France
andGermany.
Finally,whileLatviantelecomsalready
offerexcellent4Gcoveragethroughout
thecountry,5Gisonitsway.Thefirst
pilotstationswerelaunchedin2019.
ThestrengthofthelocalIT
infrastructureisevidentbecauseofthe
rapidexpansionoftheLatvianICTsector.
The industry represents a mere 4.3% of GDP, however, it is demonstrating steady growth, particularly in terms of selling services overseas. Between 2016 and 2019, Latvia nearly doubled (187% growth) its ICT exports.Thisclearlywouldnotbepossiblewithout
theinvolvementofstartups.
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Latvian Startup EcosystemLatvianstartupecosystemisyoungand
dynamic.Itisbigenoughtoensureall
advantagesofaregionalentrepreneur-
friendlybusinesshub,butitissmall
enoughtoprovideamplenetworking
opportunitiesandasenseofbelonging.
Thegrowthofthisecosystemhasbeen
facilitatedbyarangeofstakeholdersin
thepublicandprivatesectors,non-profit
organisationsandacademia.
Thenumberofstartups500+
(around10%intheideationstage)
Thenumberofexits:14
(asofJune2020)—>(June2020)
Theshareofforeigninvestment:
more than 80%
Mainforeigninvestors:
USA, EE, GB, RUS, UAE
Keysupportinstruments:
• StartupLaw
• StartupVisa
Thestrongestverticals:
• Fintech
• Deeptech
• Drones
Forinstance,uptofivefoundersofthe
samecompanycanapplyfortheLatvian
StartupVisaprogrammethatprovides
non-EUentrepreneurs,theirspouses
andtheirchildrenatemporaryresidency
permitforamaximumperiodofthree
yearswithflexiblerenewaloptions.For
moreonthis,pleaseseePages28-39.
Anotherimportantinitiativeisthe
StartupLawwhichlowersthecost
burdenrelatedtoastartup’semployees.
TheLawoffersalowflatsocialtaxthat
iscurrentlyfixedatalevelofEUR302
permonthperemployee,aswellasa0%
individualincometaxrate.Alternatively,
45%co-financingofthehighlyqualified
specialistscanbeapplied.Formoreon
taxrebatesrelatedtotheLaw,please
seePage115.
Theroleofthegovernment,however,
goesfarbeyondtheseinitiatives.Inclose
partnershipwithotherstakeholders,
thegovernmentoffersstartupsawide
businessnetwork,variousfinancing
opportunitiesandsoftsupporttools
thatarediscussedingreaterdetailinthe
ResourcesSection.
As a key stakeholder, the government actively uses its legislative power to provide fertile soil for technology-driven business ideas from all over the world.
StartupVisa:
Taxrebates:
Talentco-financing:
Up to 5 founders for up to 3 years
Low flat social tax + 0%Personal income tax
45% of employee cost paid back
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“WouldIrecommend
Latviaasasandboxfor
space-relatedstartups?
Forthosefocusingon
softwaresolutions,I
woulddefinitelysay
‘yes,’becauseLatvian
ITcompetencesare
consideredtobeamong
thebestintheworld.”
Pavels Razmajevs, COO, Eventech.
Deeptech
Strongest startup verticals
Latviaboastswell-developed
scienceandacademicsectors
whichprovidetop-levelspecialists
inareaslikequantumphysics,
smartmaterials,biomedicine
andspacetechnologies.Allof
thisisreinforcedbyextensiveIT
experience.Thecombinationofthe
twoallowssomeLatvianstartups
quiteliterallyshootingforthe
moon:theEventechsatellitelaser
applicationoriginatesfromLatvia
andiscurrentlybeingusedbyspace
studymissions.Furthermore,inJune
2020,Latviabecameamemberof
theEuropeanSpaceAgency(ESA)
whichwillkick-offafoundationof
theESAincubationcentre,thus
openingnewopportunitiesfor
Latvianspacetech.
AnotherexampleofhowaLatvian
scientificbreakthroughhas
conqueredtheworldisGroGlass
—uniqueanti-reflectiveglass
technologywhichalsohappensto
beoneofthefirstcountry’sstartup
exits.Itisusedformillionsof
artworkallaroundtheglobe.
Still,deeptechmagiccannothappen
withoutthemergerofgreatminds
andsufficientfunding.Local
policymakerssharethisview,andin
recentyearsthecommercialisation
ofsciencehasbecomeanational
prioritythatisunderpinnedbya
holisticsupportprogrammeaimed
atfosteringthemostprominent
scientificdiscoveries.
Supportforscience-basedstartups,
however,isnotlimitedtopublic
sectorinitiatives.Thelocal
CommercializationReactorFund
hasmorethan90successfully
accelerateddeeptechprojects
underitsbelt,whilethosewho
wanttomeetamaximumnumber
ofpotentialinvestorsarewelcome
attheDeepTechAtelier,anannual
regionalindustrymatchmaking
foruminRiga.
Latvian deeptech vs COVID-19
Uniquedeeptechsolutionscan
bearealgamechangerwhen
dealingwiththeglobalpandemic.
AsCovid-19wastakingtheworld
bystorminearly2020,Latvian
deeptechsectorcametogether
andprevailedthroughaseriesof
hackathonswhichledtoarange
ofsolutionswithhighpotentialof
combatingandpreventingfuture
diseaseoutbreaks.
What:Emergency Ventilator
The idea: mechanical lung ventilator for
short-term respiratory failures
ReceivingEUR7,000fromtheLatvia-lead
internationalHackForcehackathonwas
justthebeginning.Whilethefirstproducts
hadbeenmanufacturedshortlyafter
thehackathon,theteamtookpartinthe
EUvsVirushackathontofurtherimprove
thefunctionalityoftheventilatingmode
anduserinterface.
What:Shield48
The idea: protective facial shield
AfterreceivingEUR12,000asthemain
winneroftheLatvia-leadinternational
HackForcehackathon,theteamproduced
anddelivered10,000facialshieldsfor
localmedicalpersonnelwithinjust10days
fromtheirvictory.Twomonthslater,the
teamhasbeguntoexporttheirproductto
theNetherlands,UK,Germany,Estoniaand
Finland,amongothers.
What:xT BioE
The idea: state-of-the-art technology
to make testing easier and scale future
vaccine faster
AfterwinningtheEUvsVirushackathon
intheResearchCategory,theteam
receivedEUR3,000andpartnered
withtheInstituteofMicrobiologyand
BiotechnologyoftheUniversityofLatvia,
tolaunchapilotprojectfortheleading
Germanspecialtychemicalscompany—
EvonikIndustriesAG.
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“Driversofthe
development of Latvia’s
fintechclusterinclude
aflourishingecosystem,
internationaleducation,
startuplawsand
visas,aswellasglobal
ambitionfromdayone.”
Anastasija Oleinika, CEO, TWINO Group.
“USinvestors
acquireLatvian
startupsbecause
ofthecompanies’
accomplishments.
Unitingforceswith
Alarm.comwasanatural
progressionofthe
relationthatdates
backto2018.”
Agris Kipurs, Co-founder and CEO,
Airdog.
Fintech
Asisthecasewithdeeptech,
thedevelopmentofthefintech
startupverticaliscloselylinked
tothecharacteristicsofthe
Latvianworkforce.Thesector
canbedescribedasasilverlining
forthecloudofthe2008-2009
financialrecession,whichmade
alotofbankingindustrytalent
unemployedandstruggling.
Unwillingtoacceptthecrisis-
adjustedreality,theyinstead
venturedintoalternativefinancing
ideaswhichlaidthefoundationfor
thecurrentfintechvertical.
This“makeithappen”mentalityis
perfectlydescribedbyAnastasija
Oleinika,CEOoftheTWINOGroup,
whichisoneofEurope’sleading
P2Plendingplatforms.She
describesLatviansas“peoplewho
knowhowtobuildthingsfrom
scratch.”
SomeLatvianfintechstartupshave
turnedintoglobalplayerswith
billionsofeurosissuedinloans
andsolidinternationalrecognition.
Mintos,forinstance,received
thetitleofAlternativeFinance
PlatformattheAltFiAwardsin
2019.
Therangeofinvestment
opportunitiesfornewcomersin
thesectorhasalsoexpanded
considerably.Lookingbackatthe
beginningsofTWINO,Anastasija
saysthatonereasonforchoosing
bootstrappingwasthattheywere
basically“creatinganindustry
whichdidnotexistbefore.”Today,
wheneveryone“speaks”fintech,
theskyisthelimitwithnumerous
accelerators,VCfundsand
investorswhoareopentothe
possibilityofco-operation.
Last,butnotleast,another
tendencyintheLatvianfintech
clusteristheincreasinginterest
amongleadingbanksinthe
regionsuchasSwedbank,SEB
andCitadeleBank,inOpenBank
platformsthataremeanttoensure
collaborationwithalternative
financialserviceproviders.
Drones
Incomparisontodeeptechand
fintech,thedronesectorcanbe
seenastheyoungestverticalin
theLatvianstartupecosystem.
Nevertheless,italreadyhassome
bignamesinthepubliceyesuch
as,forexample,AtlasDynamics,
Aerones,orAirdog.Thelatterwas
recentlypurchasedbyAlarm.com,
oneofthelargestUSdevelopers
ofsmarthomesolutions,thus
demonstratingwhatanexcellent
foundationforfurthergrowth
Latviandronesectorhas.
Aspeciallawonpilotingunmanned
arealvehiclesin2019createda
favourablelegislativeframework
fordozensoflocalandinternational
companieswhichwantedtotest
early-stagedronetechnologies.
Thereisalsoanoutstanding
infrastructurewhichprovides4G
coveragethroughoutLatvia.The
first5Gstationsalsocomehandy
andfacilitatethegrowthofthis
industry.
Intermsofthefuture,oneofthe
leadinglocaltelecomsoperators,
LMT,iscurrentlydevelopingan
unmannedtrafficmanagement
applicationwhichwillhelptoensure
additionalsafetyfordrones.
Whilethevastmajorityofproducts
fromtheclusterareexported
worldwide,thereisstrongdemand
inLatvia’spublicsector,including
theMinistryofDefenceandthe
state-ownedLatvianStateForests
company.
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Up to five non-EU founders
underthesamestartup
businessideacanreceivethe
Visafor3 years;
Itpermitstherelocationof
thestartupfounder’sspouse and children;
Itgrantsno-visatravelacross
thewholeSchengen Area;
Itallowsobtainingacertified
eSignaturewhichgrants
remoteaccesstonumerous
privateandpubliconline
services.
Startup Visa in a nutshell
Formoreinformationabouthow
toregisteryourcompanywithan
eSignature,pleaseseePage43.
ZhengZengfromChinaisthefounderof
DentalAi,andhereiswhathesaysabout
hisownexperience:
“For me, the complexity of application
procedure is the main concern, because
cumbersome processes and long waiting
time are unfavourable for someone
who is eager to launch their project.
In Latvia, you can check whether your
idea qualifies for the Startup Visa by
submitting a description on just one
page. After a brief email exchange,
I received a confirmation message
from LIAA, validating my idea. This
encouraged me to start the application
process, which was super-efficient!”
Startup Visa
Whenallofthekeybenefitsofdoing
businessinLatviaarelisted,there
maybeaquestionofwheretobegin.
Thissectioncontainsallofthekey
procedures,tipsandtricksthatwillhelp
yourelocatesuccessfully.
Whenregisteringastartupcompanyin
Latvia,itisnotmandatorytoapplyfor
theStartupVisa(whichistechnicallya
temporaryresidencepermitorTRP,for
short).Still,thatwouldcertainlymake
theoverallrelocationprocess,business
set-upandoperations,aswellaslifein
Latviamoreconvenientandpleasant.
FarmonAkmalov,thefounderofAirdas
DroneServices,hailsfromUzbekistan.
Accordingtohim,theStartupVisais
“probablythebestsupporttool,”which
allowedhimtostayinLatviacomfortably
anddevelophisbusinessinanefficient
manner.Therefore,ifrelocationtoLatvia
isaplan,itisbeneficialtosecurethe
StartupVisaandenjoyallofitsperks.
Tip:StartupVisaprogrammeisaimedat
fosteringinnovationinLatvia.Aspiring
foreignstartupfoundersarewelcome
tochecktheirbusinessidea’seligibility
fortheStartupVisaprior to the application process.Justsendafree-formdescriptionofyourstartupideato
theInvestmentandDevelopmentAgency
ofLatvia(LIAA)atstartup@liaa.gov.lv
andwaitforthefeedback.Thisisnota
mandatorystepbutwillsaveeveryone
effortandtime.
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Foreignstartupfounderscansubmit
theirapplicationsfortheStartupVisa
abroadorinLatvia:
Abroad:throughtheconsular
sectionoftheLatvianembassy
inthecountrywherethestartup
founderlegallyresides;
InLatvia:atanybranchof
theOfficeofCitizenshipand
MigrationAffairs(OCMA).
Ifyouwanttosubmitanapplicationto
aconsularsectionatanembassy,you
needtoarrangeyourvisitwiththemin
advance.Keepinmindthattheembassy
doesnotmakeadecisionregardingyour
StartupVisa—alldecisionsaretakenby
OCMA,whichreceivestheapplication
documentsfromtheembassy.You
willneedtopayaEUR110feetothe
embassyfortheirassistanceinreceiving
yourapplicationandforwardingitto
OCMA.
Application process
Formoreinfoonthis,pleasesee:
www.likumi.lv/ta/en/en/
id/214846-regulations-
regarding-the-territorial-
competence-of-diplomatic-
and-consular-representations-of-
the-republic-of-
Latvia-for-requesting-visas
Tip 1: WhilesomeOCMAbranchesaccept
applicantswithoutanappointment
ona“firstcome,firstserved”basis,
thereisnoguaranteethatyouwill
belucky.Theonlyguaranteedway
tosecureavisitisbygettingan
appointmentinadvance.Different
OCMAbrancheshavedifferent
availability.Therefore,when
schedulinganappointment,contact
severalOCMAbranchesandsee
whatdatestheycanoffer—inthat
wayyoucansecuretheshortest
waitingtime.Seethelistofall
OCMAbranchesatwww.pmlp.gov
lv/en/home/contacts/pmlp-divisions.
TheapplicationprocessatanyOCMAbranch
inLatviaconsistsofthefollowingsteps:
Step #1 Book an appointment with OCMA in advance, via phone or email.
Tip 2: Onceyouhavesubmittedthe
applicationtoOCMA,itisnot
mandatoryforyoutostayin
Latviaforthedurationofthe
applicationreview.However,ifyour
citizenshiprequiresthatyouhave
aSchengenvisatoenterLatvia,
youneedtohaveaSchengenvisa
validforthewholedurationofthe
applicationreview.Forexample,if
theapplicationreviewtakes30
days(thestandardprocedure),your
Schengenvisashouldbevalidfor
nolessthan30days,counting
fromthedaywhenyousubmitthe
application at OCMA.
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Star
tupVisa
Star
tupVisa
Duringthevisit,youwillprovideOCMA
withyourbiometricdata(fingerprints)and
paythestampdutyforthecard(non-cash
way,e.g.debit/creditcard):
EUR15foraTRPcardprocessed
within10businessdays;
EUR30foraTRPcardprocessed
within2businessdays.
Formoreinformationabouthealth
insurance,healthcareservices
andaccommodationsinLatvia,see
Pages74-85.
Yourpassport—orpassports,if
applicable,e.g.domesticandfor
foreigntravels(OCMAwillscanthe
necessarypassportinformation
andreturnthepassport(s)toyou);
Dulycompletedapplicationform
(https://www.pmlp.gov.lv/lv/
assets/images/Uzturēšanās/UA_
anketa_2016.pdf.pdf);
Free-formdescriptionofyour
plannedstartupbusinessactivities
duringthenextthreeyears;
Certificatetoshowthatyouhave
nocriminalrecord(notrequiredfor
foreignerswhocanenterLatvia
withoutavisa);
Proofofsubsistence,forexample,
abankstatementtoconfirmthat
youhaveatleastEUR6,000(the
amountiscomputedasEUR500
permonth—theminimumwagein
Latvia—multipliedby12months);
Onepassport-sizecolourphoto;
Tip: Beawarethatwhenapplicantsavail
oftheshorterapplicationreview
procedures(e.g.10or5business
days),thereisnoguaranteethat
OCMAwillcomplywiththesaidtime
frame.IfOCMArequiresmoretime
toprocessyourapplicationandrun
allthenecessarychecks,theyhave
alegalrighttoextendthereview
procedure.
Step #3 Wait for the decision letter from OCMA (sent via email) and schedule an appointment to submit additional documents and order your TRP card.
Step #2 Submit the application package including:
Theadditionaldocuments
tobesubmitted:
Annualhealthinsurancepolicy;
MedicalcertificationfromaLatvian
clinictoconfirmthatyoudonot
havetuberculosisinactiveform;
Confirmationofyourplaceof
residence(e.g.,arentalagreement).
ReceiptofpaidOCMAstampduty
fortheapplicationreview,paid
eitherinadvanceorduringyour
appointmentatOCMAinanon-
cashway(e.g.debit/creditcard):
∙ Standardprocedure—EUR100,
reviewwithin30calendardays;
∙ Fasterprocedure—EUR200,
reviewwithin10businessdays;
∙ Fastestprocedure—EUR400,
reviewwithin5businessdays
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OnceyoureceiveyourStartupVisa,
youhavethreemonthstoregisteryour
startup;tobeprecise—tobecome
amemberoftheboardofanewly
establishedcompanywhichwas
registerednotmorethanoneyearago.
Theapplicationprocessforspouses
andchildreninvolvesbasicallythesame
documentsforeachfamilymember,with
thefollowingalterations:
Noneedtosubmitthefree-form
descriptionoftheplannedstartup
businessactivities;
Forspouses:translatedandduly
legalizedmarriagecertificate;
Forchildren:legalizeddocuments
confirmingkinship,including
permissionfromtheotherparent
toresideinLatviaiftheminor
relocatestoLatviawithonlyone
ofhisorherparents;
Tip: Steps3and4canbeprocessedonlyover-the-counterat
OCMAinLatvia.Thismeansthatevenifyousubmityour
initialapplicationattheLatvianembassyabroad,youwill
needtocometoLatvia,inordertoprocessyourTRPcard.
Step #5 Register your startup.
Step #4 Pick up the TRP card from the OCMA office a few days later, presenting your passport and the decision letter.
Proofofsubsistenceforachild
under18:AtleastEUR1,800
(orEUR150permonth,multiplied
by12months)Thisamountcan
bereflectedaspartofaparent’s
proofofsubsistence,Inadditionto
his/herownsubsistenceof
EUR6,000.
Tip 1: Makesurethatdocuments,issuedbya
non-Latvianinstitution,andwhichyou
submitfortheStartupVisa,areduly
legalizedorbearanapostille.
Tip 2: OnceyoureceivetheStartupVisa,
rememberthatyourstartupisthe
onlyplaceofemploymentyoucan
legallyhaveinLatvia.Youarealsonot
allowedtobeamemberboardatany
othercompany,exceptyourstartup.
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tupVisa
Star
tupVisa
Extension of Startup Visa
Yourpassport—orpassports,if
applicable,e.g.domesticandfor
foreigntravels(OCMAwillscanthe
necessarypassportinformation
andreturnthepassport(s)toyou);
YourcurrentTRPcardwhichis
abouttoexpire;
Free-formrequesttoOCMAto
extendtheStartupVisa;
Annualhealthinsurancepolicy;
ReceiptofyourpaidOCMAstamp
dutyfortheapplicationreview,
paideitherinadvanceorduring
yourappointmentatOCMAina
non-cashway(e.g.debit/credit
card):
∙ Standardprocedure—EUR45,
reviewwithin30calendardays;
∙ Fasterprocedure—EUR90,review
within10businessdays;
∙ Fastestprocedure—EUR180,
reviewwithin5businessdays.
Youmustalsosubmitinformationabout
thequalifyinginvestmentORabusiness
progressreport.
TheStartupVisagivesyouthe
righttoresideinLatviaforthree
years,butyouneedtorenewyour
TRPcardannually.
Afterthefirstyear,therenewalof
thecardalsoinvolvesacheckof
thestatusofyourstartup,whichis
validatedeitherbyafactthatyour
startuphasattractedaqualifying
investment,orbythenatureof
yourstartup’sbusinessprogress.
Scheduleanappointmentwiththe
OCMAatleast5-6weeksbefore
yourcurrentTRPcardexpires,and
submitthefollowingdocuments:
3736
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tupVisa
Star
tupVisa
Qualifying investment
Progress report
EUR30,000fromaventurecapital
fund(registeredasalternative
investmentfundorfundmanager),or
EUR15,000fromanaccelerator
orbusinessangel.
After the second year,
submitthesamedocumentsasyou
didafterthefirstyear,withone
exception—informationregarding
theinvestmentorthebusiness
progressisnolongerrequired.
After the third year,
whentheStartupVisaexpires,
youcanapplyforanothertypeof
temporaryresidencepermit,for
example,onthebasisthatyouare:
Ashareholderinyourstartup;
Amemberofyourstartup’sboard
orcouncil;
Alegallyemployedstaffmember
ofyourstartup(formore,see
www.pmlp.gov.lv/en/home/
services/residence-permits/doc2).
AfterresidinginLatviaforfiveyearsand
ifyouspeakLatvianlanguageattheA2
level,youmayapplyforapermanent
residencepermit(PRP).
investment,youneedtosubmita
progressreport,whichprovidesfactual
andobjectiveinformationaboutyour
startup’sachievementsduringthefirst
year.Thereisnoformortemplatefor
this,buthereareafewideasaboutwhat
youshouldincludeinthereport:
Proofthatyourproducthas
substantiallyimprovedsinceyou
gotyourStartupVisaand/ornew
versionsofithavebeenlaunched;
Proofofcompanyrevenues,sales,
R&Dcosts,financialstatements
(P/L,BSandCFS),etc;
Copiesofexistingpartnerships,
clientorsupplieragreements.
Irrespectiveofthetypeofinvestor,it
mustbequalifiedinaccordancewith
theLatvianStartupLaw.Formore
informationabouttheLaw,seehttps://
startuplatvia.eu/startup-law-benefits.
Foralistofqualifiedinvestors,seewww.
liaa.gov.lv/lv/fondi/2014-2020-gada-
planosanas-periods/jaunuznemumu-
atbalsta-programmas/riska-kapitala-
investoru-saraksts.
Ifyourstartupcannotprovide
informationaboutaqualifying
Star
tupVisa
Star
tupVisa
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Company registration
Starting a business
Step #1
Decide on the most appropriate form of business.
Themostcommonformsof
businessinLatviainclude
individualmerchants,jointstock
companies,partnershipsand
limitedliabilitycompanies.For
astartupcompany,thetwo
mostsuitableformsofbusiness
are1)aregularlimitedliability
company(LLC,or—inLatvian—
SIA)withequitycapitalofEUR
2,800andup,and2)alimited
liabilitycompanywithreduced
equitycapital(EUR1-2,799).
Step #2
Set up a temporary bank account.
RegularLLCneedsatemporary
bankaccountpriortothe
companyregistration,inorder
totransfertheequitycapital
andobtainapaymentorderora
bankreferenceondepositingthe
equitycapital.LLCwithreduced
equitycaneitherdothesame
orskipthestepofopeninga
temporarybankaccount,register
thecompanyfirst,thenopena
full-fledgedbankaccountand
afterthattransfertheequity
capitaltothefull-fledgedaccount.
Step #3
Submit your complete application package to the Register of Enterprises.
Theapplicationincludestheproof
equitycapitalpayment(mandatory
whenequitycapitalexceedsEUR
2,799).Formoreonapplications
toregisteranLLCoranLLCwith
reducedequitycapital,seePages
44-45.
Step #4
Once the business is registered, open your full-fledged bank account.
Step #5
If applicable, apply for the status of a VAT payer’s at the State Revenue Service (SRS).
Thereareseveralcaseswhen
VATpayer’sstatusismandatory
forindividualsandlegalentities.
Forexample,oneofthemost
commoncircumstancesiswhenthe
company’stotalsupplyofgoods
andservicesduringtheprevious
12-monthperiodisworthmore
thanEUR40,000.Toperuseallthe
caseswhentheVATpayer’sstatus
ismandatory,pleaseseetheValue
AddedTaxLawhttps://likumi.lv/ta/
en/en/id/253451-value-added-tax-
law.
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42
TheapplicationfortheVATpayer’s
statuscanbesubmittedto:
TodownloadanapplicationfortheVAT
payer’sstatus,seewww.ur.gov.lv/en/
register/company-or-merchant/branch-of-
a-foreign-company/founding/registration-
with-the-enterprise-register/registration-
in-the-srs-register-of-vat-taxpayers
DirectlytotheSRS,afteryour
companyisregisteredandwhenthe
VATpayerstatusbecomesnecessary.
TheRegisterofEnterprisesalong
withtheapplicationtoregisteryour
company;
Tip: Steps 2 to 5 can be completed online
withadigitalauthenticationtool—
electronicsignature.
TheSRSwillreviewtheapplicationand
issueitsdecisionregardingtheVAT
payer’sstatusinfivebusinessdays. In case of a positive decision, your company will be given a VAT number.
Electronic signature
Themostwidelyusedelectronic
signatureinLatviaistheso-called
eSignature(eParaksts,inLatvian).It
savestimeandmoneybygranting
remoteaccesstonumerouspublic
andprivateservices,includingthe
openingofabankaccount,aswellas
thesubmissionofdocumentstostate
institutions.Applicationssignedwith
aneSignatureanduploadedatthe
country’sadministrativeservicesportal
(www.latvija.lv/en)aresubjecttoa10%
discountonthecompanyregistrationfee.
Latvianstateinstitutionsalsoaccept
documentsthataresignedbyaforeign
secureelectronicsignatureifitcomplies
withRegulationNo910/2014ofthe
EuropeanUnion.*
TheTRPcardthatisissuedbythe
OCMAtoaStartupVisaholdercomes
withacertifiedeSignature.Anenvelope
withPINnumbersisissuedalongwith
thecard.Formoreinformationabout
eSignatureproductsthatareavailableto
individualsandlegalentities,see
www.eparaksts.lv/en/Produkti.
* Regulation No 910/2014 of the European Parliament and Council, 2 July 2014, on electronic
identification and trust services for electronic transactions in the internal market and repealing
Directive 1999/93/EC. For more information, see www.eur-lex.europa.eu/lega-content/EN/
TXT?uri=uriserv%3AOJ.L_.2014.257.01.0073.01.ENG.
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A comparison between LLC with reduced equity capital and regular LLC
*Alldocumentsmustbein
Latvianorsupportedbya
translation(thetranslation
mustbenotary-certified
ifrelevantlawsand
regulationssorequire).For
arangeoftemplatesfor
industry-standardlegal
documentsinEnglish,see
www.startuplatvia.eu/
resources.
**Forinformationaboutthe
regionalbranchesofthe
RegisterofEnterprises,see
www.ur.gov.lv/en/contacts.
Registration requirements LLC with reduced equity capital Regular LLC
Founders, shareholders
- Foundersmayonlybeupto5privatepersons - Shareholdersmayonlybeupto5privatepersons - Theboardofthecompanymayonlyconsistoftheshareholders - Noshareholdercanbeamemberofanyothercompanywithreduced
equitycapital
- Unlimitednumberofnaturalandlegal personsactingasfoundersandshareholders
- Theboardmayconsistofprivatepersons
Equity EUR 1-2,799 EUR 2,800 and more
Transfer of equity capitalCapitalmustbetransferredtoatemporaryaccountatabankthatisregisteredinLatviaORtoafull-fledgedaccountthatisopenedafterthecompanyisregistered.
Capitalmustbetransferredtoatemporary accountatabankthatisregisteredinLatvia.
Documents to be submitted to the Register of Enterprises*
- ApplicationformKR4(notarizedsignaturesoreSignatures); - AMemorandumofAssociation; - ArticlesofAssociation; - Abankstatementorotherdocumentrelatedtothepaymentofequity
capital,ifthefoundersdecidetomakethetransferofequitycapitaltothetemporarybankaccount,asdescribedabove;
- Thedivisionoftheregisterofshareholders(notarizedsignaturesoreSignatures);
- Consentfromeachcouncilmembertoholdtheoffice(ifthereisacouncil);
- ConsentfromeachboardmembertoholdtheofficeunlessconsentisincludedinParagraph12oftheapplicationformKR4(notarizedsignaturesoreSignatures);
- Astatementbytheboardofthecompany’slegaladdress; - Consentfromtherealownerofpropertytotheregistrationofthe
legaladdress(notrequirediftheownerisamongthesignatoriesoftheapplication);
- Areceipt,copyorprintoutofapaymentorderfromanonlinebankorinformationaboutpaymentofthestatefee;
- Areceipt,copyorprintoutofapaymentorderfromanonlinebankorinformationaboutthepublicationintheofficialgazetteLatvijasVēstnesis.
- ApplicationformKR4(notarizedsignaturesoreSignatures); - AMemorandumofAssociation; - ArticlesofAssociation; - Abankstatementorotherdocumentrelatedtothepaymentof
equitycapitalifthepaymentisincash; - Adocumentcertifyingthevalueofpropertycontribution(ifthe
equitypaymentispaidupbycontributionofproperty); - Thedivisionoftheregisterofshareholders(notarizedsignaturesor
eSignatures); - Consentfromeachcouncilmembertoholdtheoffice(ifthereisa
council); - Consentfromeachboardmembertoholdtheofficeunlessconsent
isincludedinParagraph12oftheapplicationformKR4(notarizedsignaturesoreSignatures);
- Astatementbytheboardofthecompany’slegaladdress; - Consentfromtherealpropertyownertotheregistrationofthe
company’slegaladdress(notrequirediftheownerisamongthesignatoriesoftheapplication);
- Areceipt,copyorprintoutofapaymentorderfromanonlinebankorinformationaboutpaymentofthestatefee;
- Areceipt,copyorprintoutofapaymentorderfromanonlinebankorinformationaboutthepublicationintheofficialgazetteLatvijasVēstnesis.
Submitting the application to the Register of Enterprises
- Byemail:SignalldocumentswitheSignatureandsendthem to info@ur.gov.lv;
- Online:SignalldocumentswitheSignatureanduploadthem totheRegisterofEnterprisessectionathttps://www.latvija.lv/en;
- Byregularmail:Signalldocumentsandsendthemto aregionalbranchoftheRegisterofEnterprises.**
Note:NotarycertificationisnotneedediftheapplicationissignedwitheSignatureandsubmittedbyemailoronline.Iftheapplicationissubmittedbyregularmail,documentsspecifiedbylawandregulationneedtobecertifiedbythenotary.
Application review time 1-3 business days
Stateregistrationfee(10%discountappliesonapplicationssignedwitheSignatureandsubmittedtowww.latvija.lv)
EUR20forapplicationsreviewedwithinthreebusinessdaysoronebusinessdayoftheLLChasasingleshareholder(byrequest)EUR60forapplicationsreviewedwithinonebusinessday
EUR150forapplicationsreviewedwithinthreebusinessdaysoronebusinessdayiftheLLChasasingleshareholder(uponrequest)EUR450forapplicationsreviewedwithinonebusinessday
Feeforpublicationintheofficial gazetteLatvijasVēstnesis
EUR 14.23 EUR 27.03
Productionofaderivativeofadocumentto besubmittedtotheRegisterofEnterprises
EUR 3.15 EUR 3.15
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RegisteringanLLCwithreducedequity
capital(aslittleasEUR1)mightseemlike
agoodideaatthebeginning.However,
beawarethatinthelongrunitmaylimit
theopportunitiestoattractinvestments,
becausethelimitationsrelatedto
shareholdersandboardmembers—allof
themmustbeindividuals—willprevent
startupacceleratorsandventurecapital
fundsfrominvestingandjoiningthe
shareholderstructure.Furthermore,LLC
withreducedequitycapitalisrequired
tomakeareserveofatleast25%of
theannualnetprofit,whichisthen
contributedtotheequitycapitalwith
atargettoreachtheequitycapitalof
aregularLLC—EUR2,800.Inother
words,whilethereducedequitycapital
requirementmaybeagreatstarting
bonus,overtimeyouwillneedto
transitiontoaregularLLCstatus.
Opening temporary and full-fledged bank accountsLatvia’sfinancialmarketoffersadiverserangeoffinancialproviderstosatisfy
theexpandingneedsofarapidlygrowingbusinesscommunity.Forcompany
registrationpurposes,however,futureentrepreneurstendtochooseservicesof
oneofthelocalbanks.
www.expobank.eu/eng
www.luminor.lv/en
www.signetbank.com/en/
www.swedbank.lv
www.seb.lv/eng
www.bib.eu/
www.blueorangebank.com/int/en
www.rietumu.com/en
www.citadele.lv/en/private/
www.lpb.lv/en/
www.ribbank.com/en
International banks: Domestic banks:
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Proceduresandfeeswillvaryfrombank
tobank.Ingeneralterms,thedocuments
neededtoopenatemporaryaccountmay
include:
Valididentificationdocument
(passport)andthedocument,
whichallowstostayinLatvia(visa
orresidentpermit);
Adocumentwhichtestifiestothe
righttoenterandbeinLatvia—
aSchengenvisaoraresidence
permit(e.g.StartupVisa);
ACVorfree-formletterwith
detailedinformationaboutpast
andpresentprofessionalactivities;
Documentstoprovetheorigin
offundsandwealth—tax
declarations,bankaccount
statements,etc;
Acompletedapplicationform.
Opening a full-fledged bank account
Opening a temporary account
OnceyourLLCisregisteredatthe
RegisterofEnterprises,mostbankswill
convertyourtemporaryaccountinto
afull-fledgedone.ThoseLLCswith
reducedequitycapitalwhichoptednot
toopenthetemporaryaccount(astep
theyareallowedtoskip)andthose
regularLLCsinterestedinswitching
banks,willneedtogothroughthe
applicationprocessforafull-fledged
bankaccountatthebankoftheirchoice.
Theapplicationprocesswillbesimilar
totheonedescribedinthe“Openinga
temporaryaccount”sectionabove,with
somefurtherquestionsfromthebank
remainingpossible.
Itisworthnotingthatbankaccount
openingrequirementsaresimilarfor
Latvianresidents,regardlessoftheir
citizenship.Thatsaid,thisisapointwhen
aStartupVisa(temporaryresidence
permit)comeshandy.Non-residents
shouldbepreparedtoansweradditional
questions,e.g.abouttheirshareholders’
structureandtheirlinkstoLatvia.This
heightenedinterestfromthebanksis
notamerecuriosity,butratheraresult
ofstrictanti-moneylaundering(AML)and
know-your-customer(KYC)requirements
whichobligebanksalloverEuropean
Uniontoinspecttheirclients—especially
non-residents—forvariousredflags.
Thegoodnewsisthatonceyouhave
afull-fledgedbankaccount,that
representsahugestepfromestablishing
yourbusinesstoactuallyensuringthatit
isoperational.
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Taxation and annual financial reporting
Whenchoosinganoptimallocationfor
launchingastartup,foundersconsidera
widerangeoffactors,oneofthembeing
ataxsystem,i.e.taxrateswhichdonot
cannibaliseprofitsofanewlyestablished
business,transparenttaxationrulesand
laws,andreportingstandardswhichare
easytonavigate.
ThetaxationenvironmentinLatviais
business-friendly,anditaimsatfostering
economicdevelopmentandforeign
investments. Paying Taxes 2020 report
by PricewaterhouseCoopers ranksLatvia
16thintheworldintermsofeaseof
payingtaxes.Thisindicatorisbased
onarelativelylowtime-to-comply
parameter(measuredinhours)and
overalladministrativesimplicity,enabled
bytheElectronicDeclarationSystem
(EDS).Moreover,LatvianTotalTaxand
ContributionRate(38.1%)iswayahead
ofitsbothBalticneighbours–Estonia
(47.8%)andLithuania(42.6%).
Taxes in Latvia
Main business taxes in Latvia
Combinedwiththe0%Corporateincometaxrateonreinvestedprofits,theStartupLaw
benefitsstrengthenthetwomaindrivingforcesbehindtheinnovation:R&Dactivities
andretentionofthebesttalent.Furthertaxincentivesareofferedforthecompanies
registeredwithinoneofthethree special economic zones(Liepaja,Latgale,Rezekne)ortwo free ports(RigaandVentspils).
Whilethereare15differenttypesof
taxesleviedonincome,property,goods,
andservicesinLatvia,alladministered
bytheStateRevenueService(SRS),the
keytaxesthataffecttheentrepreneurial
activity of a Limited Liability Company
(LLC)include:
The tax The rate
Corporate income tax
0% onreinvestedprofits 20%onprofitsdistributedordisbursedasdividends,orusedforpurposesnotdirectlyrelatedtobusinessoperations
Personal income tax
20%onannualincomeuptoEUR20,004 23%ontheportionofannualincomeaboveEUR20,004, butbelowEUR62,800 31.4%ontheportionofannualincomeaboveEUR62,800
Social tax35.09%, ofwhich - 11.00% isdeducteddirectlyfromanemployee’ssalary - 24.09% ispaidseparatelybyanemployerontopofgrosssalary
VAT
0%onintra-communityandinternationaltransport 5%onarangeoflocallyproducedvegetablesandfruit 12%onfoodproductsforinfants,pharmaceuticalproducts,medicalproductsfordisabledpersons,domesticpassengertransport,books(excludinge-books),newspaperandperiodicals,hotelaccommodation,districtheating 21% onallothertaxablegoodsandservices
Qualifying startups can benefit from the tax rebates under the Startup Law, adopted in 2017, namely, the low flat Social tax and the 0% Personal income tax for startup employees*.
FormoreinformationabouttheStartupLaw,pleaseseePage115.
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Liepaja SEZ
Liepaja
Ventspils Free Port
Ventspils
Riga Free Port
Riga
Rezekne SEZ
Rezekne
Latgale SEZ
Daugavpils
Special Economic Zones (SEZ) & Free Ports
Tax Regular tax rate
Rebate Maximum accumulated amount compensated to a company
Realestatetax 1.5%
80%
35%forcompanieswithmorethan 250employeesand/orturnover exceedingEUR50million 45%forcompanieswith50-250employeesand/orturnoverbetweenEUR10-50million 55%forcompanieswithlessthan50employeesand/orturnoverbeingless thanEUR10million
Corporateincometax(onprofitsdistributedasdividends
20%
Name Location Website LiepajaSEZ Liepaja https://liepaja-sez.lv/en
RezekneSEZ Rezekne http://www.rsez.lv/index.php/en
LatgaleSEZ Daugavpils https://lpr.gov.lv/en
RigaFreePort Riga https://rop.lv/en
VentspilsFreePort Ventspils http://www.portofventspils.lv/en
The main tax rebates for companies registered within the territory
Contacts
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Annual financial reporting
EDSisafree,safeandconvenientonline
platformwhichallowssubmittingall
thenecessarydocumentationtoSRS
remotely.Besides,EDSoffersother
onlineservices,suchaselectronic
incometaxbook,informationonpublic
procurementsandvariousreportsby
SRS,e.g.informationontaxpayment
status.
FortheSRSCustomer
Servicecontacts,pleasesee
www.vid.gov.lv/en/tax-customer-service
AccordingtotheLawOntheAnnualFinancialStatementsand
ConsolidatedFinancialStatements,allcommercialcompaniesregistered
in Latvia must submit their financial statements to the State Revenue Service (SRS) on an annual basis.Thecompositionofthefinancial
statements depends on the size of the company.
For a small-sized company, itsfinancialstatementsshallconsistof:
For a medium-sized or a large company, itsfinancialstatementsshallconsistof:
Balance Sheet Balance Sheet
Profit and Loss Statement Profit and Loss Statement
— Cash Flow Statement
— Statement of Changes in Equity
Annex to the Financial Statement Annex to the Financial Statement
The financial statement shall be submitted to the SRS in one of the following ways:
- OnlineusingtheSRSElectronicDeclarationSystem(EDS)
- Hardcopyover-the-counterattheSRSCustomerService
- Bypost,sendingittotheSRSofficeatTalejasiela1,
Riga,LV-1987
Acompanyisclassifiedas a small-sized if twooutofthefollowingcriteriaaremetfortwoconsecutivefinancialyears:
- NetrevenueexceedEUR700,000 - BalancesheettotalexceedsEUR
350,000 - Theaveragenumberofemployees
exceeds10
Acompanyisclassifiedas a medium-sizedorlargeiftwooutofthefollowingcriteriaaremetfortwoconsecutivefinancialyears:
- NetrevenuesexceedEUR8million - BalancesheettotalexceedsEUR4
million - Theaveragenumberofemployees
exceeds50
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List of reliable accounting, tax, and legal service providers, operating in Latvia
When startup founders prefer not to spend time and effort on financial reporting and tax matters, they often outsource these tasks to a competent service provider.
Company name Practice areas Website
AAT - FINANCE Accounting,taxconsultancy,companyformation
http://aat.lv/en
Amber Law CorporateandM&A,realestateandconstruction,legaladvisory
http://amberlaw.lv/en/birojs/klienti
Auctus Capital M&A(sell/buy-sideadvisory),leveragedbuy-outadvisory,capitalraising(privatedebtandequity,mezzaninefinancing),managementbuy-out&buy-inadvisory,jointventuresandstrategicpartnerships
https://www.auctus.lv
AZ Service Audit,accounting,tax,financialadvisory,law,architecture
http://www.azservice.lv
Cipari Baltic Accounting,includinglocaltaxreportingandpayrollprocessingservices
www.cipari.com/main_eng.html
Cobalt Commerciallaw,tax,legaladvisory,M&A
www.cobalt.legal/en
Davis Suneps Investments
Companyregistration,usingandacquiringe-signaturevs.goingtoaswornnotary&office,accountingandEDSonboarding
https://registeracompany.lv
Deloitte Latvia Audit,accounting,tax,legal,financialandriskadvisory
https://www2.deloitte.com/lv/en.html
Ernst & Young Baltic
Audit,accounting,tax,legal,financialandriskadvisory
https://www.ey.com/en_lv
Eversheds Sutherland Bitāns
INLUD Legal Companyregistration,Commerciallaw,Start-upadvisory,Dataprotection,IT,Intellectualproperty,Taxregulation,M&A,Finance&Banking,Investments,Digitalassets,Employment,Immigrationlaw,Realestatelaw.
www.inludlegal.lv
Legalassistanceinallareasofcommerciallaw
https://www.eversheds-sutherland.com/global/en/where/cee/latvia/index.page
KPMG Baltics Audit,accounting,tax,legal,financialandriskadvisory
https://home.kpmg/lv/en/home.html
Leinonen Group Audit,accounting,tax,legal www.leinonen.eu/lv-en
Company name Practice areas Website
LM Law Office FreePorts,realestatelaw,Swisslaw,commerciallaw,commercialcontracts,laborlaw
http://www.lmlawoffice.com/about-us
Orients Audit & Finance
Audit,accounting,taxadvisory,financialconsultancyandriskadvisory,businessvaluation,companyregistration,startups
https://www.orients.lv/en
Pricewaterhouse Coopers Latvia
Audit,accounting,tax,legal,financialandriskadvisory
www.pwc.com/lv/en.html
Primus Derling CorporateservicesandM&A,realestate,andconstruction,disputeresolution,competitionandregulatory,tax,restructuringandinsolvency,banking&finance,shipping&transportation,publicprocurement,IPandtechnology,energy,employmentandimmigration,competition,capitalmarkets
www.primusderling.eu
Rektina un Mieze Commerciallaw,consumerlaw,labourlaw,administrativeproceedings,legaladvisory
http://rektinamieze.lv/en/the-firm
Rödl & Partner Riga
Audit,accounting,BPO,tax,legalandbusinessconsultingservices
www.roedl.com/about-us/locations/latvia
Sorainen CorporateservicesandM&A,employment,tax,investments,contracts,dataprotection,intellectualproperty(IP)
https://www.sorainen.com
TaxLink Baltic Audit,accounting,tax,financialandriskadvisory
http://www.taxlink.lv/en/
TGS Baltic Commerciallaw,M&A,tax,internationaltrade,labourlaw,legaladvisory
https://www.tgsbaltic.com
Venture Faculty Consulting,CorporateFinance, Fundraising,Relocation&Customer Development.
www.venturefaculty.io
www.inludlegal.lv
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Contacts:
Highly-skilled,multilingual,and
cost-competitiveworkforceis
oftenregardedasoneofthekey
reasonsbehindadecisiontodo
businessinLatvia.Eventhough
thelocalICTsectoroffersan
above-averagesalary,itishighly
competitive,ifcomparedtothe
leadingglobaltecheconomies.
ICN Riga office
Website:www.integration.lv/en
Phone:(+371)25565098,
(+371)28612120
Additionalinformation:
(+371)67898343
Email:konsultacijas@integration.lv
Address:LāčplēšaStreet75–1B,Riga
ICN regional focal points
“Latgale”inDaugavpils
Phone:(+371)25723222
“Zemgale”inJelgava
Phone:(+371)25719588
“Vidzeme”inValmiera
Phone:(+371)25719266
“Kurzeme”inLiepaja
Phone:(+371)25719118
Third-country nationals can access free of charge face-to-face and remote lawyer consultations at the Information Centre for Newcomers (ICN), run by the society “Shelter Safe House”. Currently, ICN operates as a one-stop-shop agency in Riga and in four Latvian regional centres – Daugavpils, Jelgava, Valmiera, and Liepaja. Besides legal support, the centre offers foreigners free psychological consultations, as well as interpreting and translation services in various languages.
Tip: Talent hiring
Averagegrosssalaryfor
full-timeemploymentinLatvia
(December2019)
EUR 1,152 gross
Averagegrosssalariesforfull-time
employmentinLatvianICTsector
(December2019):
Junior Software Engineer
EUR2,300-3,600
Technical Sales Representative
EUR1,900-2,700+
performancebonuses
EUR1,400-1,900
Senior Software Engineer
EUR4,300-6,500
Technical Customer Service Representative
Java Programmer
Senior-level– EUR3,600
Middlelevel– EUR2,800
Juniorlevel– EUR1,700
Front-End Developer (2+yearsofexperience)
EUR2,600
Salaries
The most popular ways of finding the best local talent:
- througharecruitmentcompany
thatofferstailoredsolutions,
includingoutsourcingoptions;
- throughajobadplacedona
recruitmentwebsiteandsocial
media;
- throughLinkedIn.
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Some of the biggest recruitment companies in Latvia:
Most often used staffing and recruitment employee databases:
Amrop Hever Baltics / Executive Search Baltics
https://www.amrop.com
Ariko ReServ http://ariko.lv/en/main-en
CVO Recruitment Latvia https://recruitment.lv/en/
Enjoy Recruitmenthttps://www.enjoyrecruitment.lv/en/personnel-selection
I-Work Latvia https://www.i-work.lv/en
ManPower https://manpower.lv/en/
People Management https://peoplemanagement.lv
WorkingDay Latvia https://www.workingday.lv
CV Market https://www.cvmarket.lv
CV.lv https://www.cv.lv/english
VisiDarbi https://www.visidarbi.lv/en
LikeITwww.likeit.lv (forITtalentsonly,first5adsforfree)
Prices of job ads on recruitment websites:
EUR 15-250(excl.VAT)for ajobadpostedforonemonth.
Pricesvarydependingontheadvertisingperiodanddesired jobposition.
Prices of recruitment company services:
EUR 1,000-15,000 (excl.VAT).
Pricesvarydependingontherequiredlevelofexperience andqualifications.
Anotherworthyrecruitment-related
initiativeallstartupfounderslookingfor
talentshouldbeawareofisYourmove.
lv.Notonlydoesthisonlineplatform
connectprofessionalswithLatvia-
basedcompanies,butitalsoplacesa
bigemphasisonreachingouttothe
foreignerswhoarewillingtorelocateto
Latvia.
Contacts:
Website:www.yourmove.lv
Phone:(+371)25939939
Email: janis@yourmove.lv
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To employ a foreign professional,thehiringcompanyneedstomakesurethat
therequirementsontheworkpermitare
properlysatisfied.The requirements differ depending on the origins of the foreigner.
Thatsaid,holders of EU/EEA or Swiss passports can be employed under the same conditions as the locals.Theyarenotrequiredtoapplyforaworkpermit
inLatvia,howevertheyneed to obtain a registration card from the Office of Citizenship and Migration Affairs (OCMA), if their stay in Latvia exceeds 90 days within a 6-month period.
Registera job description of the vacant position with the State Employment Agency (SEA)whichwillstayopenforapplicantsforatleast10workingdays;
File a request at OCMA, in order to initiate an invitationfortheforeigner whothecompanyisinterestedtohire;
Togettheinvitationapproved,submitanapplication packagewhich
consistsofthefollowingdocuments:
- Completedforeignemployeeinvitationform;
- Copyofemploymentcontractoracontractdraft;
- Documentsprovingthattheemployeehasallthequalifications
andpermits/licensesrequiredforthevacantposition.
Whentheinvitationisapproved,theinvitedemployeeneedstosubmit
an application package for a temporary residence permit (TRP), which
consistsofthefollowingdocuments:
- Passport(s)(ifapplicable,both–domesticandinternational;scanned
copiesaremadeandthedocumentisreturnedtotheowner);
- CompletedTRPapplicationform;
- Certificateofcleancriminalrecord;
- Proofofsubsistence,e.g.anemploymentcontractwhereasthegross
salaryisstatedtobeequaltoandhigherthantheaveragesalaryin
Latviaduringthepreviouscalendaryear(EUR1,076,asofJune2020);
- Onepassportsizecolorphoto;
- Receiptofpaidstampdutyforthereviewofanapplication.
In all other cases, a foreigner needs to have a valid work permit, inordertoengageintoalong-termcontract(morethan90dayswithin6months)with
aLatviancompany.Tosecuretheworkpermit,thecompanythatwouldliketo
hiretheforeignerinquestionneedstotakethefollowingsteps:
1.
2.
3.
4.
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Oncetheapplicationisprocessed,OCMA
issuesaTRPwhichincorporatesthe
foreignapplicant’srightstoemployment
atthehiringcompany.Worth
emphasising,theforeigner’srightsto
employmentarelimitedtothecompany
inquestion.
To employ a foreign professional under a short-term contract (lessthan90dayswithin6months),thereisnoneed
toapplyfortheworkpermitandTRP,
asdescribedabove.Instead,thehiring
companyandtheforeignerprocess a D-type Schengen visa, whichcanbe
issuedbytheConsularSectionofthe
LatvianEmbassyLatvianinthecountry
oftheforeigner’slegalresidence.
Forastep-by-stepguidanceonhowto
applyforaworkpermit,pleasesee
http://workinlatvia.liaa.gov.lv/in.php
Formoreinformationaboutvisasand
workpermits,pleasesee
https://www.pmlp.gov.lv/en/home/
services/visas-and-invitations/work-
permit.html
Formoreinformationaboutlocationsand
contactsoftheConsularSectionsofthe
LatvianEmbassies,pleasesee
https://likumi.lv/ta/en/en/id/214846-
regulations-regarding-the-territorial-
competence-of-diplomatic-and-consular-
representations-of-the-republic-of-latvia-
for-requesting-visas
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Magnets Coworking
Swedbank DobeOraculeTang space
The Lobby
Regus Opera
TechHub Riga
DarbaVieta
Workland Valdemāra
Regus Esplanāde
The Mill
Regus Terbates
People Work
Coworking Riga
Double9
Teikums
Workland Telegraph
RigaRiga
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Venture Faculty
Offices and coworking spaces
Whensettingupastartup,anofficemight
notbeanimmediatenecessity.Therefore,a
co-workingspaceisperhapsthesolutionfora
youngcompany:co-workingsareconvenient,
typicallywell-located,andaffordable.
Whilemostoftheco-workingspacesare
locatedinRiga,includingseveraloptions
intheveryheartofthehistoricalOldTown,
someofthemcan be found in beautiful remote areas – by the beach in the resort city of Jurmala or Liepaja, or in the so-called Latvian Switzerland – Sigulda or Cesis.
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Whenitistimetoupgradethepremisesandmovetoaprivateoffice,thebestway
tofindanewhomeforthecompanyistoresorttothehelpofareliablerealestate
companythatoperatesintheLatvianmarketandcaterstoalltheirclients’needs,
whatevertheymightbe.
Theofficerentalprices,aswellasutilitiesandservicechargesvaryasfollowing:
Asidefromtheprivateco-workings,
thereare15government-runMagnetic
LatviaBusinessincubatorsthroughout
thewholeLatvia.Theyofferfreeco-
workingspacesfortheirmembersand
non-members,whiletheformeralso
enjoyvarioustraining,mentorsupport
andgrants.
FormoreinformationaboutMagnetic
LatviaBusinessIncubators,pleasesee
http://inkubatori.magneticlatvia.lv/en
The monthly prices for a spot in a co-working space vary:
For a dedicated desk: For a hot desk/ open plan seating:
EUR100-200inRiga EUR69-220inRiga
EUR60-190outsideRiga EUR7-130outsideRiga
Rent: Utilities and service charges:
For A-class office:
EUR12-16/m2/month EUR2.50-5.50/m2/month
For B-class office:
EUR8-12/m2/month EUR1.50-3.50/m2/month
The list of professional real estate companies:
ArcoRealEstate https://www.arcoreal.lv/en
CBREgroup https://cbre.lv/cbre-group
ImperioEstate https://www.ie.lv/en
Kivirealestate https://www.kivi.lv/en
Latio https://latio.lv/en
NewSec https://newsec.lt/en
Ober-HausRealEstateAdvisors http://ober-haus.com/about-us
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Social benefits
Settling down
Relocatingtoadifferentcountry
alwayscomeswithacertaindegreeof
uncertaintyandvulnerability,therefore
itisimportanttobeawareofthesocial
securitysystemwhichyournewhome
countryhastooffer.
The degree to which foreigners have access to the social support and
benefits in Latvia depends on their citizenship, residence status, income situation, employment status, as well as the contributions they make to the social security system.
The EU nationals and the permanent residence permit (PRP) holders are eligible for the same social support and benefits that are available for the Latvian citizens residing in Latvia. Thisincludesthebenefitswhichare
grantedregardlessofthecontributions
madeintothesocialsecuritysystem,e.g.
one-offchildbirthbenefit,guaranteed
minimumincome,etc.Fortheentirelist
ofthestatesocialsupportandbenefits
inLatvia,includingtheeligibilitycriteria
andtherates,pleasevisit
www.vsaa.gov.lv/en.
Third-country nationals can also avail
ofarangeofsocialsupportandbenefits,
providedthattheyarelegallyemployed
inLatviaandmakecontributionstothe
socialsecuritysystem.
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Benefit Time period Rate Sicknessbenefit
(alsograntedto
employedparents
takingcareofa
childunder14
yearsoldorunder
18yearsold,in
caseofasevere
illness)
In case of illness:
- Upto26weeks,ifsicknessis
continuous
- Upto52weekswithina3-year
period,ifsicknessisintermittent
In case of child’s illness:
- Upto14days,ifchildiscaredfor
athome
- Upto21days,ifchildiscaredfor
athospital
- Upto26weeks,ifchild’sillness
issevere
- Upto3yearswithina5-year
period,ifchild’sillnessis
intermittent
- 1stday-unpaid
- 2ndand3rddayofsickness:
theemployerpaysatleast75%
oftheaveragewagesubjectto
socialtax
- 4thdayofsickness:theemployer
paysatleast80%oftheaverage
wagesubjecttosocialtax
For11thdayofsicknessand
onwards,theStateSocialInsurance
Agencygrantsasicknessbenefit
amountingto80%oftheaverage
wagesubjecttosocialtax
Maternitybenefit Up to 140 days 80%oftheaveragewage
subjecttosocialtax
Paternitybenefit 10calendardayswithin2months
afterchildbirth
80%oftheaveragewage
subjecttosocialtax
Unemployment
benefit
Upto8months.
Thebenefitispaidoutasfollows:
- Duringmonths1&2–100%of
thebenefitgranted
- Duringmonths3&4–75%ofthe
benefitgranted
- Duringmonths5&6–50%ofthe
benefitgranted
- Duringmonths7&8–45%ofthe
benefitgranted
Benefitamountdependsonthe
totallengthoftheinsurance
(employment)record,andis
computedasacertain%fromthe
averagewagesubjecttosocialtax:
- From1to9years–50%
- From10to19years–55%
- From20to29years–60%
- 30yearsormore–65%
Key social security benefits available to third-country nationals legally employed in Latvia
You can apply for the social support and benefits
- Throughonlineplatformwww.
latvija.lv,loggingintowithyour
eSignatureorviainternetbank
- AtanybranchoftheStateSocial
InsuranceAgency(SSIA)
SSIA contacts
Phone:(+371)67011814
Email: vsaa@vsaa.lv
Emailforconsultations:
konsultacijas@vsaa.lv
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Health care and mandatory health insurance
Obtaining an annual health insurance policy is a mandatory condition for finalizing your Startup Visa (and other types of TRP) application process. TheminimuminsurancecoveragelimitisEUR
42,600.Thepolicyshouldcoveratleast
thefollowingpositions:
HealthinsurancepricesmayvaryconsiderablyfromaslittleasEUR30tohundredsof
euros.Thefinalpricewilldependonvariousfactorssuchastheinsuredperson’sage,
occupation,aswellasthenumberofadditionalservicesonemightincludeintothe
insurancepackage.Therefore,priortopurchasinganinsurancepolicy,itiswisetocheck
whatdealsdifferentinsuranceprovidersoffer.
Asidefromthemandatoryhealthinsurancewithalimitedcoverage,alllegally
employedforeignnationalsandtheirfamilymemberscanapplyforthestate-funded
healthcareservicesattheNationalHealthService(NHS).Fortheapplicationform,
please see http://www.vmnvd.gov.lv/lv/nvd-pakalpojumi/iesniegumu-veidlapas
List of reliable insurance providers in Latvia
Emergencymedicalcare
Treatmentofacritical
conditionatahospital
Transportingtothenearest
medicaltreatmentinstitution
inbothoftheabove-
mentioned cases
Returntothecountryof
originintheeventofasevere
illnessordeath(repatriation)
Company Website
AP Companies https://www.ap-companies.com
Balta https://www.balta.lv/lv(inLatvianandRussian)
BAN https://www.ban.lv(inLatvianandRussian)
BTA https://www.bta.lv/en
Compensa https://www.compensa.lv/private
Ergo https://www.ergo.lv(inLatvianandRussian)
Gjensidige https://www.gjensidige.lv/english
IF https://www.if.lv/privatpersonam(inLatvianandRussian)
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TheStartupVisaholderOlga Maksimova,originallyfromRussia
andlivinginLatviafor10months,
praisestheaccesstothestate-funded
healthcareasthemostpleasantpost-
relocationdiscovery:“AsIpaytaxes
here,Icanvisitmyfamilydoctortoget
vaccinations,prescriptionsandcheck-
upsforfreeoratareducedcost.”
DentalcareinLatviaisofferedatafullpricetoadultsandisfreeforchildrenunder
18yearsold.Theaveragepricerangefordentistryservicesisasfollows:
Consultation EUR18-35
Treatment plan fromEUR49
Aesthetic filling fromEUR50
Tooth renewal fromEUR90
Hygiene EUR55-65
Apartfromconsultationsandprimary
care,familydoctorsprovidetheirpatients
withthereferralstothespecialist
physicians.Thesereferralsallow
patientstoreceivespecialists’services
ataconsiderablediscount,becausea
portionoftheexpenseisfundedbythe
state.However,thewaitingtimeforthe
discountedappointmentsmightberather
long.Incaseyouarenotwillingtowait,
youarefreetoreceivetheserviceata
fullpriceinanyhealthcareinstitutionof
yourchoice,coveringallthecostsbyyour
ownmeansorwithaninsurance.
Forthelistoffamilydoctorsin
yourneighborhood,please,visit
http://www.vmnvd.gov.lv/lv/veselibas-
aprupes-pakalpojumi/gimenes-arsti/
gimenes-arsti-atbilstosi-teritorijam(in
Latvian)
Alternatively, you can reach out to NHS:
Byphone:(+371)80001234
Email: info@vmnvd.gov.lv
Reliable health care providers in Latvia
Company Website
Emergency
units
Firsthelpandtreatmentincaseof
life-threateningconditions
113or112
Family
doctors
Firsthelpincaseofsimpleinjuries
Treatmentincaseofsickness
Home visits
Prescriptionofmedicine
Examinationsandvaccination
Newbornandchildcare
Referralstospecialistphysicians
+37166016001
Email:
medkonsultacija@gmail.com
Specialist
physicians
Rangeofservicesaimedat
treatmentofspecificconditionsand
recreation
Please visit
https://healthtravellatvia.lv/en
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FortheguidetotheLatvian
socialsecuritysystemand
state-fundedhealthcare,
please visit
www.ec.europa.eu/social/
main.jsp?catId=858.
Theguideisavailablein
Latvian,English,Frenchand
German.
Whilehealthcarecostsvarysubstantiallyamong
differentLatvianserviceproviders,onewillnoticethat
evenatafullprice,thehealthcareservicesinLatvia
arecompetitiveintermsofpriceandqualitywithinthe
BalticSearegionandareconsiderablymoreaffordable
thaninWesternEuropeandScandinavia.
HousingChoosingaccommodationisanother
importantstepintherelocationprocess.
Thedeclarationoftheplaceofresidence
isalsoamandatoryconditionfor
finalizingtheStartupVisaapplication.
Thissectiongivesabriefintroduction
intothelocalhousingmarketinLatvia.
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https://www.city24.lv
inLatvian,English,Russian,andFinnish
https://zip.lv
inLatvian,English,andRussian
https://www.rentinriga.lv
inLatvian,English,andRussian
https://www.cityreal.lv
inLatvian,English,andRussian
https://www.ss.com
inLatvianandRussian
Apartments in Riga – Sale – Rent
37kmembers
Rent an apartment in Riga
13kmembers
Rental Apartment Market Riga
9.2kmembers
RENT in RIGA
7.1kmembers
1. Websites
3. Real estate agencies
2. Social groups on Facebook
Tostartwith,itisimportanttounderstandwhereto look for information about the accommodation options.
Themostpopularsearchchannelsinclude:
Kivi Real Estate
NEWSEC
CBRE Baltics
Ober-Haus Real Estate Advisors
Latio
Arco Real Estate
Imperio Estate
andothercompanies
(foraccommodationoptionsinRiga):
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Agenskalns
Imanta Kipsala
The Old Town
Skanste Grizinkalns
The Quiet Center
The City Center
Teika
PurvciemsDA
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4. Airbnb and Booking.com Districts
Locationisanotherimportantaspectin
theaccommodationsearch,especiallyfor
thosewhoareplanningtosettledown
inthecapitalofLatvia.Rigadiffersalot
fromotherLatviancitiesintermsofsize,
yetitstillisaverycompactcitywitha
rangeofdiverse,yeteasilyaccessible
districts.
The Old TownofRigastealsheartswith
itscosycobble-stonedstreetsandwell
preservedmedievalchurches.Whilethe
rentpricescan’treachtheiconicroosters
onthesteeples,itstillisoneofthemost
expensiveneighbourhoodstolivein.
The City Center,lyingjustnexttotheOldTown,isconsiderablybiggerin
termsofareaandthusprovidesawider
choiceofhousing,restaurantsand
entertainmentoptionsthataccommodate
differenttastesandcostpreferences.
The Quiet Center,alsoknownasthe
ArtNouveaudistrictortheQuarter
ofEmbassies,isaprestigiouscentral
parishwithstylishrestaurantsand
distinguishedhistoricalresidences,all
snuggledbetweenthefinegreeneryof
twoparks.
Agenskalns (3.7 km from the Dome square),locatedontheleftbankoftheDaugavariver,isfullofbeautifully
restoredwoodenbuildings,including
arts,entertainmentandeventenclave
TheKalnciemsStreetQuarter.
Kipsala (3.8 km from the Dome square) isanotherpicturesqueleft-bankneighbourhoodlocatedwithin10-minute
walkfromthecentre.Hereyoucanenjoy
oneofthebestviewsoftheOldTown
fromawaterfrontjoggingfieldoracosy
beach.
Skanste (3.9 km from the Dome square) isverypopularamong
professionalsemployedinthenearby
banks.Besidesavastnumberofhigh-
classresidentialbuildingsandoffices,
Skansteishometothebiggestevent
venueinLatvia–ArenaRiga.
Grizinkalns (3.9 km from the Dome square)maybeperfectforfamilieswith
children,asitsnewlyrenovatedpark
hostsanumberofsportsactivitiesfor
kidsandteenagersthatgivethishistoric
neighbourhoodacompletelyfreshand
youthfulvibe.
Teika, Purvciems, Imanta (6.5-7.5 km from the Dome square) arerelativelynewanddenselypopulated
neighbourhoodsthatprovideallthe
necessaryinfrastructureandnumerous
housingopportunitiesjustwithinahalf
anhourdrivefromthecitycentre–from
Sovietprojectstoanumberofnew
residentialcomplexes.
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Rent prices for the most popular apartment types in Riga
The buying prices for an apartment with final finishing in new buildings look as follows:
Declaration of the place of residence
Withinonemonthfromchangingtheplaceofresidence,
whetheritisownedorrented,allresidentsofLatvia
shoulddeclaretheirplaceofresidence:
atthelocalgovernmentinwhoseterritorytheylive,
electronically,usinge-signatureorverificationmeans
providedbyinternetbanksintheportalwww.latvija.lv,
attheOfficeofCitizenshipandMigrationAffairs.
Itshouldbeemphasizedthatinthe
majorityofcasesthe rent prices do not include utility chargesthatdependontheseason,building
maintenancecostandoverall
consumptionofwater,electricity
andgas.In2019,theaverageutility
chargesfora50m2apartmentin
RigawerefromEUR1.50toEUR
4.00perm2.
Residentialdistricts EUR1,500-2,100perm2
Centraldistricts EUR2,100-4,000perm2
Exclusiveapartmentsincentraldistricts EUR5,000-6,000
*BasedontheOberHausMarketReport2019
District Type of apartment Rent per month*
Prestigiouscentral
districts,includingtheOld
TownandtheQuietCentre
2rooms EUR650-800
3rooms EUR700-1500
4-5rooms EUR1500-2100
Residentialdistricts(Teika,
Purvciems,Imanta,etc.)
Oldbuilding,1room EUR200-300
Oldbuilding,2rooms EUR250-400
Oldbuilding,3rooms EUR350-550
Newbuilding,2rooms EUR350-550
Newbuilding,3rooms EUR500-750
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Cost of living
CostoflivinginthecapitalcityofRigais
thehighestinLatvia,asonemayexpect.
However,aeurogoesamuchlonger
wayhere,ifcomparedtothebiggest
Europeanstartuphubs,suchasBerlin,
London,ParisandStockholm,among
others.Whatitmeansinpractice:Riga
offersagreatqualityoflifewithout
eatingabigholeinyourbudget.
Price in Riga Price in Stockholm
Price in Berlin
Bottleofwater EUR 0.82 EUR 1.88 EUR 1.70
Loafoffreshwhite bread(500g)
EUR 0.88 EUR 2.11 EUR 1.34
Mealatinexpensiverestaurant EUR 7 EUR 11.96 EUR 9
One-wayticket (localtransport)
EUR 1.15 EUR 3.83 EUR 2.90
Monthlytransportationpass(regularprice)
EUR 50 EUR 88.96 EUR 82.75
Internet(60Mbpsormore,unlimiteddata,cable/ADSL,permonth)
EUR 16.22 EUR 26.25 EUR 31.55
Cinema(internationalrelease,1seat)
EUR 8 EUR 13.29 EUR 12
1PairofNikerunningshoes(mid-range)
EUR 72.89 EUR 92.02 EUR 85.45
Cost of living comparison among Riga, Stockholm and Berlin*
*Basedonwww.numbeo.com/cost-of-living data
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Free time activitiesInspiteofitscompactsize,Latviaisnot
atalllackinginvariety:beautifulroutes
leadtomilesofdelicatewhite-sand
beachesandpineforests,andworld-
classperformancesofoperaandballet
easilyalternatewithlivelystreetfood
fairsandmusicfestivals.Formoreideas
onwhattoseeandwheretogo,please
visit www.latvia.travel/en.
Robert`s Booksoffershungry
mindsandopenheartsaglassof
goodwineandevenabetterbook
inEnglish.Grabadrink,browse
throughshelvesorstopforan
event.
Andrejosta quarterservesthemostbeautifulsunsets,
accompaniedbynicefood,sparkling
wineandtastefulsetsbypopular
localDJs.
Insider’s guide to Riga
Beingtheepicentreoflocalculturallifeandahomeforanumberoficonic
landmarks,Latviancapitaloffersactivitiestosuitalltastes.Besidesclassic
attractionstobefeaturedinthemajorityoftouristguidebooks,therearesome
non-traditionalvenuesapprovedbythelocalstartupcommunity.
Kurts Coffee,foundedbyparentsofonestronglittlewarrior,isaplaceto
doagooddeedbybuyingacoffee
tosupportsomeofKurt’sspecial
needs.
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Jauna Teikaisamodernlivingspacewith
offices,co-workings,restaurants,cocktail
barsandasportsclub–allwithineasy
reach.Chillbythefountainorexplore
oneofthesummerstreetfoodfairs.
K.K. Von Stricka villahoststhemost
charmingopen-airfestivals.Grabyour
smileandsomefriendsforamemorable
eveninginthemiddleofthecity.
Miera street withitslocalspeciality
stores,cozycafésandcreativestudiosis
holdingthetitleofthehippestlocation
inRigaalmostadecade,andithasn’tlost
anounceofitsvibrancy.
Vespa Garazh iswhereVespascooters,
deliciouscoffeeandcocktailslive.Don’t
haveVespa?Rentithereandexplorethe
citytocreateyourowninsider’sguide!
Tallina street quarter, onceusedasanambulancedepot,nowisfullofhipsterish
barsandartvenues.Explorethegraffiti
duringthedaytimeandgetbackforasip
ofbuzzingnightlife.
Kanepes Culture Centreisabohemian
placewithanauthentically“comeasyou
are”attitude.Down-to-earthpartiesand
liveperformancesarejustafewthings
toexperiencehere.
The Spikeri Flea Market attractsdesignfans,vintageloversandtreasure
hunterslookingforthebestbargains
andextensiveculturalprogramsinthe
summer.Tip!Ifyoufindyourselfcravingforfreshseasonalberriesorfruits,the nearby Night Marketwillsurpriseyour
tastebuds.
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Education Asidefrombeingavibrantandculturally
excitingcountry,Latviaispolitically
stableandsafetoliveandraiseafamily.
Whilealltherequirementsonrelocation
withspousesandkidsundertheStartup
VisaprogrammearelistedonPage35,
thissectioncoversanotherimportant
aspectofasmoothtransitionforafamily
–educationsystem.
Pre-schooleducationiscompulsory
attheageoffiveandsixandmustbe
completedbytheageofseven,withan
optiontopostponethecompletionby
oneyear,followingadoctor’sorderor
parents’request.
Basiceducationiscompulsory,too.Itis
typicallycompletedbytheageof16,but
maycontinueuntilthechildis18years
old.
Afterthesetwostages,teenagersare
freetochoosewhethertheywantto
continuestudiesandreceivesecondary
educationornot.Typically,secondary
schoolprogrammesarefocusedon
preparingyouthforthehighschools,and
vocationalsecondaryeducationismore
hands-onandhelpsstudentssecurea
specificprofessionorskill.
ThelengthofastudyyearatLatvian
schoolsdiffersacrossthefourlevelsof
education.Typically,itstartsonthefirst
workingdayofSeptemberandlastsuntil
thelastworkingdayofMay.Asforthe
gradingapproach,aten-pointsystem
prevails,whereas10isthebestresult
and4isapassinggrade.
The education system in Latvia consists of four key levels: pre-school education, basic education, secondary education, and higher education.
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Levels of education in Latvia Language of tuition
Pre-school Basic education Secondary education Higher education
Age:1.5-7 Age:7-16 Age:16andup,dependingontheprogramme
Age:19andup,dependingontheprogramme
Kindergartensorpre-primaryclassesatgeneraleducationinstitutions,e.g.schools
Schools Schoolsorvocationaleducationinstitutions
Highereducationinstitutions
Compulsoryatageof 5 and 6
Compulsoryfromageof7
Notcompulsory
Thelanguageoftuitioninpublicpre-
school,basicandsecondaryeducation
institutionsisLatvian,theonlyofficial
statelanguage.Thereisalsoanumber
ofpublickindergartensandschools
withprogrammestaughtinoneofthe
minoritylanguages–Russian,Polish,
Jewish,Ukrainian,Estonian,Lithuanian,
RomaorBelarusian,aswellasprivate
institutionswithprogrammesin
English,French,andGerman,among
others.Everystudentreceivingpre-
school,basicorsecondaryeducation
inaforeignlanguage,alsostudiesthe
officialstatelanguage.
Highereducationmaybeacquired
inLatvian,EnglishandRussian,or
inacombinationofanyofthese
languages.
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Tuition fees and admissionPrivate schools and kindergartens may set their own tuition fees and admission requirements. InRiga, theirregularfeesarearound
EUR 300-400permonth
foraprivatekindergarten
EUR 450anduppermonthfora
privateschool,includingcatering
Tuitionfeesathighereducation
institutionsvarysubstantially.Students
mayeithercoverthefeesbytheirown
financialmeans,orconsidertakinga
state-guaranteedloan.Tuitionforsome
studentsissubsidisedbythestate
ortheinstitutionitself.
Tofindmoreonhighereducation
institutionsinLatvia,pleasevisit:
www.izm.gov.lv/en.
Pre-school, basic and secondary education in public institutions is free of charge, parentsareonlyrequiredtocovercateringcosts(ifnotcovered
bythemunicipality)whichvaryfrom
approximatelyEUR1.3-2.1perdayfor
kindergartensanduptoafeweurosper
mealattheschoolcanteen.
Tohaveyourchildadmittedtoapublic
kindergartenorschool,youneedtovisit
theinstitutionofyourchoiceandsubmit
thefollowingdocuments:
Filledapplicationform
Copyofthechild’sbirthcertificate
Statementofthedeclaredplace
ofresidence
Parent’spassport
Additionally,whenaforeignchild
isconsideredforadmission,the
educationalinstitutionmayaskfor
thedocumentswhichvalidatethe
curriculumandeducationacquired
before.Incaseofanapplicationfor
secondaryeducation,theproofof
basiceducationisalsorequired.
Tip: ResidentsofRigacansubmittheir
applicationsthroughwww.eriga.lv.
Thedemandforpublickindergartens
surpassesthesupply,andthewaiting
liststendtobelong.Itisadvisedto
enlistyourchildatakindergartenas
soonasyouhaveadeclaredaddress.
Thedemandforthebestpublic
schoolsisalsohigh,itistherefore
recommendedtoapplytoseveral
schools.
Tip: Scholarshipopportunitiesarealsoavailable.Tofindmore,pleasevisit:
http://viaa.gov.lv/eng/scholarships_gov/latvian_scholarships/scholarships_for_studies
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List of private language training centres offering Latvian courses
Alius Lingua https://aliuslingua.lv/en
Baltic Media Language Training Centre http://www.valodukursi.lv/en
BaltImage http://mcbaltimage.lv(InLatvian)
Dialogs AB https://www.dialogs-ab.lv
(InLatvianandRussian)
Durbe Education Centre http://www.durbe.edu.lv/en
International House https://ihriga.lv/en
Language Training Centre https://vmc.lv/en
LatConsul http://www.latconsul.lv/en/home/page
Lonet.Academy https://lonet.academy/language-teachers/
latvian-tutors-online?lang=en
Nordisk http://nordisk.lv/en/main.html
Polyglot School http://www.polyglotskola.lv/en
Skrivanek https://valodumacibas.lv(InLatvian)
In Riga, every third-country national can learn Latvian language free of charge with the support of the Riga City Council. TheStateEmploymentAgency
alsoprovidesfreeLatvianlanguagecoursestotheresidentswithanactive
unemploymentstatus.Formoreinformationabouteducationalcentersandstudy
schedules,pleasevisithttp://www.integration.lv/en/courses-events
Alternatively,youoryourfamilymemberscanstudyLatvianindividuallywithprivate
teachersatprivatelanguagetrainingcentersoronlinedistance-learningplatforms,
e.g.https://maciunmacies.valoda.lv/eng
Latvian language courses
BoltorYandex Taxi aretheequivalentsofUberthat
providetaxisatarelatively
lowcost.Paydrivers
directlyorviatheapp–ifit’s
connectedtoyourpayment
card.
Mobillyisanapptopayforparking,RedCabandBaltic
Taxiservices,buytraintickets,
andawholebunchofother
usefulthings.Whencreating
anaccount,fillthe“resident
number”space–ifyoudon’t
haveone–withzeros.
WazeisaglobalappheavilyusedbyLatviandriversfor
plottingthebestroute,
especiallyduringtherush
hours,asitprovidesreal-time
updatesaboutaccidents
ontheroadandtheoverall
intensityoftraffic.
Woltdeliversfoodfromthe
majorityofRigarestaurants
andthecafes–fromstreet
foodtohighcuisineforsome
specialoccasions.Justenteryour
bankingcarddetailsandpay
viatheapp,yetmakesureyou
arebrowsingthroughthelocal
offers,asWoltisinternational.
Barboraappandwebsiteallows
youtoordergroceriesfrom
oneoftheleadingsupermarket
chainsMaxima.Everything,
includingfruitandvegetables,
needtobeorderedbyweight.
PickupyourordersinMaxima
storesorarrangethesame-day
front-doordelivery.
Stop Covidisastate-of-the-artBluetooth-basedappdeveloped
byLatvianITprofessionals
fordetectingencounterswith
COVID-19positiveusers.In
comparisontootherappsthat
usesimilarmonitoringfeatures,
StopCovidisavailablefor
deviceswithiOSorAndroid
operatingsystems.
Useful apps As our lives become more digital, there is a range of apps Latvian residents use to do things fast and in a more efficient way.
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Oftentimes,relocationisadrainingandmentallyexhaustingprocess.However,itdoesn’t
needtobethatway.Withtherightamountofinformationandinspiration,everyonecan
findthecouragetofollowthedreams.Havealookatfourstartupfounderswhowent
throughthisexperienceandarenowenjoyinglifeinLatvia.
Zheng Zeng, founder of DentalAI
From China
Liveswithhiswifeinatwo-bedroom
apartmentinRigaCentre
Worksfromhome
ShopsatMaximaandRimi
Eatslunchathome
TravelsaroundLatvia,theBalticsand
Scandinavia
Totalmonthlycosts:EUR1,500
PleasantsurprisesinLatvia:lowprices,
compactsizeofRigadowntownand
hugechoiceofAsianingredientsatthe
localsupermarkets
Liveswithhisbrotherinatwo-
bedroomapartmentinRigaCentre
Worksfromaco-workingspace
ShopsatRimiandMaxima
Eatslunchatdifferentcafes
TravelsaroundLatviabycar,enjoysthe
nightlife
Totalmonthlycosts:EUR600-1,000
PleasantsurprisesinLatvia:open-
mindedpeople,numerousfundingand
supporttoolsavailableforstartups
Liveswithherfamilyinatwo-bedroom
apartmentinRigaCentre
WorksinSwedbankDoBeco-working
ShopsatRimiandRigaCentralMarket
EatslunchatSwedbankcanteen
Doesyachting,studiesGerman,goes
tobachatalessonsandenjoysJurmala
beach
Totalmonthlycosts:EUR1,400
PleasantsurprisesinLatvia:
multilingualismbothintermsof
businessandeverydaymatters,
competitivecostofliving,accessto
state-fundedhealthcare
LivesinLatviafor15years
Worksfromthegarageofhisnewly
purchasedhouseinCiekurkalns
ShopsatRimiandMaxima
Eatslunchathome,oratStockpotor
Wok&Curry,whenincitycentre
Spendsfreetimeinthegarden,plays
golfatOzoorViesturiclubs,visits
KisezersorVecakiforaswim
Totalmonthlycosts:EUR1,500
PleasantsurprisesinLatvia:the
vibrancyofthestartupscene
Olga Maksimova, founder of Lovat
From Russia
Farmon Akmalov, founder of Airdas
From Uzbekistan
Austin Nicholas, founder of iSTAQ
From the UK
Startup Visa stories
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Investment opportunitiesItisnevereasytorunacompany,but
startupsoftenfeeladditionalpressure.
Statisticsshowthatnineoutoften
startupswillnotsurvive.Thefoundation
forthesuccessofastartupisbasedon
innovationandtheabilitytoscale.This,
inturn,heavilydependsonamixtureof
business,engineeringanddesignskills,
aswellastheavailabilityofthefinancial
means.Overthecourseoftime,asthe
startupgows,pivotsandexpands,the
needforfinancinggrowsexponentially,
andmanystartupfounderslosesleep
overlongerrunways.Thereisalwaysa
chancetobootstrap,andmanysuccessful
startupsinLatviahavetakenthatpath.
Experience,however,showsthatthisis
notthemostobviousoption.Whether
Business angelsWhenfundingfromFriends,FamilyandFoolsisunavailable,business
angelscanhelpyougetyourstartupofftheground.Agoodangel
providesnotonlyfunding,butalsotheirexpertiseandnetwork.
Becauseofthehighlyperceivedrisksrelatedtoearly-stagestartups,
however,theangelsmightwanttoreceivealargershareofequity.
youarelookingtoraisefunds
forpiloting,MVPtests,market
validation,salesfunnels,top-
notchmarketingorscaling,
theLatvianstartupecosystem
providesthenecessarysupport.
Businessangelnetworks,
accelerationprogrammesand
numerousventurecapitalfunds
aredomiciledinLatvia.Thereis
alsoanincreasedinterestamong
foreigninvestorsintermsofthe
BalticStates.
Oneofthebiggestbusinessangel
communitiesintheNordicregionwith
130+privatinvestorsandentrepreneurs,
andcounting,ChangerClubfocuseson
edtech,medtech,foodtech,productivity
tools,andhomeentertainmentmostly
supportingearly-stagestartupsfrom
theBalticsandtheCIS.ChangerClub
doesitsownscoutingthroughmonthly
pitchingsessionswherethreeorfour
startupsfromabout30areselectedfor
possibleinvestments.Inordertogetto
thepitch,thestartup’smonthlyrevenue
needstobeatleastEUR2,000-3,000.
Thereshouldalsobeaclearplanonhow
tomultiplyitbyhundredinayear’stime.
Finally,thestartupalsoneedstoaimfor
aregionalorglobalmarket.
Applications: idea@clubchanger.com
Candidates per session: 3-4
Average ticket: uptoEUR200,000
Website: www.clubchanger.com
Changer Club
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Ifastartupneedsbothanearly-stageinvestmentandintensive
hands-onmentoring,anacceleratorisagreatfit.Withthehighest
concentrationofbusinessacceleratorsacrosstheBalticcapitals,Riga
offersfourthematicallydiverseaccelerationprogramswithvaryingentry
criteriaandtheamountoffunding.Foundedin2014,thisLatvian
businessangelnetworkhasalready
investedaboutEUR11million.Best
knownforitsmonthlyinvestment
sessions,whichbringtogetherinvestors
andentrepreneurs,LatBANhasbeen
abletoaddmorethan110investment
dealstoitsportfolio,oftenchoosingto
createsyndicates.Insteadofthego-big-
or-go-homementality,theangelsopt
forlesserequitybutabiggernumber
ofcompaniestoinvestin.Thereareno
specificindustrypreferencesandontop
ofinvestment,mentoringbyexperienced
entrepreneursisavailable.
Applications: www.startupincluder.com
Candidates per session:5-8
Average ticket: EUR50,000
Website: www.latban.lv/en
LatBAN
Buildit Latvia
Accelerators
SpecializinginhardwareandIoT
solutions,Buildithascreatedan
accelerationprogrammefittingtheneeds
ofstartupsintheseparticularindustries.
Fourintensiveweeksinafour-month
programmefortenteambatchesare
enoughforthestartuptobecome
investable.Whileallyouneedtoapply
isaprototypeandateamof2,ifyou
feellikeyourideawillchangetheworld,
eventhatmightnotbenecessary.Each
startupreceivesuptoEUR50,000inpre-
seedinvestment,aswellasmentoringby
establishedprofessionalsandanetwork
ofmanufacturersandinvestors.Thereis
apossibilityofafollow-upseedroundup
toEUR250,000.
Requirementsforstartups:
Stage of development:
MVPorworkingprototype
Team: Atleasttwoindividualswith
relevantexperience
Ticket size: Pre-seeduptoEUR
50,000asaconvertibleloan;seed
upto
EUR250,000
Teams in batch: upto10
Website: www.buildit.lv
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Overkillhasadiverseportfolioofb2b
startups,anditsupportspre-seedstage
companiesinfindingtheirproduct-
marketfit.Inordertoacceleratethis
process,OverkilloffersEUR40,000
investmentanda3-monthmentoring
program.Duringthisperiod,thefounders
workcloselywiththepartnersofOverkill
andcombinedwithvariousmentoring
sessions,workshopsand1:1s,aimto
findtheirbeachheadandscorethose
earlycustomerssonecessaryforthe
company’sgrowth.Aftertheprogram,
theinitialfundingcanbefollowedup
byanotherinvestmentofuptoEUR
250,000.
Requirementsforstartups:
Stage of development: MVP
Ticket size:Pre-seeduptoEUR40,000;
seeduptoEUR250,000
Acceleration programme: 3months
Teams in batch: upto12
Website: www.overkill.vc
Withastrongfocusondeeptech,
CommercializationReactor(CR)isall
aboutthecommercialisationofscientific
breakthroughs.CRmostlyworkswith
early-stagestartupsandofferssix-
monthaccelerationthatisfocusedon
marketandcustomerdevelopment.
Pre-seedinvestmentsofuptoEUR
50,000areprovidedfortheteams
intheaccelerationprogrammewith
thepossibilitytoapplyfortheseed
investmentsofuptoEUR250,000.CRis
alsoknownforitsannualIgnitionEvent,
whichprovidesauniquematchmaking
opportunityforambitiousentrepreneurs
andworld-classscientificteamsthatare
seekingtolaunchadeeptechstartup
Requirementsforstartups:
Stage of development:early-stage
(beforesalesorsaleshavejuststarted)
Team: thecommittedteam,consistingof
atleastanentrepreneurandadeveloper
oftechnology(ascientist)
Ticket size: Pre-seeduptoEUR50,000
asaconvertibleloan;seedupto
EUR250,000
Acceleration programme: 6months
Teams in batch: upto10
Website:
www.commercializationreactor.com
Commercialization Reactor Overkill Ventures
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Whileastartupcanreceivean
investmentfromaventurecapital(VC)
fundatanystageofitsdevelopment,
mostlythosewhohaveproventheir
producttraction,will.Duringthepast
coupleofyears,theVCsceneinthe
Balticshasgrownimmensely,bringingin
fundsfrommanyregions,especiallyfrom
theNordics.Withthegrowingeconomy,
relativelylowcostoflivingandhigh
easeofdoingbusinessranking,aswell
asaseedroundaveragingaroundEUR
150,000(insteadoftheUSD1.1million
inEurope),moreandmoreinvestors
arelookingatLatviatodiversifytheir
portfolios.
Theseguys(andgirls)areoneofthe
largestearly-stageinvestorswiththe
mostextensiveexperienceinEurope.
SWGisfocusingonb2bstartupsin
threeverticals:SaaS,fintechandcyber
security.SWGhassupportedstartups
since2012,investinginmorethan
185companieswithasurvivalrate
of77%.Upto5monthsofintensive
full-timementoringprogramoffers
uptoEUR50,000ininvestments,
dedicatedcoaching,aswellasaccess
to250+mentorswithin-depth
knowledgeofbusinessdevelopment,
salesandfundraisingmagic,aswellas
techwisdom.Togetacceptedtothe
programme,startupsmusthavefull-time
teams,aworkingandscalableprototype,
sometractionandawillingnessto
disruptthemarket.
Requirementsforstartups:
Stage of development: Earlystage
Ticket size: UptoEUR50,000
Acceleration programme: upto5
months
Teams in batch: 10
Website: www.startupwiseguys.com
Startup Wise Guys Venture capital funds
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ChangeVentures
Website:
www.changeventures.com/#about
Fundingstage:Pre-seedandseed
Ticketsize:EUR100,000-750,000inpre-
seedandseedcapitalinvestmentsalong
withmorecapitalinlaterrounds
ExpansionCapitalAIFP
Website: www.excap.lv/en/
Fundingstage:SeedandSeriesA
Ticketsize:EUR150,000-25,000atseed
stage;EUR600,000-2.1millionatthe
growthstage
ZGI
Website:www.zgi.lv/offer
Fundingstage:SeriesA
Ticketsize:EUR500,000-3.75million
ImprimaturCapital
Website:www.icfm.lv
Fundingstage:Pre-seriesA
Focus:b2bsoftware&data,digital
health&lifestyle,learning&training,
robotics/automation
Ticketsize:EUR500,000
Rubylight
Website:www.rubylight.com
FundingStage:SeriesA
Focus:B2C,socialmedia,content
sharing,communications,and
crowdsourcing
Ticketsize:EUR500,000
LivoniaPartners
Website:www.livoniapartners.com
Fundingstage:SeriesA
Focus:SMEsoperatingtheBalticStates
thathavebecomemarketleadersinthe
regionandbeyond
Ticketsize:EUR3-15million
Baltcap
Website:www.baltcap.com
Fundingstage:SeriesA
Focus:Tech,robotics,automatics,
healthtech,AIandmobility
Ticketsize:EUR2million
Flycap
Website:www.flycap.lv
Fundingstage:
SeriesA(Mezzanineinvestment)
Focus:Healthcare,b2b,IT&tech,
export-orientedmanufacturing
Ticketsize:Mezzanineinvestment
ofEUR1-3million
Equity-free government support
Anyforward-thinkingcountryvaluesthe
qualityoflifethatinnovationcreates,
theimpactthattechnologyhason
basicallyanyaspectofourlives,andthe
importanceofmotivatingandsupporting
thoseindividualsandcompaniesthat
nurtureinnovation.Latviaisnoexception,
andtherearenumerousmechanismsto
supportthistransformation.Theimpactsof
technologieshaveaffectedtheimportance
ofmotivatingandsupportingtherelevant
individualsandcompanies.Latviais
noexception,andtherearenumerous
mechanismsinsupportofthis.
Apartfromgrantprogrammesoffered
bythegovernment,innovativeand
newbusinesseshaveaccesstoabroad
rangeofEUfundsfromprogrammes
suchasHorizon2020,Eureka,Eurostars,
etc.Informationaboutvarioustypesof
financing,theapplicationprocess,project
managementandpotentialprojectpartners
canbefoundattheEuropeanCommission
website.
List of venture capital funds
Equity
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Contacts for Startup Law, Innovation Voucher, Explore the Globe
Contacts for Startup loans
InvestmentandDevelopmentAgencyofLatvia
E-mail:startup@liaa.gov.lv
Thestate-ownedALTUM
developmentfinanceinstitution
E-mail:altum@altum.lv
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TheLatvianworkforceoffersclearvalueformoney,butwagesmayneverthelessposeachallengeforstartupswhicharetakingtheirfirststepsintheworldofbusinessorarelookingforthemosttalentedemployees.Introducedin2017, theStartupLaw: - Definesthestartupasascalablebusinesswithhigheconomicpotential,
- Describestwosupportmechanismsaimed at easing the labor-related costs, namely, a. FlatsocialtaxEUR302+0%
personalincometaxorb. 45%co-financingfor
highlyqualifiedemployees
Actionstobesupportedunderthemeasure“PromotionofInternationalCompetitiveness”:-Participationininternationalexhibitions,conferencesorforums;-Participationininternationaldigitalindustryplatformsanddigitalexhibitions;-Adaptationofproductservicestoforeignmarkets;-publicityinforeignmedia;-Telemarketingservicestofindaforeigncooperationpartner;-Conformityassessmentofplantsandproducts;-ParticipationinnationalstandsorganizedbyLIAA;-ParticipationintrademissionsandvisitsofstateofficialsorganizedbyLIAA;-LIAAconsultationcosts(alsoconsultationcostsofforeigneconomicrepresentations).
Startup-focusedloansofEUR2,000toEUR150,000areissuedbythestate-ownedALTUMdevelopmentfinanceinstitution.
For more information, please see: https://likumi.lv/ta/en/en/id/287272-law-on-aid-for-the-activities-of-start-up-companies https://startuplatvia.eu/startup-law-benefits http://www.liaa.gov.lv/lv/fondi/2014-2020/jaunuznemumu-atbalsta-programmas
For more information, please see: https://www.liaa.gov.lv/lv/programmas/skv-uznemejdarbiba
For more information, please see: https://www.altum.lv/en/services/business-start-ups /business-start-up-programme/about-the-programme/For more information, please see:
https://www.liaa.gov.lv/lv/programmas/inovaciju-vaucerihttps://startuplatvia.eu/innovation-voucher
Main requirements: - Aninvestmentfromaqualifiedinvestor(VC
fund-EUR30000,acceleratororbusinessangel-EUR15000)inthefirstfiveyearsofanewlyestablishedcompanyor
- Evidencedemonstratingthedevelopmentorproductionofaninnovativeproductinthestartup
- TaxdebtofnomorethanEUR150 - Noongoingbankruptcyprocess
Main requirements: - AnylegalentitythatappliestotheEU
commision2014-yearJune17thREGUL(ES)Nr.651/2014Appendix1.
- Link:(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014R0651)
Main requirements: - AninnovativestartupwithSMEstatus,registeredlessthanfiveyearsago
- Abusinessplanthatjustifiestheviabilityofthecompanyorproject
Main requirements: - Companyshouldbedeveloping aneworupgrading anexistingtechnology/product
- Proofthattheinnovationactivitycontributestothecompany’scompetitiveness andproductivity
- Abusinessplanforanewproduct/technologywhichconsidersthedevelopmentprocessuptointroduction tothemarket,aswellasproduction process
Startup LawPromotion of International Competitiveness program
Startup loans
45%co-financingforhighlyqualifiedemployeescanalsobesourcedthroughtheInnovationVoucher,whichisatoolaimedatencouraginginnovationinLavia-basedcompanies.Theprogrammeisdesignedforcompanieswhichhaveanewproductorserviceideawithinternationalgrowthpotentialandwhichrequireexternalexpertise.UptoEUR25,000infinancingcanbeusedtocovervarious R&Dexpendituressuchas: - Afeasibilitystudy - Industrialresearch - Developmentofaproduct’s industrialdesign
- Industrialresearchneededtodevelopnewproductsortechnologies
- Experimentaldevelopment, includingprototyping
- Certificationandtestingofa newproductortechnology
- Registrationofindustrialpropertyrightsforinventions,industrialdesignsandtopographiesofsemiconductors
Innovation voucher
Equity
-fre
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-fre
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Stockoptionsgiveemployeestheopportunitytoacquirethecompany’ssharesforanominalpriceorfreeofchargeafteracertainperiodoftime,regardlessofthecompany’ssharesofthecurrentfairvalue.Theemployeethusgainstheopportunitytosellthesharesandearnadditionalincomeifthevalueofthecompanyhasincreased.
Thegrantingofstockoptionsisabonuspaymentsystemthatallowscompaniestoattractimportantemployeesforseveralyears.
Stock option regulation
Community shapers Itisnevertoomuchsupport,asitcomes
tosettingupyourownenterprise.While
theentrepreneur-friendlylegislationmay
formtheexcellentgroundforcreative
ideas,thebuzzingLatvianstartup
ecosystemhelpstoreaptheharvestby
armingthefutureinnovatorswithboth
financialandsoftsupporttools.
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VENTSPILS AUGSTO TEHNOLOĢIJU PARKS
VENTSPILS HIGH TECHNOLOGY PARK
VENTSPILS AUGSTO TEHNOLOĢIJU PARKS
VENTSPILS HIGH TECHNOLOGY PARK
Baltic Startup Mafia
L A B S O F L AT V I A
B I Z N E S A I N K U B ATO R I
Deep Tech Atelier
BASE LOGO
COLOUR LOGO
BLACK LOGO
Hubs & clusters
Media Events
Government Associations
Funds
Business incubators Industry
Compactinsize,yettight-knitandwelcoming,
thelocalecosystemcomprisesbothpublicand
privatestakeholders
With “startup” on everyone’s lip, the ecosystem is constantly expanding, yet some key supporters have remained active for years and thus may deserve a closer look.
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Associations:Startup Association Startin.LV http://startin.lv
Latvian Business Angel Network LatBAN https://www.latban.lv/en
Latvian Venture Capital Association https://www.lvca.lv/en
Latvian Blockchain Association http://blockchain.org.lv
Latvian Information and communications technology association (LIKTA) https://likta.lv/en/home-en/
Business incubators: Magnetic Latvia Business Incubators https://inkubatori.magneticlatvia.lv/en
RTU Design Factory https://www.rtu.lv/
en/science/dizaina-fabrika
UL Student Business Incubator https://www.lu.lv/en/cooperation/
ul-student-business-incubator/
RISEBA Creative Business Incubator https://www.riseba.lv/en/about-riseba/
riseba-creative-business-incubator
Ventspils Business Support Centre https://www.vatp.lv/en/business-support
Funds:Acceleration Funds:Overkill Ventures www.overkill.vc
BuildIT https://www.buildit.lv
Commercialization Reactor https://www.commercializationreactor.com
Startup Wise Guys https://startupwiseguys.com
Business Angel Networks:Latvian Business Angel Network LatBAN https://www.latban.lv/en
Changer BAN http://changerban.next.lv
Venture Capital Funds:Imprimatur Capital https://www.icfm.lv
ZGI https://www.zgi.lv/offer/
RubyLight http://rubylightinvestments.com.au
Change Ventures https://www.changeventures.com
Expansion Capital https://excap.lv/en
Livonia Partners https://www.livoniapartners.com
BaltCap https://www.baltcap.com
FlyCap https://www.flycap.lv
Government:Investment and Development Agency of Latvia (LIAA) https://www.liaa.gov.lv/en
Ministry of Economics of the Republic of Latvia https://www.em.gov.lv/en/
ALTUM https://www.altum.lv/en/
State Education and Development Agency (VIAA) https://viaa.gov.lv/eng/
Embassy of the Kingdom of the Netherlands https://www.netherlandsworldwide.nl/
countries/latvia
Embassy of the United Kingdom in Riga https://www.gov.uk/world/organisations/
british-embassy-riga.lv
Hubs & clusters:TechHub Riga https://riga.techhub.com
Latvian IT Cluster https://www.itbaltic.com
Latvian Digital Health Cluster https://www.
digital-health-cluster-latvia.org
Riga Tech Girls http://www.rigatechgirls.org
Google Developer Group (GDG) https://gdgriga.lv
Business technology platform BiSMART http://www.bismart.lv/en
VEFRESH https://www.vefresh.com
UL Microsoft Innovation Center LUMIC https://www.lumic.lu.lv
Wind Hackers https://windhackers.com/about
Racoons https://www.theraccoons.org
Industry:Swedbank Latvia https://www.swedbank.lv
Accenture Latvia https://www.accenture.com/lv-en/about/
company/about-latvia
Microsoft Latvia https://www.microsoft.com/lv-lv
LMT https://www.lmt.lv/en/main
SEB Latvia https://www.seb.lv/eng
Tet https://www.tet.lv
Sorainen https://www.sorainen.com
Draugiem Group https://draugiemgroup.com/en
Latvian State Forests https://www.lvm.lv/en/
Nord DDB https://ddb.lv
Events:TechChill https://techchill.co
Digital Freedom Festival https://www.digitalfreedomfestival.com
Riga Venture Summit
https://www.rvsummit.co
Deep Tech Atelier https://deeptechatelier.liaa.gov.lv
iNovuss https://www.inovuss.lv/en
Riga Comm https://rigacomm.com/en
5G Techritory
https://www.5gtechritory.com
Tech Industry http://www.techindustry.lv/en/index.php
Baltic Honeybadger https://bh2019.hodlhodl.com
Media:News platform about technologies and innovation “Labs of Latvia” https://labsoflatvia.com/en/home
Latvian Public Broadcasting https://eng.lsm.lv
The Baltic Course http://www.baltic-course.com
Baltic Startup Mafia
https://www.facebook.com/
balticstartupmafia
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Contacts
Website:
https://labsoflatvia.com/en/home
www.liaa.gov.lv/en
Phone:+37167039499
E-mail:startup@liaa.gov.lv,
liaa@liaa.gov.lv
Address:PersesStreet2,Riga
SubordinatedtotheMinistryof
Economics,theLIAA,equippedby
itsownstartupconsultingunit
a.k.aStartupLatvia,isaone-stop-
shopforallforeignnationalswho
arewillingtoplugintothelocal
entrepreneurialscene.
Startup Latvia
Beingthehands,themindsandthe
heartsbehindthisguide,StartupLatvia
teamoffersadiverserangeofincentives
andopportunitiesforinnovativeideasat
eachstageofgrowth.Nomatterwhether
youwouldliketoobtaintheStartupVisa
orthesocialtaxrebateundertheStartup
Law,thisunitwillbeyourcontactpoint
forthekeysupportmechanismsprovided
bythestateandtheEU.Apartfrom
implementationoftheseprogrammes,
discussedintheprevioussections,
StartupLatvianutruestheecosystemby
excitingevents,promotionalactivities,
aswellasextensiveconsultingonboth
relocationandbusinessmatters.
Tech scouts
Whileinnovationandsciencealways
gohand-in-hand,itmaytaketime
andexpertisetonavigatethrough
opportunitiesofferedbytheacademia
sector,especiallyifyouarestartingupin
anewcountry.
Beingfamiliarwithwhatevery
researcherorlabcanbringtothetable,
LIAA scouting experts will save you
LIAA (Investment and Development Agency of Latvia)
extra effort by finding the best tech partnersinthefieldofbioeconomics,
smartmaterials,ICT,intellectualproperty
rights,smartenergy,andbiomedicine.
Apartfromindustry-specificscouting,
anadditionalscoutisassignedtothe
UniversityofLatvia,oneofthebiggest
multidisciplinaryeducationalinstitutions
inthecountry.
Labs of Latvia
Inspiteofitsname,theLabsofLatviais
notaphysicalplace,andthusthisonline
platformhasnolimitationsintermsof exposing the best of the local startup scene to the entire world.Visit https://labsoflatvia.com/en/homefor
freshcommunitynews,inspiringstories
andabroaddirectoryofdirectlinksto
diversesupportmechanisms.
Events
Whileitmaybeahardtasktocountall
thenetworkingeventsorganizedbythe
LIAA,Deep Tech Atelier and iNOVUS festival clearlystandoutintermsof
scope.Whilethefirstoneisapractical,
seminar-typeforumoncommercialization
ofthescientificbreakthroughs,thelatter
isarelaxedopen-airfestfortheentire
innovativeentrepreneurshipcommunity.
Asbotheventscontainpitchesand
“meet-and-greet”withpotential
investors,tangibleresults.
Magnetic Latvia Business incubators
Incaseyourstartupteamspeaks
Latvian,itcanbenefitfromtwotypes
ofincubationprogrammesaimedat
settingupacompanyorscalingthe
existingone,bothfreeofchargeand
availablethroughoutthecountry.For
moreinformationaboutMagneticLatvia
businessincubators,pleasesee
www.inkubatori.magneticlatvia.lv/en
International representations
WhileyoucaneasilyreachtheLIAAor
theStartupLatviaonline,theinstitution
hasabroadnetworkofrepresentations
inBelarus,China,Denmark,Finland,
France,Germany,Italy,Japan,Kazakhstan,
Lithuania,Netherlands,Norway,Poland,
Russia,Singapore,Sweden,Ukraine,the
UnitedArabEmirates,theUK,andthe
USA.
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Contacts
Website:www.lu.lv/en/
E-mail:lu@lu.lv
Phone:+37167034444
Address:Rainabulvaris19,Riga
Nomatterwhetheryouwill
relyontheLIAAtechscoutor
yourowneffort,thesearchfor
scientificexpertisemayleadyou
toUniversityofLatvia-isone
ofthelargestcomprehensive
andleadingresearchuniversities
intheBalticsandalong-time
supporterofthelocalstartup
community.
House of Science
Openedin2019,HouseofScienceof
almost20,000sqmcomprisesallthe
ULfacilitiesrelatedtoexactdisciplines,
medicineandlifesciences.Ifyour
businessidearequiresanyresearchor
prototyping,thismodernplacehasitall-
underoneroof.
The Innovation Center of the University of Latvia and Microsoft (LUMIC)
BeingoneofakindintheBaltics,
theLUMICimplementsMicrosoft for Startups support programme that provides ICT sector’s newcomers with free access to Microsoft’s cloud-based computing software.Other
perksofthecentreincludeanaccessto
abroadnetworkofbothpartnersand
investors,aswellasregularmeetupsand
hackathons.
Smartup Accelerator
SmartupAcceleratorisacollaboration
projecthandledbyULandexperts
fromothercountriesaroundtheBaltic
University of Latvia (UL)
Sea.Incaseyourideadealswiththe
environmentalburdenonconsumption,
thisacceleratoristherightplacetolook
forsupportyoursustainableinnovation
mayrequire.
Icebreakers
AnotherexampleofULcooperation
projectsincludesIcebreakers-abusiness
opportunityfestivalforstudentsand
youngprofessionals,organisedtogether
withRigaTechnicalUniversityand
expectedtobecomethemostinfluential
eventofitskindinthewholeofNorthern
Europe.
Student Business Incubator
Last,notleast,whileuniversity-based
co-workingspacesisnotsomething
unique,incaseoftheUL incubator, its office facilities are available to every entrepreneur with business expertise who is ready to consult other teams. Moreover, if you have a co-founder who is studying at the University or is a recent alumni, the scope of assistance grows on behalf of access to two incubation programmes and numerous grants.
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Contacts
Website:www.rtu.lv/en
E-mail:rtu@rtu.lv
Phone:+37167089333
Address:KalkuStreet1,Riga
Asitsnamewouldsuggest,Riga
TechnicalUniversityisthefirst
universityoftechnologyinthe
Balticsthatprovidesthelocal
startupecosystemwithboth
knowledgeandinfrastructurefor
commercializationofscientific
discoveries.
RTU Design Factory
Withtechnologiesthatrangefromlaser
cuttingandengraving,3Dprintingand
scanningtohighspeedCNCmachining
andpost-processing,RTUDesignFactory
isthebestequippedprototypinglabin
theBalticsthatemploysateamwith
skillsinmechanicalengineering,robotics,
electronics,productdevelopment,
businessandetc.Asitsstaffhappensto
speak10languages,RTUDesignFactory
embodiestwoofthekeybenefitsof
startingupinLatvia,namely,agreat
accesstothetechandahighly-skilled,
multilingualworkforce.
EIT hubs
Apartfromtechfacilities,RTUDesign
FactoryisalsohometothreeEIT (European Institute of Innovation and Technology) hubs - EIT Climate-KIC, EIT Food and EIT Raw Materialsthatgrantsupporttoinnovationsinspecificfields
ofscience.Formoreinformationabout
EIT,pleaseseehttps://eit.europa.eu
Forinstance,EIT Climate-KIC implements the only EU acceleration
Riga Technical University (RTU)
programmefocusedonclimateimpact
bycleantechcommercialisation.Inthree
stages,theprogrambringsstartupsthe
knowledge,resources,toolsandthe
coachingacleantechstart-upneedsfor
success.Formoreinformationabout
theprogramme,pleaseseehttps://
www.climate-kic.org/programmes/
entrepreneurship/accelerator/
EIT Food Innovation Prizes, ontheotherhand,isoneofthelargeststartup
competitionsforearlystagestartups
developinginnovativeproductsand
servicesthatcantransformourfood
system.Formoreinformationaboutthe
programme,pleaseseehttps://www.
eitfood.eu/entrepreneurship/projects/
Innovation-Prizes
University Incubator
Moreover,joiningeffortswithUL,RTU
runsthe University Incubator - a project that offers a 12-week STEM-oriented incubation programme. In
ordertoqualify,atleastonemember
ofyourteamshouldpossessaSTEM
backgroundfromeitherRTUorUL.
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Contacts
Website:https://www.swedbank.lv/
about/swedbank/about/dobe
E-mail:
innovatetogether@swedbank.lv
Address:Balastadambis15,Riga
Beingamongthelargestandthe
mostmodernbanksintheBaltics
andSweden,Swedbankhasalong
historyofinnovationandthus
eagerlysupportsallthegame-
changingideas.
Swedbank co-creation space
Swedbankco-creationspaceisaRiga-
basedco-workingthatprovidesafree-
of-chargepermanentworkplacewithin
afullyequippedco-workingspacefora
periodoftime.Whilepriorityisgivento
Fintech,companiesfromothersectors
mayapplyaswell.
Main requirements:
- Anearly-stagestartup*
registeredintheBaltics
- Ateamof1-5people
- Plantoworkonyour
idea/productfulltime
ThescopeofSwedbankco-creation
spacesupportisnotlimitedtoco-
workingservices.Italsohostsregular
startupevents,includingSeedTalks meetup series on innovation in finance, aswellasB2B FinTech acceleration programmes performed in cooperation with Startup Wise Guys accelerator. Besidesfunding,thestartupsselected
foraccelerationgetpremiumaccessto
Swedbank’sAPIs,aswellaspotential
accessto7millionclientsin4markets
throughtheSwedbankOpenBanking
platform.
*Mainlybeforethefirstmajorfundraising
Swedbank Latvia
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Contacts
Website:https://riga.techhub.com/
E-mail:helloriga@techhub.com
Phone:+37122882909
Address:KronvaldaBulvaris4,Riga
Foundedin2011as the first-ever co-working space in Latvia for startups, TechHubRigahasbeenactively
supportingthelocalecosystemfor
almost10years.
Apartfrombeingthe birthplace of some startup success stories, ithasalsokickstartednumerousseries of networking and educational events, suchasMonthlyMeetup,TechHub
Academy,TechHubRigaTechTalksand
DemoNights,StartupBBQ,aswellasan
annualTechChillconference.
SincetheFacultyofBiologyofULhas
movedtotheHouseofScience,TechHub Riga took over its former location and turned it into the epicenter of the local startup buzz. Togetherwithco-working
inmates,thisspaceisnowinhabitedby
someoftheecosystem’sleadingplayers,
TechHub Riga
includingtheLatvianStartupAssociation,
RigaTechGirls,TechChill,StartupWise
Guys,ChangeVenturesandetc.
Inadditiontoalltheperksyouget
on-site,TechHub membership grants access to TechHub Global Community co-workings and support programmes all over the world.
Finally,theNGOactivelypromotes
interdisciplinaryandcross-border
cooperationbetweenstartupsand
regionalstakeholders.Itsforeign
partnersinclude“GoogleforStartups”
“Garage48”,“BalticInnovationAgency”,
UniversityofTartu,tonamebutafew.
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Contacts
Website:www.techchill.co
E-mail:info@techchill.co
Phone:+37127136551
Address:KronvaldaBulvaris4,Riga
StartedasTechHubRigaside-project,
TechChillhassuccessfullyemerged
intoanindependentnon-profit
organisationwithfocusonhelping
localstartupssucceedglobally.
Events
TherangeofTechChillactivitiesincludes
job fairs, educational workshops, hackathons and international trips aimed to promote the local business environment, yet its key initiative is an eponymous conference.
Withtopicschangingandnumberof
participantsgrowingfromyeartoyear,
thisglobalRiga-basedforumis known for its signature relaxed atmosphere, yet strong make-it-work attitude.
Incaseyouareanearly-stagecompany,
visitTechChillforcontactsorknowledge,
winfundinginpitchcompetitionsand
explorethesecretbehindtraditionally
highlevelsofattendees’satisfactionon
yourown.
X Europe
Alongsidewithitsownbrandprojects,
TechChillactivelycollaborateswith
startupsupportingunitsfromalloverthe
world.Forinstance,itisamong5regional
ecosystemleadersthatimplementthe
XEurope-aEU-fundedprogramme
createdtofosterDeeptechinnovations
intheBaltics,WesternEurope,andthe
Visegradregion.
TechChill
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Contacts
Website:www.rigatechgirls.org
E-mail:rigatechgirls@gmail.com
Address:KronvaldaBulvaris4,Riga
Createdbytwofemalestartup
co-founders,RTGisprobablyone
ofthemostinspiringecosystem
stakeholders.
Unitingmorethan1000members
andconstantlyexpandingits
activitiesalloverLatviabyopening
regionalbranches,thissocialnon-
profitorganizationempowerswomen
intech,includingthestartupsector.
Addressingladiesas“thearchitectsfor
thefuture”,RTGensurestheirwords
gohandinhandwithactionsthrough
numeroustalent-boostingevents,
includingthefirsteverWomeninTech
HackathoninLatvia,aswellasseries
ofworkshopsforaspiringfemaletech
entrepreneurs,preparedincollaboration
withtheLIAAandcoveringtopicsfrom
businessmodelling,productresearch
andprototypingtoteambuildingand
presenting.
Stressingtheimportanceofpractical
ITskillsfordevelopmentofthecurrent
orstartingabrandnewcareer,RTG
alsocollaborateswithleadingICT
sectorenterprisesonprovidingspecial
scholarshipsforwomenwithinterest
inbasicprogramming.Forinstance,She
GoesTechinitiative,implementedinclose
cooperationwithAccentureLatviaand
aimedattechnologytrainingforwomen
inSAP,JAVA,Scala,JavaScript,LowCode,
turnedouttobeagreatsuccess,marked
byhundredsofapplicationsfordozensof
vacant places.
Riga Tech Girls (RTG)
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Contacts
Website:
www.digitalfreedomfestival.com
E-mail:hello@dffestival.com
Address:OraculeTangSpace,Doma
laukums2,Riga
Withoverathousandparticipants
andhigh-profilespeakers,including
policymakersandindustryleaders,an
annualDigitalFreedomFestivalisthe
perfectplacetoexplorethelatestdigital
discoveriesandmeetthetopplayersin
theinvestmentscene.
WhileDFForganizershostnumerous
educationalseminarsthroughoutthe
wholeyear,theyallleadtoakeyevent-
amulti-dateandmulti-locationplatform
withhighqualityeducationalcontentand
greatdealmakingopportunities.
Asforstartups,thereisaspecial
Investor day dedicated to speed dating, networking sessions, and pitch competitions, including
- RockstartPitchCompetition—for
emergingtechandindustry-changing
automatedsolutions(Energy,AI,
Healthcare,Agrifood,Mobility)
- 500StartupsPitchCompetition—
forideasthattransformeconomies
forthefuture(Impact,Sustainable
Businesses,EdTechetc.)
- LVMandClimateKICGreenTech
StartupPitch—forsustainable
innovations(GreenTech,Cleanenergy,
AgTech,Forestryetc.)
Digital Freedom Festival (DFF)
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Contacts
Website:www.itbaltic.com
E-mail:itcluster@itbaltic.com
Phone:+37167089815
Address:SkolasStreet11,Riga
LatvianITCluster,alsoasaDigital
InnovationHub,isastrongcommunityof
thelocalICTcompaniesandinnovation
ecosystemorganizationsthathave
joinedeffortson promotion of export, cooperation with other industries and digitalization of small and medium enterprises.
Beingexperiencedprofessionals,LITC
membersarewellawareofhowhard
itistobothscale-upandgoglobal,
thustheyarereadytosharetheirown
expertise,resourcesandcontactswith
theICTsector’snewcomers,including
thestartups.Asweliveinadigitalage,
ITClusterseesthatICTworksasacore
industrywhichcanhelptoboostother
industriestobecomemoredigitally
aware.
Describingthemselvesas«the gateway helping coolest Latvian tech companies grow strong and enter new markets»,LITCsupportsthispromiseby
thewide-rangingscopeofassistance-
from exhibitions and trading missions to digital transformation, acceleration programs and cross-industry hackathons.
Latvian IT Cluster (LITC)
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Contacts
Website:www.startin.lv
E-mail:info@startin.lv
Address:KronvaldaBulvaris4,Riga
Allstartupsdifferintermsofstage
andindustry,somecommonbusiness
goals,suchasscalingandgoingglobal,
requireone united voice for effective communication with policymakers and other parties of interest. In Latvia
thisvoicebelongstoLatvianStartup
Association,a.k.a.Startin.LVthat
unitesstartupsandotherecosystem
stakeholders.Itskeyfunctionsinclude:
- Torepresentinterestsofstartupsto
stateinstitutionsandlegislators
- Toadvocatestartup-friendly
regulations
- Toinitiatemutuallybeneficial
cooperationbetweenecosystem
players
- TopromoteLatvianstartupsceneboth
locallyandabroadthroughmarketing
and PR activities
- Toprovidestartupswithup-to-date
information,mentorshipandspecial
discountsforevents
Latvian Startup Association Startin.LV
Asforspecificactions,Startin.LVcarries
outplentyofcommunity-shapingevents,
suchastheannualRigaVenturesummit
aimedatexistingpolicyexamination
andimprovements,FounderMarathons
providingaspiringentrepreneurswith
guidelinesforstartingupinLatvia,as
wellasFounderMentorshipsessions
whereexperiencedstartupssharetheir
tipsandtrickswithsector’snewcomers.
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Contacts
Website:www.lvca.lv/en
E-mail:info@lvca.lv
Phone:+37126554125
Address:BrivibasStreet46-26,Riga
Finally,whilenetworkingandother
softsupportcancertainlymake
yourstartupthrive,nobusinesscan
survivewithoutsufficientfinancial
means.
Asthewholesectionofthisguideis
dedicatedtonumerousfund-raising
opportunities,thegoodnewsisthat
thereexistsoneorganizationthatunites
allthemajorityofparticipantsinthe
localventurecapitalindustry-Latvian Private Equity and Venture Capital Association (LVCA).
Themembersoftheassociationarefund
managementcompaniesoperatingin
Latviaandlegalandfinancialconsultants
workingfortheindustry.Currently,the
associationunites40organizations-the
majorityofparticipantsinthecountries’
venturecapitalindustry.
ThemaintasksofLVCA:
- Informentrepreneursandthepublic
aboutthepossibilitiesofreceiving
venturecapitalfinancing;
- Promotetheexchangeofknowledge
andexperienceofthemembersofthe
association;
- Representtheinterestsofthe
industrytostateinstitutionsand
legislators;
- Organizeandensurecooperationwith
internationalandforeignVenture
Capital associations.
Latvian Private Equity and Venture Capital Association (LVCA)
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Useful links
ECONOMICS & BUSINESS: Central Statistical Bureau of Latvia https://www.csb.gov.lv/en/sakums Electronic Declaration System https://eds.vid.gov.lv/login/# Enterprise Europe Network http://www.een.lv/en/ Investment and Development Agency of Latvia (LIAA) https://www.liaa.gov.lv/en Latvian Chamber of Commerce and Industry https://www.chamber.lv/en Latvian Electronical Signature https://www.eparaksts.lv/en/ Latvian Enterprise Database https://www.lursoft.lv/?l=en
Latvian Export Import Directory http://www.exim.lv/ Legal Acts of the Republic of Latvia https://likumi.lv/p/en/covid-19
Portal of State Administration Services https://www.latvija.lv/en Register of Enterprises of the Republic of Latvia https://www.ur.gov.lv/en/ State Revenue Service https://www.vid.gov.lv/en
State-owned Development Finance Institution “ALTUM” https://www.altum.lv/en/
RELOCATION:Informative website about integration in Latvia https://www.integration.lv/en
Latvian Immigration Law https://likumi.lv/ta/en/en/id/68522-immigration-law Ministry of Forreign Affairs of the republic of Latvia https://www.mfa.gov.lv/en/ Office of Citizenship and Migration Affairshttps://www.pmlp.gov.lv/en/
BANKS: International Banks:Baltic International Bank https://www.bib.eu/
Blue Orange www.blueorangebank.com
Expobank www.expobank.eu/eng
Luminor https://www.luminor.lv/en/private
SEB https://www.seb.lv/eng
Signet Bank https://www.signetbank.com/en/
Swedbank https://www.swedbank.lv/private/d2d/start
Latvian Banks:Citadele https://www.citadele.lv/en/private/
Latvijas Pasta Banka https://www.lpb.lv/en/
Reģionālā investīciju banka https://www.ribbank.com/en
Rietumu banka https://www.rietumu.com/en
LEGAL & FINANCIAL SERVICE PROVIDERS: International Service Providers:Cobalt https://cobalt.legal/en
Deloitte Latvia https://www2.deloitte.com/lv/en.html
Ernst & Young Baltic https://www.ey.com/en_gl
Eversheds Sutherland https://www.eversheds-sutherland.com/ KPMG Baltics https://home.kpmg/lv/en/home.html Leinonen Group https://leinonen.eu/lv-en PricewaterhouseCoopers Latvia https://www.pwc.com/lv/en.html Rödl & Partner Riga http://www.roedl.net/lv/en/home.html
Reliable Latvian Service Providers:AAT http://aat.lv/en AmberLaw http://amberlaw.lv/en/birojs/klienti Auctus Capital www.auctus.lv AZ Service www.azservice.lv Cipari Baltics http://www.cipari.com/main_eng.html Davis Suneps https://davissuneps.com/about/ LM Law Office http://www.lmlawoffice.com/about-us/ Orients Audit & Finance https://www.orients.lv/en/ PRIMUS DERLING http://www.primusderling.eu/ Rektina un Mieze http://rektinamieze.lv/en/the-firm/ SORAINEN www.sorainen.com TaxLink Baltic SIA www.taxlink.lv/en/ TGS Baltic https://www.tgsbaltic.com/
INSURANCE SERVICES:AP Companies www.ap-companies.com Balta https://www.balta.lv BAN www.ban.lv
BTA https://www.bta.lv/en
Compensa https://www.compensa.lv/private/ Gjensedige https://www.gjensidige.lv/english
If https://www.if.lv/en/private Latvian Insurers Association https://www.laa.lv/en/
EDUCATION:Academic Information Center http://www.aic.lv/portal/en/ Institutions of Higher Education in Latvia http://www.aic.lv/rec/HE_2002/HE_LV/ed_sys/high_ins.htm State Education Development Agency (VIAA) http://viaa.gov.lv/eng/
TRANSPORT & CONNECTIVITY:Latvian Railway (LDZ) https://www.ldz.lv/en
Public transport services in Riga https://www.rigassatiksme.lv/en/ Riga International Airport https://www.riga-airport.com/en Riga International Coach Terminal https://www.autoosta.lv/?lang=en Road Traffic Safety Directorate (CSDD) https://www.csdd.lv/en/
HOUSING:https://www.city24.lv/en/ https://www.cityreal.lv/en/ https://www.rentinriga.lv/en/main https://www.ss.com https://zip.lv/en/
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CULTURE & ENTERTAINMENT:Get To Know Latvia www.latvia.eu In Your Pocket Essential City Guide https://www.inyourpocket.com/latvia Latvia Travel https://www.latvia.travel/ Live Riga https://www.liveriga.com/en/
HIRING:CV Market https://www.cvmarket.lv/
CV.lv https://www.cv.lv/english/
Your Move https://www.yourmove.lv Like IT https://www.likeit.lv State Employment Agency https://www.nva.gov.lv/en
Visi Darbi https://www.visidarbi.lv/en/
HEALTH CARE:Emergency Medical Service of Latvia http://www.nmpd.gov.lv/en/ Ministry of Healthcare https://www.vm.gov.lv/en/
National Health Service http://www.vmnvd.gov.lv/en Private Clinical Laboratory E. Gulbis https://www.egl.lv/en/ Private Health Center “ARS” https://arsmed.lv/en/
Private Outpatient Hospital MFD http://www.mfd.lv/en Private Outpatient Medical Center ‘’Veselības centrs 4’’ https://vc4.lv/en
STARTUP COMMUNITY:Alternative Financial Services Association of Latvia (LAFPA) https://www.lafpa.lv/en/home/
Business technology platform BiSMART http://www.bismart.lv/en Google Developer Group (GDG) https://gdgriga.lv/ Latvian Blockchain Association http://blockchain.org.lv/ Latvian Business Angel Network LatBAN https://www.latban.lv/en Latvian Digital Health Cluster https://www.digital-health-cluster-latvia.org/ Latvian Information and communications technology association (LIKTA) https://likta.lv/en/home-en/ Latvian IT Cluster https://www.itbaltic.com/ Latvian Open Technology Association (LATA) https://www.lata.org.lv/?lang=en Latvian Venture Capital Association https://www.lvca.lv/en Racoons https://www.theraccoons.org/ Riga Tech Girls http://www.rigatechgirls.org Startup Association Startin.LV http://startin.lv Startup Latvia https://startuplatvia.eu/ TechHub Riga https://riga.techhub.com UL Microsoft Innovation Center LUMIC https://www.lumic.lu.lv/ VEFRESH https://www.vefresh.com/home Wind Hackers https://windhackers.com/about
BUSINESS INCUBATORS:Magnetic Latvia Business Incubators https://inkubatori.magneticlatvia.lv/en/ RISEBA Creative Business Incubator https://www.riseba.lv/en
RTU Design Factory https://www.rtu.lv/en/science/dizaina-fabrika UL Student Business Incubator https://www.lu.lv/en/cooperation/ul-student-business-incubator/ Ventspils Business Support Centre https://www.vatp.lv/en/business-support
FUNDS: Acceleration Funds:BuildIT https://www.buildit.lv Commercialization Reactor https://www.commercializationreactor.com/ Overkill Ventures https://www.overkill.vc Startup Wise Guys https://startupwiseguys.com/
Business Angel Networks:LatBAN https://www.latban.lv/en
Venture Capital Funds:BaltCap https://www.baltcap.com/ Change Ventures https://www.changeventures.com Expansion Capital https://excap.lv/en/ Flycap https://www.flycap.lv/
Imprimatur Capital https://www.icfm.lv Livonia Partners http://livoniapartners.com RubyLight http://rubylightinvestments.com.au ZGI https://www.zgi.lv/offer/
STARTUP AND TECH EVENTS:5G Techritory https://www.5gtechritory.com/ Baltic Honeybadger
https://bh2019.hodlhodl.com/ Deep Tech Atelier https://deeptechatelier.liaa.gov.lv/ Digital Freedom Festival https://www.digitalfreedomfestival.com/ Icebreakers https://icebreakers.lv/ iNovuss https://www.inovuss.lv/en/ Riga Comm https://rigacomm.com/en/ Tech industry http://www.techindustry.lv/en/index.php
TechChill https://techchill.co/
MEDIA:Business Technology Platform https://www.bismart.lv/en Latvian Information Agency “LETA” https://www.leta.lv/eng Latvian Public Broadcasting https://eng.lsm.lv/ News platform about technologies and innovation “Labs of Latvia” https://labsoflatvia.com/en/home
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