Latvia is a small emerging market with a modest financial system, with a minimal domestic need for international monetary sector products. The banking industry in Latvia is divided into two categories: domestic-focused institutions, where Scandinavian institutions and their subsidiaries play a major part, and non-resident-focused banks, which have no strong ties to the national market. People in their home country mostly manage the latter banks. The production sector, wholesale and retail business, and financial and insurance industries are the most popular destinations for foreign capital.

Latvia’s financial industry has risen fast since joining the European Community in 2004 and now rules the economic infrastructure. In Latvia’s financial and insurance markets, there is much room for success in the foreseeable future. The following licenses may be required to begin your career in this field:

Certification of credit intermediary agents and financial brokers

The Consumer Rights Protection Centre (CRPC) will sign up loan brokers and credit counterparties representatives to guarantee that customers can decide whether a loan mediator or credit middleman meets the quality requisites outlined in governmental ordinances and is qualified to provide credit intermediaries assistance.

Requirements 

The following are the prerequisites for obtaining such a permit:

  1. Payment 

Before filing a request, the professional operator must submit the federal licensing cost, which varies between 250 and 1000 euros depending on the individual’s situation.

  1. Documents 

To be included in the Registry, the service provider must file an application signed by an authorized person. The petition must include the following papers:

  • Request form submitted by an authorized person; 
  • A document that is at most six months old, stating the clean criminal history of the person;
  • Proof of insurance;
  • Methods for staffing and maintaining competence criteria that have been approved; and
  • Official compensation policy for employees. 

A special license to provide consumer loan services.

The CRPC grants, halts, alters or cancels the given special license to the customer lending provider to maintain an efficient client interests enforcement system in the area of non-financial institutions and to supervise market players offering assistance in this sector.

Requirements 

The following are the conditions for obtaining a consumer lending license:

  1. Payment 

A non-bank loan facility provider must submit a legislative price of EUR 250 000 for a special license and an annual cost of EUR 55 000 before filing a request.

  1. Documents
  • A thoroughly filled request form,
  • Proof of legal, financial resources,
  • Details of the owners, 
  • Document stating the presence of sufficient economic means,
  • Information about any license rejection in the past three years,
  • Proof of good reputation of the firm,
  • Proof of paid tax liabilities.

The license of intermediary for trade-in privatization certificates

The privatization authorizations are government-issued securities used to pay for the alienation of privatized property. The permit will be provided by the Department of Economy, which the licensing board and brokerage businesses will create.

Requirements 

A capital firm must submit a petition to the licensing authority to get a permit from market intermediaries firms’ privatization certificates. Electronic submissions and documents are also acceptable.

The following information shall be indicated: 

  • Details of the company including legal address, registration number, and contact information;
  • the goal of obtaining the license; 
  • Details of the person in charge; 
  • Application request form signed by the authorized person; 
  1. Essential documents:
  • Document certifying the legal entity to act on behalf of the company; 
  • Financial statements.

Authorization of the workplace with metals, valuable stones, and articles 

The Regulation establishes the processes for registering locations where valuable metals, and valuable crystals, are used in business growth, and the prerequisites for classifying and required testing of treasured metals, and priceless gems are established. 

Requirements

Merchants that engage in a commercial activity involving valuable gems, jewels, and goods must register their business locations with the Latvian Assessment Center. The application must include the registration number and information about the merchant.

The conductor of economic activity must file a request to the Ministry to enroll the location of business activity and to acquire a user name and password.

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