{"id":240,"date":"2023-05-30T06:17:38","date_gmt":"2023-05-30T06:17:38","guid":{"rendered":"https:\/\/companyformationlatvia.com\/?p=240"},"modified":"2023-09-19T13:12:57","modified_gmt":"2023-09-19T13:12:57","slug":"open-a-foundation-in-latvia","status":"publish","type":"post","link":"https:\/\/companyformationlatvia.com\/open-a-foundation-in-latvia\/","title":{"rendered":"Open a Foundation in Latvia"},"content":{"rendered":"\n<p><strong>Establishing a foundation in Latvia<\/strong> is a relatively straightforward process, and the costs involved are generally lower than in other jurisdictions. But it is still recommended to get the help of experts while <strong>setting up a foundation in Latvia<\/strong> in order to avoid making mistakes because you don\u2019t know well the local rules and laws. You are welcome to get practical assistance from our <strong><a href=\"https:\/\/www.companyformationlatvia.com\/\">company formation agents<\/a><\/strong> in Latvia.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/companyformationlatvia.com\/open-a-foundation-in-latvia\/#how-to-open-a-foundation-in-latvia\" title=\"How to open a foundation in Latvia?\">How to open a foundation in Latvia?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/companyformationlatvia.com\/open-a-foundation-in-latvia\/#documents-required-to-open-a-foundation-in-latvia\" title=\"Documents required to open a foundation in Latvia\">Documents required to open a foundation in Latvia<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/companyformationlatvia.com\/open-a-foundation-in-latvia\/#why-set-up-a-foundation-in-latvia\" title=\"Why set up a foundation in Latvia?\">Why set up a foundation in Latvia?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/companyformationlatvia.com\/open-a-foundation-in-latvia\/#tax-incentives-for-donors-in-latvia\" title=\"Tax incentives for donors in Latvia\">Tax incentives for donors in Latvia<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"how-to-open-a-foundation-in-latvia\"><\/span><strong>How to open a foundation in Latvia?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you are interested in <strong>opening a foundation in Latvia<\/strong>, please follow the main steps:<\/p>\n\n\n\n<ol type=\"1\">\n<li>Determine the purpose of your foundation: You need to decide the aim and objectives of your foundation, including its charitable, social, or cultural goals;<\/li>\n\n\n\n<li>Choose a name for your foundation that reflects its purpose and is not already registered by another organization in Latvia;<\/li>\n\n\n\n<li>Prepare the founding documents: The articles of association must include the purpose of the foundation, its activities, the names of its founders and its governing body. You may also need to draft a statute, which outlines the rules and regulations governing the foundation&#8217;s operations;<\/li>\n\n\n\n<li>Register the foundation: You will need to submit the founding documents to the <strong><a href=\"https:\/\/www.ur.gov.lv\/en\/register\/\">Register of Enterprises<\/a><\/strong> of the Republic of Latvia:<\/li>\n\n\n\n<li>Obtain a registration certificate: Once your foundation is registered, you will receive a certificate of registration;<\/li>\n\n\n\n<li>Establish a governing body: You will need to appoint a governing body, which may include a board of directors or a board of trustees. It will be responsible for managing the foundation and ensuring that it operates in accordance with its founding documents;<\/li>\n\n\n\n<li>Obtain tax-exempt status: Once your foundation is registered, you can apply for tax-exempt status with the State Revenue Service of Latvia. If you are planning to open a foundation in Latvia, you can get help from our company incorporation agents.&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>Keep in mind that the process of <strong>setting up a foundation in Latvia<\/strong> may require legal expertise. You may want to consult with our <strong><a href=\"https:\/\/www.companyformationlatvia.com\/about-us\">company formation specialist<\/a><\/strong> <strong>in Latvia<\/strong> to ensure that you complete all the necessary steps correctly.<\/p>\n\n\n\n<p>Besides this, if you need any <strong><a href=\"https:\/\/www.companyformationlatvia.com\/accounting-services-in-latvia\">accounting<\/a><\/strong><strong> services in Latvia<\/strong>, our CPA can assist you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"documents-required-to-open-a-foundation-in-latvia\"><\/span><strong>Documents required to open a foundation in Latvia<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To <strong>open a foundation in Latvia<\/strong>, you need to prepare the following documents:&nbsp;<\/p>\n\n\n\n<ul>\n<li>Articles of Association: This document outlines the purpose of the foundation;<\/li>\n\n\n\n<li>Foundation regulations: This document mentions the specific rules and procedures for the operation of the foundation;<\/li>\n\n\n\n<li>Identification documents: You will need to provide identification documents for all members of the foundation&#8217;s board of directors, including passport copies and proof of address;<\/li>\n\n\n\n<li>Minutes of the initial foundation board meeting: These outline the decisions made at the initial board meeting, including the appointment of board members and the adoption of the Articles of Association and Foundation Regulations;<\/li>\n\n\n\n<li>Bank reference: The foundation will need to open a bank account in Latvia, and a bank reference is required to demonstrate the financial stability of the foundation;<\/li>\n\n\n\n<li>Proof of payment of the state fee: There is a state fee that must be paid to register the foundation;<\/li>\n\n\n\n<li>Power of attorney: If any of the board members are unable to attend the registration process, they will need to provide a power of attorney authorizing another person to act on their behalf. You can rely on our agents for this purpose.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>It is recommended that you seek advice when preparing these documents to ensure that they are properly drafted and comply with Latvian laws. Furthermore, if you planning to <strong>buy a <a href=\"https:\/\/www.companyformationlatvia.com\/shelf-company-in-latvia\">shelf company<\/a> in Latvia<\/strong>, get a consultation from our company incorporation agents. We can also help you if you want to <a href=\"https:\/\/companyformationlatvia.com\/\">open a company in Latvia<\/a>, no matter its type. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"why-set-up-a-foundation-in-latvia\"><\/span><strong>Why set up a foundation in Latvia?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are several reasons why people might choose to use a <strong>Latvian foundation<\/strong> for certain purposes. You can expect the following benefits if you are planning to <strong>set up a foundation in Latvia<\/strong>:<\/p>\n\n\n\n<ul>\n<li>Tax benefits: Latvia has a favorable tax regime for foundations, with no taxes being levied on the assets of the foundation, and no taxes on the income generated by the foundation&#8217;s activities;<\/li>\n\n\n\n<li>Asset protection: Foundations can be used to protect assets from creditors or other potential claimants. Under Latvian law, the assets of a foundation are separate from the personal assets of its founder or board members, which can provide a layer of protection against legal action;<\/li>\n\n\n\n<li>Flexibility: Latvian foundations are highly flexible and can be used for a wide range of purposes, from charitable activities to commercial ventures. The founder of the foundation has significant control over how the foundation is structured and managed.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>If you are planning to <strong>set up a foundation in Latvia<\/strong>, please get in touch with our agents. Our company formation specialists can also help you <strong><a href=\"https:\/\/www.companyformationlatvia.com\/establish-branch-latvia\">open a branch<\/a><\/strong><strong> in Latvia<\/strong>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"tax-incentives-for-donors-in-latvia\"><\/span><strong>Tax incentives for donors in Latvia<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In Latvia, there are tax incentives provided by the tax law for individuals and corporations who make donations to public benefit foundations. Donors may deduct the amount of their donation from their tax declaration under the Latvian Income Tax Act or Corporate Income Tax Act:<\/p>\n\n\n\n<ul>\n<li>Corporate donors can receive a tax reduction of up to 85% of the donated amount, the maximum tax deduction for corporations is set at 20% of their total tax;<\/li>\n\n\n\n<li>The maximum amount for individual donors is 20% of their taxable income.<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.companyformationlatvia.com\/contact-us\"><strong>Contact<\/strong><\/a> our agents for <strong>opening a foundation in Latvia<\/strong>.&nbsp;<\/p>\n\n\n\n<p>In addition to this, our agents can also help you <strong>get a <\/strong><strong><a href=\"https:\/\/www.companyformationlatvia.com\/virtual-office-in-latvia\">virtual office<\/a><\/strong><strong> in Latvia<\/strong>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Establishing a foundation in Latvia is a relatively straightforward process, and the costs involved are generally lower than in other jurisdictions. <\/p>\n","protected":false},"author":3,"featured_media":241,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10,173,11,171,169],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Open a Foundation in Latvia \u2013 With the Help of Our Specialists<\/title>\n<meta name=\"description\" content=\"Our consultants can guide you if you want to set up a foundation in Latvia. Contact our company formation agents in Latvia for details.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/companyformationlatvia.com\/open-a-foundation-in-latvia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Open a Foundation in Latvia \u2013 With the Help of Our Specialists\" \/>\n<meta property=\"og:description\" content=\"Our consultants can guide you if you want to set up a foundation in Latvia. 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