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Latvianstartup

guide

1. Introduction 2. Why Latvia? 2.1.Keyfactsandfigures

2.2.Keybenefits

2.2.1. Cost and time competitiveness

2.2.2. Convenient location

2.2.3.Skilledandmultilingualworkforce

2.2.4.AdvancedITinfrastructure

2.3.LatvianStartupEcosystem

2.3.1.Strongeststartupverticals

3. First steps 3.1.StartupVisa

3.1.1.StartupVisainanutshell

3.1.2.Applicationprocess

3.1.3.ExtensionofStartupVisa

3.2.Startingabusiness

3.2.1.Companyregistration

3.2.2.Openingtemporaryandfull-fledgedbankaccounts

3.2.3.Taxationandannualfinancialreporting

3.2.4.Talenthiring

3.2.5.Officesandcoworkingspaces

3.3.Settlingdown

3.3.1.Socialbenefits

3.3.2.Healthcareandmandatoryhealthinsurance

3.3.3.Housing

3.3.4.Costofliving

3.3.5.Freetimeactivities

3.3.6.Education

3.3.7.Latvianlanguagecourses

3.3.8.Usefulapps

3.3.9.StartupVisastories

4. Resources 4.1.Investmentopportunities

4.2.Equity-freegovernmentsupport

5. Community shapers 6. Useful links

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Cont

ent

Inthe21stcentury,innovationisno

longerachoice–itisadefaultsettingfor

anyambitiouseconomy.Havingjoined

thegovernmentmissiontohelpLatvia

becomeanattractivestartuphubseveral

yearsago,weattheInvestmentand

DevelopmentAgencyofLatvianeededto

understandhowinnovationactuallyworks:

stakeholders,processes,communication

paths,themechanicsofgettingtothe

desired“win-win”solutions.Andhereis

whatwefound–oneofthemainpillars

ofinnovationisinfactadiverse,open-

mindedanddynamicstartupecosystem.

Fromthenon,wekeptourselvesbusy

takingcareofourlivelystartupecosystem

bychanginglaws,introducingsupport

programs,advocatingforabetterstartup

visa,openingnewgatewaysforLatvia-

basedstartupsacrosstheworld.During

thisjourneywealsometnumerous

enterprisinglocalandforeignstartup

founderstohelpusgettothebottomofa

question–howtomakeLatviaagoodfit

forstartupambitionsanddreams?

Thisguidesumsupallyouneedtoknow

whenbeingonthewayoralreadyapart

ofLatvia’sstartupcommunity–whyour

countryisagoodplacetomaterializeyour

ideas,whatthefirststepsinfoundinga

startupare,andhowwecansupportyou.

Wehavealsoincludedsomestoriesfrom

experiencedplayersonthestartupscene

togivetheirperspective.

Whetheryouareastartupfounderbased

inLatviaormovingheresoon–oreven

ifyouarejusttoyingwiththeideaof

exploringLatviaforbusinessandmore–

turnthepageandfindoutforyourself!

Investment and Development Agency of Latvia

Introduction

54

Introd

ction

Introd

ction

5

Why Latvia? -->

76

Introd

ction

Introd

ction

7

Key facts and figuresLookonyourright,spottheareaon

theEuropeanmapwe’vecoloured

green,closeyoureyesandtryto

zoomintoit-evenifbytheforceof

imagination.

Tomany,Latviaisjustasmalldot

onthemap;forus,Latvians—itis

thewholeworld.Whydon’tyouget

acquaintedwithit?

Area:

64,588 km2

Member of

Legislature:

The Saeima (Parliament)

Per capita GDP:

USD 18,104 (2019)

Capital city:

Riga

Population:

1.91 million (2020)

Official language:

Latvian

Political system:

Parliamentary democracy

Currency:

Euro

8 9

Key

fac

tsand

figu

res

Key

fac

tsand

figu

res

Youmaywonderwhetherallofthiscreatesrealvalueforastartup

company.Yes,itdoes.BenefitsforbusinessesinLatviaareprotected by all major European and global treaties, includingbutnotlimitedto:

FollowingabriefreviewoftheadvantageswhichLatvia

shareswithotherEUmemberstates,itistimetofocuson

somecountry-specificreasons,answeringthequestion

“WhyLatvia?“

Transparentexternaltradeandcustomspolicies

thatarebasedontheWTOprinciples

Bilateralinvestmentprotectionandpromotion

agreementswith46countries

Equallegaltreatmentoflocalandforeign

investorsintermsofregisteringcompanies,

purchasinglandorproperty,etc

Visa-freetravelthroughouttheSchengenArea

forallLatvia’sresidents

AccesstoEUfundsviadirectapplicationor

asapartofLatvia’sstate-supportedbusiness

development initiatives

Located at the crossroads between Europe, the Commonwealth of Independent States (CIS) and Scandinavia, Latvia is fully integrated into the major economic and political structures such as the Economic European Area, the Eurozone, the Nato, the OECD, the Schengen Area and the WTO, all of which help to create a favourable business environment.

1110

Key

fac

tsand

figu

res

Key

fac

tsand

figu

res

RegistrationofyourcompanyCost and time competitiveness

Convenient location

Skilled and multilingual workforce

Advanced IT infrastructure

Cost and time competitiveness

Key benefits

Thelocalbusinesscommunityiscloselyknit,andyouwillbeabletolaunch

yourcompanywitheaseandforareasonableprice.Latviaisrankedashaving

the3rdmostcompetitivetaxationsystemintheOECD.Itisalsoplaced19th

globallyintermsofeaseofdoingbusiness,accordingtotheWorldBank’sDoing

Business2020report.Additionally,accordingtotherecentStartup Heat Map

2019 survey,whichfocusedontheattractivenessofentrepreneurialhubsin

Europe,theLatviancapitalcityofRigaoutperformedtheaverageTop25in

termsofvalueformoneyandbusiness-friendlyregulations.

Thehighscoresintheseinternationalratingsarebasedonacombination

ofoverallcostcompetitivenessandstateincentivesaimedatimproving

thedailyoperationsofbusinesses.

Itshouldbeemphasised,however,that

costandtimecompetitivenessalwaysgo

hand-in-handwithaccessibleelements

ofproduction.Inamodern,IT-based

economy,theclassictrioofland,labour

andcapitalthatwasdefinedmany

centuriesagocanbeinterpretedasa

convenientandtravel-friendlylocation,

aqualifiedandmultilingualworkforce,

andawell-developedITinfrastructure.

Luckily,Latviaoffersallofthesebenefits.

Time efficient procedures

Competitive business costs

remotely in 1-3 days

Averagegrossmonthly salary(December2020):

Corporateincometaxon reinvestedandretainedprofits

Personalincometaxandlow socialtaxforstartupemployees*

Corporateincometaxon distributedprofits

Governmentco-financingforhighlyqualifiedstartupemployees*

TaxrebatesatSpecial EconomicZonesandfreeports

Minimumequitycapitalrequirement:

AverageA-class officerent

AverageB-class officerent

Numerousincubatorsforsmallandmediumenterprisesandstartups,offeringbusinesslaunchresources atadiscountedcost

Priceforadedicateddeskataco-workingspace:

foraprivateindividual

foralegalentity

Registrationcostsforalimitedliabilitycompany:

Lenient tax regime

EUR 1,118 0%

20%

0%

45%

from EUR 1

from EUR 12/m2

/month

from EUR 8/m2

/month

from EUR 100 /month

from EUR 32

from EUR 162

*FormoreinformationabouttaxrebatesrelatedtotheStartupLaw,pleaseseePage115.

lven

ru

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Key

ben

efits

Key

ben

efits

Destination DurationAmsterdam 2h25m

Berlin 1h40m

Brussels 2h25m

Copenhagen 1h30m

Frankfurt 2h15m

Hamburg 2h15m

Istanbul 3h

Kyiv 1h35m

London 2h45m

Minsk 1h

Moscow 1h30m

Oslo 1h50m

Paris 2h30m

Prague 2h5m

Rome 3h10m

Stockholm 1h

Warsaw 1h30m

By air

RigaInternationalAirportisthelargestairport

intheBalticStates,locatedjust15minutes

fromthecitycentre.In2019,theairport

providedservicesto7.8millionpassengers,

whichrepresentednearlyhalf(46%)ofall

passengersintheregion.Morethan100

directflightsfromRigalinkLatviatomajor

businessdestinationsinEuropeandbeyond.

TheRailBalticastationattheairportis

scheduledtoopenby2025,anditwillbethe

firsthigh-speedrailandairtraffichubinthe

BalticStates.Thiswillprovidetravellersand

businesseswithgreateropportunities.

By rail

TherearedirectraillinksbetweenMoscow

andRiga,andthisprovidesaccesstothe

Trans-SiberianRailway.The870kmlong

RailBalticarailline,whichiscurrently

beingdeveloped,willlinkFinland,the

BalticStatesandPoland,thusensuring

thefullintegrationofLatviaintoasingle

Europeanrailwaysystem.

Convenient locationLatviaislocatedatajunctionoftheNorth,WestandEastinhistorical,

culturalandgeographicterms.Itsstrategiclocationisbasedonthe

availabilityofawell-developedanddiversetransportationsystem.

1514

Key

ben

efits

14

...andanother 83 destinations

Key

ben

efits

15

By seaLatviahasthreemajorice-freeinternationalportsinRiga,

LiepajaandVentspils,oneofEurope’sleadingseahubsin

termsofcargoturnover.Regularlyscheduledpassenger

ferrytrafficlinksLatviatoSwedenandGermany,including

apopularovernightRiga-Stockholmroutethatisoperated

bytheTallinkcompany.

Passenger ferry routes from Latvia

Route Duration

Riga-Stockholm(Sweden) 21h

Riga-Visby(Sweden) 14h30m

Ventspils-Nynashamn(Sweden) 8h30m

Liepaja-Travemunde(Germany) 25h30m

By roadFinally,LatviaisoneofthreeEU

memberstateswithadirect-access

borderwithRussia,whichmeansthat

itisperfectforEast-Westtrade.

16 17

Key

ben

efits

Key

ben

efits

Skilled and multilingual workforce

Advanced IT infrastructure

Latviaoffersaninternationalandcompetitive

workforceateverylevelofexpertise.

Employeescanbedescribedaspeoplewho

haveaperfectcombinationofNorthern

Europeanworkethics,strongmotivationand

opennesstowardsnewchallenges.Atthe

sametime,thehistoricalbackgroundensures

extensiveexperienceindoingbusinesswith

CIScountries.

Multilingualismisanotherdistinctfeature

ofthelocallabourmarket.87% of Latvians under the age of 35 speak Russian, and 61% of people of the same age range speak English. GermanandScandinavianlanguages

arealsowidespread.

Whenitcomestostartups,thetrendiseven

morepronounced.A2019pollcommissionedby

theMinistryofEconomicsshowedthat100%

ofthesurveyedstartupsstatedthattheir

employeesspokebothEnglishandRussian,

whilealmostone-thirdspokeGerman.

Whenmodernbusinessesrelyheavilyon

thesuccessfulapplicationofinformation

technologies,theroleoftheIT

infrastructurecannotbeunderestimated.

Latviaisamongthegloballeadersin

termsoffibreopticconnectivity,anditis

faraheadofmanyotherwell-connected

statessuchasFinlandandEstonia.

Moreover,accordingtotheWorld

BroadbandSpeedLeague,Latvia is among the top 20 countries in terms of Internet speed — 32.47 mb/s in 2019.ThismeansthatLatviaoutperforms

itsBalticneighbours,aswellas

technologicallyadvancedcountriessuch

asCanada,theUnitedKingdom,France

andGermany.

Finally,whileLatviantelecomsalready

offerexcellent4Gcoveragethroughout

thecountry,5Gisonitsway.Thefirst

pilotstationswerelaunchedin2019.

ThestrengthofthelocalIT

infrastructureisevidentbecauseofthe

rapidexpansionoftheLatvianICTsector.

The industry represents a mere 4.3% of GDP, however, it is demonstrating steady growth, particularly in terms of selling services overseas. Between 2016 and 2019, Latvia nearly doubled (187% growth) its ICT exports.Thisclearlywouldnotbepossiblewithout

theinvolvementofstartups.

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Key

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efits

19

Key

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efits

%

Latvian Startup EcosystemLatvianstartupecosystemisyoungand

dynamic.Itisbigenoughtoensureall

advantagesofaregionalentrepreneur-

friendlybusinesshub,butitissmall

enoughtoprovideamplenetworking

opportunitiesandasenseofbelonging.

Thegrowthofthisecosystemhasbeen

facilitatedbyarangeofstakeholdersin

thepublicandprivatesectors,non-profit

organisationsandacademia.

Thenumberofstartups500+

(around10%intheideationstage)

Thenumberofexits:14

(asofJune2020)—>(June2020)

Theshareofforeigninvestment:

more than 80%

Mainforeigninvestors:

USA, EE, GB, RUS, UAE

Keysupportinstruments:

• StartupLaw

• StartupVisa

Thestrongestverticals:

• Fintech

• Deeptech

• Drones

Forinstance,uptofivefoundersofthe

samecompanycanapplyfortheLatvian

StartupVisaprogrammethatprovides

non-EUentrepreneurs,theirspouses

andtheirchildrenatemporaryresidency

permitforamaximumperiodofthree

yearswithflexiblerenewaloptions.For

moreonthis,pleaseseePages28-39.

Anotherimportantinitiativeisthe

StartupLawwhichlowersthecost

burdenrelatedtoastartup’semployees.

TheLawoffersalowflatsocialtaxthat

iscurrentlyfixedatalevelofEUR302

permonthperemployee,aswellasa0%

individualincometaxrate.Alternatively,

45%co-financingofthehighlyqualified

specialistscanbeapplied.Formoreon

taxrebatesrelatedtotheLaw,please

seePage115.

Theroleofthegovernment,however,

goesfarbeyondtheseinitiatives.Inclose

partnershipwithotherstakeholders,

thegovernmentoffersstartupsawide

businessnetwork,variousfinancing

opportunitiesandsoftsupporttools

thatarediscussedingreaterdetailinthe

ResourcesSection.

As a key stakeholder, the government actively uses its legislative power to provide fertile soil for technology-driven business ideas from all over the world.

StartupVisa:

Taxrebates:

Talentco-financing:

Up to 5 founders for up to 3 years

Low flat social tax + 0%Personal income tax

45% of employee cost paid back

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“WouldIrecommend

Latviaasasandboxfor

space-relatedstartups?

Forthosefocusingon

softwaresolutions,I

woulddefinitelysay

‘yes,’becauseLatvian

ITcompetencesare

consideredtobeamong

thebestintheworld.”

Pavels Razmajevs, COO, Eventech.

Deeptech

Strongest startup verticals

Latviaboastswell-developed

scienceandacademicsectors

whichprovidetop-levelspecialists

inareaslikequantumphysics,

smartmaterials,biomedicine

andspacetechnologies.Allof

thisisreinforcedbyextensiveIT

experience.Thecombinationofthe

twoallowssomeLatvianstartups

quiteliterallyshootingforthe

moon:theEventechsatellitelaser

applicationoriginatesfromLatvia

andiscurrentlybeingusedbyspace

studymissions.Furthermore,inJune

2020,Latviabecameamemberof

theEuropeanSpaceAgency(ESA)

whichwillkick-offafoundationof

theESAincubationcentre,thus

openingnewopportunitiesfor

Latvianspacetech.

AnotherexampleofhowaLatvian

scientificbreakthroughhas

conqueredtheworldisGroGlass

—uniqueanti-reflectiveglass

technologywhichalsohappensto

beoneofthefirstcountry’sstartup

exits.Itisusedformillionsof

artworkallaroundtheglobe.

Still,deeptechmagiccannothappen

withoutthemergerofgreatminds

andsufficientfunding.Local

policymakerssharethisview,andin

recentyearsthecommercialisation

ofsciencehasbecomeanational

prioritythatisunderpinnedbya

holisticsupportprogrammeaimed

atfosteringthemostprominent

scientificdiscoveries.

Supportforscience-basedstartups,

however,isnotlimitedtopublic

sectorinitiatives.Thelocal

CommercializationReactorFund

hasmorethan90successfully

accelerateddeeptechprojects

underitsbelt,whilethosewho

wanttomeetamaximumnumber

ofpotentialinvestorsarewelcome

attheDeepTechAtelier,anannual

regionalindustrymatchmaking

foruminRiga.

Latvian deeptech vs COVID-19

Uniquedeeptechsolutionscan

bearealgamechangerwhen

dealingwiththeglobalpandemic.

AsCovid-19wastakingtheworld

bystorminearly2020,Latvian

deeptechsectorcametogether

andprevailedthroughaseriesof

hackathonswhichledtoarange

ofsolutionswithhighpotentialof

combatingandpreventingfuture

diseaseoutbreaks.

What:Emergency Ventilator

The idea: mechanical lung ventilator for

short-term respiratory failures

ReceivingEUR7,000fromtheLatvia-lead

internationalHackForcehackathonwas

justthebeginning.Whilethefirstproducts

hadbeenmanufacturedshortlyafter

thehackathon,theteamtookpartinthe

EUvsVirushackathontofurtherimprove

thefunctionalityoftheventilatingmode

anduserinterface.

What:Shield48

The idea: protective facial shield

AfterreceivingEUR12,000asthemain

winneroftheLatvia-leadinternational

HackForcehackathon,theteamproduced

anddelivered10,000facialshieldsfor

localmedicalpersonnelwithinjust10days

fromtheirvictory.Twomonthslater,the

teamhasbeguntoexporttheirproductto

theNetherlands,UK,Germany,Estoniaand

Finland,amongothers.

What:xT BioE

The idea: state-of-the-art technology

to make testing easier and scale future

vaccine faster

AfterwinningtheEUvsVirushackathon

intheResearchCategory,theteam

receivedEUR3,000andpartnered

withtheInstituteofMicrobiologyand

BiotechnologyoftheUniversityofLatvia,

tolaunchapilotprojectfortheleading

Germanspecialtychemicalscompany—

EvonikIndustriesAG.

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“Driversofthe

development of Latvia’s

fintechclusterinclude

aflourishingecosystem,

internationaleducation,

startuplawsand

visas,aswellasglobal

ambitionfromdayone.”

Anastasija Oleinika, CEO, TWINO Group.

“USinvestors

acquireLatvian

startupsbecause

ofthecompanies’

accomplishments.

Unitingforceswith

Alarm.comwasanatural

progressionofthe

relationthatdates

backto2018.”

Agris Kipurs, Co-founder and CEO,

Airdog.

Fintech

Asisthecasewithdeeptech,

thedevelopmentofthefintech

startupverticaliscloselylinked

tothecharacteristicsofthe

Latvianworkforce.Thesector

canbedescribedasasilverlining

forthecloudofthe2008-2009

financialrecession,whichmade

alotofbankingindustrytalent

unemployedandstruggling.

Unwillingtoacceptthecrisis-

adjustedreality,theyinstead

venturedintoalternativefinancing

ideaswhichlaidthefoundationfor

thecurrentfintechvertical.

This“makeithappen”mentalityis

perfectlydescribedbyAnastasija

Oleinika,CEOoftheTWINOGroup,

whichisoneofEurope’sleading

P2Plendingplatforms.She

describesLatviansas“peoplewho

knowhowtobuildthingsfrom

scratch.”

SomeLatvianfintechstartupshave

turnedintoglobalplayerswith

billionsofeurosissuedinloans

andsolidinternationalrecognition.

Mintos,forinstance,received

thetitleofAlternativeFinance

PlatformattheAltFiAwardsin

2019.

Therangeofinvestment

opportunitiesfornewcomersin

thesectorhasalsoexpanded

considerably.Lookingbackatthe

beginningsofTWINO,Anastasija

saysthatonereasonforchoosing

bootstrappingwasthattheywere

basically“creatinganindustry

whichdidnotexistbefore.”Today,

wheneveryone“speaks”fintech,

theskyisthelimitwithnumerous

accelerators,VCfundsand

investorswhoareopentothe

possibilityofco-operation.

Last,butnotleast,another

tendencyintheLatvianfintech

clusteristheincreasinginterest

amongleadingbanksinthe

regionsuchasSwedbank,SEB

andCitadeleBank,inOpenBank

platformsthataremeanttoensure

collaborationwithalternative

financialserviceproviders.

Drones

Incomparisontodeeptechand

fintech,thedronesectorcanbe

seenastheyoungestverticalin

theLatvianstartupecosystem.

Nevertheless,italreadyhassome

bignamesinthepubliceyesuch

as,forexample,AtlasDynamics,

Aerones,orAirdog.Thelatterwas

recentlypurchasedbyAlarm.com,

oneofthelargestUSdevelopers

ofsmarthomesolutions,thus

demonstratingwhatanexcellent

foundationforfurthergrowth

Latviandronesectorhas.

Aspeciallawonpilotingunmanned

arealvehiclesin2019createda

favourablelegislativeframework

fordozensoflocalandinternational

companieswhichwantedtotest

early-stagedronetechnologies.

Thereisalsoanoutstanding

infrastructurewhichprovides4G

coveragethroughoutLatvia.The

first5Gstationsalsocomehandy

andfacilitatethegrowthofthis

industry.

Intermsofthefuture,oneofthe

leadinglocaltelecomsoperators,

LMT,iscurrentlydevelopingan

unmannedtrafficmanagement

applicationwhichwillhelptoensure

additionalsafetyfordrones.

Whilethevastmajorityofproducts

fromtheclusterareexported

worldwide,thereisstrongdemand

inLatvia’spublicsector,including

theMinistryofDefenceandthe

state-ownedLatvianStateForests

company.

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First steps

2726

Firststep

s

Firststep

s

Up to five non-EU founders

underthesamestartup

businessideacanreceivethe

Visafor3 years;

Itpermitstherelocationof

thestartupfounder’sspouse and children;

Itgrantsno-visatravelacross

thewholeSchengen Area;

Itallowsobtainingacertified

eSignaturewhichgrants

remoteaccesstonumerous

privateandpubliconline

services.

Startup Visa in a nutshell

Formoreinformationabouthow

toregisteryourcompanywithan

eSignature,pleaseseePage43.

ZhengZengfromChinaisthefounderof

DentalAi,andhereiswhathesaysabout

hisownexperience:

“For me, the complexity of application

procedure is the main concern, because

cumbersome processes and long waiting

time are unfavourable for someone

who is eager to launch their project.

In Latvia, you can check whether your

idea qualifies for the Startup Visa by

submitting a description on just one

page. After a brief email exchange,

I received a confirmation message

from LIAA, validating my idea. This

encouraged me to start the application

process, which was super-efficient!”

Startup Visa

Whenallofthekeybenefitsofdoing

businessinLatviaarelisted,there

maybeaquestionofwheretobegin.

Thissectioncontainsallofthekey

procedures,tipsandtricksthatwillhelp

yourelocatesuccessfully.

Whenregisteringastartupcompanyin

Latvia,itisnotmandatorytoapplyfor

theStartupVisa(whichistechnicallya

temporaryresidencepermitorTRP,for

short).Still,thatwouldcertainlymake

theoverallrelocationprocess,business

set-upandoperations,aswellaslifein

Latviamoreconvenientandpleasant.

FarmonAkmalov,thefounderofAirdas

DroneServices,hailsfromUzbekistan.

Accordingtohim,theStartupVisais

“probablythebestsupporttool,”which

allowedhimtostayinLatviacomfortably

anddevelophisbusinessinanefficient

manner.Therefore,ifrelocationtoLatvia

isaplan,itisbeneficialtosecurethe

StartupVisaandenjoyallofitsperks.

Tip:StartupVisaprogrammeisaimedat

fosteringinnovationinLatvia.Aspiring

foreignstartupfoundersarewelcome

tochecktheirbusinessidea’seligibility

fortheStartupVisaprior to the application process.Justsendafree-formdescriptionofyourstartupideato

theInvestmentandDevelopmentAgency

ofLatvia(LIAA)[email protected]

andwaitforthefeedback.Thisisnota

mandatorystepbutwillsaveeveryone

effortandtime.

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Star

tupVisa

Foreignstartupfounderscansubmit

theirapplicationsfortheStartupVisa

abroadorinLatvia:

Abroad:throughtheconsular

sectionoftheLatvianembassy

inthecountrywherethestartup

founderlegallyresides;

InLatvia:atanybranchof

theOfficeofCitizenshipand

MigrationAffairs(OCMA).

Ifyouwanttosubmitanapplicationto

aconsularsectionatanembassy,you

needtoarrangeyourvisitwiththemin

advance.Keepinmindthattheembassy

doesnotmakeadecisionregardingyour

StartupVisa—alldecisionsaretakenby

OCMA,whichreceivestheapplication

documentsfromtheembassy.You

willneedtopayaEUR110feetothe

embassyfortheirassistanceinreceiving

yourapplicationandforwardingitto

OCMA.

Application process

Formoreinfoonthis,pleasesee:

www.likumi.lv/ta/en/en/

id/214846-regulations-

regarding-the-territorial-

competence-of-diplomatic-

and-consular-representations-of-

the-republic-of-

Latvia-for-requesting-visas

Tip 1: WhilesomeOCMAbranchesaccept

applicantswithoutanappointment

ona“firstcome,firstserved”basis,

thereisnoguaranteethatyouwill

belucky.Theonlyguaranteedway

tosecureavisitisbygettingan

appointmentinadvance.Different

OCMAbrancheshavedifferent

availability.Therefore,when

schedulinganappointment,contact

severalOCMAbranchesandsee

whatdatestheycanoffer—inthat

wayyoucansecuretheshortest

waitingtime.Seethelistofall

OCMAbranchesatwww.pmlp.gov

lv/en/home/contacts/pmlp-divisions.

TheapplicationprocessatanyOCMAbranch

inLatviaconsistsofthefollowingsteps:

Step #1 Book an appointment with OCMA in advance, via phone or email.

Tip 2: Onceyouhavesubmittedthe

applicationtoOCMA,itisnot

mandatoryforyoutostayin

Latviaforthedurationofthe

applicationreview.However,ifyour

citizenshiprequiresthatyouhave

aSchengenvisatoenterLatvia,

youneedtohaveaSchengenvisa

validforthewholedurationofthe

applicationreview.Forexample,if

theapplicationreviewtakes30

days(thestandardprocedure),your

Schengenvisashouldbevalidfor

nolessthan30days,counting

fromthedaywhenyousubmitthe

application at OCMA.

30 31

Star

tupVisa

Star

tupVisa

Duringthevisit,youwillprovideOCMA

withyourbiometricdata(fingerprints)and

paythestampdutyforthecard(non-cash

way,e.g.debit/creditcard):

EUR15foraTRPcardprocessed

within10businessdays;

EUR30foraTRPcardprocessed

within2businessdays.

Formoreinformationabouthealth

insurance,healthcareservices

andaccommodationsinLatvia,see

Pages74-85.

Yourpassport—orpassports,if

applicable,e.g.domesticandfor

foreigntravels(OCMAwillscanthe

necessarypassportinformation

andreturnthepassport(s)toyou);

Dulycompletedapplicationform

(https://www.pmlp.gov.lv/lv/

assets/images/Uzturēšanās/UA_

anketa_2016.pdf.pdf);

Free-formdescriptionofyour

plannedstartupbusinessactivities

duringthenextthreeyears;

Certificatetoshowthatyouhave

nocriminalrecord(notrequiredfor

foreignerswhocanenterLatvia

withoutavisa);

Proofofsubsistence,forexample,

abankstatementtoconfirmthat

youhaveatleastEUR6,000(the

amountiscomputedasEUR500

permonth—theminimumwagein

Latvia—multipliedby12months);

Onepassport-sizecolourphoto;

Tip: Beawarethatwhenapplicantsavail

oftheshorterapplicationreview

procedures(e.g.10or5business

days),thereisnoguaranteethat

OCMAwillcomplywiththesaidtime

frame.IfOCMArequiresmoretime

toprocessyourapplicationandrun

allthenecessarychecks,theyhave

alegalrighttoextendthereview

procedure.

Step #3 Wait for the decision letter from OCMA (sent via email) and schedule an appointment to submit additional documents and order your TRP card.

Step #2 Submit the application package including:

Theadditionaldocuments

tobesubmitted:

Annualhealthinsurancepolicy;

MedicalcertificationfromaLatvian

clinictoconfirmthatyoudonot

havetuberculosisinactiveform;

Confirmationofyourplaceof

residence(e.g.,arentalagreement).

ReceiptofpaidOCMAstampduty

fortheapplicationreview,paid

eitherinadvanceorduringyour

appointmentatOCMAinanon-

cashway(e.g.debit/creditcard):

∙ Standardprocedure—EUR100,

reviewwithin30calendardays;

∙ Fasterprocedure—EUR200,

reviewwithin10businessdays;

∙ Fastestprocedure—EUR400,

reviewwithin5businessdays

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tupVisa

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tupVisa

OnceyoureceiveyourStartupVisa,

youhavethreemonthstoregisteryour

startup;tobeprecise—tobecome

amemberoftheboardofanewly

establishedcompanywhichwas

registerednotmorethanoneyearago.

Theapplicationprocessforspouses

andchildreninvolvesbasicallythesame

documentsforeachfamilymember,with

thefollowingalterations:

Noneedtosubmitthefree-form

descriptionoftheplannedstartup

businessactivities;

Forspouses:translatedandduly

legalizedmarriagecertificate;

Forchildren:legalizeddocuments

confirmingkinship,including

permissionfromtheotherparent

toresideinLatviaiftheminor

relocatestoLatviawithonlyone

ofhisorherparents;

Tip: Steps3and4canbeprocessedonlyover-the-counterat

OCMAinLatvia.Thismeansthatevenifyousubmityour

initialapplicationattheLatvianembassyabroad,youwill

needtocometoLatvia,inordertoprocessyourTRPcard.

Step #5 Register your startup.

Step #4 Pick up the TRP card from the OCMA office a few days later, presenting your passport and the decision letter.

Proofofsubsistenceforachild

under18:AtleastEUR1,800

(orEUR150permonth,multiplied

by12months)Thisamountcan

bereflectedaspartofaparent’s

proofofsubsistence,Inadditionto

his/herownsubsistenceof

EUR6,000.

Tip 1: Makesurethatdocuments,issuedbya

non-Latvianinstitution,andwhichyou

submitfortheStartupVisa,areduly

legalizedorbearanapostille.

Tip 2: OnceyoureceivetheStartupVisa,

rememberthatyourstartupisthe

onlyplaceofemploymentyoucan

legallyhaveinLatvia.Youarealsonot

allowedtobeamemberboardatany

othercompany,exceptyourstartup.

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tupVisa

Star

tupVisa

Extension of Startup Visa

Yourpassport—orpassports,if

applicable,e.g.domesticandfor

foreigntravels(OCMAwillscanthe

necessarypassportinformation

andreturnthepassport(s)toyou);

YourcurrentTRPcardwhichis

abouttoexpire;

Free-formrequesttoOCMAto

extendtheStartupVisa;

Annualhealthinsurancepolicy;

ReceiptofyourpaidOCMAstamp

dutyfortheapplicationreview,

paideitherinadvanceorduring

yourappointmentatOCMAina

non-cashway(e.g.debit/credit

card):

∙ Standardprocedure—EUR45,

reviewwithin30calendardays;

∙ Fasterprocedure—EUR90,review

within10businessdays;

∙ Fastestprocedure—EUR180,

reviewwithin5businessdays.

Youmustalsosubmitinformationabout

thequalifyinginvestmentORabusiness

progressreport.

TheStartupVisagivesyouthe

righttoresideinLatviaforthree

years,butyouneedtorenewyour

TRPcardannually.

Afterthefirstyear,therenewalof

thecardalsoinvolvesacheckof

thestatusofyourstartup,whichis

validatedeitherbyafactthatyour

startuphasattractedaqualifying

investment,orbythenatureof

yourstartup’sbusinessprogress.

Scheduleanappointmentwiththe

OCMAatleast5-6weeksbefore

yourcurrentTRPcardexpires,and

submitthefollowingdocuments:

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Star

tupVisa

Star

tupVisa

Qualifying investment

Progress report

EUR30,000fromaventurecapital

fund(registeredasalternative

investmentfundorfundmanager),or

EUR15,000fromanaccelerator

orbusinessangel.

After the second year,

submitthesamedocumentsasyou

didafterthefirstyear,withone

exception—informationregarding

theinvestmentorthebusiness

progressisnolongerrequired.

After the third year,

whentheStartupVisaexpires,

youcanapplyforanothertypeof

temporaryresidencepermit,for

example,onthebasisthatyouare:

Ashareholderinyourstartup;

Amemberofyourstartup’sboard

orcouncil;

Alegallyemployedstaffmember

ofyourstartup(formore,see

www.pmlp.gov.lv/en/home/

services/residence-permits/doc2).

AfterresidinginLatviaforfiveyearsand

ifyouspeakLatvianlanguageattheA2

level,youmayapplyforapermanent

residencepermit(PRP).

investment,youneedtosubmita

progressreport,whichprovidesfactual

andobjectiveinformationaboutyour

startup’sachievementsduringthefirst

year.Thereisnoformortemplatefor

this,buthereareafewideasaboutwhat

youshouldincludeinthereport:

Proofthatyourproducthas

substantiallyimprovedsinceyou

gotyourStartupVisaand/ornew

versionsofithavebeenlaunched;

Proofofcompanyrevenues,sales,

R&Dcosts,financialstatements

(P/L,BSandCFS),etc;

Copiesofexistingpartnerships,

clientorsupplieragreements.

Irrespectiveofthetypeofinvestor,it

mustbequalifiedinaccordancewith

theLatvianStartupLaw.Formore

informationabouttheLaw,seehttps://

startuplatvia.eu/startup-law-benefits.

Foralistofqualifiedinvestors,seewww.

liaa.gov.lv/lv/fondi/2014-2020-gada-

planosanas-periods/jaunuznemumu-

atbalsta-programmas/riska-kapitala-

investoru-saraksts.

Ifyourstartupcannotprovide

informationaboutaqualifying

Star

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Star

tupVisa

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Company registration

Starting a business

Step #1

Decide on the most appropriate form of business.

Themostcommonformsof

businessinLatviainclude

individualmerchants,jointstock

companies,partnershipsand

limitedliabilitycompanies.For

astartupcompany,thetwo

mostsuitableformsofbusiness

are1)aregularlimitedliability

company(LLC,or—inLatvian—

SIA)withequitycapitalofEUR

2,800andup,and2)alimited

liabilitycompanywithreduced

equitycapital(EUR1-2,799).

Step #2

Set up a temporary bank account.

RegularLLCneedsatemporary

bankaccountpriortothe

companyregistration,inorder

totransfertheequitycapital

andobtainapaymentorderora

bankreferenceondepositingthe

equitycapital.LLCwithreduced

equitycaneitherdothesame

orskipthestepofopeninga

temporarybankaccount,register

thecompanyfirst,thenopena

full-fledgedbankaccountand

afterthattransfertheequity

capitaltothefull-fledgedaccount.

Step #3

Submit your complete application package to the Register of Enterprises.

Theapplicationincludestheproof

equitycapitalpayment(mandatory

whenequitycapitalexceedsEUR

2,799).Formoreonapplications

toregisteranLLCoranLLCwith

reducedequitycapital,seePages

44-45.

Step #4

Once the business is registered, open your full-fledged bank account.

Step #5

If applicable, apply for the status of a VAT payer’s at the State Revenue Service (SRS).

Thereareseveralcaseswhen

VATpayer’sstatusismandatory

forindividualsandlegalentities.

Forexample,oneofthemost

commoncircumstancesiswhenthe

company’stotalsupplyofgoods

andservicesduringtheprevious

12-monthperiodisworthmore

thanEUR40,000.Toperuseallthe

caseswhentheVATpayer’sstatus

ismandatory,pleaseseetheValue

AddedTaxLawhttps://likumi.lv/ta/

en/en/id/253451-value-added-tax-

law.

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42

TheapplicationfortheVATpayer’s

statuscanbesubmittedto:

TodownloadanapplicationfortheVAT

payer’sstatus,seewww.ur.gov.lv/en/

register/company-or-merchant/branch-of-

a-foreign-company/founding/registration-

with-the-enterprise-register/registration-

in-the-srs-register-of-vat-taxpayers

DirectlytotheSRS,afteryour

companyisregisteredandwhenthe

VATpayerstatusbecomesnecessary.

TheRegisterofEnterprisesalong

withtheapplicationtoregisteryour

company;

Tip: Steps 2 to 5 can be completed online

withadigitalauthenticationtool—

electronicsignature.

TheSRSwillreviewtheapplicationand

issueitsdecisionregardingtheVAT

payer’sstatusinfivebusinessdays. In case of a positive decision, your company will be given a VAT number.

Electronic signature

Themostwidelyusedelectronic

signatureinLatviaistheso-called

eSignature(eParaksts,inLatvian).It

savestimeandmoneybygranting

remoteaccesstonumerouspublic

andprivateservices,includingthe

openingofabankaccount,aswellas

thesubmissionofdocumentstostate

institutions.Applicationssignedwith

aneSignatureanduploadedatthe

country’sadministrativeservicesportal

(www.latvija.lv/en)aresubjecttoa10%

discountonthecompanyregistrationfee.

Latvianstateinstitutionsalsoaccept

documentsthataresignedbyaforeign

secureelectronicsignatureifitcomplies

withRegulationNo910/2014ofthe

EuropeanUnion.*

TheTRPcardthatisissuedbythe

OCMAtoaStartupVisaholdercomes

withacertifiedeSignature.Anenvelope

withPINnumbersisissuedalongwith

thecard.Formoreinformationabout

eSignatureproductsthatareavailableto

individualsandlegalentities,see

www.eparaksts.lv/en/Produkti.

* Regulation No 910/2014 of the European Parliament and Council, 2 July 2014, on electronic

identification and trust services for electronic transactions in the internal market and repealing

Directive 1999/93/EC. For more information, see www.eur-lex.europa.eu/lega-content/EN/

TXT?uri=uriserv%3AOJ.L_.2014.257.01.0073.01.ENG.

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A comparison between LLC with reduced equity capital and regular LLC

*Alldocumentsmustbein

Latvianorsupportedbya

translation(thetranslation

mustbenotary-certified

ifrelevantlawsand

regulationssorequire).For

arangeoftemplatesfor

industry-standardlegal

documentsinEnglish,see

www.startuplatvia.eu/

resources.

**Forinformationaboutthe

regionalbranchesofthe

RegisterofEnterprises,see

www.ur.gov.lv/en/contacts.

Registration requirements LLC with reduced equity capital Regular LLC

Founders, shareholders

- Foundersmayonlybeupto5privatepersons - Shareholdersmayonlybeupto5privatepersons - Theboardofthecompanymayonlyconsistoftheshareholders - Noshareholdercanbeamemberofanyothercompanywithreduced

equitycapital

- Unlimitednumberofnaturalandlegal personsactingasfoundersandshareholders

- Theboardmayconsistofprivatepersons

Equity EUR 1-2,799 EUR 2,800 and more

Transfer of equity capitalCapitalmustbetransferredtoatemporaryaccountatabankthatisregisteredinLatviaORtoafull-fledgedaccountthatisopenedafterthecompanyisregistered.

Capitalmustbetransferredtoatemporary accountatabankthatisregisteredinLatvia.

Documents to be submitted to the Register of Enterprises*

- ApplicationformKR4(notarizedsignaturesoreSignatures); - AMemorandumofAssociation; - ArticlesofAssociation; - Abankstatementorotherdocumentrelatedtothepaymentofequity

capital,ifthefoundersdecidetomakethetransferofequitycapitaltothetemporarybankaccount,asdescribedabove;

- Thedivisionoftheregisterofshareholders(notarizedsignaturesoreSignatures);

- Consentfromeachcouncilmembertoholdtheoffice(ifthereisacouncil);

- ConsentfromeachboardmembertoholdtheofficeunlessconsentisincludedinParagraph12oftheapplicationformKR4(notarizedsignaturesoreSignatures);

- Astatementbytheboardofthecompany’slegaladdress; - Consentfromtherealownerofpropertytotheregistrationofthe

legaladdress(notrequirediftheownerisamongthesignatoriesoftheapplication);

- Areceipt,copyorprintoutofapaymentorderfromanonlinebankorinformationaboutpaymentofthestatefee;

- Areceipt,copyorprintoutofapaymentorderfromanonlinebankorinformationaboutthepublicationintheofficialgazetteLatvijasVēstnesis.

- ApplicationformKR4(notarizedsignaturesoreSignatures); - AMemorandumofAssociation; - ArticlesofAssociation; - Abankstatementorotherdocumentrelatedtothepaymentof

equitycapitalifthepaymentisincash; - Adocumentcertifyingthevalueofpropertycontribution(ifthe

equitypaymentispaidupbycontributionofproperty); - Thedivisionoftheregisterofshareholders(notarizedsignaturesor

eSignatures); - Consentfromeachcouncilmembertoholdtheoffice(ifthereisa

council); - Consentfromeachboardmembertoholdtheofficeunlessconsent

isincludedinParagraph12oftheapplicationformKR4(notarizedsignaturesoreSignatures);

- Astatementbytheboardofthecompany’slegaladdress; - Consentfromtherealpropertyownertotheregistrationofthe

company’slegaladdress(notrequirediftheownerisamongthesignatoriesoftheapplication);

- Areceipt,copyorprintoutofapaymentorderfromanonlinebankorinformationaboutpaymentofthestatefee;

- Areceipt,copyorprintoutofapaymentorderfromanonlinebankorinformationaboutthepublicationintheofficialgazetteLatvijasVēstnesis.

Submitting the application to the Register of Enterprises

- Byemail:SignalldocumentswitheSignatureandsendthem to [email protected];

- Online:SignalldocumentswitheSignatureanduploadthem totheRegisterofEnterprisessectionathttps://www.latvija.lv/en;

- Byregularmail:Signalldocumentsandsendthemto aregionalbranchoftheRegisterofEnterprises.**

Note:NotarycertificationisnotneedediftheapplicationissignedwitheSignatureandsubmittedbyemailoronline.Iftheapplicationissubmittedbyregularmail,documentsspecifiedbylawandregulationneedtobecertifiedbythenotary.

Application review time 1-3 business days

Stateregistrationfee(10%discountappliesonapplicationssignedwitheSignatureandsubmittedtowww.latvija.lv)

EUR20forapplicationsreviewedwithinthreebusinessdaysoronebusinessdayoftheLLChasasingleshareholder(byrequest)EUR60forapplicationsreviewedwithinonebusinessday

EUR150forapplicationsreviewedwithinthreebusinessdaysoronebusinessdayiftheLLChasasingleshareholder(uponrequest)EUR450forapplicationsreviewedwithinonebusinessday

Feeforpublicationintheofficial gazetteLatvijasVēstnesis

EUR 14.23 EUR 27.03

Productionofaderivativeofadocumentto besubmittedtotheRegisterofEnterprises

EUR 3.15 EUR 3.15

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RegisteringanLLCwithreducedequity

capital(aslittleasEUR1)mightseemlike

agoodideaatthebeginning.However,

beawarethatinthelongrunitmaylimit

theopportunitiestoattractinvestments,

becausethelimitationsrelatedto

shareholdersandboardmembers—allof

themmustbeindividuals—willprevent

startupacceleratorsandventurecapital

fundsfrominvestingandjoiningthe

shareholderstructure.Furthermore,LLC

withreducedequitycapitalisrequired

tomakeareserveofatleast25%of

theannualnetprofit,whichisthen

contributedtotheequitycapitalwith

atargettoreachtheequitycapitalof

aregularLLC—EUR2,800.Inother

words,whilethereducedequitycapital

requirementmaybeagreatstarting

bonus,overtimeyouwillneedto

transitiontoaregularLLCstatus.

Opening temporary and full-fledged bank accountsLatvia’sfinancialmarketoffersadiverserangeoffinancialproviderstosatisfy

theexpandingneedsofarapidlygrowingbusinesscommunity.Forcompany

registrationpurposes,however,futureentrepreneurstendtochooseservicesof

oneofthelocalbanks.

www.expobank.eu/eng

www.luminor.lv/en

www.signetbank.com/en/

www.swedbank.lv

www.seb.lv/eng

www.bib.eu/

www.blueorangebank.com/int/en

www.rietumu.com/en

www.citadele.lv/en/private/

www.lpb.lv/en/

www.ribbank.com/en

International banks: Domestic banks:

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Proceduresandfeeswillvaryfrombank

tobank.Ingeneralterms,thedocuments

neededtoopenatemporaryaccountmay

include:

Valididentificationdocument

(passport)andthedocument,

whichallowstostayinLatvia(visa

orresidentpermit);

Adocumentwhichtestifiestothe

righttoenterandbeinLatvia—

aSchengenvisaoraresidence

permit(e.g.StartupVisa);

ACVorfree-formletterwith

detailedinformationaboutpast

andpresentprofessionalactivities;

Documentstoprovetheorigin

offundsandwealth—tax

declarations,bankaccount

statements,etc;

Acompletedapplicationform.

Opening a full-fledged bank account

Opening a temporary account

OnceyourLLCisregisteredatthe

RegisterofEnterprises,mostbankswill

convertyourtemporaryaccountinto

afull-fledgedone.ThoseLLCswith

reducedequitycapitalwhichoptednot

toopenthetemporaryaccount(astep

theyareallowedtoskip)andthose

regularLLCsinterestedinswitching

banks,willneedtogothroughthe

applicationprocessforafull-fledged

bankaccountatthebankoftheirchoice.

Theapplicationprocesswillbesimilar

totheonedescribedinthe“Openinga

temporaryaccount”sectionabove,with

somefurtherquestionsfromthebank

remainingpossible.

Itisworthnotingthatbankaccount

openingrequirementsaresimilarfor

Latvianresidents,regardlessoftheir

citizenship.Thatsaid,thisisapointwhen

aStartupVisa(temporaryresidence

permit)comeshandy.Non-residents

shouldbepreparedtoansweradditional

questions,e.g.abouttheirshareholders’

structureandtheirlinkstoLatvia.This

heightenedinterestfromthebanksis

notamerecuriosity,butratheraresult

ofstrictanti-moneylaundering(AML)and

know-your-customer(KYC)requirements

whichobligebanksalloverEuropean

Uniontoinspecttheirclients—especially

non-residents—forvariousredflags.

Thegoodnewsisthatonceyouhave

afull-fledgedbankaccount,that

representsahugestepfromestablishing

yourbusinesstoactuallyensuringthatit

isoperational.

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Taxation and annual financial reporting

Whenchoosinganoptimallocationfor

launchingastartup,foundersconsidera

widerangeoffactors,oneofthembeing

ataxsystem,i.e.taxrateswhichdonot

cannibaliseprofitsofanewlyestablished

business,transparenttaxationrulesand

laws,andreportingstandardswhichare

easytonavigate.

ThetaxationenvironmentinLatviais

business-friendly,anditaimsatfostering

economicdevelopmentandforeign

investments. Paying Taxes 2020 report

by PricewaterhouseCoopers ranksLatvia

16thintheworldintermsofeaseof

payingtaxes.Thisindicatorisbased

onarelativelylowtime-to-comply

parameter(measuredinhours)and

overalladministrativesimplicity,enabled

bytheElectronicDeclarationSystem

(EDS).Moreover,LatvianTotalTaxand

ContributionRate(38.1%)iswayahead

ofitsbothBalticneighbours–Estonia

(47.8%)andLithuania(42.6%).

Taxes in Latvia

Main business taxes in Latvia

Combinedwiththe0%Corporateincometaxrateonreinvestedprofits,theStartupLaw

benefitsstrengthenthetwomaindrivingforcesbehindtheinnovation:R&Dactivities

andretentionofthebesttalent.Furthertaxincentivesareofferedforthecompanies

registeredwithinoneofthethree special economic zones(Liepaja,Latgale,Rezekne)ortwo free ports(RigaandVentspils).

Whilethereare15differenttypesof

taxesleviedonincome,property,goods,

andservicesinLatvia,alladministered

bytheStateRevenueService(SRS),the

keytaxesthataffecttheentrepreneurial

activity of a Limited Liability Company

(LLC)include:

The tax The rate

Corporate income tax

0% onreinvestedprofits 20%onprofitsdistributedordisbursedasdividends,orusedforpurposesnotdirectlyrelatedtobusinessoperations

Personal income tax

20%onannualincomeuptoEUR20,004 23%ontheportionofannualincomeaboveEUR20,004, butbelowEUR62,800 31.4%ontheportionofannualincomeaboveEUR62,800

Social tax35.09%, ofwhich - 11.00% isdeducteddirectlyfromanemployee’ssalary - 24.09% ispaidseparatelybyanemployerontopofgrosssalary

VAT

0%onintra-communityandinternationaltransport 5%onarangeoflocallyproducedvegetablesandfruit 12%onfoodproductsforinfants,pharmaceuticalproducts,medicalproductsfordisabledpersons,domesticpassengertransport,books(excludinge-books),newspaperandperiodicals,hotelaccommodation,districtheating 21% onallothertaxablegoodsandservices

Qualifying startups can benefit from the tax rebates under the Startup Law, adopted in 2017, namely, the low flat Social tax and the 0% Personal income tax for startup employees*.

FormoreinformationabouttheStartupLaw,pleaseseePage115.

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50

Liepaja SEZ

Liepaja

Ventspils Free Port

Ventspils

Riga Free Port

Riga

Rezekne SEZ

Rezekne

Latgale SEZ

Daugavpils

Special Economic Zones (SEZ) & Free Ports

Tax Regular tax rate

Rebate Maximum accumulated amount compensated to a company

Realestatetax 1.5%

80%

35%forcompanieswithmorethan 250employeesand/orturnover exceedingEUR50million 45%forcompanieswith50-250employeesand/orturnoverbetweenEUR10-50million 55%forcompanieswithlessthan50employeesand/orturnoverbeingless thanEUR10million

Corporateincometax(onprofitsdistributedasdividends

20%

Name Location Website LiepajaSEZ Liepaja https://liepaja-sez.lv/en

RezekneSEZ Rezekne http://www.rsez.lv/index.php/en

LatgaleSEZ Daugavpils https://lpr.gov.lv/en

RigaFreePort Riga https://rop.lv/en

VentspilsFreePort Ventspils http://www.portofventspils.lv/en

The main tax rebates for companies registered within the territory

Contacts

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Annual financial reporting

EDSisafree,safeandconvenientonline

platformwhichallowssubmittingall

thenecessarydocumentationtoSRS

remotely.Besides,EDSoffersother

onlineservices,suchaselectronic

incometaxbook,informationonpublic

procurementsandvariousreportsby

SRS,e.g.informationontaxpayment

status.

FortheSRSCustomer

Servicecontacts,pleasesee

www.vid.gov.lv/en/tax-customer-service

AccordingtotheLawOntheAnnualFinancialStatementsand

ConsolidatedFinancialStatements,allcommercialcompaniesregistered

in Latvia must submit their financial statements to the State Revenue Service (SRS) on an annual basis.Thecompositionofthefinancial

statements depends on the size of the company.

For a small-sized company, itsfinancialstatementsshallconsistof:

For a medium-sized or a large company, itsfinancialstatementsshallconsistof:

Balance Sheet Balance Sheet

Profit and Loss Statement Profit and Loss Statement

— Cash Flow Statement

— Statement of Changes in Equity

Annex to the Financial Statement Annex to the Financial Statement

The financial statement shall be submitted to the SRS in one of the following ways:

- OnlineusingtheSRSElectronicDeclarationSystem(EDS)

- Hardcopyover-the-counterattheSRSCustomerService

- Bypost,sendingittotheSRSofficeatTalejasiela1,

Riga,LV-1987

Acompanyisclassifiedas a small-sized if twooutofthefollowingcriteriaaremetfortwoconsecutivefinancialyears:

- NetrevenueexceedEUR700,000 - BalancesheettotalexceedsEUR

350,000 - Theaveragenumberofemployees

exceeds10

Acompanyisclassifiedas a medium-sizedorlargeiftwooutofthefollowingcriteriaaremetfortwoconsecutivefinancialyears:

- NetrevenuesexceedEUR8million - BalancesheettotalexceedsEUR4

million - Theaveragenumberofemployees

exceeds50

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List of reliable accounting, tax, and legal service providers, operating in Latvia

When startup founders prefer not to spend time and effort on financial reporting and tax matters, they often outsource these tasks to a competent service provider.

Company name Practice areas Website

AAT - FINANCE Accounting,taxconsultancy,companyformation

http://aat.lv/en

Amber Law CorporateandM&A,realestateandconstruction,legaladvisory

http://amberlaw.lv/en/birojs/klienti

Auctus Capital M&A(sell/buy-sideadvisory),leveragedbuy-outadvisory,capitalraising(privatedebtandequity,mezzaninefinancing),managementbuy-out&buy-inadvisory,jointventuresandstrategicpartnerships

https://www.auctus.lv

AZ Service Audit,accounting,tax,financialadvisory,law,architecture

http://www.azservice.lv

Cipari Baltic Accounting,includinglocaltaxreportingandpayrollprocessingservices

www.cipari.com/main_eng.html

Cobalt Commerciallaw,tax,legaladvisory,M&A

www.cobalt.legal/en

Davis Suneps Investments

Companyregistration,usingandacquiringe-signaturevs.goingtoaswornnotary&office,accountingandEDSonboarding

https://registeracompany.lv

Deloitte Latvia Audit,accounting,tax,legal,financialandriskadvisory

https://www2.deloitte.com/lv/en.html

Ernst & Young Baltic

Audit,accounting,tax,legal,financialandriskadvisory

https://www.ey.com/en_lv

Eversheds Sutherland Bitāns

INLUD Legal Companyregistration,Commerciallaw,Start-upadvisory,Dataprotection,IT,Intellectualproperty,Taxregulation,M&A,Finance&Banking,Investments,Digitalassets,Employment,Immigrationlaw,Realestatelaw.

www.inludlegal.lv

Legalassistanceinallareasofcommerciallaw

https://www.eversheds-sutherland.com/global/en/where/cee/latvia/index.page

KPMG Baltics Audit,accounting,tax,legal,financialandriskadvisory

https://home.kpmg/lv/en/home.html

Leinonen Group Audit,accounting,tax,legal www.leinonen.eu/lv-en

Company name Practice areas Website

LM Law Office FreePorts,realestatelaw,Swisslaw,commerciallaw,commercialcontracts,laborlaw

http://www.lmlawoffice.com/about-us

Orients Audit & Finance

Audit,accounting,taxadvisory,financialconsultancyandriskadvisory,businessvaluation,companyregistration,startups

https://www.orients.lv/en

Pricewaterhouse Coopers Latvia

Audit,accounting,tax,legal,financialandriskadvisory

www.pwc.com/lv/en.html

Primus Derling CorporateservicesandM&A,realestate,andconstruction,disputeresolution,competitionandregulatory,tax,restructuringandinsolvency,banking&finance,shipping&transportation,publicprocurement,IPandtechnology,energy,employmentandimmigration,competition,capitalmarkets

www.primusderling.eu

Rektina un Mieze Commerciallaw,consumerlaw,labourlaw,administrativeproceedings,legaladvisory

http://rektinamieze.lv/en/the-firm

Rödl & Partner Riga

Audit,accounting,BPO,tax,legalandbusinessconsultingservices

www.roedl.com/about-us/locations/latvia

Sorainen CorporateservicesandM&A,employment,tax,investments,contracts,dataprotection,intellectualproperty(IP)

https://www.sorainen.com

TaxLink Baltic Audit,accounting,tax,financialandriskadvisory

http://www.taxlink.lv/en/

TGS Baltic Commerciallaw,M&A,tax,internationaltrade,labourlaw,legaladvisory

https://www.tgsbaltic.com

Venture Faculty Consulting,CorporateFinance, Fundraising,Relocation&Customer Development.

www.venturefaculty.io

www.inludlegal.lv

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Contacts:

Highly-skilled,multilingual,and

cost-competitiveworkforceis

oftenregardedasoneofthekey

reasonsbehindadecisiontodo

businessinLatvia.Eventhough

thelocalICTsectoroffersan

above-averagesalary,itishighly

competitive,ifcomparedtothe

leadingglobaltecheconomies.

ICN Riga office

Website:www.integration.lv/en

Phone:(+371)25565098,

(+371)28612120

Additionalinformation:

(+371)67898343

Email:[email protected]

Address:LāčplēšaStreet75–1B,Riga

ICN regional focal points

“Latgale”inDaugavpils

Phone:(+371)25723222

“Zemgale”inJelgava

Phone:(+371)25719588

“Vidzeme”inValmiera

Phone:(+371)25719266

“Kurzeme”inLiepaja

Phone:(+371)25719118

Third-country nationals can access free of charge face-to-face and remote lawyer consultations at the Information Centre for Newcomers (ICN), run by the society “Shelter Safe House”. Currently, ICN operates as a one-stop-shop agency in Riga and in four Latvian regional centres – Daugavpils, Jelgava, Valmiera, and Liepaja. Besides legal support, the centre offers foreigners free psychological consultations, as well as interpreting and translation services in various languages.

Tip: Talent hiring

Averagegrosssalaryfor

full-timeemploymentinLatvia

(December2019)

EUR 1,152 gross

Averagegrosssalariesforfull-time

employmentinLatvianICTsector

(December2019):

Junior Software Engineer

EUR2,300-3,600

Technical Sales Representative

EUR1,900-2,700+

performancebonuses

EUR1,400-1,900

Senior Software Engineer

EUR4,300-6,500

Technical Customer Service Representative

Java Programmer

Senior-level– EUR3,600

Middlelevel– EUR2,800

Juniorlevel– EUR1,700

Front-End Developer (2+yearsofexperience)

EUR2,600

Salaries

The most popular ways of finding the best local talent:

- througharecruitmentcompany

thatofferstailoredsolutions,

includingoutsourcingoptions;

- throughajobadplacedona

recruitmentwebsiteandsocial

media;

- throughLinkedIn.

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Some of the biggest recruitment companies in Latvia:

Most often used staffing and recruitment employee databases:

Amrop Hever Baltics / Executive Search Baltics

https://www.amrop.com

Ariko ReServ http://ariko.lv/en/main-en

CVO Recruitment Latvia https://recruitment.lv/en/

Enjoy Recruitmenthttps://www.enjoyrecruitment.lv/en/personnel-selection

I-Work Latvia https://www.i-work.lv/en

ManPower https://manpower.lv/en/

People Management https://peoplemanagement.lv

WorkingDay Latvia https://www.workingday.lv

CV Market https://www.cvmarket.lv

CV.lv https://www.cv.lv/english

VisiDarbi https://www.visidarbi.lv/en

LikeITwww.likeit.lv (forITtalentsonly,first5adsforfree)

Prices of job ads on recruitment websites:

EUR 15-250(excl.VAT)for ajobadpostedforonemonth.

Pricesvarydependingontheadvertisingperiodanddesired jobposition.

Prices of recruitment company services:

EUR 1,000-15,000 (excl.VAT).

Pricesvarydependingontherequiredlevelofexperience andqualifications.

Anotherworthyrecruitment-related

initiativeallstartupfounderslookingfor

talentshouldbeawareofisYourmove.

lv.Notonlydoesthisonlineplatform

connectprofessionalswithLatvia-

basedcompanies,butitalsoplacesa

bigemphasisonreachingouttothe

foreignerswhoarewillingtorelocateto

Latvia.

Contacts:

Website:www.yourmove.lv

Phone:(+371)25939939

Email: [email protected]

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To employ a foreign professional,thehiringcompanyneedstomakesurethat

therequirementsontheworkpermitare

properlysatisfied.The requirements differ depending on the origins of the foreigner.

Thatsaid,holders of EU/EEA or Swiss passports can be employed under the same conditions as the locals.Theyarenotrequiredtoapplyforaworkpermit

inLatvia,howevertheyneed to obtain a registration card from the Office of Citizenship and Migration Affairs (OCMA), if their stay in Latvia exceeds 90 days within a 6-month period.

Registera job description of the vacant position with the State Employment Agency (SEA)whichwillstayopenforapplicantsforatleast10workingdays;

File a request at OCMA, in order to initiate an invitationfortheforeigner whothecompanyisinterestedtohire;

Togettheinvitationapproved,submitanapplication packagewhich

consistsofthefollowingdocuments:

- Completedforeignemployeeinvitationform;

- Copyofemploymentcontractoracontractdraft;

- Documentsprovingthattheemployeehasallthequalifications

andpermits/licensesrequiredforthevacantposition.

Whentheinvitationisapproved,theinvitedemployeeneedstosubmit

an application package for a temporary residence permit (TRP), which

consistsofthefollowingdocuments:

- Passport(s)(ifapplicable,both–domesticandinternational;scanned

copiesaremadeandthedocumentisreturnedtotheowner);

- CompletedTRPapplicationform;

- Certificateofcleancriminalrecord;

- Proofofsubsistence,e.g.anemploymentcontractwhereasthegross

salaryisstatedtobeequaltoandhigherthantheaveragesalaryin

Latviaduringthepreviouscalendaryear(EUR1,076,asofJune2020);

- Onepassportsizecolorphoto;

- Receiptofpaidstampdutyforthereviewofanapplication.

In all other cases, a foreigner needs to have a valid work permit, inordertoengageintoalong-termcontract(morethan90dayswithin6months)with

aLatviancompany.Tosecuretheworkpermit,thecompanythatwouldliketo

hiretheforeignerinquestionneedstotakethefollowingsteps:

1.

2.

3.

4.

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Oncetheapplicationisprocessed,OCMA

issuesaTRPwhichincorporatesthe

foreignapplicant’srightstoemployment

atthehiringcompany.Worth

emphasising,theforeigner’srightsto

employmentarelimitedtothecompany

inquestion.

To employ a foreign professional under a short-term contract (lessthan90dayswithin6months),thereisnoneed

toapplyfortheworkpermitandTRP,

asdescribedabove.Instead,thehiring

companyandtheforeignerprocess a D-type Schengen visa, whichcanbe

issuedbytheConsularSectionofthe

LatvianEmbassyLatvianinthecountry

oftheforeigner’slegalresidence.

Forastep-by-stepguidanceonhowto

applyforaworkpermit,pleasesee

http://workinlatvia.liaa.gov.lv/in.php

Formoreinformationaboutvisasand

workpermits,pleasesee

https://www.pmlp.gov.lv/en/home/

services/visas-and-invitations/work-

permit.html

Formoreinformationaboutlocationsand

contactsoftheConsularSectionsofthe

LatvianEmbassies,pleasesee

https://likumi.lv/ta/en/en/id/214846-

regulations-regarding-the-territorial-

competence-of-diplomatic-and-consular-

representations-of-the-republic-of-latvia-

for-requesting-visas

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Magnets Coworking

Swedbank DobeOraculeTang space

The Lobby

Regus Opera

TechHub Riga

DarbaVieta

Workland Valdemāra

Regus Esplanāde

The Mill

Regus Terbates

People Work

Coworking Riga

Double9

Teikums

Workland Telegraph

RigaRiga

DA

UG

AV

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Venture Faculty

Offices and coworking spaces

Whensettingupastartup,anofficemight

notbeanimmediatenecessity.Therefore,a

co-workingspaceisperhapsthesolutionfora

youngcompany:co-workingsareconvenient,

typicallywell-located,andaffordable.

Whilemostoftheco-workingspacesare

locatedinRiga,includingseveraloptions

intheveryheartofthehistoricalOldTown,

someofthemcan be found in beautiful remote areas – by the beach in the resort city of Jurmala or Liepaja, or in the so-called Latvian Switzerland – Sigulda or Cesis.

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Whenitistimetoupgradethepremisesandmovetoaprivateoffice,thebestway

tofindanewhomeforthecompanyistoresorttothehelpofareliablerealestate

companythatoperatesintheLatvianmarketandcaterstoalltheirclients’needs,

whatevertheymightbe.

Theofficerentalprices,aswellasutilitiesandservicechargesvaryasfollowing:

Asidefromtheprivateco-workings,

thereare15government-runMagnetic

LatviaBusinessincubatorsthroughout

thewholeLatvia.Theyofferfreeco-

workingspacesfortheirmembersand

non-members,whiletheformeralso

enjoyvarioustraining,mentorsupport

andgrants.

FormoreinformationaboutMagnetic

LatviaBusinessIncubators,pleasesee

http://inkubatori.magneticlatvia.lv/en

The monthly prices for a spot in a co-working space vary:

For a dedicated desk: For a hot desk/ open plan seating:

EUR100-200inRiga EUR69-220inRiga

EUR60-190outsideRiga EUR7-130outsideRiga

Rent: Utilities and service charges:

For A-class office:

EUR12-16/m2/month EUR2.50-5.50/m2/month

For B-class office:

EUR8-12/m2/month EUR1.50-3.50/m2/month

The list of professional real estate companies:

ArcoRealEstate https://www.arcoreal.lv/en

CBREgroup https://cbre.lv/cbre-group

ImperioEstate https://www.ie.lv/en

Kivirealestate https://www.kivi.lv/en

Latio https://latio.lv/en

NewSec https://newsec.lt/en

Ober-HausRealEstateAdvisors http://ober-haus.com/about-us

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Social benefits

Settling down

Relocatingtoadifferentcountry

alwayscomeswithacertaindegreeof

uncertaintyandvulnerability,therefore

itisimportanttobeawareofthesocial

securitysystemwhichyournewhome

countryhastooffer.

The degree to which foreigners have access to the social support and

benefits in Latvia depends on their citizenship, residence status, income situation, employment status, as well as the contributions they make to the social security system.

The EU nationals and the permanent residence permit (PRP) holders are eligible for the same social support and benefits that are available for the Latvian citizens residing in Latvia. Thisincludesthebenefitswhichare

grantedregardlessofthecontributions

madeintothesocialsecuritysystem,e.g.

one-offchildbirthbenefit,guaranteed

minimumincome,etc.Fortheentirelist

ofthestatesocialsupportandbenefits

inLatvia,includingtheeligibilitycriteria

andtherates,pleasevisit

www.vsaa.gov.lv/en.

Third-country nationals can also avail

ofarangeofsocialsupportandbenefits,

providedthattheyarelegallyemployed

inLatviaandmakecontributionstothe

socialsecuritysystem.

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Benefit Time period Rate Sicknessbenefit

(alsograntedto

employedparents

takingcareofa

childunder14

yearsoldorunder

18yearsold,in

caseofasevere

illness)

In case of illness:

- Upto26weeks,ifsicknessis

continuous

- Upto52weekswithina3-year

period,ifsicknessisintermittent

In case of child’s illness:

- Upto14days,ifchildiscaredfor

athome

- Upto21days,ifchildiscaredfor

athospital

- Upto26weeks,ifchild’sillness

issevere

- Upto3yearswithina5-year

period,ifchild’sillnessis

intermittent

- 1stday-unpaid

- 2ndand3rddayofsickness:

theemployerpaysatleast75%

oftheaveragewagesubjectto

socialtax

- 4thdayofsickness:theemployer

paysatleast80%oftheaverage

wagesubjecttosocialtax

For11thdayofsicknessand

onwards,theStateSocialInsurance

Agencygrantsasicknessbenefit

amountingto80%oftheaverage

wagesubjecttosocialtax

Maternitybenefit Up to 140 days 80%oftheaveragewage

subjecttosocialtax

Paternitybenefit 10calendardayswithin2months

afterchildbirth

80%oftheaveragewage

subjecttosocialtax

Unemployment

benefit

Upto8months.

Thebenefitispaidoutasfollows:

- Duringmonths1&2–100%of

thebenefitgranted

- Duringmonths3&4–75%ofthe

benefitgranted

- Duringmonths5&6–50%ofthe

benefitgranted

- Duringmonths7&8–45%ofthe

benefitgranted

Benefitamountdependsonthe

totallengthoftheinsurance

(employment)record,andis

computedasacertain%fromthe

averagewagesubjecttosocialtax:

- From1to9years–50%

- From10to19years–55%

- From20to29years–60%

- 30yearsormore–65%

Key social security benefits available to third-country nationals legally employed in Latvia

You can apply for the social support and benefits

- Throughonlineplatformwww.

latvija.lv,loggingintowithyour

eSignatureorviainternetbank

- AtanybranchoftheStateSocial

InsuranceAgency(SSIA)

SSIA contacts

Phone:(+371)67011814

Email: [email protected]

Emailforconsultations:

[email protected]

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Health care and mandatory health insurance

Obtaining an annual health insurance policy is a mandatory condition for finalizing your Startup Visa (and other types of TRP) application process. TheminimuminsurancecoveragelimitisEUR

42,600.Thepolicyshouldcoveratleast

thefollowingpositions:

HealthinsurancepricesmayvaryconsiderablyfromaslittleasEUR30tohundredsof

euros.Thefinalpricewilldependonvariousfactorssuchastheinsuredperson’sage,

occupation,aswellasthenumberofadditionalservicesonemightincludeintothe

insurancepackage.Therefore,priortopurchasinganinsurancepolicy,itiswisetocheck

whatdealsdifferentinsuranceprovidersoffer.

Asidefromthemandatoryhealthinsurancewithalimitedcoverage,alllegally

employedforeignnationalsandtheirfamilymemberscanapplyforthestate-funded

healthcareservicesattheNationalHealthService(NHS).Fortheapplicationform,

please see http://www.vmnvd.gov.lv/lv/nvd-pakalpojumi/iesniegumu-veidlapas

List of reliable insurance providers in Latvia

Emergencymedicalcare

Treatmentofacritical

conditionatahospital

Transportingtothenearest

medicaltreatmentinstitution

inbothoftheabove-

mentioned cases

Returntothecountryof

originintheeventofasevere

illnessordeath(repatriation)

Company Website

AP Companies https://www.ap-companies.com

Balta https://www.balta.lv/lv(inLatvianandRussian)

BAN https://www.ban.lv(inLatvianandRussian)

BTA https://www.bta.lv/en

Compensa https://www.compensa.lv/private

Ergo https://www.ergo.lv(inLatvianandRussian)

Gjensidige https://www.gjensidige.lv/english

IF https://www.if.lv/privatpersonam(inLatvianandRussian)

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TheStartupVisaholderOlga Maksimova,originallyfromRussia

andlivinginLatviafor10months,

praisestheaccesstothestate-funded

healthcareasthemostpleasantpost-

relocationdiscovery:“AsIpaytaxes

here,Icanvisitmyfamilydoctortoget

vaccinations,prescriptionsandcheck-

upsforfreeoratareducedcost.”

DentalcareinLatviaisofferedatafullpricetoadultsandisfreeforchildrenunder

18yearsold.Theaveragepricerangefordentistryservicesisasfollows:

Consultation EUR18-35

Treatment plan fromEUR49

Aesthetic filling fromEUR50

Tooth renewal fromEUR90

Hygiene EUR55-65

Apartfromconsultationsandprimary

care,familydoctorsprovidetheirpatients

withthereferralstothespecialist

physicians.Thesereferralsallow

patientstoreceivespecialists’services

ataconsiderablediscount,becausea

portionoftheexpenseisfundedbythe

state.However,thewaitingtimeforthe

discountedappointmentsmightberather

long.Incaseyouarenotwillingtowait,

youarefreetoreceivetheserviceata

fullpriceinanyhealthcareinstitutionof

yourchoice,coveringallthecostsbyyour

ownmeansorwithaninsurance.

Forthelistoffamilydoctorsin

yourneighborhood,please,visit

http://www.vmnvd.gov.lv/lv/veselibas-

aprupes-pakalpojumi/gimenes-arsti/

gimenes-arsti-atbilstosi-teritorijam(in

Latvian)

Alternatively, you can reach out to NHS:

Byphone:(+371)80001234

Email: [email protected]

Reliable health care providers in Latvia

Company Website

Emergency

units

Firsthelpandtreatmentincaseof

life-threateningconditions

113or112

Family

doctors

Firsthelpincaseofsimpleinjuries

Treatmentincaseofsickness

Home visits

Prescriptionofmedicine

Examinationsandvaccination

Newbornandchildcare

Referralstospecialistphysicians

+37166016001

Email:

[email protected]

Specialist

physicians

Rangeofservicesaimedat

treatmentofspecificconditionsand

recreation

Please visit

https://healthtravellatvia.lv/en

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FortheguidetotheLatvian

socialsecuritysystemand

state-fundedhealthcare,

please visit

www.ec.europa.eu/social/

main.jsp?catId=858.

Theguideisavailablein

Latvian,English,Frenchand

German.

Whilehealthcarecostsvarysubstantiallyamong

differentLatvianserviceproviders,onewillnoticethat

evenatafullprice,thehealthcareservicesinLatvia

arecompetitiveintermsofpriceandqualitywithinthe

BalticSearegionandareconsiderablymoreaffordable

thaninWesternEuropeandScandinavia.

HousingChoosingaccommodationisanother

importantstepintherelocationprocess.

Thedeclarationoftheplaceofresidence

isalsoamandatoryconditionfor

finalizingtheStartupVisaapplication.

Thissectiongivesabriefintroduction

intothelocalhousingmarketinLatvia.

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https://www.city24.lv

inLatvian,English,Russian,andFinnish

https://zip.lv

inLatvian,English,andRussian

https://www.rentinriga.lv

inLatvian,English,andRussian

https://www.cityreal.lv

inLatvian,English,andRussian

https://www.ss.com

inLatvianandRussian

Apartments in Riga – Sale – Rent

37kmembers

Rent an apartment in Riga

13kmembers

Rental Apartment Market Riga

9.2kmembers

RENT in RIGA

7.1kmembers

1. Websites

3. Real estate agencies

2. Social groups on Facebook

Tostartwith,itisimportanttounderstandwhereto look for information about the accommodation options.

Themostpopularsearchchannelsinclude:

Kivi Real Estate

NEWSEC

CBRE Baltics

Ober-Haus Real Estate Advisors

Latio

Arco Real Estate

Imperio Estate

andothercompanies

(foraccommodationoptionsinRiga):

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Agenskalns

Imanta Kipsala

The Old Town

Skanste Grizinkalns

The Quiet Center

The City Center

Teika

PurvciemsDA

UG

AV

A

4. Airbnb and Booking.com Districts

Locationisanotherimportantaspectin

theaccommodationsearch,especiallyfor

thosewhoareplanningtosettledown

inthecapitalofLatvia.Rigadiffersalot

fromotherLatviancitiesintermsofsize,

yetitstillisaverycompactcitywitha

rangeofdiverse,yeteasilyaccessible

districts.

The Old TownofRigastealsheartswith

itscosycobble-stonedstreetsandwell

preservedmedievalchurches.Whilethe

rentpricescan’treachtheiconicroosters

onthesteeples,itstillisoneofthemost

expensiveneighbourhoodstolivein.

The City Center,lyingjustnexttotheOldTown,isconsiderablybiggerin

termsofareaandthusprovidesawider

choiceofhousing,restaurantsand

entertainmentoptionsthataccommodate

differenttastesandcostpreferences.

The Quiet Center,alsoknownasthe

ArtNouveaudistrictortheQuarter

ofEmbassies,isaprestigiouscentral

parishwithstylishrestaurantsand

distinguishedhistoricalresidences,all

snuggledbetweenthefinegreeneryof

twoparks.

Agenskalns (3.7 km from the Dome square),locatedontheleftbankoftheDaugavariver,isfullofbeautifully

restoredwoodenbuildings,including

arts,entertainmentandeventenclave

TheKalnciemsStreetQuarter.

Kipsala (3.8 km from the Dome square) isanotherpicturesqueleft-bankneighbourhoodlocatedwithin10-minute

walkfromthecentre.Hereyoucanenjoy

oneofthebestviewsoftheOldTown

fromawaterfrontjoggingfieldoracosy

beach.

Skanste (3.9 km from the Dome square) isverypopularamong

professionalsemployedinthenearby

banks.Besidesavastnumberofhigh-

classresidentialbuildingsandoffices,

Skansteishometothebiggestevent

venueinLatvia–ArenaRiga.

Grizinkalns (3.9 km from the Dome square)maybeperfectforfamilieswith

children,asitsnewlyrenovatedpark

hostsanumberofsportsactivitiesfor

kidsandteenagersthatgivethishistoric

neighbourhoodacompletelyfreshand

youthfulvibe.

Teika, Purvciems, Imanta (6.5-7.5 km from the Dome square) arerelativelynewanddenselypopulated

neighbourhoodsthatprovideallthe

necessaryinfrastructureandnumerous

housingopportunitiesjustwithinahalf

anhourdrivefromthecitycentre–from

Sovietprojectstoanumberofnew

residentialcomplexes.

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Rent prices for the most popular apartment types in Riga

The buying prices for an apartment with final finishing in new buildings look as follows:

Declaration of the place of residence

Withinonemonthfromchangingtheplaceofresidence,

whetheritisownedorrented,allresidentsofLatvia

shoulddeclaretheirplaceofresidence:

atthelocalgovernmentinwhoseterritorytheylive,

electronically,usinge-signatureorverificationmeans

providedbyinternetbanksintheportalwww.latvija.lv,

attheOfficeofCitizenshipandMigrationAffairs.

Itshouldbeemphasizedthatinthe

majorityofcasesthe rent prices do not include utility chargesthatdependontheseason,building

maintenancecostandoverall

consumptionofwater,electricity

andgas.In2019,theaverageutility

chargesfora50m2apartmentin

RigawerefromEUR1.50toEUR

4.00perm2.

Residentialdistricts EUR1,500-2,100perm2

Centraldistricts EUR2,100-4,000perm2

Exclusiveapartmentsincentraldistricts EUR5,000-6,000

*BasedontheOberHausMarketReport2019

District Type of apartment Rent per month*

Prestigiouscentral

districts,includingtheOld

TownandtheQuietCentre

2rooms EUR650-800

3rooms EUR700-1500

4-5rooms EUR1500-2100

Residentialdistricts(Teika,

Purvciems,Imanta,etc.)

Oldbuilding,1room EUR200-300

Oldbuilding,2rooms EUR250-400

Oldbuilding,3rooms EUR350-550

Newbuilding,2rooms EUR350-550

Newbuilding,3rooms EUR500-750

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Cost of living

CostoflivinginthecapitalcityofRigais

thehighestinLatvia,asonemayexpect.

However,aeurogoesamuchlonger

wayhere,ifcomparedtothebiggest

Europeanstartuphubs,suchasBerlin,

London,ParisandStockholm,among

others.Whatitmeansinpractice:Riga

offersagreatqualityoflifewithout

eatingabigholeinyourbudget.

Price in Riga Price in Stockholm

Price in Berlin

Bottleofwater EUR 0.82 EUR 1.88 EUR 1.70

Loafoffreshwhite bread(500g)

EUR 0.88 EUR 2.11 EUR 1.34

Mealatinexpensiverestaurant EUR 7 EUR 11.96 EUR 9

One-wayticket (localtransport)

EUR 1.15 EUR 3.83 EUR 2.90

Monthlytransportationpass(regularprice)

EUR 50 EUR 88.96 EUR 82.75

Internet(60Mbpsormore,unlimiteddata,cable/ADSL,permonth)

EUR 16.22 EUR 26.25 EUR 31.55

Cinema(internationalrelease,1seat)

EUR 8 EUR 13.29 EUR 12

1PairofNikerunningshoes(mid-range)

EUR 72.89 EUR 92.02 EUR 85.45

Cost of living comparison among Riga, Stockholm and Berlin*

*Basedonwww.numbeo.com/cost-of-living data

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Free time activitiesInspiteofitscompactsize,Latviaisnot

atalllackinginvariety:beautifulroutes

leadtomilesofdelicatewhite-sand

beachesandpineforests,andworld-

classperformancesofoperaandballet

easilyalternatewithlivelystreetfood

fairsandmusicfestivals.Formoreideas

onwhattoseeandwheretogo,please

visit www.latvia.travel/en.

Robert`s Booksoffershungry

mindsandopenheartsaglassof

goodwineandevenabetterbook

inEnglish.Grabadrink,browse

throughshelvesorstopforan

event.

Andrejosta quarterservesthemostbeautifulsunsets,

accompaniedbynicefood,sparkling

wineandtastefulsetsbypopular

localDJs.

Insider’s guide to Riga

Beingtheepicentreoflocalculturallifeandahomeforanumberoficonic

landmarks,Latviancapitaloffersactivitiestosuitalltastes.Besidesclassic

attractionstobefeaturedinthemajorityoftouristguidebooks,therearesome

non-traditionalvenuesapprovedbythelocalstartupcommunity.

Kurts Coffee,foundedbyparentsofonestronglittlewarrior,isaplaceto

doagooddeedbybuyingacoffee

tosupportsomeofKurt’sspecial

needs.

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Jauna Teikaisamodernlivingspacewith

offices,co-workings,restaurants,cocktail

barsandasportsclub–allwithineasy

reach.Chillbythefountainorexplore

oneofthesummerstreetfoodfairs.

K.K. Von Stricka villahoststhemost

charmingopen-airfestivals.Grabyour

smileandsomefriendsforamemorable

eveninginthemiddleofthecity.

Miera street withitslocalspeciality

stores,cozycafésandcreativestudiosis

holdingthetitleofthehippestlocation

inRigaalmostadecade,andithasn’tlost

anounceofitsvibrancy.

Vespa Garazh iswhereVespascooters,

deliciouscoffeeandcocktailslive.Don’t

haveVespa?Rentithereandexplorethe

citytocreateyourowninsider’sguide!

Tallina street quarter, onceusedasanambulancedepot,nowisfullofhipsterish

barsandartvenues.Explorethegraffiti

duringthedaytimeandgetbackforasip

ofbuzzingnightlife.

Kanepes Culture Centreisabohemian

placewithanauthentically“comeasyou

are”attitude.Down-to-earthpartiesand

liveperformancesarejustafewthings

toexperiencehere.

The Spikeri Flea Market attractsdesignfans,vintageloversandtreasure

hunterslookingforthebestbargains

andextensiveculturalprogramsinthe

summer.Tip!Ifyoufindyourselfcravingforfreshseasonalberriesorfruits,the nearby Night Marketwillsurpriseyour

tastebuds.

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Education Asidefrombeingavibrantandculturally

excitingcountry,Latviaispolitically

stableandsafetoliveandraiseafamily.

Whilealltherequirementsonrelocation

withspousesandkidsundertheStartup

VisaprogrammearelistedonPage35,

thissectioncoversanotherimportant

aspectofasmoothtransitionforafamily

–educationsystem.

Pre-schooleducationiscompulsory

attheageoffiveandsixandmustbe

completedbytheageofseven,withan

optiontopostponethecompletionby

oneyear,followingadoctor’sorderor

parents’request.

Basiceducationiscompulsory,too.Itis

typicallycompletedbytheageof16,but

maycontinueuntilthechildis18years

old.

Afterthesetwostages,teenagersare

freetochoosewhethertheywantto

continuestudiesandreceivesecondary

educationornot.Typically,secondary

schoolprogrammesarefocusedon

preparingyouthforthehighschools,and

vocationalsecondaryeducationismore

hands-onandhelpsstudentssecurea

specificprofessionorskill.

ThelengthofastudyyearatLatvian

schoolsdiffersacrossthefourlevelsof

education.Typically,itstartsonthefirst

workingdayofSeptemberandlastsuntil

thelastworkingdayofMay.Asforthe

gradingapproach,aten-pointsystem

prevails,whereas10isthebestresult

and4isapassinggrade.

The education system in Latvia consists of four key levels: pre-school education, basic education, secondary education, and higher education.

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Levels of education in Latvia Language of tuition

Pre-school Basic education Secondary education Higher education

Age:1.5-7 Age:7-16 Age:16andup,dependingontheprogramme

Age:19andup,dependingontheprogramme

Kindergartensorpre-primaryclassesatgeneraleducationinstitutions,e.g.schools

Schools Schoolsorvocationaleducationinstitutions

Highereducationinstitutions

Compulsoryatageof 5 and 6

Compulsoryfromageof7

Notcompulsory

Thelanguageoftuitioninpublicpre-

school,basicandsecondaryeducation

institutionsisLatvian,theonlyofficial

statelanguage.Thereisalsoanumber

ofpublickindergartensandschools

withprogrammestaughtinoneofthe

minoritylanguages–Russian,Polish,

Jewish,Ukrainian,Estonian,Lithuanian,

RomaorBelarusian,aswellasprivate

institutionswithprogrammesin

English,French,andGerman,among

others.Everystudentreceivingpre-

school,basicorsecondaryeducation

inaforeignlanguage,alsostudiesthe

officialstatelanguage.

Highereducationmaybeacquired

inLatvian,EnglishandRussian,or

inacombinationofanyofthese

languages.

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Tuition fees and admissionPrivate schools and kindergartens may set their own tuition fees and admission requirements. InRiga, theirregularfeesarearound

EUR 300-400permonth

foraprivatekindergarten

EUR 450anduppermonthfora

privateschool,includingcatering

Tuitionfeesathighereducation

institutionsvarysubstantially.Students

mayeithercoverthefeesbytheirown

financialmeans,orconsidertakinga

state-guaranteedloan.Tuitionforsome

studentsissubsidisedbythestate

ortheinstitutionitself.

Tofindmoreonhighereducation

institutionsinLatvia,pleasevisit:

www.izm.gov.lv/en.

Pre-school, basic and secondary education in public institutions is free of charge, parentsareonlyrequiredtocovercateringcosts(ifnotcovered

bythemunicipality)whichvaryfrom

approximatelyEUR1.3-2.1perdayfor

kindergartensanduptoafeweurosper

mealattheschoolcanteen.

Tohaveyourchildadmittedtoapublic

kindergartenorschool,youneedtovisit

theinstitutionofyourchoiceandsubmit

thefollowingdocuments:

Filledapplicationform

Copyofthechild’sbirthcertificate

Statementofthedeclaredplace

ofresidence

Parent’spassport

Additionally,whenaforeignchild

isconsideredforadmission,the

educationalinstitutionmayaskfor

thedocumentswhichvalidatethe

curriculumandeducationacquired

before.Incaseofanapplicationfor

secondaryeducation,theproofof

basiceducationisalsorequired.

Tip: ResidentsofRigacansubmittheir

applicationsthroughwww.eriga.lv.

Thedemandforpublickindergartens

surpassesthesupply,andthewaiting

liststendtobelong.Itisadvisedto

enlistyourchildatakindergartenas

soonasyouhaveadeclaredaddress.

Thedemandforthebestpublic

schoolsisalsohigh,itistherefore

recommendedtoapplytoseveral

schools.

Tip: Scholarshipopportunitiesarealsoavailable.Tofindmore,pleasevisit:

http://viaa.gov.lv/eng/scholarships_gov/latvian_scholarships/scholarships_for_studies

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List of private language training centres offering Latvian courses

Alius Lingua https://aliuslingua.lv/en

Baltic Media Language Training Centre http://www.valodukursi.lv/en

BaltImage http://mcbaltimage.lv(InLatvian)

Dialogs AB https://www.dialogs-ab.lv

(InLatvianandRussian)

Durbe Education Centre http://www.durbe.edu.lv/en

International House https://ihriga.lv/en

Language Training Centre https://vmc.lv/en

LatConsul http://www.latconsul.lv/en/home/page

Lonet.Academy https://lonet.academy/language-teachers/

latvian-tutors-online?lang=en

Nordisk http://nordisk.lv/en/main.html

Polyglot School http://www.polyglotskola.lv/en

Skrivanek https://valodumacibas.lv(InLatvian)

In Riga, every third-country national can learn Latvian language free of charge with the support of the Riga City Council. TheStateEmploymentAgency

alsoprovidesfreeLatvianlanguagecoursestotheresidentswithanactive

unemploymentstatus.Formoreinformationabouteducationalcentersandstudy

schedules,pleasevisithttp://www.integration.lv/en/courses-events

Alternatively,youoryourfamilymemberscanstudyLatvianindividuallywithprivate

teachersatprivatelanguagetrainingcentersoronlinedistance-learningplatforms,

e.g.https://maciunmacies.valoda.lv/eng

Latvian language courses

BoltorYandex Taxi aretheequivalentsofUberthat

providetaxisatarelatively

lowcost.Paydrivers

directlyorviatheapp–ifit’s

connectedtoyourpayment

card.

Mobillyisanapptopayforparking,RedCabandBaltic

Taxiservices,buytraintickets,

andawholebunchofother

usefulthings.Whencreating

anaccount,fillthe“resident

number”space–ifyoudon’t

haveone–withzeros.

WazeisaglobalappheavilyusedbyLatviandriversfor

plottingthebestroute,

especiallyduringtherush

hours,asitprovidesreal-time

updatesaboutaccidents

ontheroadandtheoverall

intensityoftraffic.

Woltdeliversfoodfromthe

majorityofRigarestaurants

andthecafes–fromstreet

foodtohighcuisineforsome

specialoccasions.Justenteryour

bankingcarddetailsandpay

viatheapp,yetmakesureyou

arebrowsingthroughthelocal

offers,asWoltisinternational.

Barboraappandwebsiteallows

youtoordergroceriesfrom

oneoftheleadingsupermarket

chainsMaxima.Everything,

includingfruitandvegetables,

needtobeorderedbyweight.

PickupyourordersinMaxima

storesorarrangethesame-day

front-doordelivery.

Stop Covidisastate-of-the-artBluetooth-basedappdeveloped

byLatvianITprofessionals

fordetectingencounterswith

COVID-19positiveusers.In

comparisontootherappsthat

usesimilarmonitoringfeatures,

StopCovidisavailablefor

deviceswithiOSorAndroid

operatingsystems.

Useful apps As our lives become more digital, there is a range of apps Latvian residents use to do things fast and in a more efficient way.

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Oftentimes,relocationisadrainingandmentallyexhaustingprocess.However,itdoesn’t

needtobethatway.Withtherightamountofinformationandinspiration,everyonecan

findthecouragetofollowthedreams.Havealookatfourstartupfounderswhowent

throughthisexperienceandarenowenjoyinglifeinLatvia.

Zheng Zeng, founder of DentalAI

From China

Liveswithhiswifeinatwo-bedroom

apartmentinRigaCentre

Worksfromhome

ShopsatMaximaandRimi

Eatslunchathome

TravelsaroundLatvia,theBalticsand

Scandinavia

Totalmonthlycosts:EUR1,500

PleasantsurprisesinLatvia:lowprices,

compactsizeofRigadowntownand

hugechoiceofAsianingredientsatthe

localsupermarkets

Liveswithhisbrotherinatwo-

bedroomapartmentinRigaCentre

Worksfromaco-workingspace

ShopsatRimiandMaxima

Eatslunchatdifferentcafes

TravelsaroundLatviabycar,enjoysthe

nightlife

Totalmonthlycosts:EUR600-1,000

PleasantsurprisesinLatvia:open-

mindedpeople,numerousfundingand

supporttoolsavailableforstartups

Liveswithherfamilyinatwo-bedroom

apartmentinRigaCentre

WorksinSwedbankDoBeco-working

ShopsatRimiandRigaCentralMarket

EatslunchatSwedbankcanteen

Doesyachting,studiesGerman,goes

tobachatalessonsandenjoysJurmala

beach

Totalmonthlycosts:EUR1,400

PleasantsurprisesinLatvia:

multilingualismbothintermsof

businessandeverydaymatters,

competitivecostofliving,accessto

state-fundedhealthcare

LivesinLatviafor15years

Worksfromthegarageofhisnewly

purchasedhouseinCiekurkalns

ShopsatRimiandMaxima

Eatslunchathome,oratStockpotor

Wok&Curry,whenincitycentre

Spendsfreetimeinthegarden,plays

golfatOzoorViesturiclubs,visits

KisezersorVecakiforaswim

Totalmonthlycosts:EUR1,500

PleasantsurprisesinLatvia:the

vibrancyofthestartupscene

Olga Maksimova, founder of Lovat

From Russia

Farmon Akmalov, founder of Airdas

From Uzbekistan

Austin Nicholas, founder of iSTAQ

From the UK

Startup Visa stories

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Resources

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ources

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Investment opportunitiesItisnevereasytorunacompany,but

startupsoftenfeeladditionalpressure.

Statisticsshowthatnineoutoften

startupswillnotsurvive.Thefoundation

forthesuccessofastartupisbasedon

innovationandtheabilitytoscale.This,

inturn,heavilydependsonamixtureof

business,engineeringanddesignskills,

aswellastheavailabilityofthefinancial

means.Overthecourseoftime,asthe

startupgows,pivotsandexpands,the

needforfinancinggrowsexponentially,

andmanystartupfounderslosesleep

overlongerrunways.Thereisalwaysa

chancetobootstrap,andmanysuccessful

startupsinLatviahavetakenthatpath.

Experience,however,showsthatthisis

notthemostobviousoption.Whether

Business angelsWhenfundingfromFriends,FamilyandFoolsisunavailable,business

angelscanhelpyougetyourstartupofftheground.Agoodangel

providesnotonlyfunding,butalsotheirexpertiseandnetwork.

Becauseofthehighlyperceivedrisksrelatedtoearly-stagestartups,

however,theangelsmightwanttoreceivealargershareofequity.

youarelookingtoraisefunds

forpiloting,MVPtests,market

validation,salesfunnels,top-

notchmarketingorscaling,

theLatvianstartupecosystem

providesthenecessarysupport.

Businessangelnetworks,

accelerationprogrammesand

numerousventurecapitalfunds

aredomiciledinLatvia.Thereis

alsoanincreasedinterestamong

foreigninvestorsintermsofthe

BalticStates.

Oneofthebiggestbusinessangel

communitiesintheNordicregionwith

130+privatinvestorsandentrepreneurs,

andcounting,ChangerClubfocuseson

edtech,medtech,foodtech,productivity

tools,andhomeentertainmentmostly

supportingearly-stagestartupsfrom

theBalticsandtheCIS.ChangerClub

doesitsownscoutingthroughmonthly

pitchingsessionswherethreeorfour

startupsfromabout30areselectedfor

possibleinvestments.Inordertogetto

thepitch,thestartup’smonthlyrevenue

needstobeatleastEUR2,000-3,000.

Thereshouldalsobeaclearplanonhow

tomultiplyitbyhundredinayear’stime.

Finally,thestartupalsoneedstoaimfor

aregionalorglobalmarket.

Applications: [email protected]

Candidates per session: 3-4

Average ticket: uptoEUR200,000

Website: www.clubchanger.com

Changer Club

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Ifastartupneedsbothanearly-stageinvestmentandintensive

hands-onmentoring,anacceleratorisagreatfit.Withthehighest

concentrationofbusinessacceleratorsacrosstheBalticcapitals,Riga

offersfourthematicallydiverseaccelerationprogramswithvaryingentry

criteriaandtheamountoffunding.Foundedin2014,thisLatvian

businessangelnetworkhasalready

investedaboutEUR11million.Best

knownforitsmonthlyinvestment

sessions,whichbringtogetherinvestors

andentrepreneurs,LatBANhasbeen

abletoaddmorethan110investment

dealstoitsportfolio,oftenchoosingto

createsyndicates.Insteadofthego-big-

or-go-homementality,theangelsopt

forlesserequitybutabiggernumber

ofcompaniestoinvestin.Thereareno

specificindustrypreferencesandontop

ofinvestment,mentoringbyexperienced

entrepreneursisavailable.

Applications: www.startupincluder.com

Candidates per session:5-8

Average ticket: EUR50,000

Website: www.latban.lv/en

LatBAN

Buildit Latvia

Accelerators

SpecializinginhardwareandIoT

solutions,Buildithascreatedan

accelerationprogrammefittingtheneeds

ofstartupsintheseparticularindustries.

Fourintensiveweeksinafour-month

programmefortenteambatchesare

enoughforthestartuptobecome

investable.Whileallyouneedtoapply

isaprototypeandateamof2,ifyou

feellikeyourideawillchangetheworld,

eventhatmightnotbenecessary.Each

startupreceivesuptoEUR50,000inpre-

seedinvestment,aswellasmentoringby

establishedprofessionalsandanetwork

ofmanufacturersandinvestors.Thereis

apossibilityofafollow-upseedroundup

toEUR250,000.

Requirementsforstartups:

Stage of development:

MVPorworkingprototype

Team: Atleasttwoindividualswith

relevantexperience

Ticket size: Pre-seeduptoEUR

50,000asaconvertibleloan;seed

upto

EUR250,000

Teams in batch: upto10

Website: www.buildit.lv

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Overkillhasadiverseportfolioofb2b

startups,anditsupportspre-seedstage

companiesinfindingtheirproduct-

marketfit.Inordertoacceleratethis

process,OverkilloffersEUR40,000

investmentanda3-monthmentoring

program.Duringthisperiod,thefounders

workcloselywiththepartnersofOverkill

andcombinedwithvariousmentoring

sessions,workshopsand1:1s,aimto

findtheirbeachheadandscorethose

earlycustomerssonecessaryforthe

company’sgrowth.Aftertheprogram,

theinitialfundingcanbefollowedup

byanotherinvestmentofuptoEUR

250,000.

Requirementsforstartups:

Stage of development: MVP

Ticket size:Pre-seeduptoEUR40,000;

seeduptoEUR250,000

Acceleration programme: 3months

Teams in batch: upto12

Website: www.overkill.vc

Withastrongfocusondeeptech,

CommercializationReactor(CR)isall

aboutthecommercialisationofscientific

breakthroughs.CRmostlyworkswith

early-stagestartupsandofferssix-

monthaccelerationthatisfocusedon

marketandcustomerdevelopment.

Pre-seedinvestmentsofuptoEUR

50,000areprovidedfortheteams

intheaccelerationprogrammewith

thepossibilitytoapplyfortheseed

investmentsofuptoEUR250,000.CRis

alsoknownforitsannualIgnitionEvent,

whichprovidesauniquematchmaking

opportunityforambitiousentrepreneurs

andworld-classscientificteamsthatare

seekingtolaunchadeeptechstartup

Requirementsforstartups:

Stage of development:early-stage

(beforesalesorsaleshavejuststarted)

Team: thecommittedteam,consistingof

atleastanentrepreneurandadeveloper

oftechnology(ascientist)

Ticket size: Pre-seeduptoEUR50,000

asaconvertibleloan;seedupto

EUR250,000

Acceleration programme: 6months

Teams in batch: upto10

Website:

www.commercializationreactor.com

Commercialization Reactor Overkill Ventures

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Whileastartupcanreceivean

investmentfromaventurecapital(VC)

fundatanystageofitsdevelopment,

mostlythosewhohaveproventheir

producttraction,will.Duringthepast

coupleofyears,theVCsceneinthe

Balticshasgrownimmensely,bringingin

fundsfrommanyregions,especiallyfrom

theNordics.Withthegrowingeconomy,

relativelylowcostoflivingandhigh

easeofdoingbusinessranking,aswell

asaseedroundaveragingaroundEUR

150,000(insteadoftheUSD1.1million

inEurope),moreandmoreinvestors

arelookingatLatviatodiversifytheir

portfolios.

Theseguys(andgirls)areoneofthe

largestearly-stageinvestorswiththe

mostextensiveexperienceinEurope.

SWGisfocusingonb2bstartupsin

threeverticals:SaaS,fintechandcyber

security.SWGhassupportedstartups

since2012,investinginmorethan

185companieswithasurvivalrate

of77%.Upto5monthsofintensive

full-timementoringprogramoffers

uptoEUR50,000ininvestments,

dedicatedcoaching,aswellasaccess

to250+mentorswithin-depth

knowledgeofbusinessdevelopment,

salesandfundraisingmagic,aswellas

techwisdom.Togetacceptedtothe

programme,startupsmusthavefull-time

teams,aworkingandscalableprototype,

sometractionandawillingnessto

disruptthemarket.

Requirementsforstartups:

Stage of development: Earlystage

Ticket size: UptoEUR50,000

Acceleration programme: upto5

months

Teams in batch: 10

Website: www.startupwiseguys.com

Startup Wise Guys Venture capital funds

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ChangeVentures

Website:

www.changeventures.com/#about

Fundingstage:Pre-seedandseed

Ticketsize:EUR100,000-750,000inpre-

seedandseedcapitalinvestmentsalong

withmorecapitalinlaterrounds

ExpansionCapitalAIFP

Website: www.excap.lv/en/

Fundingstage:SeedandSeriesA

Ticketsize:EUR150,000-25,000atseed

stage;EUR600,000-2.1millionatthe

growthstage

ZGI

Website:www.zgi.lv/offer

Fundingstage:SeriesA

Ticketsize:EUR500,000-3.75million

ImprimaturCapital

Website:www.icfm.lv

Fundingstage:Pre-seriesA

Focus:b2bsoftware&data,digital

health&lifestyle,learning&training,

robotics/automation

Ticketsize:EUR500,000

Rubylight

Website:www.rubylight.com

FundingStage:SeriesA

Focus:B2C,socialmedia,content

sharing,communications,and

crowdsourcing

Ticketsize:EUR500,000

LivoniaPartners

Website:www.livoniapartners.com

Fundingstage:SeriesA

Focus:SMEsoperatingtheBalticStates

thathavebecomemarketleadersinthe

regionandbeyond

Ticketsize:EUR3-15million

Baltcap

Website:www.baltcap.com

Fundingstage:SeriesA

Focus:Tech,robotics,automatics,

healthtech,AIandmobility

Ticketsize:EUR2million

Flycap

Website:www.flycap.lv

Fundingstage:

SeriesA(Mezzanineinvestment)

Focus:Healthcare,b2b,IT&tech,

export-orientedmanufacturing

Ticketsize:Mezzanineinvestment

ofEUR1-3million

Equity-free government support

Anyforward-thinkingcountryvaluesthe

qualityoflifethatinnovationcreates,

theimpactthattechnologyhason

basicallyanyaspectofourlives,andthe

importanceofmotivatingandsupporting

thoseindividualsandcompaniesthat

nurtureinnovation.Latviaisnoexception,

andtherearenumerousmechanismsto

supportthistransformation.Theimpactsof

technologieshaveaffectedtheimportance

ofmotivatingandsupportingtherelevant

individualsandcompanies.Latviais

noexception,andtherearenumerous

mechanismsinsupportofthis.

Apartfromgrantprogrammesoffered

bythegovernment,innovativeand

newbusinesseshaveaccesstoabroad

rangeofEUfundsfromprogrammes

suchasHorizon2020,Eureka,Eurostars,

etc.Informationaboutvarioustypesof

financing,theapplicationprocess,project

managementandpotentialprojectpartners

canbefoundattheEuropeanCommission

website.

List of venture capital funds

Equity

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Contacts for Startup Law, Innovation Voucher, Explore the Globe

Contacts for Startup loans

InvestmentandDevelopmentAgencyofLatvia

E-mail:[email protected]

Thestate-ownedALTUM

developmentfinanceinstitution

E-mail:[email protected]

114

TheLatvianworkforceoffersclearvalueformoney,butwagesmayneverthelessposeachallengeforstartupswhicharetakingtheirfirststepsintheworldofbusinessorarelookingforthemosttalentedemployees.Introducedin2017, theStartupLaw: - Definesthestartupasascalablebusinesswithhigheconomicpotential,

- Describestwosupportmechanismsaimed at easing the labor-related costs, namely, a. FlatsocialtaxEUR302+0%

personalincometaxorb. 45%co-financingfor

highlyqualifiedemployees

Actionstobesupportedunderthemeasure“PromotionofInternationalCompetitiveness”:-Participationininternationalexhibitions,conferencesorforums;-Participationininternationaldigitalindustryplatformsanddigitalexhibitions;-Adaptationofproductservicestoforeignmarkets;-publicityinforeignmedia;-Telemarketingservicestofindaforeigncooperationpartner;-Conformityassessmentofplantsandproducts;-ParticipationinnationalstandsorganizedbyLIAA;-ParticipationintrademissionsandvisitsofstateofficialsorganizedbyLIAA;-LIAAconsultationcosts(alsoconsultationcostsofforeigneconomicrepresentations).

Startup-focusedloansofEUR2,000toEUR150,000areissuedbythestate-ownedALTUMdevelopmentfinanceinstitution.

For more information, please see: https://likumi.lv/ta/en/en/id/287272-law-on-aid-for-the-activities-of-start-up-companies https://startuplatvia.eu/startup-law-benefits http://www.liaa.gov.lv/lv/fondi/2014-2020/jaunuznemumu-atbalsta-programmas

For more information, please see: https://www.liaa.gov.lv/lv/programmas/skv-uznemejdarbiba

For more information, please see: https://www.altum.lv/en/services/business-start-ups /business-start-up-programme/about-the-programme/For more information, please see:

https://www.liaa.gov.lv/lv/programmas/inovaciju-vaucerihttps://startuplatvia.eu/innovation-voucher

Main requirements: - Aninvestmentfromaqualifiedinvestor(VC

fund-EUR30000,acceleratororbusinessangel-EUR15000)inthefirstfiveyearsofanewlyestablishedcompanyor

- Evidencedemonstratingthedevelopmentorproductionofaninnovativeproductinthestartup

- TaxdebtofnomorethanEUR150 - Noongoingbankruptcyprocess

Main requirements: - AnylegalentitythatappliestotheEU

commision2014-yearJune17thREGUL(ES)Nr.651/2014Appendix1.

- Link:(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014R0651)

Main requirements: - AninnovativestartupwithSMEstatus,registeredlessthanfiveyearsago

- Abusinessplanthatjustifiestheviabilityofthecompanyorproject

Main requirements: - Companyshouldbedeveloping aneworupgrading anexistingtechnology/product

- Proofthattheinnovationactivitycontributestothecompany’scompetitiveness andproductivity

- Abusinessplanforanewproduct/technologywhichconsidersthedevelopmentprocessuptointroduction tothemarket,aswellasproduction process

Startup LawPromotion of International Competitiveness program

Startup loans

45%co-financingforhighlyqualifiedemployeescanalsobesourcedthroughtheInnovationVoucher,whichisatoolaimedatencouraginginnovationinLavia-basedcompanies.Theprogrammeisdesignedforcompanieswhichhaveanewproductorserviceideawithinternationalgrowthpotentialandwhichrequireexternalexpertise.UptoEUR25,000infinancingcanbeusedtocovervarious R&Dexpendituressuchas: - Afeasibilitystudy - Industrialresearch - Developmentofaproduct’s industrialdesign

- Industrialresearchneededtodevelopnewproductsortechnologies

- Experimentaldevelopment, includingprototyping

- Certificationandtestingofa newproductortechnology

- Registrationofindustrialpropertyrightsforinventions,industrialdesignsandtopographiesofsemiconductors

Innovation voucher

Equity

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Stockoptionsgiveemployeestheopportunitytoacquirethecompany’ssharesforanominalpriceorfreeofchargeafteracertainperiodoftime,regardlessofthecompany’ssharesofthecurrentfairvalue.Theemployeethusgainstheopportunitytosellthesharesandearnadditionalincomeifthevalueofthecompanyhasincreased.

Thegrantingofstockoptionsisabonuspaymentsystemthatallowscompaniestoattractimportantemployeesforseveralyears.

Stock option regulation

Community shapers Itisnevertoomuchsupport,asitcomes

tosettingupyourownenterprise.While

theentrepreneur-friendlylegislationmay

formtheexcellentgroundforcreative

ideas,thebuzzingLatvianstartup

ecosystemhelpstoreaptheharvestby

armingthefutureinnovatorswithboth

financialandsoftsupporttools.

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VENTSPILS AUGSTO TEHNOLOĢIJU PARKS

VENTSPILS HIGH TECHNOLOGY PARK

VENTSPILS AUGSTO TEHNOLOĢIJU PARKS

VENTSPILS HIGH TECHNOLOGY PARK

Baltic Startup Mafia

L A B S O F L AT V I A

B I Z N E S A I N K U B ATO R I

Deep Tech Atelier

BASE LOGO

COLOUR LOGO

BLACK LOGO

Hubs & clusters

Media Events

Government Associations

Funds

Business incubators Industry

Compactinsize,yettight-knitandwelcoming,

thelocalecosystemcomprisesbothpublicand

privatestakeholders

With “startup” on everyone’s lip, the ecosystem is constantly expanding, yet some key supporters have remained active for years and thus may deserve a closer look.

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Associations:Startup Association Startin.LV http://startin.lv

Latvian Business Angel Network LatBAN https://www.latban.lv/en

Latvian Venture Capital Association https://www.lvca.lv/en

Latvian Blockchain Association http://blockchain.org.lv

Latvian Information and communications technology association (LIKTA) https://likta.lv/en/home-en/

Business incubators: Magnetic Latvia Business Incubators https://inkubatori.magneticlatvia.lv/en

RTU Design Factory https://www.rtu.lv/

en/science/dizaina-fabrika

UL Student Business Incubator https://www.lu.lv/en/cooperation/

ul-student-business-incubator/

RISEBA Creative Business Incubator https://www.riseba.lv/en/about-riseba/

riseba-creative-business-incubator

Ventspils Business Support Centre https://www.vatp.lv/en/business-support

Funds:Acceleration Funds:Overkill Ventures www.overkill.vc

BuildIT https://www.buildit.lv

Commercialization Reactor https://www.commercializationreactor.com

Startup Wise Guys https://startupwiseguys.com

Business Angel Networks:Latvian Business Angel Network LatBAN https://www.latban.lv/en

Changer BAN http://changerban.next.lv

Venture Capital Funds:Imprimatur Capital https://www.icfm.lv

ZGI https://www.zgi.lv/offer/

RubyLight http://rubylightinvestments.com.au

Change Ventures https://www.changeventures.com

Expansion Capital https://excap.lv/en

Livonia Partners https://www.livoniapartners.com

BaltCap https://www.baltcap.com

FlyCap https://www.flycap.lv

Government:Investment and Development Agency of Latvia (LIAA) https://www.liaa.gov.lv/en

Ministry of Economics of the Republic of Latvia https://www.em.gov.lv/en/

ALTUM https://www.altum.lv/en/

State Education and Development Agency (VIAA) https://viaa.gov.lv/eng/

Embassy of the Kingdom of the Netherlands https://www.netherlandsworldwide.nl/

countries/latvia

Embassy of the United Kingdom in Riga https://www.gov.uk/world/organisations/

british-embassy-riga.lv

Hubs & clusters:TechHub Riga https://riga.techhub.com

Latvian IT Cluster https://www.itbaltic.com

Latvian Digital Health Cluster https://www.

digital-health-cluster-latvia.org

Riga Tech Girls http://www.rigatechgirls.org

Google Developer Group (GDG) https://gdgriga.lv

Business technology platform BiSMART http://www.bismart.lv/en

VEFRESH https://www.vefresh.com

UL Microsoft Innovation Center LUMIC https://www.lumic.lu.lv

Wind Hackers https://windhackers.com/about

Racoons https://www.theraccoons.org

Industry:Swedbank Latvia https://www.swedbank.lv

Accenture Latvia https://www.accenture.com/lv-en/about/

company/about-latvia

Microsoft Latvia https://www.microsoft.com/lv-lv

LMT https://www.lmt.lv/en/main

SEB Latvia https://www.seb.lv/eng

Tet https://www.tet.lv

Sorainen https://www.sorainen.com

Draugiem Group https://draugiemgroup.com/en

Latvian State Forests https://www.lvm.lv/en/

Nord DDB https://ddb.lv

Events:TechChill https://techchill.co

Digital Freedom Festival https://www.digitalfreedomfestival.com

Riga Venture Summit

https://www.rvsummit.co

Deep Tech Atelier https://deeptechatelier.liaa.gov.lv

iNovuss https://www.inovuss.lv/en

Riga Comm https://rigacomm.com/en

5G Techritory

https://www.5gtechritory.com

Tech Industry http://www.techindustry.lv/en/index.php

Baltic Honeybadger https://bh2019.hodlhodl.com

Media:News platform about technologies and innovation “Labs of Latvia” https://labsoflatvia.com/en/home

Latvian Public Broadcasting https://eng.lsm.lv

The Baltic Course http://www.baltic-course.com

Baltic Startup Mafia

https://www.facebook.com/

balticstartupmafia

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Contacts

Website:

https://labsoflatvia.com/en/home

www.liaa.gov.lv/en

Phone:+37167039499

E-mail:[email protected],

[email protected]

Address:PersesStreet2,Riga

SubordinatedtotheMinistryof

Economics,theLIAA,equippedby

itsownstartupconsultingunit

a.k.aStartupLatvia,isaone-stop-

shopforallforeignnationalswho

arewillingtoplugintothelocal

entrepreneurialscene.

Startup Latvia

Beingthehands,themindsandthe

heartsbehindthisguide,StartupLatvia

teamoffersadiverserangeofincentives

andopportunitiesforinnovativeideasat

eachstageofgrowth.Nomatterwhether

youwouldliketoobtaintheStartupVisa

orthesocialtaxrebateundertheStartup

Law,thisunitwillbeyourcontactpoint

forthekeysupportmechanismsprovided

bythestateandtheEU.Apartfrom

implementationoftheseprogrammes,

discussedintheprevioussections,

StartupLatvianutruestheecosystemby

excitingevents,promotionalactivities,

aswellasextensiveconsultingonboth

relocationandbusinessmatters.

Tech scouts

Whileinnovationandsciencealways

gohand-in-hand,itmaytaketime

andexpertisetonavigatethrough

opportunitiesofferedbytheacademia

sector,especiallyifyouarestartingupin

anewcountry.

Beingfamiliarwithwhatevery

researcherorlabcanbringtothetable,

LIAA scouting experts will save you

LIAA (Investment and Development Agency of Latvia)

extra effort by finding the best tech partnersinthefieldofbioeconomics,

smartmaterials,ICT,intellectualproperty

rights,smartenergy,andbiomedicine.

Apartfromindustry-specificscouting,

anadditionalscoutisassignedtothe

UniversityofLatvia,oneofthebiggest

multidisciplinaryeducationalinstitutions

inthecountry.

Labs of Latvia

Inspiteofitsname,theLabsofLatviais

notaphysicalplace,andthusthisonline

platformhasnolimitationsintermsof exposing the best of the local startup scene to the entire world.Visit https://labsoflatvia.com/en/homefor

freshcommunitynews,inspiringstories

andabroaddirectoryofdirectlinksto

diversesupportmechanisms.

Events

Whileitmaybeahardtasktocountall

thenetworkingeventsorganizedbythe

LIAA,Deep Tech Atelier and iNOVUS festival clearlystandoutintermsof

scope.Whilethefirstoneisapractical,

seminar-typeforumoncommercialization

ofthescientificbreakthroughs,thelatter

isarelaxedopen-airfestfortheentire

innovativeentrepreneurshipcommunity.

Asbotheventscontainpitchesand

“meet-and-greet”withpotential

investors,tangibleresults.

Magnetic Latvia Business incubators

Incaseyourstartupteamspeaks

Latvian,itcanbenefitfromtwotypes

ofincubationprogrammesaimedat

settingupacompanyorscalingthe

existingone,bothfreeofchargeand

availablethroughoutthecountry.For

moreinformationaboutMagneticLatvia

businessincubators,pleasesee

www.inkubatori.magneticlatvia.lv/en

International representations

WhileyoucaneasilyreachtheLIAAor

theStartupLatviaonline,theinstitution

hasabroadnetworkofrepresentations

inBelarus,China,Denmark,Finland,

France,Germany,Italy,Japan,Kazakhstan,

Lithuania,Netherlands,Norway,Poland,

Russia,Singapore,Sweden,Ukraine,the

UnitedArabEmirates,theUK,andthe

USA.

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Contacts

Website:www.lu.lv/en/

E-mail:[email protected]

Phone:+37167034444

Address:Rainabulvaris19,Riga

Nomatterwhetheryouwill

relyontheLIAAtechscoutor

yourowneffort,thesearchfor

scientificexpertisemayleadyou

toUniversityofLatvia-isone

ofthelargestcomprehensive

andleadingresearchuniversities

intheBalticsandalong-time

supporterofthelocalstartup

community.

House of Science

Openedin2019,HouseofScienceof

almost20,000sqmcomprisesallthe

ULfacilitiesrelatedtoexactdisciplines,

medicineandlifesciences.Ifyour

businessidearequiresanyresearchor

prototyping,thismodernplacehasitall-

underoneroof.

The Innovation Center of the University of Latvia and Microsoft (LUMIC)

BeingoneofakindintheBaltics,

theLUMICimplementsMicrosoft for Startups support programme that provides ICT sector’s newcomers with free access to Microsoft’s cloud-based computing software.Other

perksofthecentreincludeanaccessto

abroadnetworkofbothpartnersand

investors,aswellasregularmeetupsand

hackathons.

Smartup Accelerator

SmartupAcceleratorisacollaboration

projecthandledbyULandexperts

fromothercountriesaroundtheBaltic

University of Latvia (UL)

Sea.Incaseyourideadealswiththe

environmentalburdenonconsumption,

thisacceleratoristherightplacetolook

forsupportyoursustainableinnovation

mayrequire.

Icebreakers

AnotherexampleofULcooperation

projectsincludesIcebreakers-abusiness

opportunityfestivalforstudentsand

youngprofessionals,organisedtogether

withRigaTechnicalUniversityand

expectedtobecomethemostinfluential

eventofitskindinthewholeofNorthern

Europe.

Student Business Incubator

Last,notleast,whileuniversity-based

co-workingspacesisnotsomething

unique,incaseoftheUL incubator, its office facilities are available to every entrepreneur with business expertise who is ready to consult other teams. Moreover, if you have a co-founder who is studying at the University or is a recent alumni, the scope of assistance grows on behalf of access to two incubation programmes and numerous grants.

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Contacts

Website:www.rtu.lv/en

E-mail:[email protected]

Phone:+37167089333

Address:KalkuStreet1,Riga

Asitsnamewouldsuggest,Riga

TechnicalUniversityisthefirst

universityoftechnologyinthe

Balticsthatprovidesthelocal

startupecosystemwithboth

knowledgeandinfrastructurefor

commercializationofscientific

discoveries.

RTU Design Factory

Withtechnologiesthatrangefromlaser

cuttingandengraving,3Dprintingand

scanningtohighspeedCNCmachining

andpost-processing,RTUDesignFactory

isthebestequippedprototypinglabin

theBalticsthatemploysateamwith

skillsinmechanicalengineering,robotics,

electronics,productdevelopment,

businessandetc.Asitsstaffhappensto

speak10languages,RTUDesignFactory

embodiestwoofthekeybenefitsof

startingupinLatvia,namely,agreat

accesstothetechandahighly-skilled,

multilingualworkforce.

EIT hubs

Apartfromtechfacilities,RTUDesign

FactoryisalsohometothreeEIT (European Institute of Innovation and Technology) hubs - EIT Climate-KIC, EIT Food and EIT Raw Materialsthatgrantsupporttoinnovationsinspecificfields

ofscience.Formoreinformationabout

EIT,pleaseseehttps://eit.europa.eu

Forinstance,EIT Climate-KIC implements the only EU acceleration

Riga Technical University (RTU)

programmefocusedonclimateimpact

bycleantechcommercialisation.Inthree

stages,theprogrambringsstartupsthe

knowledge,resources,toolsandthe

coachingacleantechstart-upneedsfor

success.Formoreinformationabout

theprogramme,pleaseseehttps://

www.climate-kic.org/programmes/

entrepreneurship/accelerator/

EIT Food Innovation Prizes, ontheotherhand,isoneofthelargeststartup

competitionsforearlystagestartups

developinginnovativeproductsand

servicesthatcantransformourfood

system.Formoreinformationaboutthe

programme,pleaseseehttps://www.

eitfood.eu/entrepreneurship/projects/

Innovation-Prizes

University Incubator

Moreover,joiningeffortswithUL,RTU

runsthe University Incubator - a project that offers a 12-week STEM-oriented incubation programme. In

ordertoqualify,atleastonemember

ofyourteamshouldpossessaSTEM

backgroundfromeitherRTUorUL.

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Contacts

Website:https://www.swedbank.lv/

about/swedbank/about/dobe

E-mail:

[email protected]

Address:Balastadambis15,Riga

Beingamongthelargestandthe

mostmodernbanksintheBaltics

andSweden,Swedbankhasalong

historyofinnovationandthus

eagerlysupportsallthegame-

changingideas.

Swedbank co-creation space

Swedbankco-creationspaceisaRiga-

basedco-workingthatprovidesafree-

of-chargepermanentworkplacewithin

afullyequippedco-workingspacefora

periodoftime.Whilepriorityisgivento

Fintech,companiesfromothersectors

mayapplyaswell.

Main requirements:

- Anearly-stagestartup*

registeredintheBaltics

- Ateamof1-5people

- Plantoworkonyour

idea/productfulltime

ThescopeofSwedbankco-creation

spacesupportisnotlimitedtoco-

workingservices.Italsohostsregular

startupevents,includingSeedTalks meetup series on innovation in finance, aswellasB2B FinTech acceleration programmes performed in cooperation with Startup Wise Guys accelerator. Besidesfunding,thestartupsselected

foraccelerationgetpremiumaccessto

Swedbank’sAPIs,aswellaspotential

accessto7millionclientsin4markets

throughtheSwedbankOpenBanking

platform.

*Mainlybeforethefirstmajorfundraising

Swedbank Latvia

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Contacts

Website:https://riga.techhub.com/

E-mail:[email protected]

Phone:+37122882909

Address:KronvaldaBulvaris4,Riga

Foundedin2011as the first-ever co-working space in Latvia for startups, TechHubRigahasbeenactively

supportingthelocalecosystemfor

almost10years.

Apartfrombeingthe birthplace of some startup success stories, ithasalsokickstartednumerousseries of networking and educational events, suchasMonthlyMeetup,TechHub

Academy,TechHubRigaTechTalksand

DemoNights,StartupBBQ,aswellasan

annualTechChillconference.

SincetheFacultyofBiologyofULhas

movedtotheHouseofScience,TechHub Riga took over its former location and turned it into the epicenter of the local startup buzz. Togetherwithco-working

inmates,thisspaceisnowinhabitedby

someoftheecosystem’sleadingplayers,

TechHub Riga

includingtheLatvianStartupAssociation,

RigaTechGirls,TechChill,StartupWise

Guys,ChangeVenturesandetc.

Inadditiontoalltheperksyouget

on-site,TechHub membership grants access to TechHub Global Community co-workings and support programmes all over the world.

Finally,theNGOactivelypromotes

interdisciplinaryandcross-border

cooperationbetweenstartupsand

regionalstakeholders.Itsforeign

partnersinclude“GoogleforStartups”

“Garage48”,“BalticInnovationAgency”,

UniversityofTartu,tonamebutafew.

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Contacts

Website:www.techchill.co

E-mail:[email protected]

Phone:+37127136551

Address:KronvaldaBulvaris4,Riga

StartedasTechHubRigaside-project,

TechChillhassuccessfullyemerged

intoanindependentnon-profit

organisationwithfocusonhelping

localstartupssucceedglobally.

Events

TherangeofTechChillactivitiesincludes

job fairs, educational workshops, hackathons and international trips aimed to promote the local business environment, yet its key initiative is an eponymous conference.

Withtopicschangingandnumberof

participantsgrowingfromyeartoyear,

thisglobalRiga-basedforumis known for its signature relaxed atmosphere, yet strong make-it-work attitude.

Incaseyouareanearly-stagecompany,

visitTechChillforcontactsorknowledge,

winfundinginpitchcompetitionsand

explorethesecretbehindtraditionally

highlevelsofattendees’satisfactionon

yourown.

X Europe

Alongsidewithitsownbrandprojects,

TechChillactivelycollaborateswith

startupsupportingunitsfromalloverthe

world.Forinstance,itisamong5regional

ecosystemleadersthatimplementthe

XEurope-aEU-fundedprogramme

createdtofosterDeeptechinnovations

intheBaltics,WesternEurope,andthe

Visegradregion.

TechChill

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Contacts

Website:www.rigatechgirls.org

E-mail:[email protected]

Address:KronvaldaBulvaris4,Riga

Createdbytwofemalestartup

co-founders,RTGisprobablyone

ofthemostinspiringecosystem

stakeholders.

Unitingmorethan1000members

andconstantlyexpandingits

activitiesalloverLatviabyopening

regionalbranches,thissocialnon-

profitorganizationempowerswomen

intech,includingthestartupsector.

Addressingladiesas“thearchitectsfor

thefuture”,RTGensurestheirwords

gohandinhandwithactionsthrough

numeroustalent-boostingevents,

includingthefirsteverWomeninTech

HackathoninLatvia,aswellasseries

ofworkshopsforaspiringfemaletech

entrepreneurs,preparedincollaboration

withtheLIAAandcoveringtopicsfrom

businessmodelling,productresearch

andprototypingtoteambuildingand

presenting.

Stressingtheimportanceofpractical

ITskillsfordevelopmentofthecurrent

orstartingabrandnewcareer,RTG

alsocollaborateswithleadingICT

sectorenterprisesonprovidingspecial

scholarshipsforwomenwithinterest

inbasicprogramming.Forinstance,She

GoesTechinitiative,implementedinclose

cooperationwithAccentureLatviaand

aimedattechnologytrainingforwomen

inSAP,JAVA,Scala,JavaScript,LowCode,

turnedouttobeagreatsuccess,marked

byhundredsofapplicationsfordozensof

vacant places.

Riga Tech Girls (RTG)

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Contacts

Website:

www.digitalfreedomfestival.com

E-mail:[email protected]

Address:OraculeTangSpace,Doma

laukums2,Riga

Withoverathousandparticipants

andhigh-profilespeakers,including

policymakersandindustryleaders,an

annualDigitalFreedomFestivalisthe

perfectplacetoexplorethelatestdigital

discoveriesandmeetthetopplayersin

theinvestmentscene.

WhileDFForganizershostnumerous

educationalseminarsthroughoutthe

wholeyear,theyallleadtoakeyevent-

amulti-dateandmulti-locationplatform

withhighqualityeducationalcontentand

greatdealmakingopportunities.

Asforstartups,thereisaspecial

Investor day dedicated to speed dating, networking sessions, and pitch competitions, including

- RockstartPitchCompetition—for

emergingtechandindustry-changing

automatedsolutions(Energy,AI,

Healthcare,Agrifood,Mobility)

- 500StartupsPitchCompetition—

forideasthattransformeconomies

forthefuture(Impact,Sustainable

Businesses,EdTechetc.)

- LVMandClimateKICGreenTech

StartupPitch—forsustainable

innovations(GreenTech,Cleanenergy,

AgTech,Forestryetc.)

Digital Freedom Festival (DFF)

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Contacts

Website:www.itbaltic.com

E-mail:[email protected]

Phone:+37167089815

Address:SkolasStreet11,Riga

LatvianITCluster,alsoasaDigital

InnovationHub,isastrongcommunityof

thelocalICTcompaniesandinnovation

ecosystemorganizationsthathave

joinedeffortson promotion of export, cooperation with other industries and digitalization of small and medium enterprises.

Beingexperiencedprofessionals,LITC

membersarewellawareofhowhard

itistobothscale-upandgoglobal,

thustheyarereadytosharetheirown

expertise,resourcesandcontactswith

theICTsector’snewcomers,including

thestartups.Asweliveinadigitalage,

ITClusterseesthatICTworksasacore

industrywhichcanhelptoboostother

industriestobecomemoredigitally

aware.

Describingthemselvesas«the gateway helping coolest Latvian tech companies grow strong and enter new markets»,LITCsupportsthispromiseby

thewide-rangingscopeofassistance-

from exhibitions and trading missions to digital transformation, acceleration programs and cross-industry hackathons.

Latvian IT Cluster (LITC)

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Contacts

Website:www.startin.lv

E-mail:[email protected]

Address:KronvaldaBulvaris4,Riga

Allstartupsdifferintermsofstage

andindustry,somecommonbusiness

goals,suchasscalingandgoingglobal,

requireone united voice for effective communication with policymakers and other parties of interest. In Latvia

thisvoicebelongstoLatvianStartup

Association,a.k.a.Startin.LVthat

unitesstartupsandotherecosystem

stakeholders.Itskeyfunctionsinclude:

- Torepresentinterestsofstartupsto

stateinstitutionsandlegislators

- Toadvocatestartup-friendly

regulations

- Toinitiatemutuallybeneficial

cooperationbetweenecosystem

players

- TopromoteLatvianstartupsceneboth

locallyandabroadthroughmarketing

and PR activities

- Toprovidestartupswithup-to-date

information,mentorshipandspecial

discountsforevents

Latvian Startup Association Startin.LV

Asforspecificactions,Startin.LVcarries

outplentyofcommunity-shapingevents,

suchastheannualRigaVenturesummit

aimedatexistingpolicyexamination

andimprovements,FounderMarathons

providingaspiringentrepreneurswith

guidelinesforstartingupinLatvia,as

wellasFounderMentorshipsessions

whereexperiencedstartupssharetheir

tipsandtrickswithsector’snewcomers.

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Contacts

Website:www.lvca.lv/en

E-mail:[email protected]

Phone:+37126554125

Address:BrivibasStreet46-26,Riga

Finally,whilenetworkingandother

softsupportcancertainlymake

yourstartupthrive,nobusinesscan

survivewithoutsufficientfinancial

means.

Asthewholesectionofthisguideis

dedicatedtonumerousfund-raising

opportunities,thegoodnewsisthat

thereexistsoneorganizationthatunites

allthemajorityofparticipantsinthe

localventurecapitalindustry-Latvian Private Equity and Venture Capital Association (LVCA).

Themembersoftheassociationarefund

managementcompaniesoperatingin

Latviaandlegalandfinancialconsultants

workingfortheindustry.Currently,the

associationunites40organizations-the

majorityofparticipantsinthecountries’

venturecapitalindustry.

ThemaintasksofLVCA:

- Informentrepreneursandthepublic

aboutthepossibilitiesofreceiving

venturecapitalfinancing;

- Promotetheexchangeofknowledge

andexperienceofthemembersofthe

association;

- Representtheinterestsofthe

industrytostateinstitutionsand

legislators;

- Organizeandensurecooperationwith

internationalandforeignVenture

Capital associations.

Latvian Private Equity and Venture Capital Association (LVCA)

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Useful links

ECONOMICS & BUSINESS: Central Statistical Bureau of Latvia https://www.csb.gov.lv/en/sakums Electronic Declaration System https://eds.vid.gov.lv/login/# Enterprise Europe Network http://www.een.lv/en/ Investment and Development Agency of Latvia (LIAA) https://www.liaa.gov.lv/en Latvian Chamber of Commerce and Industry https://www.chamber.lv/en Latvian Electronical Signature https://www.eparaksts.lv/en/ Latvian Enterprise Database https://www.lursoft.lv/?l=en

Latvian Export Import Directory http://www.exim.lv/ Legal Acts of the Republic of Latvia https://likumi.lv/p/en/covid-19

Portal of State Administration Services https://www.latvija.lv/en Register of Enterprises of the Republic of Latvia https://www.ur.gov.lv/en/ State Revenue Service https://www.vid.gov.lv/en

State-owned Development Finance Institution “ALTUM” https://www.altum.lv/en/

RELOCATION:Informative website about integration in Latvia https://www.integration.lv/en

Latvian Immigration Law https://likumi.lv/ta/en/en/id/68522-immigration-law Ministry of Forreign Affairs of the republic of Latvia https://www.mfa.gov.lv/en/ Office of Citizenship and Migration Affairshttps://www.pmlp.gov.lv/en/

BANKS: International Banks:Baltic International Bank https://www.bib.eu/

Blue Orange www.blueorangebank.com

Expobank www.expobank.eu/eng

Luminor https://www.luminor.lv/en/private

SEB https://www.seb.lv/eng

Signet Bank https://www.signetbank.com/en/

Swedbank https://www.swedbank.lv/private/d2d/start

Latvian Banks:Citadele https://www.citadele.lv/en/private/

Latvijas Pasta Banka https://www.lpb.lv/en/

Reģionālā investīciju banka https://www.ribbank.com/en

Rietumu banka https://www.rietumu.com/en

LEGAL & FINANCIAL SERVICE PROVIDERS: International Service Providers:Cobalt https://cobalt.legal/en

Deloitte Latvia https://www2.deloitte.com/lv/en.html

Ernst & Young Baltic https://www.ey.com/en_gl

Eversheds Sutherland https://www.eversheds-sutherland.com/ KPMG Baltics https://home.kpmg/lv/en/home.html Leinonen Group https://leinonen.eu/lv-en PricewaterhouseCoopers Latvia https://www.pwc.com/lv/en.html Rödl & Partner Riga http://www.roedl.net/lv/en/home.html

Reliable Latvian Service Providers:AAT http://aat.lv/en AmberLaw http://amberlaw.lv/en/birojs/klienti Auctus Capital www.auctus.lv AZ Service www.azservice.lv Cipari Baltics http://www.cipari.com/main_eng.html Davis Suneps https://davissuneps.com/about/ LM Law Office http://www.lmlawoffice.com/about-us/ Orients Audit & Finance https://www.orients.lv/en/ PRIMUS DERLING http://www.primusderling.eu/ Rektina un Mieze http://rektinamieze.lv/en/the-firm/ SORAINEN www.sorainen.com TaxLink Baltic SIA www.taxlink.lv/en/ TGS Baltic https://www.tgsbaltic.com/

INSURANCE SERVICES:AP Companies www.ap-companies.com Balta https://www.balta.lv BAN www.ban.lv

BTA https://www.bta.lv/en

Compensa https://www.compensa.lv/private/ Gjensedige https://www.gjensidige.lv/english

If https://www.if.lv/en/private Latvian Insurers Association https://www.laa.lv/en/

EDUCATION:Academic Information Center http://www.aic.lv/portal/en/ Institutions of Higher Education in Latvia http://www.aic.lv/rec/HE_2002/HE_LV/ed_sys/high_ins.htm State Education Development Agency (VIAA) http://viaa.gov.lv/eng/

TRANSPORT & CONNECTIVITY:Latvian Railway (LDZ) https://www.ldz.lv/en

Public transport services in Riga https://www.rigassatiksme.lv/en/ Riga International Airport https://www.riga-airport.com/en Riga International Coach Terminal https://www.autoosta.lv/?lang=en Road Traffic Safety Directorate (CSDD) https://www.csdd.lv/en/

HOUSING:https://www.city24.lv/en/ https://www.cityreal.lv/en/ https://www.rentinriga.lv/en/main https://www.ss.com https://zip.lv/en/

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CULTURE & ENTERTAINMENT:Get To Know Latvia www.latvia.eu In Your Pocket Essential City Guide https://www.inyourpocket.com/latvia Latvia Travel https://www.latvia.travel/ Live Riga https://www.liveriga.com/en/

HIRING:CV Market https://www.cvmarket.lv/

CV.lv https://www.cv.lv/english/

Your Move https://www.yourmove.lv Like IT https://www.likeit.lv State Employment Agency https://www.nva.gov.lv/en

Visi Darbi https://www.visidarbi.lv/en/

HEALTH CARE:Emergency Medical Service of Latvia http://www.nmpd.gov.lv/en/ Ministry of Healthcare https://www.vm.gov.lv/en/

National Health Service http://www.vmnvd.gov.lv/en Private Clinical Laboratory E. Gulbis https://www.egl.lv/en/ Private Health Center “ARS” https://arsmed.lv/en/

Private Outpatient Hospital MFD http://www.mfd.lv/en Private Outpatient Medical Center ‘’Veselības centrs 4’’ https://vc4.lv/en

STARTUP COMMUNITY:Alternative Financial Services Association of Latvia (LAFPA) https://www.lafpa.lv/en/home/

Business technology platform BiSMART http://www.bismart.lv/en Google Developer Group (GDG) https://gdgriga.lv/ Latvian Blockchain Association http://blockchain.org.lv/ Latvian Business Angel Network LatBAN https://www.latban.lv/en Latvian Digital Health Cluster https://www.digital-health-cluster-latvia.org/ Latvian Information and communications technology association (LIKTA) https://likta.lv/en/home-en/ Latvian IT Cluster https://www.itbaltic.com/ Latvian Open Technology Association (LATA) https://www.lata.org.lv/?lang=en Latvian Venture Capital Association https://www.lvca.lv/en Racoons https://www.theraccoons.org/ Riga Tech Girls http://www.rigatechgirls.org Startup Association Startin.LV http://startin.lv Startup Latvia https://startuplatvia.eu/ TechHub Riga https://riga.techhub.com UL Microsoft Innovation Center LUMIC https://www.lumic.lu.lv/ VEFRESH https://www.vefresh.com/home Wind Hackers https://windhackers.com/about

BUSINESS INCUBATORS:Magnetic Latvia Business Incubators https://inkubatori.magneticlatvia.lv/en/ RISEBA Creative Business Incubator https://www.riseba.lv/en

RTU Design Factory https://www.rtu.lv/en/science/dizaina-fabrika UL Student Business Incubator https://www.lu.lv/en/cooperation/ul-student-business-incubator/ Ventspils Business Support Centre https://www.vatp.lv/en/business-support

FUNDS: Acceleration Funds:BuildIT https://www.buildit.lv Commercialization Reactor https://www.commercializationreactor.com/ Overkill Ventures https://www.overkill.vc Startup Wise Guys https://startupwiseguys.com/

Business Angel Networks:LatBAN https://www.latban.lv/en

Venture Capital Funds:BaltCap https://www.baltcap.com/ Change Ventures https://www.changeventures.com Expansion Capital https://excap.lv/en/ Flycap https://www.flycap.lv/

Imprimatur Capital https://www.icfm.lv Livonia Partners http://livoniapartners.com RubyLight http://rubylightinvestments.com.au ZGI https://www.zgi.lv/offer/

STARTUP AND TECH EVENTS:5G Techritory https://www.5gtechritory.com/ Baltic Honeybadger

https://bh2019.hodlhodl.com/ Deep Tech Atelier https://deeptechatelier.liaa.gov.lv/ Digital Freedom Festival https://www.digitalfreedomfestival.com/ Icebreakers https://icebreakers.lv/ iNovuss https://www.inovuss.lv/en/ Riga Comm https://rigacomm.com/en/ Tech industry http://www.techindustry.lv/en/index.php

TechChill https://techchill.co/

MEDIA:Business Technology Platform https://www.bismart.lv/en Latvian Information Agency “LETA” https://www.leta.lv/eng Latvian Public Broadcasting https://eng.lsm.lv/ News platform about technologies and innovation “Labs of Latvia” https://labsoflatvia.com/en/home

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