Today, Latvia is a developing nation in many ways, with great business potential because of its favorable position. The decision to open a restaurant in Latvia is wise, and it could be a profitable one. It’s crucial to be fully aware of all the essential aspects and risks, though.
Every year, hundreds of thousands of visitors arrive in the nation, and like the inhabitants, they enjoy themselves greatly at cafes, pubs, and restaurants. Therefore, it is not unexpected that one of the most well-liked and lucrative segments of the Latvian economy at the moment is the restaurant industry.
Commercial real estate and business premises
The first step in opening a restaurant is to find a location. Finding the ideal property shouldn’t be too tough because construction has increased nationwide over the past few years. You must first choose the kind of property you require and the location. The proper space must therefore be purchased or rented if you want your operation in Latvia to succeed.
Business registration and company formation
You must register your business while starting a new one. Depending on the circumstances, this could take a few weeks. It is preferable to engage with specialists who have the skills to prepare documents accurately and to a high degree, saving you time, to avoid worrying about paperwork and potential mistakes.
A bank account or accounts must be opened in Latvia as well. Over twenty jurisdictions have organizations that may assist you in opening a bank account, making it simple for you to avoid difficult language barriers or administrative bottlenecks.
Permissions and licenses
The preparation of the required paperwork is a crucial stage. To open your business, you must obtain all necessary permits and licenses. You must also be cautious and well-prepared in your approach. Otherwise, you might find that it ends up costing you more in terms of time and resources. Without prior experience, the process could take several months or perhaps longer.
Regarding starting, growing, and maintaining a firm, every nation has its own unique set of complex obstacles. Owners, financiers, and investors must face these difficulties with the assistance of an expert legal team. Only someone with an in-depth understanding of both domestic and international corporation law will be able to establish a business overseas without falling victim to the problems that plague many startup businesses.
Departments to register with
You must register with three different departments in Latvia:
- State Revenue Service (VID)
- Local Health Department (PVD)
- Department of Buildings (Būvvalde).
Licenses to obtain
In addition, you will need the following licenses and certifications:
- Food hygiene license
- License to sell alcohol
- Water quality certificate
- Fire safety certificate
- Workplace safety certificate
- Recorded music license
- HACCP certificate
HACCP is a self-monitoring method for food processing safety, which consists of the following:
- Analyzing potential threats to the food supply
- Identification of probable contamination types and sources during food production
- Carrying out a Food Risk Analysis and Risk Assessment
If your business wants a terrace or a signboard, the local authorities must be consulted and granted permission.
Creating a potential customer base
Without marketing tools and online resources, it is today hard to start and grow a successful firm. You must be conscious of a solid marketing approach, taking into account issues like the number of clients you require and the best way to reach them. You must build a customer base by the time of the big opening to generate revenue right away.
The choice of your company’s target market is a crucial one, and you should adhere to the “Know your customer” adage by taking a variety of factors into account, including age, likes, preferences, income level, family status, interests, location, etc.