The General Data Protection Regulation (GDPR) 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.
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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, with no repercussions if he/ she wishes 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.
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 are substantial (4% of the company’s annual turnover or EUR20 million, whichever is more), small and medium companies are understandably more vulnerable to these measures.
Data subject rights and obligations for companies in Latvia
One of the core components of the GDPR is the empowerment of individuals through their data subject rights. Companies in Latvia must ensure that they respect and facilitate the exercise of these rights. These rights include:
- The right to access, meaning individuals can request a copy of the personal data a company holds about them;
- The right to rectification, presenting that individuals can request that incorrect or incomplete data be corrected;
- The right to erasure (the “right to be forgotten”): under certain conditions, individuals can request that their personal data be deleted;
- The right to restrict processing: individuals can request that their data to be processed in a limited way or held without being used;
- The right to data portability: individuals can request their personal data in a structured, commonly used format to transfer it to another service provider;
- The right to object: individuals can object to the processing of their personal data, particularly in cases of direct marketing.
Latvian companies must implement processes to accommodate these rights, such as creating channels for data subject requests and ensuring that employees are trained to handle these requests in compliance with the GDPR in Latvia. Failure to do so could lead to regulatory scrutiny and potential penalties.
You can benefit from the support of our specialized attorneys in Latvia in order to have a better understanding of the GDPR compliances before setting up a company in Latvia.
Benefit from GRPD services in Latvia
Our specialized lawyers in Latvia offer a range of services related to Latvian GDPR compliance to help businesses navigate the complex regulations and ensure they are fully compliant with the law. Our services include the following:
- GDPR compliance audits – Our professional attorneys in Latvia can conduct GDPR compliance audits to assess whether a business is adhering to the principles and requirements of the regulation;
- Data Protection Impact Assessments (DPIAs) – For certain types of data processing activities that may result in a high risk to individuals’ rights and freedoms, GDPR requires businesses to conduct a DPIA. Our specialized Latvian lawyers can assist companies in conducting these assessments by identifying and evaluating risks related to data processing;
- GDPR documentation and policies. Our lawyers in Latvia can help companies prepare the necessary documentation to ensure compliance with the Latvian GDPR regulations.
Get relevant assistance from our specialists in order to successfully start a company in Latvia and have a better understanding of all the GDPR regulations involved.
Data security projections in Latvia
The market regarding data security in Latvia is expected to present a significant grow in 2025, as mentioned in official data:
- The revenue in this growing market is set to reach 1.18 million US$ by the end of 2025;
- The Latvian data security market is projected to experience an impressive annual growth rate (CAGR) of 11.13% from 2025 to 2029;
- The average spend per employee in the Latvian data security sector is expected to hit US$1.21 in 2025.
We offer a wide range of services in Latvia. For example, it is crucial to hire an accountant in Latvia if you want to comply with the state’s accounting requirements.
Contact us for in-depth details and for complete assistance during company incorporation in Latvia.