Manufacturing is the process of creating or producing items using machinery, labor, machinery, tools, and chemical or biological processing or formulation. It is the backbone of the secondary sector of the economy. It can relate to a wide range of human activities, from handcraft to high-tech, but it is most usually associated with industrial design, which involves the large-scale transformation of raw resources to finished goods in the primary sector. These commodities may be sold to other manufacturers for use in the creation of more sophisticated products (such as aircraft, household appliances, furniture, sports equipment, or vehicles), or they may be supplied to end-users and consumers through the tertiary sector, typically through wholesalers who sell to retailers who in turn sell to individual customers.
Steps to set up your business
Follow the below outline steps to set up a manufacturing business in Latvia
Choose your type of business
SIA (the Latvian version of a Limited Liability Company), Individual Merchant (Sole Trader), Joint-Stock Company, Partnership, and Branch or Representative Office are all legal entities that can do business in Latvia.
To start a business, you’ll need to fill out a few pieces of paperwork, all of which can be found on the Enterprise Register website.
You’ll need someone to translate the documents for you, or you can hire a lawyer to do it for you. The sample forms include instructions for persons who weren’t born in Latvia, so if you have any Latvian-speaking pals who have worked in the business world, you’re in luck.
Various companies specialize in assisting foreigners informing businesses; however, examine their reputation to ensure they are not outsourcing activities.
Set up a bank account
It’s simple and quick to open a bank account for your business. You can open an account with any bank and immediately pay in the initial share capital. m
The bank will open an interim business bank account for you and notify you of the amount paid in.
It ranges in price from zero to approximately fifteen euros, depending on the bank. Most, if not all, banks would gladly schedule an appointment with an English-speaking business counsel, and many also offer English-language telephone and internet banking services.
You’ll be pleasantly surprised by how contemporary and efficient Latvian banks are when compared to many other nations — there’s no waiting three days for a check to clear because no one uses checks!
Submit forms at the Enterprise Registry
Hopefully, you have all of your documentation with you. Your documents will be scrutinized at the Enterprise Registry (Prses st. 2 in Riga), where you can choose to have the signatures validated by an in-house notary.
Your firm will be registered in a few days after you pay the fees for starting a business and publish the information in Latvia’s official state bulletin.
Enjoy doing business in Latvia!
The Enterprise Register will respond to your request for new company registration within a few days.
If all goes smoothly, it’s time to start looking for customers and clients for your new Latvian business.