Thema von BalticLegal im Forum Dies ist ein Forum in...
Lithuania presents opportunities for businesses exporting abroad. Sectors include information technology, client support centres, and renewable energy as well as transportation, logistics and bio-plastics production.
Benefits Located between the Northern and Eastern Europe, Lithuania is the largest of the 3 Baltic States.
Lithuania has benefited from the EU assistance and development funds, amounting to 180 million EUR per annum, since joining the EU. This has helped modernise the economy. Lithuania is a member of the Schengen Area as well.
Lithuania is ranked 24th in the World Bank Ease of Doing Business report. Lithuania joined the Eurozone in 2015.
Benefits for businesses exporting to Lithuania include:
English as business language political and economic stability Strengths of the Lithuanian market include:
strategic location funding and support for businesses transport infrastructure multilingual, educated population information Communications Technology infrastructure Popular industries There is a number of popular industries in Lithuania that have the advantage of being more developed, sponsored and invested in. Because of that, they are the most likely choice for businessmen, who wish to incorporate a business in Lithuania.
Information and communication Information and communication technologies industry is the largest in the Baltics. There are 25,000 employees working in this sector. Modern technologies are available, such as EDGE technology, 3G mobile communications infrastructure with data speeds of 3.6 Mbps and mobile WiMAX 4G Internet, the fastest Internet upload in Europe and the greatest GSM penetration in the EU. These factors make Lithuania attractive for offshore services. Engineering industry has been constantly growing by approximately 18% every year. This industry is competitive in terms of cost and quality and it is well-integrated into the global supply chains. Products by the Lithuanian engineers are adapted by such companies and organisations as NASA, Boeing, U.S. Army, BMW, Volkswagen, Hitachi, Siemens and Mitsubishi.
Biotechnology Biotechnologies industry has been recognised as one of the most developed in the Central and Eastern Europe. Biotechnology research takes place in Lithuania, and the developed techniques and products are applied in the fields of medicine, pharmacy, chemistry, agriculture, environment, etc. Biotechnology products are recognised as 70% of them are exported to over 70 countries. Different incentives are offered to the development of biotechnology sector in Lithuania.
Laser technologies Another industry that is highyl developed in Lithuania is laser technologies. Every tenth laser sold worldwide is made in Lithuania. World class quality of laser production has been recognised by nearly 100 countries. Companies and organisations as NATO, Pentagon, Nuclear Research Centre in Israel, Rezerford Laboratories in England, Berkley University, Livermore National Laboratory are the clients of the Lithuanian companies producing lasers.
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Latvia is a member-state of the European Union, which is why licences for importing goods to Latvia are needed only when importing from third countries. Below, you will find a table of goods that require submitting an import licence upon entering Latvia from a non-EU country.
CN (Combined Nomenclature) code Product Description/comments Net amount 1006 20 Rice Husked rice 1 000 kg 1006 30 Rice Semi-milled, milled, glazed and polished rice 1 000 kg 1006 40 00 Rice Broken rice 1 000 kg 1701 Sugar - - ex 1207 99 20 Hemp seeds Hemp seeds for planting/sowing - 1207 99 91 Hemp seeds Hemp seed for purposes other than planting/sowing - 5302 10 00 Linen and hempl Non-processed or retted (soaked in the process of industrial processing) hemp - 0703 20 00 Garlic and onions Raw garlic - ex 0703 90 00 Garlic and onions Other onions (Allium spieces) - ex 0710 80 95 Processed garlic and onions Frozen garlic and Allium ampeloprasum onions, both processed (stramed or boiled) and non-processed - ex 0710 90 00 Processed garlic and onions Frozen vegetable mixes that contains garlic or Allium ampeloprasum onions, both processed (stramed or boiled) and non-processed - ex 0711 90 80 Processed garlic and onions Frozen garlic and Allium ampeloprasum onions processed for short term preservation - ex 0711 90 90 Processed garlic and onions Frozen vegetable mixes that contains garlic or Allium ampeloprasum onions, that have been processed for short term preservation - ex 0712 90 90 Processed garlic and onions Non-processed minced garlic and Allium ampeloprasum onions, as well as non-processed vegetable mixes that contain garlic or Allium ampeloprasum onions - ex 2207 10 00 Alcohol of agricultural origin Denaturated ethyl alcohol (volume of at least 80%) 100 hl ex 2207 20 00 Alcohol of agricultural origin Denaturated ethyl alcohol or other spirits made from any products mentioned in the Annex I of the Regulation (EU) No 1308/2013 100 hl ex 2208 90 91 Alcohol of agricultural origin Non-denaturated ethyl alcohol with volume of less than 80% made from any products mentioned in the Annex I of the Regulation (EU) No 1308/2013 100 hl ex 2208 90 99 Alcohol of agricultural origin Non-denaturated ethyl alcohol with volume of less than 80% made from any products mentioned in the Annex I of the Regulation (EU) No 1308/2013 100 hl Combined Nomenclature codes The Combined Nomenclature (CN) codes are a system of markings developed by the European Union for the purpose of marking goods. It is used both for statistics and classifying goods. The CN codes allow distinguishing between goods in a compact and precise way. They can also be used alongside non-official descriptions of products in order to provide references in case the descriptions are inaccurate or otherwise difficult to understand.
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Details Official Name: Republic of Moldova Capital: Chișinău Total area: 33 846 km2 GDP per capita: $3,415 Native Language: Moldovan (Romanian) Government: Parliamentary republic Population: 3,559,500 Major Religion: Orthodox Christianity Monetary Unit: Moldovan leu (MDL)
Moldova, officially the Republic of Moldova, is a landlocked country in Eastern Europe located between Romania to the west and Ukraine to the north, east, and south. The capital city is Chișinău.
Moldova declared itself an independent state with the same boundaries as the Moldavian Soviet Socialist Republic in 1991 as part of the dissolution of the Soviet Union. On July 29, 1994, the new constitution of Moldova was adopted. A strip of Moldova's internationally recognized territory on the east bank of the river Dniester has been under the de facto control of the breakaway government of Transnistria since 1990.
Since the collapse of the Soviet Union, the relative weight of the service sector in the economy of Moldova started to grow and began to dominate the GDP (now about 63.5%), as a result of decrease in industry and agriculture. However, Moldova remains the poorest country in Europe.
Economy After the breakup of the Soviet Union in 1991, energy shortages contributed to sharp production declines. As a part of an ambitious economic liberalization effort, Moldova introduced a convertible currency, liberalized all prices, stopped issuing preferential credits to state enterprises, backed steady land privatization, removed export controls, and liberalized interest rates. The government entered into agreements with the World Bank and the International Monetary Fund to promote growth.
Recent trends indicate that the Communist government intends to reverse some of these policies, and recollectivise land while placing more restrictions on private business. The economy returned to positive growth, of 2.1% in 2000 and 6.1% in 2001. Growth remained strong in 2007 (6%), in part because of the reforms and because of starting from a small base. The economy remains vulnerable to higher fuel prices, poor agricultural weather, and the skepticism of foreign investors.
Thema von BalticLegal im Forum Dies ist ein Forum in...
The Baltic Sea region is the fastest growing business region in Europe. The trade flow among the states in this region has been steadily increasing year by year. The taxation system of Estonia is considered one of the most liberal taxation systems in the world. In 2000, Estonia implemented a comprehensive tax reform with an aim to create the simplest, most comprehensible and most convenient taxation system possible. The main advantage of Estonia is the low-tax system that can be described as a simple system with no hidden surprises and that was basically established to promote business and increase profits.
The taxation system of Estonia includes state taxes stipulated by the tax legislation and local taxes imposed by local governments or city councils in the respective territories according to laws and regulations.
The state taxes are the following:
excise duty; income taxes; gambling tax; value added tax; land tax; social tax; customs tariffs; heavy goods vehicle tax. Corporate income tax As a result of reforms, the main benefit of entrepreneurs was the exemption from the corporate income tax in the event of reinvesting the profits. Thus, Estonian enterprises must pay the income tax only on their distributed profits, namely, dividends. The corporate income tax (tax on distributed profits) is 21 % of gross dividends.
This taxation system is conceptually different from the classic income tax system, because the tax is levied on distributed profits (also hidden distributed profits) instead of company profits.
Value added tax (VAT) The value added tax payers are enterprises the taxable supply (except for import) of which does not exceed EUR 16,000 during a calendar year. The tax is levied on transactions with goods and services in Estonia and on the import of goods. The tax rate is 20 % of the taxable value.
The taxable period is one calendar month, and the value added tax must be paid into the state budget by the twentieth day of each month. The tax is fully paid into the state budget.
The registration of enterprises is carried out by the Tax and Customs Board also administering the VAT levied on domestic goods and services.
Personal income tax In 2010, the tax rate is 21 % of taxable income, and residents must pay the tax on their income received both inside and outside Estonia. The taxable income includes the income from employment (salary, wage, bonus and other remunerations), business income, interest, royalties, rent, capital gains, maintenance support, pensions, scholarships (except for scholarships paid from the state budget or pursuant to law).
Social tax This tax is imposed to ensure state pensions and health insurance. It is paid by legal persons, natural persons and non-residents with regular income. The tax rate is 33 % of the taxable amount. The tax must be calculated monthly, and a corresponding amount of money must be transferred no later than by the tenth day of each month.
Since 1 January 1999 the social tax payments have been personalised, and they form pension funds which will be considered in each specific case. The tax is accumulated in a special account of health and pension insurance funds within the state budget.
Excise duty In Estonia, the excise duty is levied on tobacco, alcohol, fuel, packaging and vehicles.
The excise duty helps to control the amount of a specific product or provision of a specific service seeking to adjust the consumption of domestically sold goods.
Like value added tax revenues, also excise duty revenues are affected by changes in domestic demand, increase in imports of excise goods, as well as changes in excise duty rates.
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Registration with the state registry (Commercial Registry of Republic of Latvia) is mandatory for doing business in Latvia. The Company is considered a legal entity only after registration at the Commercial Registry. Afterwards, the company can legally enter into transactions and run the business.
Legal Form of the Company Incorporation documents Business start-up 1. Legal Form of the Company Prior to establishing an enterprise it is essential to assess and choose the most appropriate type of an undertaking in terms of law and economics. This choice will affect not only the amount of necessary equity capital, but also the legal status of the enterprise and other business related issues.
Foreign entrepreneurs usually register the following types of undertakings:
limited liability company (SIA); joint stock company (AS); branch; representative office of foreign merchant Latvian company types Limited Liability Company (LLC) Joint stock company (JSC) Representative office Latvian name Sabiedrība ar ierobežotu atbildību (SIA) Akciju sabiedrība (AS) Pārstāvniecība Corporate tax rate on annual net profits 0.2 0.2 Not available for trading Minimum paid up share capital EUR 2,800 EUR 35,000 None Read more on each of the types in Legal structures and Company types in Latvia page.
Baltic Legal will help to set up business in Latvia or open a branch or representative office. Our lawyers will assist you in preparation of incorporation documents and represent your interests in the competent state authorities.
2. Incorporation documents At the very beginning it is necessary to adopt a Decision on foundation. The decision on foundation might be equitable to Memorandum of Association in Western Europe countries. Secondly, Articles of Association should be drafted. According to Latvian Commercial Law, Articles of Association is most important document for company`s internal organization perspective which should be in line with the Decision on foundation and following records in the Commercial Register. It is necessary to pay the equity capital. The minimum of equity capital is EUR 2850 and it is not required to pay the entire equity capital at the moment of registration; the remaining sum might be paid within one year. Usually the founders open a temporary bank account in order to pay the equity capital. At this stage, the banks frequently ask questions related to the business and expected money flow in the account. Usually it is not problematic for foreigners to open a bank account, though Baltic Legal has supported the clients at this stage if necessary. A view in Riga 3. Business start-up Business start-up sometimes requires diving more deeply in the proposed business in order to understand the necessity for specific permits, licenses, or registration with competent state authorities.
According to the proposed business area, it might be required to apply at State tax authority (State Revenue Services) and to register as Value Added Tax payer. Baltic Legal suggests to register at Tax Authority at the moment of company establishment. In this case, the paperwork is minimized.
Baltic Legal may assist and draft other documentation necessary for running business in Latvia, for example, to obtain license, certificate or registration before the competent state authorities.
The process of company formation and registration is not considered complex. The registration takes only four business days from the moment all incorporation documents are drafted and submitted with Commercial Registry of Republic of Latvia. The registration time might be reduced up to two business days upon such a request. The registration with other institutions may take from few days up to one month.
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Since January 1, the Latvian banking system has been part of the Eurosystem, so the principles of the Eurosystem apply.
In order to achieve the price stability objective, the Eurosystem uses a range of monetary policy instruments and procedures. The strategy targets the level of money market interest rates needed to maintain price stability over the medium term, while the policy sets out the means by which the relevant interest rate levels can be achieved through the application of available monetary policy tools and procedures. The ECB controls short-term money market interest rates through its decisions on the key ECB interest rates, which reflect the ECB's monetary policy stance and have an impact on the free liquidity in the money market.
Based on the available information on recent economic developments, the ECB needs to assess their impact on future risks to price stability. The monetary policy strategy followed by the ECB when analyzing macroeconomic developments is based on two pillars.
The first pillar includes an analysis of many economic and financial variables with potential implications for price stability in the short or medium term. The second pillar comprises an analysis of monetary aggregates, which points to the leading role of money in maintaining price stability and focuses on a longer-term perspective. Both strategic pillars of the Eurosystem aim to ensure an in-depth analysis of monetary, economic and financial developments across the euro area. This detailed analysis allows the ECB to set the key ECB interest rates at levels that are most appropriate to foster price stability in the euro area as a whole.
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We introduce you to the Kingdom of Spain. It can be described as one of the warmest countries in Europe and is made for those who enjoy a warm climate and relaxed lifestyle. Statistics show that the population of Spain is currently estimated at around 46.7 million. The most numerous ethnic group are Spaniards.
The official currency is the euro (EUR). Spain is a member of the European Union and the Schengen area, which offers many advantages to its residents. A residence permit is required for a longer stay. If you are visiting Spain for a short period of up to 90 days, a simple visa is required.
Immigration services The Ministry of the Interior is responsible for immigration services in Spain. If you are not an EU citizen and want to stay in Spain for more than three months, you will need a residence card, residence visa or work permit. Corporate immigration is quite well developed in Spain and the Spanish government offers international investors and entrepreneurs several options for a comfortable relocation: Asset Visa, Golden Visa, Investor Visa, Skilled Worker Visa, Student Visa. Most law firms that deal with immigration law can offer you a packaged service solution as well as a preliminary case assessment for the possible outcome of the immigration case.
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The EU or the European Union is a political and economic union of several European countries (currently 28 member-states), that includes most of the jusridictions on the continent. The EU has developed in is actively promoting a range of policies aimed towards bringing the member-states together in all respects, as well as making their cooperation easier. These policies include:
common internal market standardised system of laws non-restrictive travel area common visa policy free circulation of goods and services free movement of labour
Additionally, these benefits can also be enjoyed by the family members of said immigrants - the EU has many policies that allow family members to obtain residence permits easier, involving fewer documents and employing simplified procedures.
History The history of migration in the modern European Union begins with the end of the World War II, and is based on the idea of a unified, borderless Europe. However, this idea or, more loosely, an idea of a European unity, has been present even before that.
Before the end of World War II The ideas of a united Europe before the 20th century (1949, when the Council of Europe was established, in particular) have been expressed by dynastic unions, empires and country-level unions, who often presented themselves as the "heart of Europe", the ones who embodied the political essence of the continent. The notable examples of such entities would be the Holy Roman Empire, the Polish-Lithuaniuan Commonwealth and the Austro-Hungarian Empire.
the painting named queen europeNotably, some thinkers have also expressed the idea of Europe being united not under the banner of a specific country, kingdom, etc., but as a sovereign power in itself. Thus, for example, a German cartographer Sebastian Münster in his 1570 work "Cosmographia" presented a painting named "Europa regina" or "Queen Europe". In this painting, the countries of Europe are depicted borderless and united into a single entity, whose borders roughly corresponded to the borders of Europe the continent.
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Before World War II, the economy was based on agriculture and a growing industrial sector similar to that of Finland. Butter, milk and cheese were well known in Western European markets. The main markets were Germany and the UK, and the USSR accounted for only 3% of total trade.
The annexation of Estonia by the USSR and subsequent destruction by the Nazis and the Soviets crippled the Estonian economy. The Sovietization of life after the war continued with the integration of Estonian economy and industry into the USSR. Before the war, Estonia and Finland had a similar standard of living. By 1987, capitalist Finland's GDP per capita was $14,370, while communist Estonia's GDP per capita was $2,000.
After Estonia's late departure from communism and becoming an independent capitalist economy in 1991, it became a pioneer of the world economy. In 1994, it was one of the first countries to introduce a non-income-related flat tax with a uniform tax rate of 26%. From 2005 and 2008 the income tax rate was reduced to 21%. Estonia received more foreign investment in the second half of the 1990s than any other country in Eastern Europe. The country caught up quickly. According to the World Bank, it is already classified as a high-income country. The country's GDP per capita was $23,631 in 2012 according to the World Bank. Due to its economic performance, Estonia is referred to as one of the Baltic Tigers.
Banking system The Bank of Estonia is an independent central bank. Estonia is part of the euro zone and the core tasks of the bank are to help shape the monetary policy of the European Community and to implement the monetary policy of the central bank. Eesti Pank holds and manages Estonia's foreign exchange reserves and overall financial stability and maintains well-functioning payment systems. The Bank of Estonia is responsible for cash circulation in Estonia.
Developments in the banking sector have been rapid and inviting to foreign capital. After a relatively stable period in the 2000s, the banking sector was restructured as a result of privatization and bankruptcy. The banking sector is dominated by two commercial banks, Swedbank and SEB. These banks control about 62% of the financial market. There are no state commercial banks or other credit institutions in Estonia.
During the transition to a market economy, Estonia took a position on the development of private banking. Episodes of the banking crisis in the early 1990s led to tighter regulation to encourage oversight of the financial sector. This led to the establishment of the Financial Inspectorate, which exercises supervision over all Estonian financial institutions.
The financial system is largely bank-based and the local stock markets play a minor role. The small size of the economy, the monetary environment together with the full convertibility of currencies, the free movement of capital since the early years of the transition and the low level of public debt with prudent fiscal policies have all had their impact on the financial sector. The banking sector has been mostly foreign-owned since the 1990s when major Swedish banking groups took over two large Estonian banks. This has created a need for cooperation between home and reception authorities in the Nordic-Baltic region.
Investment institutions Mutual funds offer a range of investment opportunities. A total of four types of investment funds are authorized in the country. Contract investments and mutual funds are the main types of funds used for investments. Most mutual funds are managed by commercial banks. The activities of the pension funds build on the pension reform implemented in 2003.
Contributions to the pension fund are compulsory for young people. Others can join the system, but cannot cancel the contract afterwards. The contribution to compulsory pension insurance is 2% of salary, to which the state adds 4%. Mandatory pension funds have become popular. Voluntary insurance companies offer classic insurance services such as life insurance. There are tax incentives where individuals can contribute up to 15% of their income exempt from income tax.
Venture capital institutions are becoming increasingly accessible. Access to finance from the EBRD and other programs has become easier. The amount of venture capital tied to Estonia is still small compared to developed countries. The capital is usually of foreign origin, although many local banking entities are also involved in investment activity by providing private equity financing.
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On May 2, 2012, the Cabinet of Ministers revised 3 draft regulations related to residence permits, the procedure for approval and drafting of an invitation letter and the procedure by which foreigners and their family members enter and reside in the Republic of Latvia.
According to this, legal entities inviting officials registered in the Commercial Register must provide fewer details in the application for the letter of invitation, but those who employ natural persons on the basis of an employment contract must also submit documents confirming that such invited foreigners are taxpayers. The electronic service "Approval of the invitation to apply for a visa" will be available only from January 2, 2014.
These draft regulations align the regulatory framework for immigration with previous changes. Since July 26, 2011, the entry “Komercdarbība (business transactions)” (in the residence permit) or “Business” (in a visa) has been included in the residence permit or visa of officials entered in the commercial register (board members, managing directors, managing directors or liquidators). , and separate work permits are no longer issued. Therefore, a foreigner does not need to obtain a separate work permit for each type of company in Latvia. In the future, employment information will not be included in the work permit register, so these officials do not need to provide information about the scheduled working hours and do not need to come to the Office of Citizenship and Migration Affairs to obtain a work permit, since the endorsement in a visa or residence permit of theirs proven existence.
In addition, information about the level of education, country of origin, length of stay and employment rights of the foreigner are included in the residence permit register. As a result, no documents to prove the level of education have to be submitted again if a foreigner is questioned repeatedly or if the residence permit is registered. If a document proving the intended place of residence in the Republic of Latvia was presented upon confirmation of the invitation, it does not have to be submitted later.
These changes require any inviter who invites an individual to work on the basis of an employment contract to provide proof that the individual is registered as a taxpayer and has no tax liability, except in cases where this information can be obtained public information system.
If the residence permit in Latvia is issued as an electronic ID card, it is not attached to the foreigner's travel document or is issued as a separate document - ID card - instead of in the form of a sticker. In the next 5 years, when the foreigner will have two types of residence permits - stickers or cards, if the foreigner has a residence permit, the foreigner must present the new travel document to get a new residence permit, but a foreigner who has an identity card , only needs to present the new travel document so that the Office for Citizenship and Migration Affairs can update the information in the population register.
The draft decree stipulates that the application for the letter of invitation can only be submitted by a foreign legal entity that has registered an authorized person, a branch or an agency in the Republic of Latvia.
Currently, labor rights are not transferred to family members of foreign investors; However, family members of foreign investors (spouses) now have the right to be employed by any employer. The possibility of obtaining an identity card is available to EU citizens residing in the Republic of Latvia with a registration certificate. The procedure for approving and drafting the letter of invitation and the regulation on the residence permit in Latvia came into force on May 9, 2012, but the amendments to the regulation on the work permit for foreigners will be reviewed at the meeting of state secretaries.
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Lithuanian land plots purchased by the owners are registered in the Land Registry. Upon registration, the property is entered on a digital map, which can be used to check that the boundaries of the new property do not overlap with the boundaries of neighboring properties already recorded in the real estate cadastre, or with the boundaries of administrative units, cadastral areas, etc blocks or with adjacent streets, bodies of water or waterways.
Cartographic materials and georeferenced data of Lithuania are used to display property boundaries on digital maps. Since the properties created as part of the land reform since 1992 were first entered in the property cadastre and land register and only later mapped, there are considerable property deviations.
In 2005 a process of correcting and updating cadastral maps was started with the aim of correcting the boundaries of properties bordering terrain features such as roads or waterways. The boundaries of neighboring properties entered on the cadastral maps were later checked using updated maps.
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The concept of outsourcing some activities relating to the company’s day-to-day operations has proved to be an effective method of improving performance in many countries. Many companies have found it beneficial to eliminate all departments that are not directly related to their primary line of business: sales, production, or services.
We offer accounting services to small and medium businesses(service of accounting in Latvia, Lithuania or Estonia only) providing efficient and friendly service offering cost effective solutions for your accounting and payroll-related needs in any of Baltic states. We realize full financial analysis of accountancy and timely notification to manager about any risk which endanger successful development of business. We manage making accounting reports, all necessary accounting documents related to Latvia and delivering them to State revenue service, Central Statistical Bureau and other institutions of the Republic of Latvia.
Our accounting in Latvia services include: Financial accounting and reporting Accounting for special purposes (payroll accounting, accounting in the client's system, assistance to foreign clients in the completion of VAT returns etc) Preparation of annual accounts Preparation of regulatory documents (i.e. internal accounting rules) Communication with the Tax Authorities Complete management of the company's accounts Day-to-day accounting advisory services We continue to co-operate with the client beyond doing the books and reports. At this stage our services include, but are not limited to, supervision of bookkeeping activities performed by the client and assistance in solving accounting problems.
Our services also include:
Ad hoc assistance for internal finance personnel, finance controllers and management on accounting and tax issues Assistance during statutory or internal audits Conducting regular reviews of accounting documentation and procedures Implementation of a model for accounting transactions in the single currency used by the group Implementation of a reporting model for group reporting purposes Development of a methodology for drawing up and controlling the company’s budget
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We introduce you to the Federal Republic of Germany, which can be described as a typically Western European country with its own traditions, history and values. Statistics show that the population of Germany can currently be estimated at around 82.8 million people. The dominant ethnic group is German (81%), with 12% of the total population being immigrants. The official language is German.
German nominal GDP per capita is estimated at around USD 53,276. The official currency is the euro (EUR). Germany is a member of the European Union and the Schengen area, which offers its residents many advantages.
Immigration law states that if you are not an EU citizen and intend to stay in Germany for more than 90 days at a time or to carry out commercial or professional activities, you can obtain a temporary or unlimited residence permit. A German visa is required for a short-term stay of up to 90 days. The law currently provides for several important reasons for this.
Immigration services The immigration authorities in the Federal Republic of Germany are well developed, even if immigration policies can be very strict. The Federal Office for Migration and Refugees , which is responsible for foreigner issues, offers residence permits, so-called golden visas, on an investment basis: if you buy a property in Germany for at least EUR 300,000 or invest EUR 200,000 in one newly opened company. Nevertheless, due to strict legal regulations, it can be quite difficult to obtain a residence permit in Germany.
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The main business risks faced by entrepreneurs in Latvia are related to the centralization of resources, demographic problems and corruption. Neither is of great importance, but combined with other adverse circumstances can pose a significant risk, possibly even leading to bankruptcy. A for minor risks, there are some logistical crime and petty crime concerns in certain areas.
Big risks In Latvia there are three major business risks that can affect companies in all parts of the country:
resource centralization demographic issues corruption Individually, they don't pose much of a threat, especially to established foreign companies. These risks are minimal for foreign companies based in Riga (the capital of Latvia), apart from a few cases of corruption. However, the further away from the capital, the clearer the risks, which is somewhat offset when the geography of the business includes cities of regional importance.
Resource centralization Almost a third of the companies registered in Latvia are headquartered and operate mainly in Riga. Although this somewhat reduces competition in more distant areas, it also means that most of the resources, finance, labor and customers are also concentrated in Riga. In addition, most of the universities are located in the capital, which means that the majority of students – qualified young specialists – are not available in other regions or have to be persuaded to move to these other regions through additional benefits.
Even if a foreign company itself is also registered, has its headquarters and operates mainly in Riga, centralization can pose challenges for expansion. Sometimes it is not possible to open branches in other regions of Latvia due to the above restrictions. In this case, the only way to expand is to provide services and products remotely/digitally, or to specialize in services that don't require physical interaction. Another option is to build a nationwide logistics network that delivers products and services. Thanks to Latvia's small size, this is not the most difficult task, but it still requires time, investment, manpower, planning and other resources, which can limit other aspects of business development.
Demographic issues As of now (2016) Latvia's demographic problems are not so significant, but still noticeable. According to the Latvian Central Statistical Office (Latvijas Centrālā statisticas pārvalde), the Latvian population began to decline in 1991, and over the years the rate of decrease slowed until the 2008 financial crisis, when for a brief moment the rate picked up again. Now the rate is falling again: every year since 2010, when the country started to revive its economy, Latvia loses about 5% - 10% less than every year before.
Despite this, the decline is still there and most notably among young people, professionals with higher education prefer to look for a job abroad. At this rate, the decline will level out in about 10 years. Until then, the drain of potential labor and customers hinders the operations of any business, especially in the long term.
Corruption Corruption in Latvia is mainly related to the need to maintain good personal contacts with business partners and to participate in extra-professional activities, without which reaching an agreement can be problematic in some cases. This is particularly important in the early stages of market entry. It is very important to build a good first contact relationship with the local business people and organize meetings with local suppliers. Otherwise, settling in Latvia can become problematic.
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Official Name: Republic of Estonia Capital: Tallinn Total area: 45 227 km2 GDP per capita: $21,713 Native Language: Estonian Government: Parliamentary republic Population: 1,286,540 Major Religion: Irreligion, Evangelical Lutheranism Monetary Unit: Euro (EUR)
Estonia, the northernmost of the Baltic states, regained its independence from the Soviet Union in 1991. It is a mostly flat country on the east coast of the Baltic Sea with many lakes and islands. Much of the land is farmed or forested.
The Estonian language is closely related to Finnish, but bears no resemblance to the languages of the other Baltic republics, Latvia and Lithuania, or to Russian. About a quarter of the population is of Russian-speaking origin.
The capital Tallinn is one of the best preserved medieval cities in Europe and tourism accounts for 15% of Estonia's GDP. The economy is driven by engineering, food, metals, chemicals and wood products.
Throughout history, many other nations that ruled the region - Danes, Germans, Swedes, Poles and Russians - have influenced Estonian cuisine. Traditional dishes include marinated eel, black pudding and pork sauerkraut stew.
Famous Estonians include the writer Jaan Kross, whose work has been translated into at least 20 languages, the author of the national epic (Kalevipoeg) Friedrich Reinhold Kreutzwald, and the writer, filmmaker, diplomat and politician Lennart Meri.
Health & Wellbeing The government pays for national health care, child support and pensions.
Economy & Jobs industry, trade and tourism.
Main attraction Hiiumaa Island, Lahemaa National Park and Saaremaa Island.
Business As a member of the European Union, Estonia is considered a high-income economy by the World Bank. The country ranked 16th in the 2012 Index of Economic Freedom with the freest economy in Eastern Europe and the former Soviet Union. Because of its rapid growth, Estonia has often been referred to as the Baltic Tiger. On January 1, 2011, Estonia adopted the euro and became the 17th member state of the euro zone.
According to Eurostat, at the end of 2010, Estonia had the lowest public debt-to-GDP ratio of 6.7% among EU countries. The world media have recently started describing Estonia as a Nordic country, emphasizing the economic, political and cultural differences between Estonia and its less successful Baltic neighbors.
A balanced budget, almost zero government debt, a flat income tax, a free trade regime, a competitive commercial banking sector, innovative e-services and even mobile-based services are all hallmarks of the Estonian market economy.
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As a rule, the owner of a property cannot be determined from the property alone. Disputes involving tangible property are less frequent and the value of tangible property is rarely significantly high. The situation is different with real estate. A person's rights to immovable property are part of the constitutionally protected rights to property, including the right to housing. The mechanism for ensuring a person's rights to immovable property is an integral part of enforcing Latvia's democratic principles. In Latvia, this mechanism is implemented through land registers.
The updated Land Register Act 1937 came into force in April 1993. It recognizes the mechanism of confirming immovable property or registering ownership rights in the land registry. The system of acknowledgment or token transfer requires that the legal basis for obtaining ownership rights be in writing. Accordingly, the beneficiary is entitled to require the person selling the property to take all actions necessary for the entry of the transfer of the property in the land register.
Only someone who is entered as the owner in the land register can be recognized as the owner. Until the entry in the land register, the purchaser of the property has no rights against third parties: he may not use any of the benefits associated with the property and must enter all actions related to this property by the registered person as the owner in the land register as effective.
The registration procedure can be divided into the following phases:
Preparation. In this phase, one or both parties to a legal transaction become aware and express the desire to conclude the relevant real estate transaction and inquire about the possibilities of implementation. signing a contract. The parties agree on and sign a contract, as well as other necessary measures to ensure that the terms of the contract are in line with existing laws and regulations, i.e. so that the property can be registered in the land register. pre-registration phase. At this stage, all the necessary documents to register the transaction in the land register are prepared or received. Registration (or Waiver) of Ownership. This phase begins with the submission of an application for registration to the land registry and ends with the decision of the judge. last stage. The aim of the transaction will be fully achieved and the institutions named in the relevant laws and regulations will be informed. If new property has been created or the content of the property changed as a result of the contract, the following additional steps are required:
Indication of immovable property. At this stage, new objects of immovable property are created – plot units, structures, buildings, plot groups or changes are made to existing objects. formation of immovable property. At the proposal of the owner, a new plot of land is created from the existing or newly created immovable property or the content of plots of land is rearranged.
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Area: 64,589 square kilometers or 24,937 square miles. Regions: Kurzeme, Zemgale, Vidzeme, Latgale. Total length of the national border: 1,862 km. Length of the Latvian Baltic Sea coast: 494 km. Population: 2,272,300 Borders: Estonia, Russia, Belarus and Lithuania.
Short history of Latvia The Republic of Latvia was founded on November 18, 1918 (November 18 is a national holiday and the day of Latvia's declaration of independence). After the end of the freedom struggle in 1920, several countries recognized Latvia's de jure independence, and 16 foreign missions were established in Riga. Latvia lost its independence in 1940 after the start of World War II. It was first occupied by the Soviet Union (from 1940 to 1941). Then followed the occupation by Nazi Germany (from 1941 to 1945). However, the Soviet Union regained power and occupied Latvia again (from 1945 to 1991). As a result of Gorbachev's reforms, on August 21, 1991, Latvia declared de facto restoration of its independence. It restored international diplomatic relations and joined the United Nations (UN).
The name Latvia comes from the ancient Latgalians, who were one of the four Indo-European tribes involved in the ethnogenesis of Latvians along with Semigallians, Curians and Selons.
Flag of Latvia The flag of Latvia with three horizontal stripes of maroon and white colors is one of the oldest flags in the world, dating back to the events in the city of Cēsis in the 13th century. According to legend, a mortally wounded general was wrapped in a white sheet along with his sword, and the blood stained both edges of the sheet. After the leader's death, this leaf was used as a flag in the next battle, which brought the Latvians to victory. The design of the Latvian flag is officially adopted and envisaged in the Latvian Constitution - Satversme.
Geography of Latvia and neighboring countries Latvia is the central country of the Baltic States and is located in north-eastern Europe. Latvia's territory, whose terrain was formed during the Ice Age, consists of rich lowlands in the plains and temperate hills. Most of it is less than 100 meters below sea level. Latvia has a vast network of rivers and lakes, consisting of more than twelve thousand rivers and approximately two thousand lakes. Pine forests, dunes and white sandy beaches are everywhere in Latvia. The sea along the Latvian coast is very shallow, and the Gulf of Riga is no deeper than 26 meters. The highest mountain in Latvia is Gaiziņkalns (312 m). Latvia's neighboring countries are Estonia, Latvia, Russia and Belarus, and Latvia's strategic location facilitates trade and cultural development.
Climate Latvia Latvia is in the temperate zone, and its climate is influenced by the proximity of the sea and air masses from the Atlantic Ocean. Latvia has four distinct seasons. Summers are mild, but winters - moderately cold; The humidity is relatively high and it rains frequently. The average temperature in summer is 15.8°C and in winter -4.5°C. Temperature records are accordingly at 36.4°C and -43.2°C. The weather in Latvia is characterized by frequent changes of air, since 170 fronts cross the area in February, July and October. These fronts are accompanied by strong winds, which are responsible for February's maximum snowstorms, July's high rainfall and thunderstorms, and October's strong winds, even storms.
Nature of Latvia With more than 44% of its territory covered by forests and the vast network of rivers and thousands of lakes, Latvia is one of the best preserved sanctuaries for various wildlife. More than 27,000 animal and plant species live under natural conditions in areas that are still relatively untouched by humans. Many rare species such as the black stork and lesser spotted eagle live in their habitats of mixed forests, swamps and meadows. Latvia is also densely populated by otters, beavers, lynxes and wolves, as well as large numbers of deer, elk, foxes and wild boar. It is an interesting place for ornithologists and other bird watchers, particularly the coastal and wetland areas during migration periods, as well as for hunters during official hunting seasons.
Population of Latvia The indigenous population of Latvia consists of Latvians and Fenno-Ugrian Lives (Livonians). The existing ethnic composition is the result of massive post-war migrations.The following comparison can be made – 77 % of the population were Latvians in 1935, whereas in 1989 this number had decreased to 52 %. Population was 2,248,374 in 2010, and the population dispersal is the following: 68 % live in cities and towns and 32 % – in rural areas.
Latvian language Latvian is a Baltic language belonging to the Indo-European language family. The only language closely related to the Latvian language is Lithuanian. Latvian has been recognised as one of the most ancient and relatively unchanged languages in the world. It is the native language of approximately 1.5 million people. Russian and English are also quite common in Latvia, but German, French and Scandinavian languages are rather rare. Latvian is the only official language in Latvia; however, there are several mechanisms in place to provide people who do not know Latvian language with effective legal protection. The ethnic composition of Latvia is the following: 59.4 % are Latvians, 27.6 % – Russians, 3.6 % –Belarusians, 2.5 % – Ukrainians, 2.3 % – Poles, 1.3 % – Lithuanians, 3.3 % – other nationalities.
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07.12.2024 13:07
