Latvia: Operating a Business

Setting Up a Company

Types of Companies and Capital (Max/Min)	Number of Partners/Shareholders and Liability
The sabiedriba ierobezotu atbildibu is a Private Limited Company. Minimum LVL 2,000. 50% of the capital must be released at the incorporation and the remainder within the year.	No minimum Liability is limited to the amount contributed.
The akciju sabiedriba is a Public Limited Company. Minimum LVL 25,000. 50% of the capital must be released at the constitution and the remainder within the year.	No minimum Liability is limited to the amount contributed.
Partnership No minimum	Minimum 2 Unlimited for all Partners
Limited Liability Partnership No minimum	No minimum Unlimited for General partner, limited for limited partner

The Competent Organization: Here is the link to the Register of Commerce in Latvia.

Source: Doing Business.

Business Setup Procedures: Consult Doing Business Website, to know about procedures to start a Business in Latvia.
Lursoft, Data bases for enterprises.

	2010
Labor Force	1,178,000

Source: CIA - The world factbook

Source: UN - United Nations

Legal Weekly Duration: 40 hours
Retirement Age: 55 for women and 60 for men.
Working Contracts: Employment contracts are regulated by law and to a lesser degree by collective agreements.
The terms of employment contracts are very rigid.

Minimum Wage: 90 lats (USD156)
Average Wage: The average net salary is LVL 477 (EUR 680 ). In the public sector, the gross average salary reach LVL 568 (808 EUR), while in the private sector it is LVL 434 (EUR 620).
Social contributions: Social Security Contributions Paid By Employers: 26.09 %.
Social Security Contributions Paid By Employees: 9 %.

Social Dialogue and Involvement of Social Partners: N/A.
Unions: LBAS - Latvian Free Trade Union Federation.
LMDA - Medical Workers Trade Union. It is one of the biggest unions in Latvia. It brings together employees in the health systems. LMDA is a member of the Trade Unions of Public Services International PSI.
LGrAS - Book industry Trade Union. It brings together the employees of the book and small volume industries, publications in the press and publishing houses. LGrAS is a member of the International Graphics Federation IGF and the European Graphics Federation EGF.
LINA - Latvian Industrial Workers Trade Union. It brings together employees from the chemicals and light textiles industries. The Latvian Industrial Workers Trade Union. is a member of the International Federation of Chemical, Energy, Mine and General Workers' Unions and the International Textile, Garment and Leather Workers Federation ITGLWT.
LTAP - Trade Union of Commerce. Brings together public and private sector employees engaged in commerce as well as those in other commercial organizations. LTAP is a member of the International Federation of Commercial, Clerical, Professional and Technical Employees FIET.
LAKRS - Trade Union of Public Service Employees. It mainly brings together employees engaged in municipal enterprises. LAKRS is a member of the Trade Unions of Public Services International PSI.
Labor Regulation Bodies: The Latvian Ministry of Labor and Employment

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