Thema von BalticLegal im Forum Dies ist ein Forum in...
Latvia is a country in Eastern Europe and one of the Baltic countries - the three countries located on the eastern coast of the Baltic Sea: Latvia, Lithuania and Estonia. In the past, Latvia has been a part of numerous other political entities, including the Old Livonia, the Polish-Lithuanian Commonwealth, The Russian Empire and the USSR. Eventually, the country achieved its independence in 1991.
Since the 13th century Latvia has been an important trading hub and a bridge between the Eastern Europe and the rest of the continent, also being a major member of the Hanseatic League, dominating the Baltic sea maritime trade up until the 16th century. Nowadays Latvia is a market in its own right and an important economic player in the Baltic region.
Economy In the last decades Latvia has enacted a number of reforms to support trade and the domestic market, and they turned out to be successful, making the business environment better. The amount of foreign investments and domestic consumption has increased over this time (except for a setback during the crisis of 2008 - 2009), which shows that both Latvian residents and foreign investors place their trust in the current economic environment of Latvia.
The crisis of 2008 - 2009 mentioned previously was heavily influenced the economy of Latvia, as it did in many other countries. There was a drop in GDP of 17% and a peak of unemployment of 17% (more than 20% by some estimates), and the situation has reached its worst in 2010, just in the aftermath of the crisis. The economy entered the phase of contraction, during which the so-called shadow economy or underground/unofficial economy took up approximately 40% of all the Latvian economy.
From 2010 to 2012 Latvia has been implementing various economic reforms and projects in order to restore the damage economy. Eventually, with the help of international funds, the country announced in 2012 that the economy is steadily growing again. This claim was also approved by the International Monetary Fund (IMF). The GDP, export and domestic consumption grew, and unemployment declined to about 9.5% in 2016 (almost twice as low compared to the crisis period).
Economy sectors Traditionally, there are four economic sector: agriculture (including mining and together extraction of natural resources), industry and manufacturing, services, and informational technologies (and other knowledge-based areas). Latvia, along with the majority of the world's most developed countries, is reliant on the tertiary and the quaternary sectors, namely services and knowledge-based industries.
Agriculture in Latvia The agricultural sector takes up 4% of Latvia's GDP and provides jobs to approximately 7.7% of the population. The major industries within the agricultural sector is grain production, cattle, potatoes, sugar beets and other vegetables. The main agricultural export product is timber, as Latvia is abundant with forests, and the forestry industry is generally well developed in the country. Other than that, however, Latvia's resources are scarce are thus not very developed. This particularly concerns energy-related resources - these and their products are mainly imported from abroad.
Industry in Latvia The industrial sector is the second most developed economy sector in Latvia. It contributes 24% of the country's GDP, and approximately 28% of the working population is employed in the sector. The most developed industries within are metalworking, food processing and construction, Lately, the high-tech industry also undergoes a significant development, and, although not a major branch right now, this area is expected to become a major contributor to Latvian economy.
Services in Latvia Services, such as market entry legal support, and knowledge-based industries, such as internet technologies, are the primary economic sectors of Latvia. They take up approximately 72% of the GDP, and more than 63% of Latvians are employed in the sector. Specialists of the country are especially proficient in legal services and internet technologies, as well as a number of other industries.
International relations Latvia is an active international player, being a member of the EU, the United Nations, WTO (World Trade Organization). OECD (Organisation for Economic Co-operation and Development) and many other economical and political organizations. Latvia is located near Lithuania, Estonia, Belarus, Russia and Scandinavian countries (especially Sweden and Finland). The country maintains active economical and trade relationships with most of them, making international trade from Latvia an advantageous undertaking.
Thema von BalticLegal im Forum Dies ist ein Forum in...
A title to real estate in Latvia provides specific benefits for its holder. The purchase of real estate is an excellent option if you wish to receive a residence permit in Latvia, if you seek new business opportunities or if you are simply looking for a good investment.
According to the annual review conducted by the Latvian State Land Service (SLS), during the period July 2011 to July 2012 almost 50% of the total turnover in the local real estate market was related to sale and purchase of buildings and apartments. According to the same annual review by the SLS, of all the groups involved in the local real estate market, the second most active group were foreign investors. Experts also pointed to continued growth in demand for Latvian real estate as a driver for the ongoing increase in sales prices.
Residence permit Latvian laws provide an opportunity for foreign investors who have purchased qualifying real estate in Latvia to apply for a residence permit in Latvia. In order to qualify, very specific requirements (set forth in the regulations) must be met - So it would be sensible to take advice before begining your real estate search.
Residence permits in Latvia can be very valuable, since Latvia is part of both the European Union and the Schengen area. The holder of a Latvian residence permit may not only Work, reside, run a business and study in Latvia, but can also travel to other countries of the Schengen area for up to 90 days without any further registration or visas - Residents of Latvia need never worry about Schengen visas for tourism or business trips anywhere in the Schengen zone.
New opportunities After you have become the legal owner of real estate in Latvia, you may use it however you wish - including to start or expand your business if that is what you desire. This could be quite profitable.
If you have purchased a commercial property (factory, warehouse, hotel, office etc.), you may run your business there or lease it to any other company.
If you have purchased a house or an apartment, you may rent it out. Renting can prove to be very profitable in such cities as Riga, Jurmala or Ventspils. There are a large number of foreign businessmen constantly looking for a place to stay during their visit to Latvia instead of staying in a hotel. Also, these cities are visited by thousands of tourists each year and demand for rental apartments is high. (read more)
Investment Real estate is an excellent way to invest your money. It is usually considered safer than a bank deposit when looking at the long term. For the last two decades the local real estate market in Latvia has been quite dynamic, which has provided an opportunity for real estate owners to earn money by selling their property for a healthy profit.
According to the data provided by the SLS the Riga real estate market is the largest in Latvia. Real estate transactions in Riga account for half of all the transactions carried out in the whole of Latvia. SLS data proves what anyone familiar with the Latvian market already knows - Real estate in Riga is in high demand and this is reflected in high property values.
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Documents for submission These are the necessary documents to submit to acquire residence permit:
Filled application form Passport size picture Document issued by competent authority from the home country indicating that the foreigner has no criminal record Prove of sufficient financial means Document indicating place of residence in the Republic of Latvia Prove that payment for the real estate was in non-cash form (bank transfer) Document that indicates that person has paid real estate tax if the real estate in owned for more than a year Document that indicates that State fees for residence permit request are paid Additionally upon arrival Valid health insurance Reference from Latvian medical institution proving that the foreigner does not suffer from tuberculosis in active phase Documents and application can be submitted
At Immigration office in Republic of Latvia At Latvian embassy or consular missions outside the Schengen area Residence permit for the family Along with the main investor his/her family members can apply for a temporary residence permit. Qualified family members are the spouse and children under18 years of age.
Financial means to support living expenses Minimum required financial means for investor – 960 Eur per month Minimum required financial means for spouse - 320 Eur per month Minimum required financial means for child - 192 Eur per month In order to prove possession of sufficient financial means the foreign national should provide a bank statement that indicates amount for one year 12 x 960 = 11520 Eur.
Additionally expected expenses related with buying the real estate State fee for registration the new owner in the Land Register – 2% from the value of the property State fee that must be paid to the government when you recive the permit – 5% of the proparty value Stamp duties, notary fees & other; approximately 80 – 130 EUR Duration of the process The time for obtaining a residence permit in Latvia includes the period necessary to review the submitted documents which is 5 to 30 days depending on the amount of fee paid.
If an additional verification by the foreign national is necessary, the term can be extended for up to 90 days.
A foreigner has to visit Latvia to obtain a residence permit no later than three months after being granted the permit.
State fee 143 Eur – decision by Immigration office is issued in 30 days; State fee 285 Eur – decision by Immigration office is issued in 10 days State fee 427 Eur – decision by Immigration office is issued in 5 days
Thema von BalticLegal im Forum Dies ist ein Forum in...
A title to real estate in Latvia provides specific benefits for its holder. The purchase of real estate is an excellent option if you wish to receive a residence permit in Latvia, if you seek new business opportunities or if you are simply looking for a good investment.
According to the annual review conducted by the Latvian State Land Service (SLS), during the period July 2011 to July 2012 almost 50% of the total turnover in the local real estate market was related to sale and purchase of buildings and apartments. According to the same annual review by the SLS, of all the groups involved in the local real estate market, the second most active group were foreign investors. Experts also pointed to continued growth in demand for Latvian real estate as a driver for the ongoing increase in sales prices.
Residence permit Latvian laws provide an opportunity for foreign investors who have purchased qualifying real estate in Latvia to apply for a residence permit in Latvia. In order to qualify, very specific requirements (set forth in the regulations) must be met - So it would be sensible to take advice before begining your real estate search.
Residence permits in Latvia can be very valuable, since Latvia is part of both the European Union and the Schengen area. The holder of a Latvian residence permit may not only Work, reside, run a business and study in Latvia, but can also travel to other countries of the Schengen area for up to 90 days without any further registration or visas - Residents of Latvia need never worry about Schengen visas for tourism or business trips anywhere in the Schengen zone.
New opportunities After you have become the legal owner of real estate in Latvia, you may use it however you wish - including to start or expand your business if that is what you desire. This could be quite profitable.
If you have purchased a commercial property (factory, warehouse, hotel, office etc.), you may run your business there or lease it to any other company.
If you have purchased a house or an apartment, you may rent it out. Renting can prove to be very profitable in such cities as Riga, Jurmala or Ventspils. There are a large number of foreign businessmen constantly looking for a place to stay during their visit to Latvia instead of staying in a hotel. Also, these cities are visited by thousands of tourists each year and demand for rental apartments is high. (read more)
Thema von BalticLegal im Forum Dies ist ein Forum in...
In Latvia, registration of Value Added Tax (VAT) payers by the State Revenue Service (SRS) in the Register of VAT Taxable Persons is governed by the following provisions:
Article 3 and paragraphs 1 and 9 of the Article 26 of the Law 'On Value Added Tax'. Cabinet Regulations No. 933 'Procedures for the Application of Provisions of the Law On Value Added Tax adopted on 14 November 2006. Due to the accession to the EU some provisions have been added stipulating that non-taxable persons pursuing economic activities and purchasing goods in the EU area the value of which reaches or exceeds EUR 50 000 (tax not included) in the current calendar year must be registered by the State Revenue Service in the Register of VAT Taxable Persons within 30 days after reaching or exceeding the said amount. After registration this person can voluntarily request removal from the register 2 years after the day of registration at the earliest.
Registration applies to the following persons and entities:
natural persons - registered according to their declared places of residence; legal persons - registered according to their registered addresses; partnerships - registered according to their registered addresses entered in the Commercial Register; if a group of persons conducts joint economic activity on the basis of a contract, the natural person authorised to represent this group must be registered according to the declared place of residence; if a person of another Member State or a person not registered in the EU territory conducts one or more taxable inland transactions. Only undertakings, for example, general partnerships, limited partnerships, individual undertakings, limited liability companies (SIA) and joint stock companies (AS) are obliged to submit VAT applications to the Register of Enterprises of the Republic of Latvia.
Registration as a VAT payer is compulsory if the total value of taxable transactions conducted by a natural or legal person, whose declared place of residence or registered address is situated in the Republic of Latvia, has reached or exceeded LVL 10,000 during the last 12 months. 12 months are not to be regarded as a calendar year, but they can concern any period of 12 months. Registration must take place within 30 days after reaching or exceeding the said amount.
The SRS reviews the registration application and decides on registration of a person in the Register of VAT Taxable Persons within 15 working days after receipt of the application.
If the SRS has decided to refuse the registration, it will send this decision to the respective person by post within five working days stating the reason for refusal. A person who has received a decision on refusal of registration is entitled to adjust the registration application and submit it to the SRS again.
A person is considered registered in the SRS Register of VAT Taxable Persons as of the day when the registration certificate of a VAT taxable person is issued to this person.
To register VAT contact us or perhaps to register a new company in Latvia read more about Company registration in Latvia.
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The sprinkler market entry strategy is simultaneous business expansion to a number of foreign markets. Its main characteristic is the simultaneous market entry in pursuit of benefits that an early entry provides. Thus, it is a high-risk, high-reward approach - a successfully executed sprinkler strategy allows collecting profits from several markets while also being ahead of your competition, but a failed entry (withdrawal from markets) costs a lot of resources and provides little in terms of compensation.
A company enters several foreign markets at once and tries to establish itself, promote the product and build a client base simultaneously. The company receives profit and internationalization knowledge from several markets, which makes spreading the business even more effective, as there are so many sources of resources and information. This is similar to a water sprinkler, where each individual droplet is small, but they are numerous and spread all around, so that all the nearby area is watered evenly and thoroughly.
Implementation The sprinkler market entry strategy is best suited for companies, who produce products with a short life cycle or whose products are in the introduction or growth phase. Usually the sprinkler strategy is supplemented by the price skimming technique, when the initial price is rather high and is lowered with time. This allows generating as much profits as possible in a relatively short period of time, taking into consideration profits from all the regional branches.
Another thing to keep in mind with the sprinkler market entry is the procedure standardization. As it is almost impossible to customize and adapt for each and every market entered, standardization plays an important role in keeping the business expansion process coherent and the incoming data comparable. Of course, it does not mean that everything should be uniform - it is still vital to pay attention to, for example, cultural differences and how they affect advertising and branding. Thus, for example, hot dog companies in Malaysia in 2016 were forced to rename their products concerning the word 'dog', as this animal is considered to be 'unclean' in Islam, which is one of the major religions of the region. If the sprinkler strategy fails to adapt to such peculiarities, expansion into a certain market may stall.
Advantages The sprinkler market entry strategy is an effective method of outrunning competition and utilizing the first-mover or technological advantage. While the competitors enter just one or two markets at a time, the business in question raises the brand-awareness in many more markets. Even if the competitors also enter these markets, they will be seen as followers, rather than as innovators. The business that uses the sprinkler market entry strategy has more time to analyze the market and make adjustments. An early simultaneous entry also means more possibilities for registering intellectual property, which hinders the later advance of competitors even more.
Another advantage is the amount of income from a large number of entered market, especially if the business expansion was successful in the majority of the markets. Besides just receiving profits and using them to develop the company, this also gives another advantage - the profits from successfully entered markets can be allocated to less successful regional branches, thus minimizing the risk of withdrawal across all the markets. This makes the sprinkler strategy advantageous in the long-run.
Disadvantages The sprinkler market entry relies on a big number of markets entered simultaneously, which, in turn, requires a significant amount of initial investments. This includes both finances and staff, as well as the general business expansion planning. Depending on the markets and other circumstances, production facilities, offices, logistics networks and bank accounts will need to be established in numerous markets at once, putting additional strain on resources.
Another disadvantage of the sprinkler strategy is the high risk of entering a number of markets at once. Although a failure and possible withdrawal in one can be compensated by the profits from other markets, if the whole business expansion is unsuccessful, the losses are rather serious (due to big initial investments, see the previous disadvantage).
Thema von BalticLegal im Forum Dies ist ein Forum in...
Getting a job and working in Lithuania is one of the reasons why one might want to acquire a residence permit in Europe (an example of this would be a residence permit in Latvia). Working in Lithuania also allows you to enjoy all the benefits of residing in the EU, such as freedom of moving in the Schengen area, the chance to be employed and do business in the member-states with fewer requirement, as well as travel to European destinations without the need for a visa (with some exceptions).
Vacancies As of now, there are approximately 18 375 vacancies available in Lithuania. That is 1.4% of all the job positions, both occupied and vacant, in the country.
Wages and expenses In Lithuania the minimum wage is EUR 555, while the average salary is EUR 1289.
A single person in Lithuania spends an average of EUR 522 per month, not including rent.
Workweek The standard workweek in Lithuania is 8 hours a day or 40 hours a week.
Useful resources If you are planning to work in Lithuania, it is useful to know the following information and contacts of organizations.
Work permit services If you are interested in working in Lithuania, you need to obtain a work permit and a residence permit (which in some cases are obtained simultaneously). For this you can use the help of our legal team - we provide consultations, find the best solutions to your unique case and deliver legal assisstance of all kinds. So contact us by using the form on the upper right side of the page, and start a journey to your dream job in Lithuania.
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On 1 July 2010, the amendments to the Immigration Law of the Republic of Latvia came into force expanding the possibilities to obtain a residence permit in Latvia for foreigners who want to stay and move freely within the Schengen area.
The uniqueness of these amendments lies in the fact that a new method for obtaining a residence permit was introduced – investing in real estate. It has attracted a large number of investors, because a foreigner investing in real estate (that can be used for profit) has the possibility to move freely within the Schengen area under the condition that he or she has a passport and sufficient financial means. Citizens of the Russian Federation are especially interested in using this possibility, as Latvia is located in the vicinity and is a tourist destination due to its unique cultural monuments, well-known resorts and international festivals.
What is the benefit of holding residence permit? A residence permit is a document that gives a foreign citizen the right to temporarily (a temporary residence permit) or permanently (a permanent residence permit) stay in the Republic of Latvia.
A temporary residence permit gives a foreigner the right:
to stay in the Republic of Latvia for a period of time not exceeding five years; to freely cross borders of EU Member States and non-EU countries; to move and stay up to 90 days within the territory of other EU countries except for the United Kingdom, Ireland, Cyprus, Bulgaria and Romania; to obtain a Latvian or EU permanent residence permit after five years; to obtain temporary residence permits for the spouse and children. How to apply for residence permit? A residence permit is needed if you want to stay in the Republic of Latvia or in Schengen area for more than 90 days in a six-month period.
This document is executed in the form of visa and pasted in the passport indicating the person’s name, surname and the identity number.
A temporary residence permit may be obtained by:
Investing in real estate after 1st July 2010; Investing in Latvian credit institutions; Investing in the equity capital of an enterprise. Conditions on investing in real estate:
the total amount of transaction (involving one or several real estates) must be at least EUR 143,000 in large cities or at least EUR 72,000 in other places; only non-cash funds may be used for purchasing real estate; a foreigner does not have and has never had any debts of payments of real estate tax in Latvia; the transaction is concluded after 1 July 2010; a residence permit is issued after registering the ownership in the Land Register. Conditions on investing in Latvian credit institutions:
the amount of financial investments must be at least EUR 286,000; the term of transaction must be at least five years without the right to terminate it prior to the term of repayment of the deposit. Conditions on investing in the equity capital of an enterprise: the amount of investment must be at least EUR 36,000; the amount of taxes payable for the next year must be at least EUR 28,600. Duration of process The time for obtaining a residence permit in Latvia includes the period necessary to review the submitted documents which is 5 to 30 days depending on the amount of fee paid. Additional time may be needed for sending documents by mail. If an additional verification by the foreigner is necessary or if a foreigner applies for residence permits for his or her spouse and minor children, the term can be extended for up to 90 days. A foreigner has to come to Latvia to obtain a residence permit no later than three months after being granted the permit.
Statistics According to the Office of Citizenship and Migration Affairs (PMLP), 2495 temporary residence permits were issued in 2010 indicating a high demand for this service. It is also worth mentioning that the amendments to the Immigration Law of 20 January 2011 simplified the bureaucratic component of services making them even more accessible.
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Bulgaria is a country located in southeastern Europe. The Republic of Bulgaria has a population of 7 364 570. According to official statistics, the main ethnic group in Bulgaria is Bulgarians, then Turks and Romani. The country is a unitary parliamentary republic and the official language is Bulgarian. Bulgaria’s nominal GDP per capita is approximately USD 14,312 and the currency is the lev (BGN).
A temporary residence permit in Bulgaria can be obtained for a period of six months to one year and can be extended for up to five years. After a period of five years, holders are eligible for permanent residence. The Bulgarian Citizenship Act states that non-EU nationals who have held a permanent residence permit for five years can apply for Bulgarian citizenship and a Bulgarian passport. Applications for citizenship and the relevant documentation must be submitted to the Ministry of Justice. The time required for registering a ‘trade representative office’ in Bulgaria, including preparation time for the requisite set of D-visa application documents, is approximately 15 working days. There are three types of residence permit — temporary, permanent and extended.
Immigration services All applications for immigration documents, residence permits, visas or other documents must be submitted at your nearest Bulgarian embassy or the general consulate of Bulgaria.
Immigration service providers A residence permit or visa allowing you to stay in Bulgaria may be granted, for example, for working purposes, if you are living with someone (like a family member), for travelling or study or for research purposes.
Here are three email address of companies which offer immigration services in Bulgaria:
Lawful immigration There are many possible routes to acquiring a residence permit. Non-nationals residing in Bulgaria have certain rights and obligations under the Bulgarian Constitution and must accept Bulgarian laws and residence rules. European Union citizens don’t need a visa to stay in Bulgaria and third-country nationals can transit through Bulgaria without requiring a visa under the terms and conditions set by European Union legislation. Non-nationals wishing to obtain a continuous residence permit, permanent residence permit or work permit are subject to another set of rules and requirements.
Immigration law Bulgarian law on immigration was significantly amended by the Republic of Bulgaria Act, which has some important implications for non-nationals. The Bulgarian Ministry of Interior Affairs is authorised to sign agreements and is entitled to collect and process visa applications. Bulgarian embassies are also authorised to process residence permits or visas. Lawful immigration is important in Bulgaria because of changes in the law. Until 2011, there were only two types of residence permit: long term and permanent. In that year, a third permit type was added: the extended permit, which is the extent of both permits previously mentioned.
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Foreign undertakings or organizations may establish representative offices or register official representatives in the Republic of Latvia.
Representative offices (representatives) do not have the right to conduct business. The objective and task of such representative offices is mostly the promotion of a foreign undertaking or organization in the Republic of Latvia or the Baltic region as a whole.
The representative office is a part of a foreign undertaking or organization, which is situated in the territory of the Republic of Latvia and is not considered an independent legal entity.
The state fee amounts to EUR 29 and the application at State Registry will be considered within 15 days. Depending on the paid state fee, the time might be reduced up to two business days.
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Cyprus is currently facing economic challenges. Cyprus has borrowed 10 billion euros from an international loan, mainly to recapitalize its banks, which are paralyzed by exposure to crisis-hit Greece.
The Cyprus government has passed a law that will tax existing bank deposits over EUR 100,000 with a one-off tax. Such a step for Cyprus threatens an outflow of funds from the state.
From the point of view of experts, this situation is beneficial for Latvian credit institutions, especially those working with clients from Russia and the CIS. Latvian banks are currently characterized by an influx of depositors.
Depositors and investors choose Latvia for its tax policy, favorable tax system, high level of confidentiality and flexible attitude to the transit of financial resources. Latvian banks are a safe alternative to offshore money storage.
The advantages of the Latvian business environment are open markets, resources not available elsewhere (land, wood, low labor costs), as well as a business culture and mentality close to the European dimension.
Foreign investors also evaluate the experience and note a number of benefits, as business projects that had made good progress before attracting investment would have made good progress. They point out that Latvia has a long tradition of production.
Latvia or Cyprus? The main differences, important for any entrepreneur, who has not decided yet – Latvia or Cyprus.
Latvia is located in Europe, Cyprus is located in Asia. Latvia has an advantageous geographic location close to the former Soviet markets, such as Russia and Ukraine, at the same time- it is part of the European market. Cyprus is a member of Eurozone, Latvia will join Eurozone in 2014. Latvian financial sector does not constitute a basic profit of GDP, as opposed to Cyprus. It points that Latvia is economically more stable. Latvia has a high level of Russian language. The Latvian banking sector has experience working with clients from the former Soviet Union, and the banks are willing to work using Russian language. Starting of 1st January 2013, the dividends are not taxable income in Latvia, if the company – Latvian resident pay out dividends to the non-resident unless it is located, established or founded in low tax or no-tax states or territories. Also, dividends received from the non-resident are not taxable unless it is located, established or founded in low tax or no-tax states or territories. Latvia has concluded a convention with Russia of double non-taxation. This convention significantly reduces the tax burden for entrepreneurs based on Latvia or Russia. Latvia increased its attractiveness for foreign depositors by passing a law in 2009 allowing anyone who invests 100,000 lats (€144,150, or in other specific cases €70,000) to get a residency permit. Residency permit allows them to move more freely around the EU. While Cyprus has professional bankers as well as Latvia has, in Latvia bank services are more cheaply and also companies can be purchased cheaply. Latvia is ranked as 25 in Doingbusiness. Cyprus is ranked as 36 in Doingbusiness. This survey points out that in Latvia is more easy deal with issues such as- Registering Property, Getting Electricity, Getting Credit, Enforcing Contracts and Resolving Insolvency, also Trading Across Borders. Latvia is in upper middle income category. Cyprus is in high income category. That points out lower labour costs in Latvia.
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The tendency of Latvian entrepreneurs to set up companies in other Baltic States is becoming more common. Lithuania's accession to the European Union (EU) in 2004 provided not only additional advantages for companies on the territory of Lithuania, but also in the member states of the EU and the countries that are members of the Commonwealth of Independent States are an opportunity for more successful development of economic relations between Latvia and Lithuania.
Registration of Lithuanian companies is carried out by the State Registration Center. The registry center is a state-owned company with limited civil liability. It was established on July 8, 1997 by the Ministry of Justice of the Republic of Lithuania with state funds.
The main function of the registry center is the administration of the following three main registries of the state:
real estate register; register of legal entities; address register. The Center for Registers took over responsibility for the registration of legal entities from local governments in 2004; However, company data has been recorded by the register since 1990. In fact, the register center in the Lithuanian public sector is considered to be an excellent example of creating and developing a system of register databases. The Ministry of Justice of the Republic of Latvia believes that the most suitable form of company for the management, maintenance and development of registers is precisely a state-owned company that can generate profits, as it offers more opportunities to improve the efficiency of the registration process. In contrast to the institutions funded from the state budget, a state-owned company also has the opportunity to attract suitable information technology (IT) specialists and ensure the development of IT.
Register of legal entities The register contains complete information and historical data on the form and status of legal entities, their areas of activity, size, as well as information on representatives, members, governing bodies and obtained licenses, etc. of legal entities. Since 2004, most companies have had to comply with the obligation to submit annual financial reports to the register. In addition, since 2010, private limited companies are required to prepare a list of shareholders by submitting this information to the registry center. In practice, the Register of Legal Entities applies the principles of transparency and publicity, as information on legal entities – companies, institutions and non-governmental organizations – is public.
Extracts from the register of legal entities, annual reports, lists of shareholders or other documents, such as minutes of board meetings, are kept in the archives of the register center and are available to all interested persons. This is a paid service.
2010. In 2010, the Registration Center launched online electronic registration of legal entities. Since no documents are submitted in written form when using this service, a secure electronic signature is required. Until now, online registration of legal entities was only available to Lithuanian citizens, but the Center for Registers is actively working to ensure equal opportunities for foreign investors to use this service. That is why the e-guide for company formation is now being launched in Lithuania to provide foreign clients with the necessary support by providing them with information on how to carry out incorporation and registration procedures.
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The concept of outsourcing some activities relating to the company’s day-to-day operations has proved to be an effective method of improving performance in many countries. Many companies have found it beneficial to eliminate all departments that are not directly related to their primary line of business: sales, production, or services.
We offer accounting services to small and medium businesses(service of accounting in Latvia, Lithuania or Estonia only) providing efficient and friendly service offering cost effective solutions for your accounting and payroll-related needs in any of Baltic states. We realize full financial analysis of accountancy and timely notification to manager about any risk which endanger successful development of business. We manage making accounting reports, all necessary accounting documents related to Latvia and delivering them to State revenue service, Central Statistical Bureau and other institutions of the Republic of Latvia.
Our accounting in Latvia services include: Financial accounting and reporting Accounting for special purposes (payroll accounting, accounting in the client's system, assistance to foreign clients in the completion of VAT returns etc) Preparation of annual accounts Preparation of regulatory documents (i.e. internal accounting rules) Communication with the Tax Authorities Complete management of the company's accounts Day-to-day accounting advisory services We continue to co-operate with the client beyond doing the books and reports. At this stage our services include, but are not limited to, supervision of bookkeeping activities performed by the client and assistance in solving accounting problems.
Our services also include:
Ad hoc assistance for internal finance personnel, finance controllers and management on accounting and tax issues Assistance during statutory or internal audits Conducting regular reviews of accounting documentation and procedures Implementation of a model for accounting transactions in the single currency used by the group Implementation of a reporting model for group reporting purposes Development of a methodology for drawing up and controlling the company’s budget
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According to Andrejs Rjabcevs, public relations manager of the Office for Citizenship and Migration Affairs (OCMA), the Supreme Court on Thursday ruled to reject the naturalization board's request to revoke the Latvian citizenship of doctor of physics Uldis Bērziņš despite the fact that that he received Swedish citizenship in 2007 is an unprecedented case.
“It is now obvious that this decision is somewhat unique and unprecedented in the jurisprudence, since about a hundred cases about the deprivation of Latvian citizenship due to the acquisition of citizenship of another country are answered in court every year, but until now since For more than ten years, the opinion of the court in such cases has been constant,” Ryabcevs admitted.
Accordingly, it would be important for the OCMA to first understand what arguments and reasoning the Court acted upon in this case, and only then can it determine whether the Supreme Court's decision applies to all cases of dual citizenship or only to this case.
“First, the OCMA wants to get acquainted with the full text of the verdict, and only after that will it decide on further actions – whether to appeal this verdict or not,” Rjabcevs said.
The Supreme Court reportedly today denied the Citizenship Board's claim to strip Latvian citizenship of PhD physicist Uldis Bērziņš, who acquired Swedish citizenship in 2007.
In 2007, after acquiring Swedish citizenship, the scientist created a situation of dual citizenship, accordingly, the naturalization board filed a lawsuit with the court for deprivation of Latvian citizenship. Today's Supreme Court ruling contradicts the Riga Regional Court's 2009 ruling, which upheld the naturalization board's claim and stripped Bērziņš of Latvian citizenship.
The newspaper Neatkarīgā reported that Bērziņš received Swedish citizenship in 2007 because it was necessary for his work; However, all this time the scientist has been actively collaborating with the Institute of Atomic Physics and Spectroscopy (IAPS) of the University of Latvia (LU), developing various projects, attracting resources and looking for an opportunity to return to Latvia.
The scientist's representative in court, Māris Jansons, stated: “We believe that the citizenship law allows maintaining dual citizenship in such cases, and this is a situation from which Latvia would only benefit if Bērziņš retained Latvian citizenship. " .
The Citizenship Act states that citizenship is a permanent association of a person with the state. Since Bērziņš started working as a senior scientist in a high-tech company in Sweden in 2000, he has not lost his connection to the motherland as his entire family lives here.
“If it comes to that, we are ready to sue even before the Constitutional Court and we will try to change the previous legal practice. The situation has now changed significantly as many people are leaving Latvia and the state should be interested in their return, so the question arises as to how to apply this law in the current circumstances. Of course we could get Bērziņš to get citizenship on the basis of special merit, but that is not correct in principle because it is obvious that the system does not work properly that way.' Jansons said at the time.
Supreme Court press secretary Baiba Kataja said that the Civil Cases Chamber of the Supreme Court on Thursday rejected the request by the Office for Citizenship and Migration Affairs (OCMA) to strip the Latvian citizenship of scientist Uldis Bērziņš, who also acquired Swedish Citizenship.
The Office of Citizenship and Migration Affairs filed a claim with the court, because an inspection revealed that in 2007 Bērziņš had acquired Swedish citizenship. The Riga Regional Court decided to satisfy the claim of the OCMA, but Bērziņš appealed this decision.
After adjudicating the case in the first instance, the Riga Regional Court satisfied the claim on November 27, 2009 and deprived Bērziņš of the citizenship by pointing out that the Citizenship Law does not allow dual citizenship. The court of first instance also stipulated that the legal provisions of the Citizenship Law do not give any basis for the court to evaluate defendant's character and contributions to the science in Latvia, when making the decision on deprivation of citizenship.
In the appeal hearing, the representative of Bērziņš, stipulated that the defendant had a strong connection with Latvia that it is enduring and important to him, and requested the court to evaluate it. The representative of the defendant asked to take into consideration the proportionality principle by evaluating not only the fact that Bērziņš was a doctor of physics and had contributed to the development of science in Latvia, but also how the situation in Latvia had changed during the last years with many people leaving to work abroad, but still having a close connection with Latvia, because their families live here, and actively taking interest in the events in the state and participating in the elections.
The representative of the defendant also drew the attention to the amendments to the Citizenship Law, which had been submitted to the Saeima and would foresee the dual citizenship. These amendments were accepted already in the first reading. The representative of the OCMA did not accept the appeal and sustained the claim.
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07.12.2024 13:14