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 850 to be paid by your employer / or you pay  for 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. Note this is not Tax Advice. To understand your taxes, we offers you a consulting session with our associated Accountant.

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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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