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Success tips when doing business in Latvia

    doing business in Latvia
  1. Entrepreneurs must prepare a substantial study of Latvian markets. It should include i) an understanding of different market demands & changes ii) a strong feasibility study and iii) research on local competition;
  2. We advise our Clients not to engage in businesses that rely on the Russian market. Russia has repeatedly imposed embargos on products from the EU;
  3. “Hello” in Latvian is “sveiki” and “thank you” is “paldies”;
  4. Latvian business meetings follow strict hierarchy. Follow the pre-written agenda and do not interrupt the leading speaker;
  5. Alcoholic beverages might be served during business meetings;
  6. Be careful of your reputation. Due to the small size of the markets, all competitors know each other well and negative remarks and other comments can spread very rapidly;
  7. Clients should be careful when dealing with business partners from different ethnicities. Underlying ethnic tensions could mean Russian businessmen are unwilling to partner with Latvians and vice versa;
  8. If you consider doing business in Latvia, you might as well expand your business in the neighboring Baltic states, due to their high interconnectivity;
  9. You should always carry your business card, preferably having a translation in Latvian and Russian on the back;
  10. During your business conversations, try not to enter into debates about World War II with Latvians, as it is a very sensitive subject for them.

Interesting facts about Latvia?

  1. Latvia has been a member of the United Nations since September 17th, 1991. In 2004 the country joined the European Union and NATO, and in 2014, it joined the Eurozone;
  2. Latvia’s most developed industries include i) woodworking ii) metalworking and electronics iii) transportation and logistics iv) information technology v) life sciences vi) healthcare services and vii) greentech;
  3. The official, and most used language of Latvia is Latvian and Russian is the second most common language;
  4. Latvia is in many ways very modern. You can do your tax declaration online, and the tax regime is very simple;
  5. Latvia is one of three countries known as the “Baltic States”. The other Baltic State countries are Estonia and Lithuania;
  6. Latvia was one of the most economically well-off and industrialized parts of the Soviet Union. The country declared its independence from the Soviet Union, along with the other two Baltic States on 21 August 1991;
  7. Christianity is the largest religion in Latvia, although only 7% of the population regularly attend church services;
  8. About one third of the Latvian population resides in the capital city of Riga;
  9. Latvia is a relatively safe country, with decreasing crime rates and overall courteous drivers, according to the US Bureau of Diplomatic Security;
  10. Compared to most European countries, Latvia has a great number of state-owned companies. There are more than 140 state-owned companies amongst which the largest ones are providers of infrastructure services.

Frequently asked questions

Contact us

For additional information on our company registration services in Latvia, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
latvia Cabinet of Ministers latvian MInistry of Finance latvian Chamber of Commerce (LLCI) Central Statistical Bureau of Latvia Investment and development agency of Latvia latvia company register