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  • Latvian banking systemDatum12.05.2023 17:26
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    As of 1 January, the Latvian banking system is a part of the Eurosystem, therefore the principles of Eurosystem apply.

    In order to achieve the price stability objective, the Eurosystem uses a set of monetary policy instruments and procedures. The strategy targets the level of money market interest rates required to maintain price stability in the medium term, while the operational principles outline the means of achieving the particular interest rate level by applying the available monetary policy instruments and procedures. The ECB steers the short-term money market rates by its decisions regarding the key ECB interest rates which reflect the monetary policy stance of the ECB and affect the free liquidity on the money market.

    Based on the available information about the latest economic developments, the ECB has to evaluate their implications for future risks to price stability. The monetary policy strategy pursued by the ECB in analysis of the macroeconomic developments is based on two pillars.

    The first pillar includes an analysis of many economic and financial variables with potential short-term or medium-term price stability implications.
    The second pillar includes an analysis of monetary aggregates pointing to the leading role of money supply in maintaining price stability and focusing on a longer-term perspective.
    Both Eurosystem's strategy pillars are designated to ensure a deep analysis of the monetary, economic and financial developments in the whole euro area. This detailed analysis enables the ECB to set the key ECB rates at a level best suited to promote the overall euro area price stability.

  • Thema von BalticLegal im Forum Dies ist ein Forum in...

    According to the World Bank Group, Latvia is among the top 25 countries where it is easiest to do business. Latvia's performance in starting a business is similar to that of the Netherlands, Ireland and Sweden, all highly respected jurisdictions with developed economic and business environments.

    Procedure for setting up a business
    On average, opening a company in Latvia requires 4 procedures. Here, the word "procedure" refers to an interaction with a relevant government agency or other institution, be it a business register or a bank to open a corporate bank account in Latvia. Although the exact number of procedures may change depending on the circumstances, in general these are:

    Preparation and certification of all necessary documents
    Opening a Latvian corporate bank account
    Company registration and registration for taxes
    Registration of employees for state social security
    It is worth noting that some of these procedures, e.g. Registration for state social security, can be completed online. However, the Latvian company registration procedure is not a so-called “one-stop shop”. This means that opening a company in Latvia requires interaction with several different institutions and it is not possible to register everything in one place.

    Time required to start a business
    How long it takes to incorporate a company in Latvia depends on which country you open the company in. Opening a Latvian company from Latvia takes about 6 business days on average. If you are incorporating a company from other European countries or Central Asia countries, it may take up to 10 business days. For countries classified by the OECD (Organization for Economic Co-operation and Development) as high-income countries - around 8 business days.

    The longest procedure is usually company registration and registration for taxes, it takes about 60% of the total time required to set up a company in Latvia. The preparation of the documents and the opening of a bank account each take about 20% of the total time. Enrolling workers for National Social Security is an online process, so the time required is negligible as enrollment is done on-site.

    Company density
    While store density does not directly affect store opening procedures, it is a reliable indicator of the process. The more companies there are in the country, the easier it is to start a business, although this does not necessarily mean that a small number of companies means more difficult procedures. As of 2016, there are about 14,000 new companies that have only recently registered. This roughly corresponds to a number of newly founded companies in Estonia or Denmark. However, measured by the number of businesses per 1000 working-age inhabitants, Latvia is one of the most active countries in Europe. Currently (2016) there are about 10.6 businesses per 1000 working-age population, which is more than in Germany, France, Italy and many other European countries, only after the UK.

  • Commercial Register of EstoniaDatum18.02.2023 15:33
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    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, an individual can access the information contained in the land registry, the commercial registry, the registry of non-profit associations and foundations, and the commercial pledge registry.
    A value-added tax (VAT) payment is added to the service fee. For their part, users of the Trade Register can search for information about their affiliated companies, non-governmental organizations and foundations free of charge.
    To access this information, a user must authorize themselves with an ID card.

  • Workforce in LatviaDatum18.11.2022 15:15
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    The labor force of Latvia is 1,271,040 people, about 64% of the total population. This includes anyone between the ages of 15 and 64. Of these, 61%, i.e. 775,334 people, are employed. Total unemployment in Latvia is 9.5%.

    Education and skills
    Primary education is a general requirement (both social and professional) for the Latvian workforce, which is why the primary education rate is 98%. The Latvian primary education system consists of 4 grades of primary education, 5 years of lower/incomplete primary education and 3 grades of either primary education or vocational/technical education. About 40% choose to enroll in a vocational/technical institution and receive basic vocational/technical education. The other 60% opt for a normal primary education. Vocational/specialized primary education is available in cities with a developed specialized industry, e.g. Railway industry jobs in Daugavpils, a major railway junction between the EU and Russia.

    Higher education is not a general requirement for the Latvian workforce, but is required to engage in specialized, skill-based and academic jobs. Higher education is achieved by 21% of Latvians. It is offered by 58 universities and vocational training institutions. Of the total working-age population, 40% have a high level of technical or academic skills, while 87% have intermediate qualifications.

    The minimum wage in Latvia is EUR 370/month before taxes (gross salary). According to various estimates, the average gross salary is around EUR 800/month. The Latvian Central Statistical Office estimates the average gross salary at EUR 818/month. Statistics show that starting in 2012, average wages in Latvia will increase by about 3-7% every year.

    Net salary generally accounts for about 55% of gross salary. That is, 45% of gross wages are paid by the employer as taxes, and the employee receives 55% of their wages “on paper”. This also means that a minimum wage of EUR 370 costs the employer EUR 457.64 and earns the employee EUR 272.24. However, these calculations do not take into account variables such as tax credits for dependents in the worker's family. For each family member supported, the assessment basis is reduced by EUR 175 (2016), e.g. The minimum wage of EUR 370 now generates EUR 312.49 for the worker who has 1 dependent, EUR 331.15 for 2 dependents, etc. To learn more about how wage taxes work in Latvia, please read this article on the Corporate Taxation in Latvia.

    Working time
    Latvian legislation provides for different types of working hours: normal working time, reduced normal working time, part-time work, shift work, night work and combined working time. A reduced working time is the one that is shorter than the standard working week. Day and night shifts and the summarized work schedule can be applied when the work process cannot be stopped or the rule schedule cannot be enforced. In any case, the working time must be mentioned in the employment contract and the working time should be calculated and documented by the employer.

    Normal working hours in Latvia are 8 hours a day and 40 hours a week. The usual working week is Monday to Friday, but this is not mandatory as some companies, such as B. Shops are also open on Saturdays and Sundays. The total working hours cannot exceed 160 in 4 weeks - this allows for shifts of over 8 hours a day and 40 hours a week while ensuring that employees are not overworked.

    Overtime is permitted under Latvian law, but must comply with the following principles. First of all, this must be agreed in writing between the employee and the employer. The agreement should include the amount of overtime and remuneration. According to the Labor Code, the number of overtime hours cannot exceed 144 hours in 4 months. In addition, Section 68 of the law stipulates that the employer must pay at least 100% of the regular hourly, weekly or piecework wage for overtime.

    It should be noted that if an employee works more than contractually agreed but on a reduced schedule, such additional work does not count as overtime work. Nevertheless, in this case, the employee is entitled to claim compensation for more work, but the amount of compensation is not regulated by law.

  • Human resources in LatviaDatum23.10.2022 12:38
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    As in any country, Latvia's human resources are defined by its population. The total population of Latvia is approximately 1 986 000 people. Of them, the working-age population, ie people aged 15-64, accounts for about 64% - 1 271 040 people. About 14% are children under the age of 15 – 278 040 people. The rest of them, 22%, are retired or pensioners - 436 920.

    The unemployment rate in Latvia is around 9.5% (2016). This means that out of 1,271,040 people, 90.5% are working - 1,150,291 people. These are the same people who could be considered the consumers with the greatest purchasing potential. 120 749 people (this 9.5% of the unemployed) are potential workers or workers. The under-15s are potential workers (looking ahead) but unlikely consumers. In Latvia, state pensions are not high, making pensioners more likely to be potential customers and an unlikely labor force.

    The official language of Latvia is Latvian, so all official documents (e.g. when founding a company) must be submitted in Latvian. Most contracts are also signed in Latvian, although certified translations are often available when dealing with foreign clients or partners. Latvian is also a primary language for transactions and marketing.

    Another important language is Russian, due to the historical connections between Latvia and Russia. Although it is not recognized as a minority language and is not used officially (e.g. on most price tags), it is recommended to use Russian as an adjunct to Latvian advertising, as the Russian-speaking population accounts for about 39% of the total population - a significant number of Customers.

    Public holidays
    Latvia has 14 public holidays, two of which always fall on Sundays and are not deducted from the working week. This number of public holidays is roughly in line with the European average, and due to the common culture they are also mostly the same: Christmas Eve, Midsummer, Easter, etc. As in other European countries, Latvian customers tend to make a lot of purchases before the public holidays, especially before more traditional public holidays like the midsummer festival.

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