How to found an SIA in Latvia

What to prepare

• Details of the shareholders and the board member, and how the shares are divided.
• A legal address you may use, usually with the owner's consent.
• Articles of association and founding documents, signed with a secure electronic signature.
• Share capital of at least the amount set in the Commercial Law.

Steps

1. Step 1

   Choose a name

   Check in the Register of Enterprises data that the name is not already taken, and choose a name with the mark SIA.

2. Step 2

   Set the shareholders and the board

   One or several people can found an SIA. Decide who owns the shares and which board member represents the company.

3. Step 3

   Prepare the legal address

   You need an address you may give as the legal one. If it is not yours, the owner's consent is usually needed.

4. Step 4

   Prepare the articles and the founding document

   The articles set how the SIA works. The founding document is an agreement between the founders or, with a single founder, their decision.

5. Step 5

   Secure the share capital

   The Commercial Law sets the minimum share capital. Check the current amount and how and when the capital must be paid in before you sign the documents.

6. Step 6

   File the application in the Register of Enterprises e-services

   File the application and documents online and pay the state fee. The fee depends on the processing speed, so see the current price list on the Register of Enterprises website.

7. Step 7

   After the decision, open an account and grant EDS rights

   Once the SIA is registered, open a bank account. To file tax reports in EDS, a board member or an authorised person needs the right to act for the company.

What does it cost and how long does it take?

The law and the Register of Enterprises set the fees, the minimum capital and the processing time. Check them on ur.gov.lv before you apply.

Check fees, amounts and deadlines at the official source before you file, because they change.

After registration

• In a month with a taxable item, for example dividends, file the corporate income tax declaration by the 20th of the next month and pay by the 23rd.
• Micro and small companies file the annual report within 5 months after the reporting year ends, which is 31 May for a calendar year.
• Keep the beneficial owner details up to date in the Register of Enterprises.

See the tax calendarCompare tax regimes in the calculator

Official sources

Register of Enterprises e-services

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