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flag Latvia Latvia: Operating a Business

In this page: Setting Up a Company | The Active Population in Figures | Working Conditions | Cost of Labor | Social Partners

 

Setting Up a Company

The sabiedriba ierobezotu atbildibu is a Private Limited Company.
Number of partners: No minimum
Capital (max/min): Minimum EUR 2,878. 50% of the capital must be released at the incorporation and the remainder within the year.
Shareholders and liability: Liability is limited to the amount contributed.
The akciju sabiedriba is a Public Limited Company.
Number of partners: No minimum
Capital (max/min): Minimum EUR 35,976. 50% of the capital must be released at the constitution and the remainder within the year.
Shareholders and liability: Liability is limited to the amount contributed.
Partnership
Number of partners: Minimum of 2 partners.
Capital (max/min): No minimum.
Shareholders and liability: Unlimited for all Partners
Limited Liability Partnership
Number of partners: No minimum.
Capital (max/min): EUR 2,878.
Shareholders and liability: Unlimited for General partner, limited for limited partner
The Competent Organization
Here is the link to the Register of Commerce in Latvia.
 
Setting Up a Company Latvia Eastern Europe & Central Asia
Procedures (number) 4.0 6.0
Time (days) 16.0 14.0

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.

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The Active Population in Figures

201120122013
Labor force 1,147,0001,139,0001,022,000

Source: CIA - The world factbook

 
200920102011
Total activity rate -61.50%60.60%
Men activity rate 70.20%66.30%67.20%
Women activity rate 54.30%54.70%55.20%

Source: UN - United Nations

 

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Working Conditions

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.
Labor Laws
Consult Doing Business Website, to obtain a summary of the labor regulations that apply to local entreprises.

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Cost of Labor

Minimum Wage
EUR 200 per month (source: ILO, 2011).
Average Wage
Gross average monthly wage of men: EUR 494 (source: ILO, 2011);
Gross average monthly wage of women: EUR 412 (source: ILO, 2011).
Social contributions
Social Security Contributions Paid By Employers: 26.09 %.
Social Security Contributions Paid By Employees: 9 %.

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Social Partners

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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Last Updates: October 2014