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 comparison Riga Free Port Ventspils Free Port Liepaja SEZ Rezekne SEZ
FTZs used mostly by which industry? Exports and logistics companies Exports and manufacturing companies Exports and manufacturing companies Exports and logistics companies
Average annual Industrial space rent per 1000 sq. m. €20,500 €15,500 €15,500 €12,000
Corporate tax standard rate 3% 3% 3% 3%
How long to set the company up? 4 weeks 4 weeks 4 weeks 4 weeks
How long to open company bank account? 4 weeks 4 weeks 4 weeks 4 weeks
Quality of Utilities Great Good Good Good
Allowed to sign sales contracts with Latvian Clients? Yes Yes Yes Yes
Allowed to invoice Latvian Clients? Yes Yes Yes Yes
Corporate tax payable in Latvia Yes Yes Yes Yes
Corporate bank account SEB Bank Norvik Bank ABLV Bank Swedbank Latvia
Physical office space required Yes Yes Yes Yes
Allowed to import raw materials? Yes Yes Yes Yes
Allowed to export goods? Yes Yes Yes Yes
Can be wholly foreign owned Yes Yes Yes Yes
Can the entity hire expatriate staff in Latvia? Yes Yes Yes Yes
Minimum number of directors 1 1 1 1
Minimum number of shareholders 1 1 1 1
Tax registration certificate required Yes Yes Yes Yes
Individual shareholders allowed Yes Yes Yes Yes
Corporate shareholders allowed Yes Yes Yes Yes
Corporate director(s) allowed Yes Yes Yes Yes
LLC company allowed? Yes Yes Yes Yes
Annual audited financial statements Yes Yes Yes Yes

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
  • Client Engagements 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