Incorporation in Latvia
The most common legal entity set up in Latvia is a limited liability company, also known as a LLC. This type of business guarantee induvidal with business chances, maximizing safety of personal capital and minimizing risks and not affecting his personal commitments. There are no restrictions to company formation - business can be started either by resident or non resident and even more - legal entity.
In Latvia a LLC is called SIA(Sabiedrība ar Ierobežotu Atbildību).
The process of setting up company in Latvia is not so complicated as with starting joint stock company, but still requires time and experience with establishment of this kind of company.
Registration with Value Added Tax (VAT) registry as VAT payer is not mandatory following the incorporation of the company. However, the law sets rules when such a registration is inescapable, for instance, when the annual turnover exceeds the certain limit stipulated by the law.