Privatbank is one of most known banks in Latvia. Bank is part of Privatbank banking group who serves 22 million corporate and individual clients in 12 world countries. Bank takes 9th place in central and eastern Europe's top 10 from top 1000 leading bank rating worldwide. Paid up share capital of Privatbank in Latvia is 80 million EUR.
In 1992 year Privatbank was founded in Latvia.
Bank account We provide services to open bank account for non-residents in Latvia. We serve corporate and individual customers.
Shareholders Over 50% shares is held by Public Joint Stock Company Privatbank (Ukraine).
Contacts Official name is Privatbank JSC (in latvian - AS) Following are contact information of Privatbank.
E-Residency gives foreigners the opportunity to apply for a digital residency permit in Estonia even if they don't live there.
When a person registers for the Estonian e-residency, that person is given a government-issued smart ID card that enables digital identification. A person can digitally sign important documents, access secure services and conduct secure transactions - even if a person does not live in Estonia.
E-Residency enables an Indian entrepreneur to set up an Estonian company from Singapore to serve clients based in Italy. With his digital signature, he could also sign EU-wide contracts. Everything would be done online remotely.
How does it work? E-residents receive an identity card containing a special chip. With this card, they can use Estonian public and private sector services, sign documents and encrypt files remotely.
The program has become a global success story. Once the program took off, media abounded, making it possible to let people know about the official launch. Within a few hours, people in different countries signed up for a notification. Then more than 6,000 people applied.
The list of Estonian e-residents includes some of the biggest names in the world, including Japanese Prime Minister Shinzō Abe, former Apple evangelist Guy Kawasaki and Timothy Draper of venture capital firm Draper Fisher Jurvetson.
E-residency is a new concept. The idea of a government-issued digital ID card does not exist. Estonians have been using these cards for a long time. With Estonia often referred to as e-Estonia due to technological advancements, it made sense to extend this ID service to the rest of the world. By extending all public and private sector transactions to people in other countries, Estonia has added long-term value to the idea of secure digital identities.
Why E-Residency? The main goal of the e-Residency is to make life and business easier for freelancers, digital nomads, business owners, international partners, and any other non-residents. If a person want to start a business, expand business, make investments or study in the EU - Estonian e-Residency makes it simple.
e-Resident is be able to:
Create and run a company online Conduct banking online Access international payment service providers Digitally sign documents Verify the authenticity of documents Encrypt documents securely Declare taxes online Benefits of E-Residency in Estonia A person will be able to digitally identify himself - a person can digitally sign documents, authenticate documents, and encrypt documents for three years. A person will be able to enjoy all of the convenience that Estonian residents have been taking advantage of.
A personal Estonian e-Residency card is not a physical ID card - it can't be used for travel. E-Residency will not grant a person citizenship, tax residency, residence permit or entry into Estonia or the rest of the European Union.
But why would a person want to run a personal business in Estonia?
Person will benefit greatly from switching a business to a country with minimal bureaucracy, fewer administrative hassles, and an infrastructure that is easy to use remotely.
Specifically, a person will get:
A presence in the EU market Access to international payments providers A trusted and transparent business entity Access to a simple and fair tax system Full remote control Paperless administration Digital signature and encryption
European Union member state Lithuania has a legal framework to acquire crypto licence for corporate entity. Regulation regarding crypto assets in Lithuania is sufficiently flexible to make it an attractive option where the goal is to have crypto legally in European Union.
There are two options: registering a brand now legal entity or purchasing a ready-made solution - a shelf company with crypto authorisation setup (with and without bank account available).
Shelf company with cryptocurrency licence and an optional bank account Expected expense for full setup at glance.
With a bank account 15000€ Without a bank account 12500€
Crypto Exchange or Crypto Wallet licence Lithuania has established excellent environment for FINTECH business. The jurisdiction has a start-up environment whereby it has introduced two types of cryptocurrency licence – Crypto Exchange (Crypto currency exchange operator licence) and Crypto Wallet (Crypto currency depository wallet operator). Current regulation has greatly simplified the procedure to acquire a crypto licence.
Crypto Exchange licence in Lithuania A company, branch or incorporated legal representative holds the right to exchange between digital currencies and receive a commission for exchange services in addition to providing services regarding fiat currency exchange to cryptocurrency and vice versa.
Crypto Wallet licence in Lithuania A company, branch or incorporated legal representative holds the right to manage and safekeep cryptocurrency depository wallets owned by consumers and other third parties.
Licence registration Companies or branches can apply for the Lithuanian crypto licence. This is regardless of the fact if the entity is a resident or non-resident of the EU.
The Central Bank of Lithuania aims to strictly separate traditional financial institutions and cryptocurrency service providers – companies buying, selling, storing, or exchanging cryptocurrencies. However, digital assets can be show in turnover of traditional market players.
The Central Bank has extensive framework to encourage the development of non-banking payment services.
Ras Al Khaimah (RAK) is an Emirate in the United Arab Emirates (UAE). There are only two types of offshore companies available in the UAE, one being Ras Al Khaimah Free Trade Zone (RAK FTZ) and the other being Jebel Ali Free Zone Authority (JAFZA) in Dubai. At first JAFZA company was used as a typical offshore, but since the introduction of the RAK FTZ, RAK has become the main place to establish an offshore company in the UAE.
About companies in UAE All business must be conducted outside the United Arab Emirates Local office in the RAK of the UAE is not required A non-RAK resident may be a director or shareholder The company can hold a bank account anywhere in the world Business related to banking or insurance must acquire a special license Companies in RAK can be set up remotely Tax system RAK has double tax treaty with more than 30 countries No tax regime for: Deposits Capital gain Dividends Interest Corporate Income Double tax treaty United Arab Emirates have double tax treaty with Algeria, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, China, Cyprus, Czech Republic, Egypt, Estonia, Finland, France, Georgia, Germany, India, Indonesia, Ireland, Italy, Kazakhstan, Latvia, Lebanon, Luxembourg, Malaysia, Malta, Mauritius, Morocco, Mozambique, Netherlands, New Zealand, Pakistan, Philippines, Poland, Portugal, Romania, Seychelles, Singapore, South Korea, Spain, Sri Lanka, Sudan, Switzerland, Syria, Tajikistan, Thailand, Tunisia, Turkey, Turkmenistan, Ukraine, Uzbekistan, Venezuela, Vietnam, Yemen.
Company requirements Original Bank Reference C.V. Proof of Residence Notarised Passport Copies of all Shareholders Minimum share capital of AED 2000
Getting a job and working in Austria is one of the reasons why one might want to acquire a residence permit in Europe (an example of this would be a residence permit in Latvia). Working in Austria also allows you to enjoy all the benefits of residing in the EU, such as freedom of moving in the Schengen area, the chance to be employed and do business in the member-states with fewer requirement, as well as travel to European destinations without the need for a visa (with some exceptions).
Vacancies As of now, there are approximately 129 147 vacancies available in Austria. That is 3% of all the job positions, both occupied and vacant, in the country.
Wages and expenses In Austria the average salary is EUR 2688.
A single person in Austria spends an average of EUR 734 per month, not including rent.
Handelsbanken is one of few banks in the world with a credit rating of AA. On 26 May 2016, the international rating agency Fitch updated its credit ratings for the Swedish banks. Handelsbanken’s long-term credit rating was upgraded one notch to AA from AA-. In 2015, Handelsbanken’s credit rating from Moody’s was also raised to the equivalent level.
Overall, Handelsbanken is the only bank in Europe with such a high rating from Fitch. There are only two other comparable banks in the world with AA.
Introducing Italy, considered the gateway to European countries, with several major international airports, Italian rail links and ferry terminals. At the beginning of 2017, 5,047,028 foreign nationals lived in the country. It is believed to be only 8.2% of the country's population, with a slight increase over the past year. Italian residents also included Italian-born children of foreigners - 14.9% of all births in the country. However, around 6,200,000 people with a migration background live in Italy. This includes about 60% of the immigrants living in the northern part, about 26% in the central part and about 16% in the southern regions.
The official currency of Italy is the euro (EUR). Italy is a core member state of the European Union and Schengen Area, which offers many advantages to its residents. Currently, Italy has several ongoing business immigration programs as Italian immigration law allows foreigners to enter the country and engage in self-employment by obtaining a residence permit in Italy or by participating in one of the investor visa programs.
Market entry is a multi-faceted process, and a successful market entry strategy should address all of them.
First, there is market research. Our team analyzes the business environment of a potential foreign market to identify opportunities, benefits and risks. It is supplemented by the business analysis, in which the data about the company is researched. By combining these two processes, we gain a comprehensive understanding of what the company can expect in each market and what the company's advantages are in each case.
The development of the market entry strategy is then continued through the choice of location for international expansion. The location can be limited as required, from the region to a district. Sometimes it doesn't make much difference whether the company offers more or less common services and/or products. However, if it is a very specialized company, the right choice of location is crucial for the success of the market entry.
The final stage of market entry strategy development (but not the end of the market entry process!) is a market visit, which allows the company representative to visit the target market, network, explore the business environment and help with our, making changes to the initial market entry plan to do.
Business migration in Latvia and Lithuania What are the possibilities to obtain a residency permit in Latvia or Lithuania (both are in European Union)?
IMMIGRATION IN LITHUANIA (UP TO 1 YEAR): Lithuanian Immigration Law provides ability to apply for residence permit up to 1 year through investments in business. In order to obtain temporary residence permit in Lithuania, the investment must fulfil following conditions:
a company has at least EUR 28,000 share capital; a company has genuine economical activities and pays minimum taxes; the presence of investor is necessary for business activities of a company. IMMIGRATION IN LATVIA (UP TO 5 YEARS): Latvian Immigration Law provides ability to obtain residence permit if the foreigner`s activities are related to business. Residence permit might be granted for:
Official of the company: Manager Director, Chief Executive, Board Member, Proxy, Representative of Branch, Representative of foreign merchant Shareholder of existing or newly established company: Residence permit through investment in share capital in the status of shareholder, for example, company formation and registration or acceding to existing company with significant investment Residence permit through investments in subordinated capital of credit institution Conditions for officials in the company Foreigner is entitled to residence permit if he holds a position of:
Board member (Manager Director, Chief Executive), Proxy, Representative of Branch, Representative of foreign merchant Please note! Although the residence permit is issued for 5 years, it must be registered each year. At the moment of registration, the following should be established:
Company must run actual business and generate taxes at least EUR 21,350 / year (this provision is not applicable to a new company) Conditions on investing in the equity capital of an enterprise According to Latvian Immigration Law there are two options:
The amount of investment must be at least EUR 35,000 Temporary residence permit is issued for up to 5 years though the foreigner is obliged to register the residence permit each year. Failure to do this might be basis for annulment of residence permit. For the second and following years, the foreigner shall approve his contribution to Latvian economy:
Company must run actual business and generate taxes at least EUR 40,000 / year Conditions for investing in Latvian credit institutions: the amount of financial investments must be at least EUR 280,000; the term of transaction must be at least five years without the right to terminate it prior to the term of repayment of the deposit. Conditions on investing in the equity capital of an enterprise.
Vacancies As of now, there are approximately 11 079 vacancies available in Estonia. That is 1.9% of all the job positions, both occupied and vacant, in the country.
Wages and expenses In Estonia the minimum wage is EUR 540, while the average salary is EUR 1455.
A single person in Estonia spends an average of EUR 619 per month, not including rent.
Workweek The standard workweek in Estonia is 8 hours a day or 40 hours a week.
Useful resources If you are planning to work in Estonia, it is useful to know the following information and contacts of organizations.
Work permit services If you are interested in working in Estonia, you need to obtain a work permit and a residence permit (which in some cases are obtained simultaneously). For this you can use the help of our legal team - we provide consultations, find the best solutions to your unique case and deliver legal assisstance of all kinds. So contact us by using the form on the upper right side of the page, and start a journey to your dream job in Estonia.
At the very beginning, a founding decision must be made. In Western European countries, the decision to found a company can correspond to the articles of association. Second, statutes should be drafted. According to Latvian commercial law, the Articles of Association are the most important document for the internal organizational perspective of the company, which should be in accordance with the founding decision and the entries in the Commercial Register. Equity must be paid in. The minimum share capital is 2850 EUR and the entire share capital does not have to be paid up at the time of registration; the balance can be paid within one year. Usually, the founders open a temporary bank account to deposit the equity. At this stage, banks often ask questions about the deal and the expected flow of funds into the account. Normally there is no problem for foreigners to open a bank account, although Baltic Legal has assisted clients at this stage if needed.
Real estate in Latvia is immovable property, which usually consists of land (possibly including all natural resources, depending on the agreement) and all buildings attached to it. A condominium can also be a specific part of a building, combined with a defined participation in the underlying property. If a foreigner buys a property in Latvia and the deal meets certain requirements, this type of investment may entitle the buyer to apply for a residence permit. (Continue reading)
Overview of the Latvian real estate market According to the annual overview provided by the Latvian State Land Service (hereafter SLS), in the period from the second half of 2011 to the second half of 2012, 49% of the total real estate transaction turnover came from residential and commercial construction, making more than half ( 51%) of all sales are made with land.
As SLS mentioned in its report, today the biggest players in the real estate market in Latvia are commercial banks and their affiliates. The second position (by the volume of financial turnover with real estate) is occupied by foreign investors, many of whom aim to obtain a residence permit in Latvia on the basis of real estate purchase. The fact that Latvia's credit rating and GDP have risen significantly in recent years while the ratings of other European countries have fallen has been instrumental in stimulating the interest and confidence of foreign investors - particularly in the Latvian real estate market. Many studies and visible trends show that spending on real estate in Latvia will continue to increase for the foreseeable future. The pace of growth has been strong but steady, boosting confidence and reducing the risk of a housing bubble. According to statistics from the Office for Citizenship and Migration Affairs, 2,435 foreigners applied for a residence permit based on the purchase of real estate last year alone.
The SLS data shows that the role of the Riga real estate market has always been bigger than the rest of the Latvian market. This trend has intensified in recent years. The number of real estate transactions in Riga is twice as high as in the rest of Latvia, which makes the demand for real estate in Riga quite high.
For more data on the Latvian real estate market, see our real estate statistics section.
Real estate in Riga As mentioned above, real estate in Riga is much more in demand and of much higher value than in the rest of Latvia. Please see the map below with areas of Riga which can help you understand in which areas real estate is most valuable and in demand. The most popular parts of Riga are the Old Town and the so-called Quiet Center.
Legal address / Mail forwarding If your business is not fully operational yet or you simply do not require physical presence locally we will provide a virtual address for your company for a fixed and reasonable fee. Mail and call forwarding services are possible. If your company needs legal address for registration purposes which is obligatory requirement by law, we can provide it for a set monthly fee.
Nominee Directors While your newly established or acquired company is not fully functional, it is possible to provide the services of nominee director for a set monthly fee. Nominee directors will help you to operate your company distantly and start economical activities as fast as possible.
Bank accounts Baltic Legal offers consultations to its clients in respect to requirements imposed by local Banks and State institutions in relation with opening bank accounts.
Assistance in obtaining the necessary certificates We can help you finding the appropriate institution to contact and also assist in submitting applications for certificates and permits. We also provide intellectual property protection services (registration of trademarks, patents, dealing with intellectual property protection organisations).
Translation services / language solutions We provide different type of translation services for our clients, necessary to conduct business or concerning immigration matters and investments. We will offer most efficient, cost and time - saving solutions for translation of your documents. When it comes to translation of legal/business documents to our clients we recommend our trusted partner – Translation Agency BALTTEXT.
Representation during negotiations We can help you to avoid the language barrier at meetings by representing client interests during negotiations with business partners or state authorities. Our clients can pursue their interest distantly, conclude different business transactions through Power of Attorney and receive necessary information in understandable language.
Partner reliability check Before establishing a business partnership, it is important to check whether you can trust your business partner. We can pursue evaluation of basic economic information of a company (date of registration, ownership, activities, major contractors, tax matters etc), provide information regarding possible criminal component in activities of a company, as well as individual personality traits of certain persons. BALTIC LEGAL has numerous connections about doing business in Latvia, Lithuania or Estonia and that makes our business support service the best available.
Insurance You know that every business faces a variety of risks. For example, there may be injury to employees in job related accidents, goods may be lost in transit; there may be fire in the office, and so on. In all these situations the entire loss is to be borne by the businessman or the owner. But, now-a-days, the risk of loss or damage is not entirely borne by the owner. The insurance provides protection against losses form such risk of the business for a nominal charge called premium. In other words, it helps the business in recovering losses which may arise due to various happening in the course of business, partly or fully from the insurance company. We can help you to choose the best type of insurance, as well as insurance provider in Latvia, Estonia or Lithuania.
Real estate search Real estate purchase usually is valuable investment therefore it needs accurate analysis and knowledge of local real estate market. We offer real estate search service for clients, interested in investing in real estate in Latvia, Lithuania and Estonia.
Invitation/business visit to Latvia If our client wants to meet us personally and analyse business opportunities on the place, we can request invitation to our main office in Riga in Office of Citizenship and Migration Affairs of Latvia. We will provide the list of necessary documents and information for the invitation request, as well as the place where the client could receive short term visa for the visit.
BALTIC LEGAL offers a full range of legal services in Latvia and general legal support from the Baltic States - Latvia, Lithuania and Estonia.
Company formation Preparation of incorporation and incorporation documents of the company Preparation of documents aimed at registering changes to the constitutional documents Assistance before the tax authority in applying for VAT payer status Assistance before government authorities to obtain the necessary permits and licenses Assistance at the bank to open a bank account
Administrative cases Analysis of administrative decisions of public and self-governing bodies, consultations on appeal against administrative decisions. Preparation of applications and other documents for appeal against administrative decisions. Representation and protection of clients' interests before the Latvian Administrative Court and other authorities mentioned above. Consultations and assistance in obtaining compensation for material and non-material damage caused by public and self-governing authorities, assistance in determining the amount of damage.
Drafting and analysis of agreements Elaboration and analysis of all types of agreements used in commercial activity. Sales contracts, pledge contracts, rental contracts, loan contracts, remuneration contracts, contractor contracts, transport contracts, commission contracts, employment contracts. Non-commercial agreements: amicable agreements, marriage contracts, inheritance contracts, etc. Elaboration and analysis of all types of appendices to the contracts: declarations of acceptance, payment schedules, plans, specifications, technical tasks, agreements, etc. Elaboration and analysis of all other documents used in business activity: commercial offers, writs, appeals, reminders, notices, declarations and agreements on termination, modification and addition, as well as any other documents. Consultations on any modification, breach, termination, validity, legality or interpretation of the above documents. Development of concepts and schemes to safeguard customer interests with regard to contract fulfillment and contract termination. Representing the client and safeguarding his interests in the conclusion, fulfillment and termination of the contract, participation in negotiations. Registration of agreements with the relevant Latvian authorities (business register, land register, patent office, etc.). Invalidation of Agreement by Legal Proceedings. trademark Advice on national and international registration of trademarks, use of exclusive rights to the trademark, sale of the trademark, transfer to other persons. Assistance in searching for identical or similar images prior to trademark registration, advice on the results of the search. Preparation and filing of the application and other documents required for trademark registration. Tracking of all stages of trademark registration and informing the customer about the registration process. Representation of the client's interests in the patent office in relation to the registration of the trademark. Analysis and drafting of licenses and license agreements for the transfer of rights to use brands. Preparing pre-trial claims for those who have violated trademark law. Representation and protection of the client before the Court of Appeals and the District Court in relation to the cancellation of the registration of the trademark and the prohibition of the use of the trademark. Prepare the application and other documents to be filed with the Appeals Council and District Court.
» Search for BalticLegal's content
Sat Apr 13, 2024 6:33 pm
