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The Latvia's taxation system is affected by both the Latvian legislation and the requirements laid down by the European Union. It can be described as average, because every tax payer contributes to the budget 30 % of his/her income on average. Besides, the Latvia's diverse system of tax rates, tax relief and allowances enables every tax payer to choose the optimum sector for their occupation and management of funds. The Republic of Latvia has the lowest effective (average) tax rate in the European Union. There are several areas of trade business with individual tax privileges – payments that are lower by 80 % to 100 %: for example, Liepāja and Rēzekne have special economic zones, and free ports of Riga and Ventspils can grant tax relief.

The tax principles are laid down by the law On Taxes and Fees. Taxes are administered by the State Revenue Service (SRS), and they are classified as direct and indirect taxes. Indirect taxes are taxes that are not directly deducted from income and that are levied on goods and services. In their turn, the direct taxes are taxes that are levied on all taxable income of natural persons and companies.

Corporate income tax
The object upon which the corporate income tax is imposed is the taxable income obtained by a tax payer during a taxation period. The tax base is corporate financial income adjusted according to the law. The adjustments are mainly implemented in order to ensure that the income is greater than expenses on which the tax is not levied (for example, expenses that are not directly related to economic activity) or in order to reduce the income by a specific amount in case if the law envisages tax relief.
Corporate income tax payers are the following:

resident or domestic companies performing economic activity, organisations and institutions funded from the state budget or municipal budgets, which obtain income from economic activity;
non-resident or foreign companies, business entities, natural and other persons;
permanent representative offices of non-resident undertakings the income tax rate of which is 20%.
Individual undertakings are payers of the personal income tax, and the tax rate ranges from 20% to 31.4%, depending on the amount of income.

Personal income tax
The personal income tax is one of the steadiest sources of income adding funds to municipal budgets. Personal income tax payers are self-employed persons or undertakings that have been registered as tax payers, including agricultural and fishery farms. It is envisaged to repay the personal income tax to tax payers with eligible expenditure for education and medical services.

The personal income tax rates vary between 20% and 31.4%, depending on your income. It also must be noted that the tax is not levied on all income. Instead, a number of items are deducted from the total income before the tax is calculated:

non-taxable minimum
deductions for being a legal guardian of certain persons (e.g. children)
deductions for people with disabilities
other deductions

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.

Bank account
We provide services to open bank account for non-residents in Lithuania. We serve corporate and individual customers.

WWW address
Website of Handelsbanken: Click here.

Address
Gyneju st. 16, 01109, Vilnius, Lithuania

The Baltic Sea region is the fastest growing business region in Europe. The trade flow among the states in this region has been steadily increasing year by year. The taxation system of Estonia is considered one of the most liberal taxation systems in the world. In 2000, Estonia implemented a comprehensive tax reform with an aim to create the simplest, most comprehensible and most convenient taxation system possible. The main advantage of Estonia is the low-tax system that can be described as a simple system with no hidden surprises and that was basically established to promote business and increase profits.

The taxation system of Estonia includes state taxes stipulated by the tax legislation and local taxes imposed by local governments or city councils in the respective territories according to laws and regulations.

The state taxes are the following:

excise duty;
income taxes;
gambling tax;
value added tax;
land tax;
social tax;
customs tariffs;
heavy goods vehicle tax.
Corporate income tax
As a result of reforms, the main benefit of entrepreneurs was the exemption from the corporate income tax in the event of reinvesting the profits. Thus, Estonian enterprises must pay the income tax only on their distributed profits, namely, dividends. The corporate income tax (tax on distributed profits) is 21 % of gross dividends.

This taxation system is conceptually different from the classic income tax system, because the tax is levied on distributed profits (also hidden distributed profits) instead of company profits.

Value added tax (VAT)
The value added tax payers are enterprises the taxable supply (except for import) of which does not exceed EUR 16,000 during a calendar year. The tax is levied on transactions with goods and services in Estonia and on the import of goods. The tax rate is 20 % of the taxable value.

The taxable period is one calendar month, and the value added tax must be paid into the state budget by the twentieth day of each month. The tax is fully paid into the state budget.

The registration of enterprises is carried out by the Tax and Customs Board also administering the VAT levied on domestic goods and services.

Personal income tax
In 2010, the tax rate is 21 % of taxable income, and residents must pay the tax on their income received both inside and outside Estonia. The taxable income includes the income from employment (salary, wage, bonus and other remunerations), business income, interest, royalties, rent, capital gains, maintenance support, pensions, scholarships (except for scholarships paid from the state budget or pursuant to law).

Social tax
This tax is imposed to ensure state pensions and health insurance. It is paid by legal persons, natural persons and non-residents with regular income. The tax rate is 33 % of the taxable amount. The tax must be calculated monthly, and a corresponding amount of money must be transferred no later than by the tenth day of each month.

Since 1 January 1999 the social tax payments have been personalised, and they form pension funds which will be considered in each specific case. The tax is accumulated in a special account of health and pension insurance funds within the state budget.

Getting a job and working in Czech Republic 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 Czech Republic 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 289 630 vacancies available in Czech Republic. That is 6.2% of all the job positions, both occupied and vacant, in the country.

Wages and expenses
In Czech Republic the minimum wage is EUR 518.97, while the average salary is EUR 1322.

A single person in Czech Republic spends an average of EUR 559 per month, not including rent.

Workweek
The standard workweek in Czech Republic is 8 hours a day or 40 hours a week.

This area is governed by the Alcoholic Beverages Management Act, Cabinet Order No. 662 “Procedures for Movement of Excise Goods” and the Excise Duty Act.
The sale of alcoholic beverages and tobacco products requires a special permit - license. (The Excise Duty Act lists the types of alcoholic beverages and tobacco products that require permits.) For example, alcoholic beverage retailers who sell beer only need a permit for the retail sale of beer.
A license authorizes the sale of alcoholic beverages or tobacco products only at the location specified therein. A license may only be used by the person for whom it was issued.

The Licensing Commission of the State Finance Service grants licenses to merchants entered in the Commercial Register for the following activities:

Wholesaling of alcoholic beverages and tobacco products;
Retailing of alcoholic beverages and tobacco products.
The process of obtaining a license includes the following activities:

Documents for obtaining a concession are submitted by a registered representative of the merchant who is authorized to sign in the commercial register or by a person authorized by the official representative of the merchant;
the templates of the application form are available in Appendix No. 7 and No. 8 of Cabinet Order No. 622 “Procedures for Movement of Excise Goods”;
the application for a permit should indicate the preferred type of permit (paper or electronic) (in accordance with the legal provisions on the circulation of electronic documents);
a license is granted for an indefinite period;
if a merchant additionally applies for the retail sale of alcoholic beverages and beer at a stall, the retail sale is permitted for a period determined by the mandatory regulations of the local government;
The application must be submitted with the following documents:
Documents confirming the right to use the business premises;
Explanation of the process of economic transactions and financial security in case of submitting the application for obtaining a wholesale license;
Confirmation from the merchant that the local government has approved the retail sale of alcoholic beverages at the stand when applying for a license for that very purpose;
the Administrative Commission examines applications and grants permits or makes a reasoned decision to refuse granting of permits;
the license becomes valid the next day after the decision;
The license can only be used by the dealer for whom it was issued. The dealer is not entitled to transfer the license to another person;
in the event of rejection, the application can be submitted again.

Center for Registers and Information Systems (RIK)

RIK is a government agency that reports to the Ministry of Justice.
The main purpose of RIK is to ensure an innovative and integrated environment of electronic services for more efficient implementation of public administration and application of laws and jurisdiction. RIK is one of the largest IT organizations in Estonia.

It develops and manages various registers and information systems. This includes the commercial register, the e-notary, the land register and information systems from other areas (court information system, e-files, etc.). Around 50 registers are under the supervision of the RIK.

The Estonian Trade Register (a place for company registration in Estonia) has existed since September 1, 1995.
The portal of the Estonian Business Register is considered unique in Europe due to the fast and convenient establishment of companies. For example, it is possible to register a limited liability company with an ID card in a few hours, without having to leave home. In addition to searching for companies, the company portal can also be used to change a company's registration data and transmit annual reports electronically.

The Commercial Register of Estonia provides the following services.
Company Registration Portal (CReP - online site for company formation in Estonia)

It is a portal for entrepreneurs by the help of which it is possible to contact registration departments of courts, as well as for the Central Commercial Register so it can perform different duties in this portal.
In this portal, entrepreneurs may submit an entry application, a list of members of a supervisory board with their personal details and relevant modifications, contact details, information on relevant modifications and annual reports.
Residents of Estonia may access the portal by using an ID-card, Mobile-ID or by authenticating through an internet bank.
Residents of Portugal, Finland and Belgium may access the portal by using an ID-card, but citizens of Lithuania - by using a Mobile-ID.
Information system - the Central Commercial Register
It is an online service provided by the Centre of Registers and Information Systems, and this register is based on the database of the registration departments of courts.
This central database comprises digital data from the Commercial Register, Register of Non-profit Associations and Foundations and the Commercial Pledge Register. It is a paid service with a monthly subscription fee of EUR 10 plus the inquiry fee.
By paying the subscription fee, a person can access the information included in the Land Register, Trade Register, Register of Non-profit Associations and Foundations and Commercial Pledge Register.
A Value Added Tax (VAT) payment is added to the service fee. In their turn, users of the Commercial Register can search for information on their related companies, non-governmental organisations and foundations for free.
In order to access this information, a user has to get authorised with an ID-card.

European Business Register (EBR)
It is an online service joining together 24 national business registers in Europe.
This information system is available in English, and thus ensures easy access for most of interested persons.
The service offers searching for companies, information on companies and their profiles. Furthermore, some of the countries provide extensive information on companies, such as annual reports, articles of association, balance sheets, profit and loss statements, extracts from the Trade Register and information on annual profit.
In order to become a user of this service, a contract has to be signed with a service provider from the respective country. The fee for viewing a profile of an Estonian company is EUR 2.75, for viewing its annual report - EUR 6.50, but for viewing its financial data - EUR 12.50.

Business start-up sometimes requires diving more deeply in the proposed business in order to understand the necessity for specific permits, licenses, or registration with competent state authorities.

According to the proposed business area, it might be required to apply at State tax authority (State Revenue Services) and to register as Value Added Tax payer. Baltic Legal suggests to register at Tax Authority at the moment of company establishment. In this case, the paperwork is minimized.

Baltic Legal may assist and draft other documentation necessary for running business in Latvia, for example, to obtain license, certificate or registration before the competent state authorities.

The process of company formation and registration is not considered complex. The registration takes only four business days from the moment all incorporation documents are drafted and submitted with Commercial Registry of Republic of Latvia. The registration time might be reduced up to two business days upon such a request. The registration with other institutions may take from few days up to one month.

Official Name: Republic of Estonia
Capital: Tallinn
Total area: 45 227 km2
GDP per capita: $21,713
Native Language: Estonian
Government: Parliamentary republic
Population: 1,286,540
Major Religion: Irreligion, Evangelical Lutheranism
Monetary Unit: Euro (EUR)

Estonia, the most northerly of the Baltic states, regained its independence from the Soviet Union in 1991. It is a mainly flat country on the eastern shores of the Baltic Sea, with many lakes and islands. Much of the land is farmed or forested.

The Estonian language is closely related to Finnish, but bears no resemblance to the languages of the other Baltic republics, Latvia and Lithuania, or to Russian. About one quarter of the population is of Russian-speaking origin.

The capital, Tallinn, is one of the best-preserved mediaeval cities in Europe, and tourism accounts for 15% of Estonian GDP. The economy is driven by engineering, food products, metals, chemicals and wood products.

Throughout history, many other nations that ruled the region – Danes, Germans, Swedes, Poles and Russians – have influenced Estonian cuisine. Among the traditional dishes are marinated eel, blood sausage and sauerkraut stew with pork.

Famous Estonians include the writer Jaan Kross whose work has been translated into at least 20 languages, the author of the national epic (Kalevipoeg) Friedrich Reinhold Kreutzwald, and the writer, film-maker, diplomat and politician Lennart Meri.

Health & Welfare
Government pays national health care, child support, and pension.

Economy & Jobs
Industry, trade, and tourism.

Main Attractions
Hiiumaa island, Lahemaa National Park, and Saaremaa island.

Economy
As a member of the European Union, Estonia is considered a high-income economy by the World Bank. The country is ranked 16th in the 2012 Index of Economic Freedom, with the freest economy in Eastern Europe and the former Soviet Union. Because of its rapid growth, Estonia has often been described as a Baltic Tiger. Beginning 1 January 2011, Estonia adopted the euro and became the 17th eurozone member state.

According to Eurostat, Estonia had the lowest ratio of government debt to GDP among EU countries at 6.7% at the end of 2010. The world media has lately started to describe Estonia as a Nordic country, emphasizing the economic, political and cultural differences between Estonia and its less successful Baltic neighbours.

A balanced budget, almost non-existent public debt, flat-rate income tax, free trade regime, competitive commercial banking sector, innovative e-Services and even mobile-based services are all hallmarks of Estonia's market economy.

Getting a job and working in the Czech Republic is one of the reasons one might want to get a residence permit in Europe (an example of this would be a residence permit in Latvia). Working in the Czech Republic also allows you to enjoy all the benefits of EU residency, such as visa-free European destinations (with some exceptions).

Job offers
There are currently around 289 630 job vacancies in the Czech Republic. That is 6.2% of all filled and unfilled positions in the country.

Wages and expenses
In the Czech Republic, the minimum wage is EUR 518.97, while the average salary is EUR 1322.

A single person in the Czech Republic spends an average of 559 euros per month, not including rent.

Practically the best option is investing in Latvian real estate. When investing in real estate, other regulations apply and foreigners only have to pay property tax. In addition, it is not mandatory to actually live in Latvia, so the property may be rented out and thus the return on the investment is possible.

Foreigners usually choose to obtain a residence permit by buying a property (apartment) in Latvia. The apartment is often bought as a buy-in, especially for families with children over the age of 18. The Latvian Migration Law provides that spouses and adolescent children (children under 18 years old) are entitled to a residence permit together with the main investor and do not need to make additional investments.

The process of obtaining a residence permit is relatively complicated and requires knowledge of local legal and procedural issues. Baltic Legal lawyers are experienced in this field and offer constructive advice to choose the best type of investment and take care of preparing all the necessary documents before submitting them to the Migration Office of Latvia.

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.

The business register is the central institution that keeps all data and records up to date. It is mandatory to file incorporation documents with the register at the time of incorporation, as well as to file any changes in the board of directors (directors) or shareholders register.

The single register is also available electronically.

The business register has the following tasks:
for the registration of companies and their branches, representative offices and representatives of foreign companies and organizations, cooperatives,
for the registration of European economic interest groups, European companies, European cooperatives, political parties and their associations, administrators, insolvent corporations, associations and foundations for legal protection and insolvency proceedings, religious organizations and their institutions, trade unions, mass media, public and private partnership agreements, significant influences , commercial pledges, marital property and arbitration tribunals and to ensure the maintenance of the relevant registers;
to provide information about registered companies and facts of legal relevance;
Performing other functions referred to in laws and regulations.
Document Submission
Company registration in Latvia
Fast, reliable company registration and ready companies.
The business register checks the documents submitted for compliance with the law. This is where legal help can be helpful.

Documents should be in Latvian or supported by a certified translation.

If the documents are signed abroad outside the European Union, it is necessary to legalize the document or affix an apostille.

Information received by the Registry is believed to be true and reliable and has legal force. The Business Register maintains an official register of all types of companies and the information in the register is publicly available and reliable.

"Schengen visas" (also known as the uniform Schengen visa) are issued in the form of a sticker affixed by a Member State to a passport, travel document or other valid document authorizing its holder to cross the borders of the Schengen area to transcend – regardless of whether it is a journey through Europe is just a journey or an adventure.

The Schengen area is an association of 26 European countries that have abolished passport and immigration controls at their common borders and have a uniform visa policy. It acts almost like a single country for international travel purposes, which while allowing member countries to add their own special provisions regarding residency and local visa types, ensures that some visa types are universal and that a person residing in a Schengen country does not Visa required to visit or transit through another Schengen country - in this sense it's very close to a common European Union immigration policy (the UK and Ireland are part of their own separate agreement called 'the common travel space " and thus the Schengen rules do not apply there, even though they are both part of the European Union. It should also be noted that the Schengen area also includes countries that are not members of the EU.).

On 1 July 2010, the amendments to the Immigration Law of the Republic of Latvia came into force expanding the possibilities to obtain a residence permit in Latvia for foreigners who want to stay and move freely within the Schengen area.

The uniqueness of these amendments lies in the fact that a new method for obtaining a residence permit was introduced – investing in real estate. It has attracted a large number of investors, because a foreigner investing in real estate (that can be used for profit) has the possibility to move freely within the Schengen area under the condition that he or she has a passport and sufficient financial means. Citizens of the Russian Federation are especially interested in using this possibility, as Latvia is located in the vicinity and is a tourist destination due to its unique cultural monuments, well-known resorts and international festivals.

What is the benefit of holding residence permit?
A residence permit is a document that gives a foreign citizen the right to temporarily (a temporary residence permit) or permanently (a permanent residence permit) stay in the Republic of Latvia.

A temporary residence permit gives a foreigner the right:

to stay in the Republic of Latvia for a period of time not exceeding five years;
to freely cross borders of EU Member States and non-EU countries;
to move and stay up to 90 days within the territory of other EU countries except for the United Kingdom, Ireland, Cyprus, Bulgaria and Romania;
to obtain a Latvian or EU permanent residence permit after five years;
to obtain temporary residence permits for the spouse and children.
How to apply for residence permit?
A residence permit is needed if you want to stay in the Republic of Latvia or in Schengen area for more than 90 days in a six-month period.

This document is executed in the form of visa and pasted in the passport indicating the person’s name, surname and the identity number.

A temporary residence permit may be obtained by:

Investing in real estate after 1st July 2010;
Investing in Latvian credit institutions;
Investing in the equity capital of an enterprise.
Conditions on investing in real estate:

the total amount of transaction (involving one or several real estates) must be at least EUR 143,000 in large cities or at least EUR 72,000 in other places;
only non-cash funds may be used for purchasing real estate;
a foreigner does not have and has never had any debts of payments of real estate tax in Latvia;
the transaction is concluded after 1 July 2010;
a residence permit is issued after registering the ownership in the Land Register.
Conditions on investing in Latvian credit institutions:

the amount of financial investments must be at least EUR 286,000;
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:
the amount of investment must be at least EUR 36,000;
the amount of taxes payable for the next year must be at least EUR 28,600.

Official Name: Federal Republic of Germany
Capital: Berlin
Total area: 357 021 km2
GDP per capita: $39,028
Native Language: German
Government: Federal parliamentary constitutional republic
Population: 80,399,300
Major Religion: Roman Catholicism, Lutheran
Monetary Unit: Euro (EUR)

Germany, officially the Federal Republic of Germany, is a federal parliamentary republic in west-central Europe. The country consists of 16 federal states, the capital and largest city is Berlin. Germany covers an area of 357,021 square kilometers (137,847 sq mi) and has a largely temperate seasonal climate. With 80.3 million inhabitants, it is the most populous member state of the European Union. Germany is the greatest economic and political power on the European continent and a historical leader in many theoretical and technical fields.

Germany has the largest population of all EU countries. Its territory stretches from the North and Baltic Seas in the north to the Alps in the south and is crossed by some of Europe's most important rivers such as the Rhine, Danube and Elbe.

Germany is a federal republic. The legislatures at the national level are the Bundestag, whose members are elected by popular vote every four years, and the Bundesrat, which consists of 69 representatives from the 16 federal states.

After the Second World War, Germany was divided into the democratic west and the communist east (German Democratic Republic). The Berlin Wall became the symbol of this division. It fell in 1989 and Germany was reunited a year later.

German is the most widespread first language in the European Union. Germany is the third largest economy in the world and produces automobiles, precision engineering products, electronic and communication equipment, chemical and pharmaceutical products and much more. His companies have invested heavily in the Central and Eastern European countries that joined the EU in 2004.

As the birthplace of Johann Sebastian Bach, Ludwig van Beethoven, Johannes Brahms and Richard Wagner, among others, Germany's gift to European classical music is important. In thought and word, Germany's vast legacy encompasses the works of Luther, Goethe, Schiller, Nietzsche, Kant, Brecht and Thomas Mann.

Germany is the second largest hop producer in the world and the country is known for its quality beers. Wine is produced in the Moselle and Rhine valleys.

Health & Wellbeing
Germany has one of the most comprehensive and generous systems in the world. It includes health, old age, disability, unemployment insurance, child support, public housing and veteran assistance.

Economy & Jobs
Manufacturing, Industry, Mining, Agriculture, Forestry, Fisheries, Energy, Banking and Tourism.

Main attraction
Berlin, city of Frankfurt, medieval city of Lübeck, city of Munich, Rhine Valley and place of pilgrimage Weimar.

Business
In terms of GDP per capita, Germany is the twelfth richest country in the world, has a well-developed social market economy and a high standard of living. By the 1980s, many of the largest German industrial companies were nationalized; However, in recent years privatization has reduced state ownership to levels comparable to other European economies. Labor movements are particularly strong in Germany and have a major influence on labor policy. In addition to a highly developed industry, international tourism is the most important part of the national economy. Shopping street Mariahilf in Vienna.

The Latvian tax system is influenced by both Latvian legislation and European Union requirements. It can be called average because each taxpayer contributes an average of 30% of their income to the budget. In addition, Latvia's diverse system of tax rates, tax breaks and allowances allows each taxpayer to choose the optimal sector for their activity and wealth management. The Republic of Latvia has the lowest effective (average) tax rate in the European Union. There are several areas of trade with individual tax breaks - payments that are 80% to 100% lower: for example, Liepāja and Rēzekne have special economic zones, and the free ports of Riga and Ventspils can provide tax breaks.

The tax principles are laid down in the Taxes and Duties Act. Taxes are administered by the State Revenue Service (SRS) and are divided into direct and indirect taxes. Indirect taxes are taxes that are not deducted directly from income and are levied on goods and services. Direct taxes, in turn, are taxes levied on all taxable income of individuals and companies.

Corporate tax
Corporate income tax is the taxable income earned by a taxpayer during a taxable period. The tax base is the legally adjusted financial income of the corporation. The adjustments are made mainly to ensure that revenue exceeds expenditure on which the tax is not levied (e.g. expenditure not directly related to economic activity) or to increase revenue by a certain amount, if appropriate reduce if the law provides for tax relief.

Corporate taxpayers are:

resident or domestic companies engaged in economic activity, organizations and institutions funded from the state budget or municipal budgets and earning income from economic activity;
non-resident or foreign companies, business entities, individuals and other persons;
permanent representative offices of non-resident companies whose income tax rate is 20%.
Individual companies pay income tax, and the tax rate ranges from 20% to 31.4%, depending on the level of income.

Income tax
Personal income tax is one of the most stable sources of income that adds funds to municipal budgets. Personal income taxpayers are self-employed individuals or businesses that are registered as taxpayers, including farms and fisheries. It is intended to return income tax to taxpayers with eligible expenses for education and medical services.

Personal income tax rates vary between 20% and 31.4% depending on income. It should also be noted that the tax is not levied on all income. Instead, some items are deducted from total income before tax is calculated:

Tax-free minimum amount
Deductions for legal guardians of specific persons (e.g. children)
Deductions for people with disabilities
other deductions
Social security contributions (social tax)
Compulsory Social Security Contribution is a compulsory payment to a special household account established by law, which entitles the insured to receive the social security benefits established by law. Social security contributions increase the state social security budget. Therefore, an insured person may receive the following benefits: old-age pension, disability pension, survivor's pension, sickness benefit, maternity benefit, unemployment insurance and death benefit.

The standard social tax rate is 35.09%, divided between employer (24.09%) and employee (11%). A number of deductions can also be applied, mainly various tax reductions for recipients of state pensions.

Business competition in Latvia is regulated by the Competition Council (Konkurences padome). The agency is responsible for controlling competition in the Latvian economy, enforcing laws against those violating the principles of fair competition and providing information on the subject.

A total of 249,745 active companies are registered in the Latvian business register (November 2016, source: state-approved Lursoft Business Database), of which the largest number (76,918) are registered in the capital Riga. Other cities with a large number of registered companies are Daugavpils (3,492), Liepāja (3,434), Jurmala (3,351) and Jelgava (3,322).

Industries with high competition
Of all the industries represented in Latvia, the top 10 are the most competitive:

Real estate rental and management (>4500 companies)
Auditing and tax advice (>2300 companies)
Management and consulting (>2000 companies)
Road transport and logistics (>1400 companies)
Purchase and sale of real estate (>1380 companies)
Construction work and buildings (>1380 companies)
Real estate management services (>1200 companies)
Computer programming (>1200 companies)
Advertising (>1200 companies)
Legal services (>1200 companies)
It is worth noting that the data is provided for the whole country and the regional situation may differ. Also, not all companies operate nationwide, some specialize in a specific region or city. If you need detailed competitor research for your company to enter the Latvian market, please do not hesitate to contact us.

Advantageous Industries
According to the Latvian Investment and Development Agency (Latvijas investīciju un attīstības aģentūra), the most competitively advantageous industries in Latvia are:

woodworking
metal processing and mechanical engineering
Transport and Storage
information technology
green technology
health care
life sciences
food processing
These industries are characterized by a high level of development, thanks to the maximum use of the resources available in Latvia, be it an advantageous geographic location (transport and warehousing), skilled and intellectual workforce (information technology) or something else. The majority of these industries are also actively supported by the government, which means that any company is very likely to find funding opportunities and potential workers in these sectors.

It does mean, however, that each of these industries is non-competitive. Each of the sectors can be broken down into smaller business units, meaning some of them are less crowded with businesses, but others are more difficult to enter. For example, the transportation and warehousing sector is particularly competitive in terms of road vehicle transportation.

Official Name: Czech republic
Capital: Prague
Total area: 78 866 km2
GDP per capita: $27,190
Native Language: Slovak, German, Polish
Government: Parliamentary republic
Population: 10,513,209
Major Religion: Irreligion, Roman Catholicism
Monetary Unit: Czech koruna (CZK)

The Czech Republic became an independent state in January 1993 after Czechoslovakia was split into its two constituent parts. Before World War II, Czechoslovakia was one of the 10 most industrialized countries in the world and the only Central European country to remain a democracy until 1938.

The Czech capital Prague is more than 1,000 years old and has a wealth of historical architecture of different styles. Because of this, the city has become a preferred location for many international filmmakers.

Manufacturing remains an important economic activity, particularly the manufacture of automobiles, machine tools, and engineered products. Iron and steel industries are important in Moravia in the east of the country. The main crops are corn, sugar beets, potatoes, wheat, barley and rye.

Hills and mountains cover about 95% of the country - ideal for skiing, mountain biking and hill walking. Wild boars and foxes can be found in the lush forests.

The Czech Republic produces world-famous beers, including Pilsner. Wine is produced in the southern regions of Moravia and part of Bohemia. A record 900 natural springs have also ensured that the country produces abundant mineral water. Traditional dishes include 'knedlíky', a type of dumpling made from potatoes or bread.

Famous Czechs include the Art Nouveau artist Alfons Mucha, the composers Antonin Dvorák and Bedrich Smetana, the marathon runner Emil Zátopek, and the writers Franz Kafka and Milan Kundera.

Health & Wellbeing
Combination of universal social system and privatization.

Economy & Jobs
Jobs in agriculture, mining, manufacturing and tourism.

Main attraction
Prague, Karlovy Vary Spa, Křivoklat Castle and Moravian Karst Hills.

Business
The Czech Republic has a developed, high-income economy with a per capita GDP of 80% of the EU average. As one of the most stable and prosperous post-communist countries, the Czech Republic recorded annual growth of over 6% in the three years before the onset of the recent global economic crisis. Growth was led by exports to the European Union, particularly Germany, and foreign investment, while domestic demand picked up.

Most of the economy was privatized, including banking and telecommunications. The current center-right government plans to continue privatization, including in the energy sector and Prague Airport. The sale of a 7% stake in the energy producer CEZ Group was recently approved, and the sale of the Budějovický Budvar brewery is also being discussed. A 2009 poll conducted in cooperation with the Czech Business Union found that a majority of Czech economists favor continued liberalization in most economic sectors.

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

Center for Registers and Information Systems (RIK)
RIK is a government agency that reports to the Ministry of Justice.

The main purpose of RIK is to ensure an innovative and integrated environment of e-services for more efficient implementation of public administration and application of laws and jurisprudence. RIK is one of the largest IT organizations in Estonia.

It develops and manages various registers and information systems. This includes the commercial register, e-notary, land register and information systems from other areas (court information system, e-files, etc.). Around 50 registers are under the supervision of the RIK.

The Commercial Register of Estonia (a place for the registration of companies in Estonia) has been in operation since September 1, 1995.

The portal of the Estonian Business Register is considered unique in Europe as it ensures quick and convenient establishment of companies. For example, it is possible to register a limited liability company in just a few hours with an ID card, without leaving home. In addition to the company search, the company portal can also be used to change a company's registration data and transmit annual reports electronically.

The Commercial Register of Estonia offers the following services.

Business Registration Portal (CReP - Online site for business formation in Estonia)
It is a portal for entrepreneurs, with the help of which the registration departments of courts as well as the Central Commercial Register can be contacted, so that it can carry out various tasks in this portal.

In this portal, entrepreneurs can submit an application for membership, a list of the board members with their personal details and relevant changes, contact details, information about relevant changes and annual reports.

Residents of Estonia can access the portal using an ID card, Mobile ID or authentication through an Internet bank.

Residents of Portugal, Finland and Belgium can access the portal by using an ID card, but citizens of Lithuania - by using a Mobile ID.

Information system - the central commercial register
It is an online service of the Center for Registers and Information Systems and this register is based on the database of the courts' register departments.

This central database includes digital data from the commercial register, the register of non-profit associations and foundations and the commercial register of liens. It is a paid service with a monthly subscription fee of 10 EUR plus the request fee.

By paying the subscription fee, a person can access the information contained in the land register, commercial register, register of non-profit associations and foundations, and commercial register of pledges.

A value-added tax (VAT) payment is added to the service fee. For their part, users of the commercial register can search for information on their affiliated companies, non-governmental organizations and foundations free of charge.

To access this information, a user must authorize themselves with an ID card.

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