Business in Latvia: Languages practiced

Language is important in many aspects, thus in business communication and workflow language matters as well. Especially if you are international company then you have to make sure inner departments do understand each other and local people.

Language via conquest

Latvia is a multi-cultural country with long history of co-operation and/or being occupied by foreign nation forces. Therefore I will show and explain to you which languages Latvia and Latvians will be familiar to use in business and daily communication. Bear in mind that there has been active occupation in some point of time by Sweden, Germany, Lithuania (Poland-Lithuania) and Russia among some shorter period occupations. Recent USSR occupation has left Russian language as a legacy to Latvian nation.

Languages via Curriculum

In Latvian schools second and third language is being taught. Second is English language, third is to be chosen Russian or German. Approaching university youth is presented with various choices such as German, French, Swedish, Spanish etc. even Hebrew, Chinese and Arabic are chosen in rare cases.

Countrywide usage of language

Because of USSR occupation Russian language is mother tongue of 28% citizens of Latvia and is understood by 50%-60% of citizens making it widely used second language, however curriculum program of teaching English as second language from early 90's has made it widely understood, an estimate of 30% of public speaks/understands English language. Furthermore German, French and Spanish are popular hobbyist languages to learn.

So it is easy to say English and Russian will be understood and used enough to maintain daily workflow. Any other language is per CV request and is based around 2%-5%(speculative) of population.

Offshore company - documents for incorporation

An offshore company is a legal entity established in a tax haven or offshore financial center, being protected by specific legislation which guarantees a status of partial or full tax exemption. Yearly maintenance fees range from US $100 to US $1500 or more, depending of the type of the company and its jurisdiction. In some jurisdictions, annual company fixed tax is paid to the government such as it is the case with the Republic of Panama. Shareholders and directors of an offshore company may enjoy generally a high level of privacy. In some jurisdictions, offshore companies may trade or do business only outside of the country in order to be tax exempt, while in others companies may do local and international business.

What documents are needed to incorporate offshore?

Commercial register of Latvia

Commercial register of Latvia provides following services. Read further to acknowledge Commercial Register functions in Latvia.

Online terminal of banks in Latvia

Online terminal of banks

Online banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on a website operated by the institution, such as a retail bank, virtual bank, credit union or building society. Online banking is also referred as Internet banking, e-banking, virtual banking and by other terms.

Online banking in Latvia

In Latvia banking sphere is well developed and any individual will enjoy high quality service. Read more to see what options online Latvian banks provide with it's users.

Structure of bank assets in Latvia

Structure of bank assets as of Q1 2014 in Latvia (source)
Loans - 53.4%
Due from credit institutions - 21.4%
Securities - 13.8%
Cash and deposits with the Bank of Latvia - 8.7%
Fixed assets and intangible assets - 0.6%
Other assets - 2.1%

Loans
In finance, a loan is a debt provided by one entity (organization or individual) to another entity at an interest rate, and evidenced by a note which specifies, among other things, the principal amount, interest rate, and date of repayment.

Securities
A security is a tradable financial asset of any kind.
Securities categorization:

• debt securities, (e.g., banknotes, bonds and debentures)
• equity securities, (e.g., common stocks)
• derivative securities, (e.g., forwards, futures, options and swaps).

Fixed assets

Fixed assets, also known as "tangible assets" or property, plant, and equipment (PP&E), is a term used in accounting for assets and property that cannot easily be converted into cash.

Automated Teller Machine (ATM) in Latvia

ATM

A machine, activated by a magnetically encoded card or other medium, that can process a variety of banking transactions. These include accepting deposits and loan payments, providing withdrawals, and transferring funds between accounts.

ATM's in Latvia

As of 2014 there are 1154 active ATM's in Latvia.^[1] Latvia's 1,99^[2] million inhabitants hold 2385 bank payment cards.

Biggest bank ATM's locations

Swedbank: link
SEB: link
Citadele: link
DNB Nord: link

Nordea: link (Latvian)

SEB works to rebuild profits

RIGA - Although Swedish bank SEB has not yet recovered all that was lost during the financial crisis, overall, the bank’s operations have recently been profitable in Latvia, SEB bank President Ainars Ozols said in an interview with Rietumu Radio on Feb. 26, reports LETA.

“Overall, we have been operating with a small profit, but profit nonetheless, since SEB entered Latvia in 1993; however, following the crisis, we have not yet recovered what we lost,” confirmed Ozols. It is not a goal of the bank though to recover the lost money as soon as possible, but to organize operations so it would function without losses in the future.

2013 was a successful year for SEB bank - there were positive trends, new clients joined the bank and it began implementation of new projects, said Ozols. In terms of profits, 2013 was a “mediocre” year, however.

Source: http://baltictimes.delfi.lv/news/articles/34508/#.U1-SbFWSymE

Last year 40% GDP of Latvian enterprises consisted of 7 billion Euros

Last year 40% GDP of Latvian enterprises consisted of 10 billion Euros

First 37 000 enterprises who submitted annual return total turnover were 9.9 billion Euros, but single enterprise's average turnover were 263 000 Euros.

In comparison with last term there is visible financial improvement. From 230 000 Eur in 2012 to 263 000 Eur in 2013 is 14% annual economics growth.

Also profitability has improved by 2 times then in period before.

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Lawyer in the Republic of Latvia

A lawyer is needed when problems in front of law or court arrise.
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Chinese immigration project is meant to provide information about moving to Europe, Latvia.

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German Confederation of Trade Unions

The Confederation of German Trade Unions is an umbrella organization (sometimes known as a national trade union center) for eight German trade unions, in total representing more than 6 million people (31 December 2011). It was founded in Munich, 12 October 1949.

The DGB coordinates joint demands and activities within the German trade union movement. It represents the member unions in contact with the government authorities, the political parties and the employers' organisations. However, the umbrella organisation is not directly involved in collective bargaining and does not conclude collective labour agreements.

Union delegates elect committees for 9 districts, 66 regions and the federal centre. The organisation holds a federal congress every four years. This assembly sets the framework for trade union policies and elects five Federal Executives. Together with the presidents of the member unions they constitute the DGB's executive committee. The members of the executive committee, together with the DGB regional presidents and 70 delegates from the unions, form a Federal Council which meets once a year to make decisions on national issues. The DGB also has a youth organisation, DGB-Jugend.

http://en.wikipedia.org/wiki/German_Confederation_of_Trade_Unions

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