The General Data Protection Regulation is an EU law that is applicable in all member states starting with May 2018. The main purpose of this unifying law is to provide the same conditions for the protection of personal data at a European Union level. All companies in Latvia will have to comply with the rules for collecting, processing, transferring and archiving personal information about their clients.
Our team of agents who specialize in company formation in Latvia can give you complete information about the new requirements for companies and the fines they risk if they do not comply with the regulations.
Table of Contents
Special conditions for consent under the GDPR
The GDPR includes a set of characteristics that need to be satisfied as far as consent for collecting personal data is concerned. For the purpose of data protection and privacy, consent must be:
- • Freely given: the subject must have free choice for giving his/her consent and no repercussions if they wish to withdraw;
- • For specific purposes: the scope of the data usage must be clearly stated and consent is to be given for one or more specific purposes.
- • Unambiguous: the options for offering consent must be clear and simple: the data subject should only need to make a clear and affirmative action to offer his/her consent; this is especially applicable to websites.
- • Informed: the subject must make an informed decision and for this purpose, the identity of the data controller as well as the purpose for the data collection and all of the transfer information must be clearly specified.
Our agents who specialize in Latvia company formation can give you more details about how to implement these requirements for obtaining valid consent from your clients. Investors in Latvia should know that the scope of the GDPR also extends to non-EU companies when they process personal or sensitive data belonging to EU citizens. If you are an investor with a company in Latvia, you would likely keep up with the country’s regulations. It is crucial to hire an accountant in Latvia if you want to comply with the state’s accounting requirements. The income tax, the GST, and other government agencies must be dealt with when you start a firm. The filing of different returns with these departments is aided by accounting.
GDPR compliance in Latvia
Investors who want to open a company in Latvia can reach out to us for more information about the new regulations and adequate compliance for companies. Because the fines for failure to comply with the GDPR ate substantial (4% of the company’s annual turnover or 20 million EUR, whichever is more), small and medium companies are understandably more vulnerable to these measures.
Contact us for in-depth details and for complete assistance during company incorporation in Latvia. If you are planning to start a company in Latvia you should know that there is no extra state or local tax on company revenue; it is exclusively taxable at the federal level. It is also important to keep in mind that all Latvian resident businesses are obligated to pay corporate income tax, regardless of whether their earnings originate domestically or abroad. Only the corporate income taxes associated with income derived from Latvia will be paid by non-resident businesses operating in Latvia.