Process of becoming an entrepreneur shouldn’t be difficult. If you are going to start your own business, carefully consider your wishes and options. Just follow 4 steps.
1st register form of business.
Before starting commercial activities natural persons must get registered at the State Revenue and become performer of economic activities.
Others forms as individual merchant, general or limited partnership, capital company (private limited company (Ltd.) and public limited company (Plc.)) of business should be registered at Enterprise Register.
Form of business also could be registered through electronic system.
2nd Choose mode of tax treatment regime.
The performer of economic activities need to choose one type of paying the personal income tax:
Tax for income and micro-enterprise tax;
Licence fee for the performance of particular types of economic activity;
Reduced licence fee for the performance of particular types of economic activity;
Payment of the tax, having notified on non-registration of economic activity.
Reduced licence fee for the performance of particular types of economic activity;
Payment of the tax, having notified on non-registration of economic activity.
Company shall pay the following taxes and fees in Latvia:
- Corporate income tax;
- Personal income tax;
- Mandatory state social insurance contributions;
- Micro-enterprise tax.
3rd registration of employees, workplace and working tools.
4th everyone must perform cooperation with the SRS via the SRS EDS.
Every entrepreneur, regardless of the chosen form of business, must perform his/her cooperation with the SRS via the SRS Electronic Declaration System (EDS).
Please note that anyone conducting any business must comply with the requirements of the Accounting Act.
Do you have enough information to make your first steps?
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