Latvia ranks 19/190 for Ease of Doing business, thanks to its political stability, ease to start a business, the simplicity of its tax process, and smooth import-export processes. Latvia also has a skilled and relatively inexpensive workforce. The bulk of FDI goes to financial / insurance, wholesale / retail, real estate, and manufacturing, while its main investors are Sweden, Russia, Estonia, and the Netherlands.
However, the country has a small domestic market and room for improvement on protection of minority shareholders and resolving insolvency. In February 2021, the government approved a new initiative aimed at reducing admin for high value-added investments in industries such as ICT, bio-economics, smart materials, photonics, biomedicine, smart energy, global business services, construction, transport and logistics. Latvian government is also particularly interested in development of its start-up sector.
AUXADI can become your ideal investment partner in Latvia. From our office, located in Latvia, we offer a One Stop Shop value added Outsourcing services in the areas of Accounting and Reporting, Tax Compliance, Payroll Management and Representation services, among others.