Latvia, officially Republic of Latvia is one of the three Baltic states in Northern Europe in the Baltic region. It is bordered to the north by the Baltic state Estonia, to the south by the Baltic state Lithuania, and to the east both by Belarus and the Russian Federation. Across the Baltic Sea to the west lies Sweden.
The Latvian government and local authorities have worked diligently to streamline procedures for doing business in Latvia, for instance, companies can be established just in one day. As a member of the EU, Latvia operates under Europe-wide legislation. To further stimulate investments, Latvian Government is implementing many state support programs via EU Structural funds for private business development.
The most popular business entity is the limited liability company (LLC or in Latvian – SIA). Corporate tax rate is fixed at 15%, one of the lowest in the EU.
A Latvian company is well positioned to be an effective EU intermediary for trade between Western and Eastern, “Russian- speaking” countries. Latvia is a multi-lingual society where Latvian, Russian and English languages are commonly spoken and professionals are adept at working with both Western and Eastern business cultures.
Total tax weight in Latvia which forms from all the taxes including Social insurance tax is 30,5% from GDP. It is one the lowest index via 27 EU countries. Average tax weight is 39,8% from GDP. The highest tax weight are in Denmark – 48,7%, Sweden – 48,3%, Belgium – 44%, France and Italy – 43,3% from GDP. More information about taxes in Latvia.
Official language: Latvian
Population: 2.2 million
Political system: Parliamentary democracy
EU Membership: since 2004
Official currency: EUR
The Republic of Latvia, international abbreviation LV
The Republic of Latvia is founded on November 18, 1918
Location: Latvia is situated in Northern Europe, on the coast of the Baltic Sea.
The Territory of Latvia: 64,589 square kilometers (24,938 square miles).
National anthem: “Dievs, svētī Latviju!” (God Bless Latvia)
International code: LV
Constitution: democratic parliamentary republic
The parliament, called the Saeima consists of 100 elected MPs.
Official language: Latvian
Total population: 2 224 230 (on year 2011)
Capital city: Riga (with 723931 inhabitants)
Administrative organization: 7 cities, 65 towns, 26 regions, 11 districts, 467 parishes
Traditionally divided into 4 regions: Vidzeme, Latgale, Kurzeme and Zemgale
Largest Latvia cities apart from Riga: Daugavpils, Jelgava, Jurmala, Liepaja, Rezekne, Ventspils
Major ports in Latvia: Ventspils, Riga, Liepaja
Ethnic composition: Latvians -59.0% (1348344) , Russians – 28.3% (646567), Byelorussians – 3.7% (85434), Ukrainians – 2.5% (57794), Poles- 2.4% (54831), Lithuanians – 1.4% (31034), Others – 2.1% ( uz 01.04.2007)
Religion: Non-religious – 35%, Lutheran – 24%, Catholic – 18%, Orthodox – 15%, Others – 8%
Currency: Lats (LVL), 1 lats = 100 santimi
Time: GMT +2, from April to November GMT +3
Internet domain: .lv
International telephone code: +371
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