Registering a business and taxes

7POSTS

7 years ago

Hello!聽 We are currently considering relocating to Latvia.聽 I am trying to find the best resources and advice regarding聽 moving our current business to Latvia and starting up two others. We are currently based in Canada so I am curious about the tax differences and whether or not to keep all our businesses registered in Canada or register them in Latvia and pay business and personal taxes there.聽 I hear the tax process can be more than a little complicated in Latvia.聽 I have heard registering a business in Estonia might be a better idea.聽

We can also easily employ freelancers in Canada without that getting to complicated, they work hourly and part time on their own time and we don't pay benefits - we simply are billed for their time and services per month and we write off the costs as 'services'. Is it that straightforward in Latvia as well?

Any advice and also referrals to a good accountant and lawyer would be appreciated.

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Gemmacon New member

7POSTS

7 years ago

I was told the same thing!

Kaspars87 Member

3POSTS

7 years ago

Hello,

Start new business in Latvia is easy, in Estonia taxes are litlebit lower and in this case you should move to Estonia, but if you are moving to Latvia you should open business here as well. Could help you with that.

Gemmacon New member

7POSTS

7 years ago

Hi Kaspars, what exactly do you do?聽 I hear having a business based in Latvia is complicated.聽 And a lot of people here say to open the business in Estonia instead.

Kaspars87 Member

3POSTS

7 years ago

Hi, I opened own business in 2013 and I did not had any problems, it takes up to one week to get all dok ready and after that open your business bank account, get your tax no. and you can start working. Here is what I am doing and also building constraction works.
What kind of business you are planing to do in Latvia?

Gemmacon New member

7POSTS

7 years ago

I have a music promotion company which is based in Canada but my Canadian accountant says it might be better to register in Latvia now if we are changing our residency to Latvia.聽 I am not sure if that is a good thing to do yet.聽 My husband is a contractor (he fixes houses and builds furniture, etc.) but we moved here to follow a different path really.聽 We bought some property in Latvia and will be renting out cottages/cabins.聽 We are planning to create a 'retreat' for travellers around the world who are interested in visiting and learning about Latvia, the artisans who create here, the nature of Latvia and the culture. But I hear that the tax system is complicated and sometimes frustrating here.聽 I probably need a good accountant?

Kaspars87 Member

3POSTS

7 years ago

Thats sounds good, here in Latvia we have beautiful nature and more and more all are going on eco lifestyle. I have one friend who developing eco village here and got quite a lot customers. Yes, you definitely need good accountant, if you are interested I could suggest some, there are accountants who working part time with several companies .

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