Who is it applicable to 

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Residence permits are issued to NON EU citizens who wish to work in Latvia. These include those who wish to start a business of their own in Latvia. For example, a restaurant, consulting, IT services, recruitment agency, import export of products etc. 

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Process usually involves agreeing to buy a 'Shelf' company or of course, finding a company to hire you. Joining a promising business with a small investment may also work for some applicants. 

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Main requirements 

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• Establish or buy a ready made company or co-invest in a successful Latvian company.

• Invest minimum Euro 2800 as capital in your company if you are starting your own business

• Have a business plan. Not needed when you agree to invest in a successfully operating Latvian company

• Prepare an employment contract to work for your company and employ yourself. Or between you and the company you are investing into.

• Your position must be advertised with the Labor Department for a minimum of 10 days before you become eligible to apply for a work and residence permit.

• Have a University degree to match the type of work to be performed  OR

• Proof of minimum three years of employment experience related to the work you plan to perform ( even if you are a business owner in your own country, you must prove your experience )

• MOST IMPORTANT : A minimum salary of Euro 1537 gross and minimum monthly tax of around Euro 806 to be paid by your employer / or you pay to yourself, from your own company capital & turnover. This is the minimum to maintain your residency in Latvia. Do keep in mind, that you may also pay some additional cost associated with administration and accounting services. 

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Upon coming to Latvia on this type of residence permit,

 

• You will become the owner of your company and start your business by leasing a shop, making a restaurant, taking all permissions from various departments and get started. 

• Opening a bank account for your company is a must.

• Register your self as a Tax Payer and pay your salary and taxes each month, regardless of how long it might take to get started with your business to make sales. 

• End of the year, you must also pay income tax of the net profit of your business at  20%. If you do not take out the profits, you do not pay this corporate income tax. Just your payroll taxes based on your own salary.

• We can assist you with various types of approvals depending on your business plan. However, fees for such additional services must be quoted separately. 

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