Farmers' and fishermen's economy in Latvia

What is Farmers' economy?
Farmer's farm is an individual company that produces agricultural products using the main means of products specifically for this purpose, the land. Land must be owned or used by the owner of the holding.

What is fishermen's economy?
A fishermen's economy is an individual company that operates with the use of fish resources allocated for this purpose. The fisherman can also manage the land.

Registering Farmers' or fishermen's economy.
A farmer or fisherman's holding acquires the rights of a legal person from the moment it is registered in the Register of Enterprises. The rights of the holder are signed by the owner and appointed by the manager.

• The process takes around 1- 3 working days;
• The cost is around 45,50 to 112,50 EUR;
• Can be settled electronically.

What documents do you need?

• Application Form 4;
• Statutes governing the basic principles of the company's operation (if any);
• Decree of the Municipality Council (Council) or the Land Commission on the granting of a land plot for use or a notarized copy of the Land Register Act regarding the ownership of a plot if a farm is established;
• Municipality's decision to allocate a fish limit if a fisherman's farm is established;
• Sample signature for each signatory if documents are submitted in paper format (must be signed);
• A voucher or a copy of it, or an internet bank payment, or information about payment of the state fee;
• Quotation or a copy of it, or an Internet bank payment, or information on the publication in the "Latvijas Vēstnesis".

If you need any help with registering a company in the Baltic states, feel free to contact us!

Individual merchant in Latvia

What is an Individual merchant?

An individual merchant is a natural person entered in the commercial register.

A natural person is obliged to register himself in the Commercial Register as an individual merchant if it meets one of the following characteristics:

the annual turnover exceeds EUR 284,600 from the economic activities carried out;

the economic activity performed by it corresponds to the operation of the commercial agent (Section 45 of the Commercial Law) or the operation of the broker;

its annual turnover from economic activities exceeds EUR 28 500, and also employs more than five employees at the same time to carry out its economic activities;

A natural person may also apply for entry in the Commercial Register if it does not meet the above requirements.

Registering Individual merchant  in Latvia

An individual merchant is a natural person who carries out an economic activity. An individual merchant responds with all his belongings to his obligations.

• The process takes around 1- 3 working days;
• The cost is around 45,50 - 52,50 EUR;
• Can be settled electronically.

What kind of documents do you need to fill?

Application Form KR2 (must be signed);

Accepted by the owner of the real estate for registration of the merchant's legal address (not to be provided if the owner is one of the signatories of the application;

A voucher or a copy of it, or an internet bank payment, or information about payment of the state fee;

Quotation or a copy of it, or an Internet bank payment, or information on the publication in the "Latvijas Vēstnesis".

If you need any help with registering a company, feel free to contact us!

Individual Enterprise in Latvia

What is Individual enterprise?

An individual company is a legal entity established for the organization of the property of one natural person for the purpose of carrying on an economic activity.

What is a family company?

A family company is a legal entity established for the organization of a joint family property for the purpose of carrying on an economic activity. The property invested in such a company belongs to the family members involved in the family business.

As all of the legal entities, An individual company must register with the Enterprise Register to start a business.

It usually takes up to 3 working days, costs around 81,50Eur - 232,50Eur and you can register it electronically.

Documents to be submitted:

• Application Form 3
• Founding contract (if a family business is established)
• Statutes governing the basic principles of the company's operation (if any)
• The signature of each signatory is a sample because the documents are submitted in paper form
• A voucher or a copy of it, or an internet bank payment, or information about payment of the state fee
• A voucher or a copy thereof, or an internet bank payment, or information about the publication in the "Latvijas Vēstnesis".

Conditions for registering a business address:

• The legal address must coincide with the address entered in the National Address Book. Checking the free address in the national address register information system kadastrs.lv
• If the real estate consists of several groups of premises, it is necessary to specify the exact room number of the group where the registered office

If you have any questions about this topic, feel free to contact us and we will provide you with our solutions!