Latvia Special Economic Zones (SEZs) in 2023

Latvian free zone company

  • Latvia operates four Special Economic Zones (SEZs), namely: i) Riga Free Port ii) Ventspils Free Port iii) Liepaja Special Economic Zone and iv) Rezekne Special Economic Zone;
  • Companies incorporated in Latvian SEZs are offered several tax incentives including i) 80% rebate on corporate income tax up to 50% of amount invested ii) 80% rebate on real estate tax up to 50% of amount invested and iii) exemptions from withholding taxes and import/export duties and iv) exemption from VAT on certain goods and services provided within or exported out of the zone;
  • In order to setup in the zone, the Client will need to incorporate a company and then submit an application to the zone authorities, with the following documents: i) the registration certificate ii) articles of association iii) annual reports from the previous 2 years (if available) iv) planned investment schedule;
  • Evaluation of the application is done on a case by case basis, under the following criteria: i) amount of planned investments ii) number of jobs created iii) level of wages iv) technology transfers v) volume of trade generated for the port and vi) planned utilization of local resources.
Free zone comparisonRiga Free PortVentspils Free PortLiepaja SEZRezekne SEZ
FTZs used mostly by which industry?Exports and logistics companiesExports and manufacturing companiesExports and manufacturing companiesExports and logistics companies
Average annual Industrial space rent per 1000 sq. m.€20,500€15,500€15,500€12,000
Corporate tax standard rate4%4%4%4%
How long to set the company up?4 weeks4 weeks4 weeks4 weeks
How long to open company bank account?4 weeks4 weeks4 weeks4 weeks
Quality of UtilitiesGreatGoodGoodGood
Allowed to sign sales contracts with Latvian Clients?YesYesYesYes
Allowed to invoice Latvian Clients?YesYesYesYes
Corporate tax payable in LatviaYesYesYesYes
Corporate bank accountSEB BankNorvik BankABLV BankSwedbank Latvia
Physical office space requiredYesYesYesYes
Allowed to import raw materials?YesYesYesYes
Allowed to export goods?YesYesYesYes
Can be wholly foreign ownedYesYesYesYes
Can the entity hire expatriate staff in Latvia?YesYesYesYes
Minimum number of directors1111
Minimum number of shareholders1111
Tax registration certificate requiredYesYesYesYes
Individual shareholders allowedYesYesYesYes
Corporate shareholders allowedYesYesYesYes
Corporate director(s) allowedYesYesYesYes
LLC company allowed?YesYesYesYes
Annual audited financial statementsYesYesYesYes

Contact us

For additional information on our free zone company registration services in Latvia, please contact our in-house country expert, Mr. Petar Chakarov, directly:
client relationship officer - Petar
  • Mr. Petar Chakarov
  • Sales & Business Development Manager
  • Contact me!
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