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Business Incentives
As Latvia is a relatively new EU member, companies investing here have an ideal opportunity to qualify for EU Structural Funds under the support scheme for 2007 to 2013. Substantial financial grants are available in a variety of key business activities including vocational and other training, innovation, R&D, value-added manufacturing and technology/knowledge transfer.
Latvia possesses four separate Special Economic Zones (three ports and one inland). All are well connected to transport and have established infrastructure. To encourage investment, they offer corporate tax discounts (as much as 80%) as well as 0% rates for VAT, customs and excise duties to companies setting up there.
Despite Latvia’s best efforts to create a business-friendly environment, it is recognised that foreign investment is rarely completely straightforward. That is why extensive assistance is also available from the Investment and Development Agency of Latvia (LIAA), at no cost, to ease the way during all stages of planning and implementation, giving help in areas ranging from location and establishment through to local networking.
In addition, special government funding programmes are available to assist export-oriented business activities.
