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Incorporation documents At the very beginning it is necessary to adopt a Decision on foundation. The decision on foundation might be equitable to Memorandum of Association in Western Europe countries. Secondly, Articles of Association should be drafted. According to Latvian Commercial Law, Articles of Association is most important document for company`s internal organization perspective which should be in line with the Decision on foundation and following records in the Commercial Register. It is necessary to pay the equity capital. The minimum of equity capital is EUR 2850 and it is not required to pay the entire equity capital at the moment of registration; the remaining sum might be paid within one year. Usually the founders open a temporary bank account in order to pay the equity capital. At this stage, the banks frequently ask questions related to the business and expected money flow in the account. Usually it is not problematic for foreigners to open a bank account, though Baltic Legal has supported the clients at this stage if necessary.
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According to the World Bank Group, Latvia ranks 22nd out of 189 countries in terms of the ease of doing business. The country ranks in top 20 for acquiring credit for companies; in top 30 starting a business, constructing and registering real estate, ease and efficiency of paying taxes, international trading, and enforcing contracts; and in top 50 for resolving insolvency and protecting minority investors. The weakest point of Latvian business environment is by far the ease of getting electricity for newly-built real property, for which the country ranks 65th.
Overall, it could be said that Latvia is most favourable for businesses that are not planning to engage in building new infrastructure. The ease of company formation, paying taxes and getting credits make a good combination with cheap but skilled and educated workforce and low infrastructure and facilities cost. Thanks to this, Latvia is a very popular country to start a business at, especially for entrepreneurs outside of the EU, because in total, it takes a lot less investments to open a company in Latvia than in most of the other EU-member states, while the end-result (in terms of quality) is the same. The business risks for such entrepreneurs are comparatively low, provided they take note of the possible competition on the local market.
Legal framework Since Latvia joined the European Union in 2004, it adopted the majority of the Union's laws and policies. One of the examples is the Schengen area agreement, which allows an unhindered international trade with other EU member-states (more about Latvian market access from EU here).
Latvian policies favour free-market and accordance with EU policies. Some analytics classify Latvian legislation as conservative, meaning that new policies take a long time to be accepted by the government, and they are generally treated with caution. The exception in this case are legislative initiatives proposed by the EU. Latvia strives to be an active member of the European economic area, trying to adapt its policies to European standards.
Business geography Most of the businesses are concentrated in the capital of Latvia, Riga, and the cities surrounding it. Other major cities are often devoted to a particular market sectors, e.g. the port cities of Ventspils and Liepāja provide ice-free ports (read more about the logistics in Latvia), while Daugavpils is an important railroad hub.
Cities of regional importance also play their part in the economic environment of Latvia. The city of Rezekne, for example, is where the Rezekne Free Economic Zone is located. The FEZ contributes to the development of the region, attracting companies with up to 100% real estate tax relief, corporate tax relief of 80% and the return of investment cost by tax incentives of up to 55%. Rezekne is also an important railroad hub.
The most urbanized regions of Latvia are the central, Eastern and Westerns regions. It must be noted, though, that if the central region is thoroughly urban, the East and the West are urban in the sense that the majority of population lives near major cities, with pockets of rural areas in-between. The Southern and the North-Eastern regions are mostly rural.
Market freedom Latvia is a free market economy, meaning that economic policies are aimed to lessen government intervention and prevent the creation of monopolies. According to the Wall Street Journal and the Heritage Foundation, Latvia is world's 37th most free economy. Latvia's score in this case is upheld by the high levels of fiscal, trade, investment and business freedoms, but is somewhat dragged down by corruption and government spending.
In Europe, Latvia takes up the 17th place in the rank of market freedom. This position becomes stronger and stronger each year, as Latvia takes steps to integrate into the European economic zone and be on par with major member-states.
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Details Official Name: Republic of Austria Capital: Vienna Total area: 83 870 km2 GDP per capita: $42,408 Native Language: German Government: Federal parliamentary republic Population: 8,414,638 Major Religion: Roman Catholicism Monetary Unit: Euro (EUR)
The Alps dominate the western and southern parts of Austria while the eastern provinces - including Vienna, the capital - lie in the Danube basin.
Until the end of World War I, Austria had been the centre of a vast empire, which controlled much of central Europe for centuries. Austria is now a federal republic, consisting of nine states.
Vienna hosts a number of international organisations, including the Secretariat of the Organisation for Security and Cooperation in Europe, the International Atomic Energy Agency and the Organisation of Petroleum Exporting Countries.
Austria has a rich cultural heritage. Wolfgang Amadeus Mozart occupies a place of his own as a composer, while the music of Franz Schubert also enjoys great popularity. In the world of philosophy and ideas, the work of Siegmund Freud continues to provoke controversy, while Ludwig Wittgenstein was one of the major influences in 20th century philosophical thinking. In art, the paintings of Gustav Klimt from the late 1800s are widely admired.
Austria has a mixed industrial and agricultural economy, while tourism is also an important source of income.
In cuisine, Austrian specialities such as Wiener Schnitzel and Apfelstrudel have become international dishes which need no translation.
Health & Welfare Social insurance is comprehensive including sickness, disability, accident, old-age, and unemployment benefits, allowances for families with children, and rent aid.
Economy & Jobs Oil production and refining, banking, railroad equipment, electric machinery, appliances, mining, iron, steel, chemical manufacturing, natural-gas, and electric power production. Jobs in machinery, textiles, iron & steel, timber, and tourism.
Main Attractions Vienna, Eisriesenwelt Caves, Grossglockner Road, Salzburg, and St Anton skiing resorts.
Economy Austria is the 12th richest country in the world in terms of GDP per capita, has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy. Mariahilf shopping avenue in Vienna.
Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. Since Austria became a member state of the European Union it has gained closer ties to other EU economies, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP accelerated in recent years and reached 3.3% in 2006.
Austria indicated on 16 Nov 2010 that it would withhold the December installment of its contribution to the EU bailout of Greece citing material worsening of the Greek debt situation and apparent inability of Greece to collect the level of tax receipts it had previously promised.
Since the fall of communism, Austrian companies have been quite active players and consolidators in Eastern Europe. Between 1995 and 2010, 4'868 mergers & acquisitions with a total known value of 163 bil. EUR with the involvement of Austrian firms have been announced. The largest transactions with involvement of Austrian companies have been: the acquisition of Bank Austria by Bayerische Hypo- und Vereinsbank for 7.8 bil. EUR in 2000, the acquisition of Porsche Holding Salzburg by Volkswagen Group for 3.6 bil. EUR in 2009, and the acquisition of Banca Comercială Română by Erste Group for 3.7 bil. EUR in 2005.
Tourism accounts for almost 9% of the Austrian gross domestic product. In 2007, Austria ranked 9th worldwide in international tourism receipts, with 18.9 billion US$. In international tourist arrivals, Austria ranked 12th with 20.8 million tourists.
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Regulatory framework. Registration of Value Added Tax (VAT) taxable persons at the State Revenue Service (SRS) is governed by the Law on Value Added Tax listing VAT taxable transactions and their taxable value, as well as by the Cabinet Regulations No. 933 Procedures for the Application of Provisions of the Law on Value Added Tax adopted on 14 November 2006.
Registration procedure In order to be registered as a VAT payer by the State Revenue Service, the tax payer must submit an application to the State Revenue Service upon presentation of a personal identification document or drivers licence, or a relevant authorisation, if the application is submitted by an authorised person. After assessment and inspection of the application and completion of other measures, the SRS makes a decision on registration of the tax payer in the Register of VAT Taxable Persons within 10 days. The SRS is entitled to obtain information on companies, inspect manufacturing facilities, ask for information on the company’s key partners, nature of its operations, etc. The documents necessary for registration by the SRS in the Register of VAT Taxable Persons may be submitted to any customer service centre of the SRS electronically by using a secure e-signature or to any regional department of the Register of Enterprises upon registering the company.
Refusal of registration The SRS is entitled to refuse the registration, if an applicant cannot be reached at his or her declared place of residence or registered address, has not given the necessary information upon request by an employee of the SRS or has given false information on his or her material, technical and financial possibilities to perform economic activities. The decision on refusal of registration in the Register of VAT Taxable Persons can be contested within 30 days by submitting a written application to the customer service centre which the decision was made at. An applicant may improve the registration application and resubmit it to the SRS.
Acquiring the status of a VAT taxpayer A taxpayer becomes a VAT taxpayer starting from the date on which the decision is made. As of that moment, the VAT is imposed on all transactions made by this person, and the rights to deduct the input tax are obtained starting from this date. A taxpayer is notified of the decision on registration in a way of his or her own choosing – either by sending a written decision via mail or by publishing the fact of registration on the webpage of the SRS
If a person is notified of the decision via mail, registration is considered to be completed on the seventh day after the transfer of such decision to the post office. If the information is published on the webpage of the SRS, a person is considered to be registered in the Register of VAT Taxable Persons on the next day after the announcement of such decision. The webpage of the SRS also provides information on counterparties, thus ensuring the possibility to find out whether they are VAT taxable persons or not.
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Regulatory framework. Registration of Value Added Tax (VAT) taxable persons at the State Revenue Service (SRS) is governed by the Law on Value Added Tax listing VAT taxable transactions and their taxable value, as well as by the Cabinet Regulations No. 933 Procedures for the Application of Provisions of the Law on Value Added Tax adopted on 14 November 2006.
Registration procedure In order to be registered as a VAT payer by the State Revenue Service, the tax payer must submit an application to the State Revenue Service upon presentation of a personal identification document or drivers licence, or a relevant authorisation, if the application is submitted by an authorised person. After assessment and inspection of the application and completion of other measures, the SRS makes a decision on registration of the tax payer in the Register of VAT Taxable Persons within 10 days. The SRS is entitled to obtain information on companies, inspect manufacturing facilities, ask for information on the company’s key partners, nature of its operations, etc. The documents necessary for registration by the SRS in the Register of VAT Taxable Persons may be submitted to any customer service centre of the SRS electronically by using a secure e-signature or to any regional department of the Register of Enterprises upon registering the company. Refusal of registration The SRS is entitled to refuse the registration, if an applicant cannot be reached at his or her declared place of residence or registered address, has not given the necessary information upon request by an employee of the SRS or has given false information on his or her material, technical and financial possibilities to perform economic activities. The decision on refusal of registration in the Register of VAT Taxable Persons can be contested within 30 days by submitting a written application to the customer service centre which the decision was made at. An applicant may improve the registration application and resubmit it to the SRS.
Acquiring the status of a VAT taxpayer A taxpayer becomes a VAT taxpayer starting from the date on which the decision is made. As of that moment, the VAT is imposed on all transactions made by this person, and the rights to deduct the input tax are obtained starting from this date.
If a person is notified of the decision via mail, registration is considered to be completed on the seventh day after the transfer of such decision to the post office. If the information is published on the webpage of the SRS, a person is considered to be registered in the Register of VAT Taxable Persons on the next day after the announcement of such decision. The webpage of the SRS also provides information on counterparties, thus ensuring the possibility to find out whether they are VAT taxable persons or not. Changes of a VAT taxpayer status A person must register if the taxable income exceeds LVL 50 000 during the previous 12 months.
A person has the right not to register in the Register of VAT Taxpayers, if this taxpayer has purchased goods within the territory of the European Union exceeding the registration threshold of EUR 10 000 at least once, but does not intend to purchase other goods in the territory of the European Union in the next calendar year, the total value of which could exceed EUR 10 000.
VAT rates Since 1 January 2011, the basic VAT rate imposed on goods and services is 22 % out of the total transaction value, instead of the previous 21 %. The reduced rate is 12 %. The goods and services which the reduced rate is imposed upon are listed in the Article 62 of the Law on Value Added Tax. The registration is voluntary if the taxable income is less than LVL 35,000. The benefit of this requirement is that the VAT paid can be deducted as input tax when purchasing goods and services. It means that the amount of the input tax paid by the taxpayer when purchasing goods and services to secure the taxable transactions may be deducted from the amount to be paid in the budget for the completed transactions.
Submission of declarations Starting from the moment of registration, a VAT taxpayer must submit VAT declarations. After registration, declarations are to be submitted once every quarter. At the end of the calendar year, taxpayers set the taxation period for the next year. Those, whose taxable income in the previous year has been less than EUR 14 300, must submit VAT declarations once every six months. In their turn, those, whose taxable income is between EUR 14 300 and EUR 50 000, must submit a declaration once every quarter. However, those, whose taxable income in the previous year has been more than LVL 35,000, become monthly payers.
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Introducing the Kingdom of the Netherlands which can be described as the most densely populated country in the whole European Union (EU) despite being a rather small country. It is located between Belgium and Germany in Western Europe. It has a population of 17 283 008 as recorded in 2018. The total GDP is 1,019 trillion USD.
The Official language of the Netherlands is Dutch. The largest city is Amsterdam. The official currency of the country is Euro (EUR). The Netherlands is a founding member of the Eurozone, EU, G10, OECD, NATO and WTO, as well as a part of the trilateral Benelux Union and Schengen Area. The country governs a few intergovernmental organizations, international courts, which altogether provides numerous benefits for its residents.
The Netherlands currently offers a legal residency program, allowing a direct path to citizenship or residence permit with no residency requirements for individuals and their families, provided the applicants are capable to make a financial contribution to the country’s government. If entering the country for a short stay, a certain type of visa will be required for the third-country nationals.
Immigration services The Immigration and Citizenship Office is responsible for immigration services in the Netherlands, which are provided through at their local municipality (gemeente) and at the Dutch embassy or consulate. There are several different legal documents in the Netherlands, granting its holder temporary or permanent rights of immigration: short stay visa, temporary residence permit, provisional residence permit, EU Blue Card. There are many different reasons for seeking residence in the Netherlands. Therefore, it is essential to choose the purpose that best fits your situation as this influences which permit application you select and submit. There are also certain benefits while having criteria for its acquisition. However, citizens of EU / EEA countries, as well as Switzerland do not need a residence permit to work and live in the Netherlands. Although, expats from the before mentioned countries are not required to register with the IND.
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Most foreign businessmen running an Estonian company find the Estonian accounting rules and tax system very easy to understand. Accounting and bureaucracy costs are generally rather low in Estonia.
Accounting rules in Estonia do not differ much from those in other EU countries, but there are a number of details that need to be taken into account.
Although the corporate income tax levied on company profits is 0% (20% tax is levied on profit distribution), there are some costs that are not eligible as business expenses. All of the company's expenses must be shown to be related to the company's business at some level. If the corporate bank card is used to pay for expenses and an invoice is not presented to show that the expenses are related to a transaction, those expenses are subject to corporation tax. All expenses must be supported by source documents.
Accounting requirements The Accounting Act regulates basic accounting functions in all business entities registered in Estonia. This law does not regulate the accounting for taxes regulated by other laws and regulations. The law is essentially drafted in accordance with International Accounting Standards.
Almost all Estonian companies can choose to prepare their consolidated and annual accounts according to International Financial Reporting Standards (IFRS) or according to Estonian Accounting Standards (“Estonian GAAP”). Companies and financial institutions are required to prepare their financial statements in accordance with IFRS. Estonian GAAP is prepared by the Estonian Accounting Standards Board.
The length of a financial year in Estonia is twelve months. At the end of each financial year, a company is required to prepare the annual report, which consists of the annual accounts and management report, accompanied by the auditor's report and the proposal for the distribution of profits for the financial year. The auditor's report does not have to be attached to the annual report if there is no audit obligation.
Annual reports must be submitted within six months of the close of the financial year. A penalty may be imposed for late filing of an annual report. There is no penalty for a short delay.
All annual reports must be filed with the register even if the company had no transactions during the financial year.
If the owner's equity falls below EUR 2500 or is less than 50% of the share capital, the owners must either restore the equity or dissolve the company. In order to avoid unnecessary waste of time, it is advisable to make sure that the share capital is sufficiently covered before filing the annual report.
If the company has employees, it is better to pay the salary at the beginning of the months following the month in which the salary was received, which is common in Estonia. There is not enough time for the tax return, since the wage tax is due no later than the 10th of the month following the salary payment.
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On July 1, 2010, amendments to the Law on Immigration of the Republic of Latvia came into force, which expand the possibilities of obtaining a residence permit in Latvia for foreigners who wish to stay and move freely in the Schengen area.
The uniqueness of these changes lies in the introduction of a new method of obtaining a residence permit – investing in real estate. It has attracted a large number of investors as a foreigner investing in real estate (which can be used for profit) has the opportunity to move freely within the Schengen area provided he or she has a passport and sufficient financial means has. Citizens of the Russian Federation are particularly interested in using this opportunity, since Latvia is nearby and is a tourist destination due to its unique cultural monuments, well-known resorts and international festivals.
What is the advantage of a residence permit? A residence permit is a document granting a foreign citizen the right to reside temporarily (a temporary residence permit) or permanently (a permanent residence permit) in the Republic of Latvia.
A temporary residence permit gives a foreigner the right to:
residence in the Republic of Latvia for a period not exceeding five years; to freely cross borders of EU member states and non-EU countries; to relocate and stay up to 90 days within the territory of other EU countries except the UK, Ireland, Cyprus, Bulgaria and Romania; to obtain a Latvian or EU permanent residence permit after five years; to obtain a temporary residence permit for the spouse and children. How do I apply for a residence permit? A residence permit is required if you intend to stay in the Republic of Latvia or the Schengen Area for more than 90 days within a six-month period.
This document is issued in the form of a visa and is pasted into the passport, indicating the name, surname and identity number of the person.
You can obtain a temporary residence permit from:
Investments in real estate after July 1, 2010; investments in Latvian credit institutions; Investing in a company's equity. Conditions for investing in real estate:
the total amount of the transaction (for one or more properties) must be at least 143,000 euros in large cities and at least 72,000 euros in other locations; only material resources may be used for the acquisition of real estate; a foreigner has and has never had debts from real estate tax payments in Latvia; the transaction will close after July 1, 2010; a residence permit is issued after the property has been registered in the land register. Conditions for investing in Latvian credit institutions:
the amount of the investments must be at least EUR 286,000; The term of the transaction must be at least five years without the right to cancel before the term of the deposit expires. Requirements for participation in the equity of a company: the investment sum must be at least 36,000 euros; the tax amount for the following year must be at least 28,600 euros.
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Getting a job and working in Germany 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 Germany 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 1 375 110 vacancies available in Germany. That is 3.3% of all the job positions, both occupied and vacant, in the country.
Wages and expenses In Germany the minimum wage is EUR 1599, while the average salary is EUR 3997.
A single person in Germany spends an average of EUR 766 per month, not including rent.
Workweek The standard workweek in Germany is 8 hours a day or 40 hours a week.
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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
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By road Driving licence A valid driving licence issued in an EU country is valid throughout the EU. In some countries, in addition to carrying a valid driving licence, you will need to have your vehicle registration document with you.
Motor insurance Wherever you are travelling in the EU your car insurance policy will automatically provide the minimum cover (third party liability) required by law. This also applies to Iceland, Liechtenstein and Norway. If you have comprehensive insurance at home, check that the cover extends to travelling in other countries.
Driving safely In all EU countries seat belts must now be worn in all vehicles, including tourist coaches and minibuses. Children must also have appropriate child restraints in cars and lorries and, where possible, in other vehicles as well.
Using a mobile phone while driving greatly increases the risk of an accident and it is either explicitly or implicitly forbidden in all EU countries.
Tolls There are toll roads in many countries including Austria, the Czech Republic, France, Greece, Hungary, Ireland, Italy, Poland, Portugal, Slovakia, Slovenia, Spain and the United Kingdom. Payment of tolls in some countries (Austria, Czech Republic, Hungary, Slovakia and Slovenia) is by 'vignette' or toll label which has to be affixed to the windscreen.
Bus and coach travel Bus and coach passengers will enjoy new rights wherever they travel within the EU from 1 March 2013. All passengers will have the right to receive adequate information. Passengers travelling 250 km or more will have additional rights such as assistance, reimbursement or rerouting in case of delay and cancellation. Passengers with a disability or reduced mobility will get free assistance at terminals and on board buses or coaches.
By air Creating a single European market for air transport has meant lower fares and a wider choice of routes and services for passengers.
Air passenger rights As an air passenger you have certain rights if your flight is delayed, cancelled or if you are denied boarding. These rights apply to all scheduled and chartered flights, both domestic and international, when departing from an EU airport (or from Iceland, Norway and Switzerland). When arriving at an EU airport from a non-EU country, they apply only to flights operated by an airline licensed in the EU (or Iceland, Norway and Switzerland).
Air carriers are liable in the event of accidents or for lost, damaged or mishandled luggage.
Security In order to ensure a high level of security throughout the EU, common rules and standards have been laid down for such things as passenger security controls, hand luggage and checked luggage, when departing from EU airports.
By rail The EU has over 212 000 km of railways with extensive international passenger services. There are over 6 000 km of high-speed lines in several countries with trains reaching speeds of up to 350 km/h and the network is being extended with new links in Austria, Belgium, France, Germany, Greece, Italy, the Netherlands, Portugal, Spain and the United Kingdom. Huge financial support is going into trans-European projects such as enhancing the rail links from Rotterdam to Genoa, Lyon to Hungary’s border with the Ukraine, from Stockholm to Palermo, from Dresden to Bucharest and from Warsaw to Tallinn.
By water There are many key sea routes between EU countries offering regular, high-quality services as an alternative to, or in combination with, road, air or rail. There are also 41 000km of navigable inland waterways in 20 of the 27 EU countries. Enjoy a sea or river cruise or use the water as a practical and pleasant way of getting around.
Metro If you plan to use the metro, familiarise yourself with maps of European city metros.
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Gibraltar is one of the British Overseas Territories that we recommend for an offshore company. Gibraltar is located at the southern end of the Iberian Peninsula on the Mediterranean Sea. Gibraltar is known for its Rock with a densely populated urban area at the foot of the Rock. The official language of Gibraltar is English, but Spanish and Llanito are also widely spoken.
Company information The nature of the company is non-resident which means that the director of the company does not have to be on site, the board meetings and shareholders' meetings have to be held in Gibraltar. The most important company characteristics in Gibraltar:
Company formation (registration process in Gibraltar takes about 5-8 days Minimum share capital of EUR 1.21 and usual authorized share capital of EUR 2,420 At least one director and one shareholder are required A local qualified company secretary is required. Submitted accounts are not publicly available An office must be maintained within Gibraltar
Company formation In order to entertain a non-resident company in Gibraltar, the following is required:
Submission of annual accounts Create and deposit accounts an annual minimum license fee of 55 EUR
Control system Gibraltar has no double tax treaty with any country and has no corporate tax. Only the annual license fee has to be paid. Also, there is no wealth tax, capital gains tax, gift tax or VAT in Gibraltar.
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Vacancies As of now, there are approximately 1 375 110 vacancies available in Germany. That is 3.3% of all the job positions, both occupied and vacant, in the country.
Wages and expenses In Germany the minimum wage is EUR 1599, while the average salary is EUR 3997.
A single person in Germany spends an average of EUR 766 per month, not including rent.
Workweek The standard workweek in Germany is 8 hours a day or 40 hours a week.
Useful resources If you are planning to work in Germany, it is useful to know the following information and contacts of organizations.
Work permit services If you are interested in working in Germany, 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 Germany.
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According to the World Bank Group, Latvia ranks 22nd out of 189 countries in terms of ease of doing business. The country ranks among the top 20 for obtaining credit for businesses; in the top 30 starting a business, construction and registration of real estate, easy and efficient tax payment, international trade and enforcement of contracts; and among the top 50 for resolving bankruptcies and protecting minority investors. The weakest point of Latvia's business environment is by far its ease of getting electricity for newly built properties, for which the country ranks 65th.
Overall, Latvia is the most favorable for companies that do not plan to build new infrastructure. Ease of starting a business, paying taxes and getting credit combine well with cheap but skilled and educated labor and low cost of infrastructure and facilities. Because of this, Latvia is a very popular country to start a business, especially for entrepreneurs from outside the EU, as overall it takes a lot less investment to start a business in Latvia than most other EU member states, while the bottom line (in terms of quality) is the same. The entrepreneurial risks for such entrepreneurs are comparatively low as long as they consider the possible competition on the local market.
Legal framework Since Latvia joined the European Union in 2004, it has adopted most of the Union's laws and policies. One of the examples is the Schengen agreement, which allows free international trade with other EU member states (more about Latvian market access from the EU here).
Latvian politics favors the free market and consistency with EU policies. Some analyzes classify Latvian legislation as conservative, meaning that new policies take a long time to be accepted by the government and are generally treated with caution. Legislative initiatives proposed by the EU are excluded from this. Latvia aspires to be an active member of the European Economic Area and tries to align its policies with European standards.
Economic geography Most companies are concentrated in the Latvian capital Riga and the surrounding cities. Other major cities often devote themselves to specific market sectors, e.g. The port cities of Ventspils and Liepāja offer ice-free ports (read more about logistics in Latvia), while Daugavpils is a major rail hub.
Cities of regional importance also play their role in Latvia's economic environment. For example, the Rezekne Free Economic Zone is located in the city of Rezekne. The EPZ contributes to the development of the region and attracts companies with up to 100% real estate tax breaks, corporate tax breaks of 80% and return of investment costs through tax incentives of up to 55%. Rezekne is also an important railway junction.
The most urbanized regions of Latvia are the central, eastern and western regions. However, it must be noted that if the central region is thoroughly urban, the east and west are urban in the sense that the majority of the population lives near large cities, with small rural areas in between. The southern and north-eastern regions are predominantly rural.
Market freedom Latvia is a free market economy, which means that economic policies are aimed at reducing state intervention and preventing the emergence of monopolies. According to the Wall Street Journal and the Heritage Foundation, Latvia is the 37th freest economy in the world. Latvia's score in this case is supported by high levels of tax, trade, investment and business freedoms, but is dragged down somewhat by corruption and government spending.
In Europe, Latvia ranks 17th in terms of market freedom. This position is getting stronger and stronger every year as Latvia takes steps to integrate into the European Economic Zone and catch up with the main member states.
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12.02.2025 13:51