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.
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:
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.
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.