The Latvian startup visa is a government effort aimed at attracting more skilled individuals to come to Latvia and develop their ideas.

The visa plan coincides with the state’s recent announcement of EUR15 million in funding for businesses to develop concepts in accelerators. Coming to Latvia to establish your startup has never been easier, thanks to a mix of accessible capital and simplified visa requirements.

This article will teach you all you need to know about applying for and qualifying for a Latvian startup visa.

Required documentation for a Latvian startup visa application

For people starting a business in Latvia, a Latvian startup visa allows them to reside and operate in the country. A startup visa application must include the following documents:

1. a valid passport;
2. A free-form written description of the product or service you propose to offer;
3. A completed application for a residency permit;
4. A bank statement demonstrating that you have at least EUR 5160 in cash on hand;
5. A formal statement that once you start working at your firm, you will be paid at least EUR 859 each month;
6. A photo for your passport;
7. Confirmation of the application fee payment.

The funds are set at the above-mentioned amount on the bank statement to ensure that you have enough money to live in Latvia for the first 12 months without earning money. Payment must be made before submitting your startup visa application. Your visa application fee will be determined by the timeframe in which you want your application to be processed.

If your country isn’t on the list, you’ll have to provide your criminal record.

To qualify for a Latvian startup visa, you must meet the following requirements.

Qualifications for a Latvian startup visa

1. You are a non-Latvian citizen who has been invited to join the founding team or management board of a Latvia-based firm that is less than one year old.
2. Within three months after acquiring your visa, you must begin working in a startup;
3. Within a 6-month timeframe, the business you work for must raise at least EUR 30’000 from qualified VCs;
4. Within an 18-month timeframe, the startup you work for raises at least EUR 60’000 from qualified VCs.

The startup visa application process

Your Latvian startup visa application can be completed in one of five languages: Latvian, English, German, French, or Russian. For all additional supporting documents to be approved, they must be formally translated into Latvian.

You must submit your visa application in person once you have completed it and gathered all of the required supporting documentation. In Latvia, this can be done at the Citizenship and Migration Affairs Office (OCMA). It can also be done at the Latvian Embassy in your own country.

It can take up to 30 days for your Latvian startup visa application to be processed once you submit it. You will be able to acquire your startup visa within 2 to 10 days after receiving a satisfactory response.

If you receive a good response, you may be asked to produce the following extra documents:

1. Health insurance for the entire year;
2. A medical certificate stating that you are free of tuberculosis;
3. A document outlining your intended lodging for the first six months. An agreement to rent or a letter from your host will suffice.

If you apply through a Latvian Embassy in your country, the procedure for scheduling an appointment varies per country.

Latvian startup visa applications are easy to complete. You will, however, need to acquire specific documents and meet the specified conditions. Hopefully, this tutorial has answered all of your questions about the Latvian startup visa and how to apply for one.