Rapid penetration of the Latvian market by the Internet and digital commerce increases demand for ICT products, services, and support. The ICT sector now generates an aggregate throughput of roughly $400 million and accounts for about 4% of the net GDP. Because of this, ICT-related businesses, including computer services, programming, networking hardware and accessories, and communications networks, have contributed more to Latvia’s GDP in recent years. You must get an ICT license from the Latvian government if you wish to operate in these fields.
Information and technology-related opportunities
The prevalence of the Internet in Latvia has raised expectations for network and computer security. This sector will grow, especially as more people use digital banking. Potential may be found in the implementation of Internet/intranet infrastructure, education and mentorship, support services, the development of applications, and the expansion of credit and debit card systems. There are several possibilities available to businesses that wish to utilize Latvia as a logistical hub for marketing in Northern Europe and neighboring Russia. Due to Latvia’s relatively low cost of processing and skilled personnel, computer companies may consider setting up production facilities there.
License for Credit Information Office operation
The Consumer Rights Protection Centre (CRPC) grants, suspends, modifies, or revokes the customer loan provider’s approved special license to ensure an effective customer liberties safety method in the nonbank loans sector and to oversee financial institutions assisting in this area.
The requirements for this license include:
Before submitting a request, a non-bank financing facility provider must pay the statutory price of EUR 250 000 for a special license and an annual fee of EUR 55 000.
Providers of non-bank financing services must file a request to get special permission. The petition must be approved by the signatory. The following papers must be included with the application:
- the seal of a duly designated agent
- documents certifying the legality of the money used to invest in the capital
- information on the real receivers
- evidence proving the amount and legality of the funds raised
- the rules and procedures of the credit administration service provider
- details on the legitimacy of the capital corporation’s board of directors, council, and leaders
- information about whether a capital firm has had its license rejected in the last three years
- a declaration on penalties and sanctions by a resident’s nation
- State tax agency’s certification that a corporation has no delinquent taxes, levies, or other liabilities
Grants for permission to utilize radio frequency
It’s a license that allows a certain user to use a frequency or frequencies with predetermined parameters. According to Latvian legislation, the Latvian Electronic Communications Department is issuing this authorization for a set time. Another option is to apply for a one-day temporary license.
To get an individual license for radio frequency use, event organizers and their representatives must submit a petition to the ECO in the form of a written or electronic file.
- information on the applicant for a license
- the necessary radio frequency range or radiofrequency functionality for radio equipment
- the strength and channel spacing of the transmitter
- the place or places the radio equipment will be utilized
- A schedule for when radio equipment will be used from and to
- information about the equipment’s type and manufacturer; and the controller of the transmission systems
ECO may request further information, such as a full explanation of the radio equipment’s operational principle, or clarification of the information supplied. licenses for the operation of the Credit Information Office, which are issued by the Data State Inspectorate, and Authorizations for Use of Radio Frequency Grant, which are issued by the Electronic Communications Office of Latvia, are the two main licenses needed for information and communication business in Latvia.