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Import and Export in Latvia

Import and Export in Latvia

Import and export in Latvia is an important part of the country’s economy and export growth has had an important contribution to the country’s positive evolution, along with the rapid development of the services sector.

Investors who open a company in Latvia that engages in export and import activities need to observe both the internal rules and regulations and the EU policies.

Which countries are Latvia’s main trade partners?

Latvia’s top export partners are Estonia, Lithuania, the United Kingdom, Germany and Russia, Sweden, Denmark. Top counties from which imports originate include Germany, Poland, Russia, Estonia, Sweden, Finland.

International trade companies that have operational bases both in one of these countries and in Latvia can benefit from the double tax treaties. One of our agents who specialize in company registration in Latvia can give you more details.

The main exported goods include wood and wood products, foodstuffs, packaged medicaments, refined petroleum, alcoholic beverages and other types of products, in lesser amounts. The country imports machinery and equipment, vehicles, chemicals, fuels, and others. Many business owners who fail to pay their taxes have actually encountered penalties and tax litigation for tax evasion. With an accountant on your side, you can decrease your likelihood of filing tax returns late, keeping you from joining this group and avoiding costly late payment penalties. Our accountants in Latvia can support you in filing your annual taxes in time to avoid any penalties.

What is the process for company formation in Latvia for an import/export business?

Company formation in Latvia is a multi-step process that can be summarized in a few key points:

– choosing the type of company and business name;

– preparing the incorporation documents: the Articles of Association.

– registration with the Registry of Enterprises.

Businesses that activate in the import/export sector need to observe the rules for strategic goods, those products, equipment, technologies or materials that are subject to more stringent policies for transit control. Examples include toxic chemicals, arms, weapons, and munitions.

Our team of agents can help you throughout the company formation process in Latvia and can guide you on issues regarding the national import/export policies as well as those applicable to branches or foreign trade companies.

For more information, please contact us.  If you are planning to open a company in Latvia, get in touch with our company incorporation specialists for assistance. The reasonably low corporation tax rate that Latvia offers is an advantage of doing business there. Corporate income tax rates are 0% starting in 2018 for gains that are reinvested. This basically means that the corporation will only pay corporate income tax rates when it distributes actual profits through dividends or other types of payments.