Setting up an SIA in Latvia is an accessible, appealing process for many international entrepreneurs. Thanks to favourable taxation and a streamlined administrative framework, Latvia stands out as a top destination in Europe for company formation. This article covers the documents you need and the key steps to launch your SIA.
Essential Documents to Set Up an SIA in Latvia
To set up an SIA, the equivalent of a limited liability company, it's crucial to prepare a specific set of documents. Here's the list of mandatory documents:
- Registration application form (form KR4): This official form must be submitted to Latvia's Business Register (Uzņēmumu reģistrs).
- Founding decision or minutes of the constituent meeting: A document formalising the company's formation by the founder(s).
- Articles of association: These must be drafted in Latvian and include information on shareholders, share capital, business purpose and governance rules. Templates are available on the Register's portal.
- Proof of a registered address in Latvia: The company must have a physical address (not just a PO box), with the consent of the premises owner. This is what a virtual office service covers.
- Bank certificate of the capital deposit: A statement proving that at least 50% of the share capital has been paid in (the balance can follow within 12 months). For a standard SIA, the minimum is €2,800. A micro-SIA (€1 to €2,799) remains an option for individuals, with a maximum of 5 shareholders and an obligation to set aside 25% of annual profits until reaching €2,800.
- Identity of founders, directors and beneficial owners (BOs): ID documents and details of shareholders (address, share of capital), plus the declaration of beneficial owners.
- Director's consent: A document confirming the director accepts their appointment.
It's worth noting that some documents may require an official translation and notarisation, particularly if foreign documents are used.
Steps for Preparing and Submitting Documents
Submitting documents to the business register follows a structured process:
| Step | Description |
|---|---|
| 1. Document preparation | Gathering and drafting the articles of association, consent forms and other required documents. |
| 2. Translation and notarisation | Translating documents into Latvian and notarising them if needed. |
| 3. Filing documents | Submitting documents to the business register, via the online portal with eParaksts electronic signature (or eID/eIDAS for EU residents) or through a notary. |
| 4. Paying fees | Settling the administrative fees required for registration. |
Once the complete file is submitted, registration itself generally takes 1 to 3 working days. Factoring in document preparation and opening a bank account, budget more like 5 to 10 days in straightforward cases, and up to 2 to 4 weeks if you're a non-resident: the bank account often remains the longest step in the process. Avoid common mistakes such as missing signatures or required annexes.
Costs and Timelines for Setting Up an SIA
Good to know
State fees for registering an SIA are set at €150 for standard processing (~3 days) or €450 for expedited processing (~24h), plus around €20 in publication fees in the official gazette (Latvijas Vēstnesis). On top of this come translation, notarisation and registered-address fees, which vary by provider. Overall, budget between €300 and €1,000 excluding share capital for the whole process — often more for a non-resident (bank, address, support).
Registration itself stays fast (1 to 3 working days) once the file is submitted to the Register, even if the full journey, documents and bank account included, generally takes longer.
What Founders Say About Setting Up an SIA
Many international entrepreneurs have already set up their SIA in Latvia. Here's a representative example of what our clients report about the process:
"Setting up an SIA in Latvia was much simpler than I expected. The administrative process is clear, and support from local experts was a real asset." — Client feedback, consulting sector.
To find out more about setting up your company, feel free to see our guide to the SIA.
Comparing Document Requirements Across Europe
Requirements for setting up a company vary considerably across Europe. Compared with some countries where the process can be heavier, Latvia offers a streamlined procedure with fewer documents required and lower costs.
What's more, the tax advantages Latvia offers, such as its competitive corporate tax rate, make it an appealing destination. For a detailed analysis of these advantages, see our article on Latvian taxation.
Ready to take the plunge and set up your SIA in Latvia? Contact our team of experts today for personalised support.