A thorough understanding of your company's finances is essential for making informed decisions regarding the future and improving your company's financial status. A strategic approach to financial management enables you to deal with unexpected economic fluctuations while keeping your organisation on track. Strong financial planning is especially important if you have entered a new market and want to operate there in the long run.

Why choose us?

• In order to evaluate the present situation of businesses and develop profitable and feasible future plans, we conduct careful and thorough financial analyses. We help to showcase both the company's strengths and areas for improvement. When developing financial plans, we start with your company's goals and describe the opportunities, trends, and present dynamics of the Latvian market.

• We provide advisory services for optimising tax strategies based on Latvian tax legislation. We assist our customers in developing tax strategies that give them the confidence they need to operate in Latvia, knowing that their company's tax burden is optimal and in compliance with regulations.

• We offer consulting services for cash flow management as well as debt reduction strategies. Our consultants will assist you on how to successfully manage cash flow, allowing your firm to keep up with both day-to-day operations and the unexpected. We advise on which actions are necessary to minimise debt and secure long-term financial stability.

• We advise on risk management so that your firm is well-protected against possible risks. We provide strategic planning services and risk-reduction strategies. We assist in establishing the conditions that will ensure your firm is prepared for the unexpected in Latvia's volatile market. Our consulting service will provide you with simple, applicable methods for improving operations, lowering expenses, and making financial procedures more effective.

We provide our customers with a comprehensive range of services that are essential for effective operation in the Latvian market. We assist both in entering the market and in improving conditions for companies that are already operating in Latvia but want to take their business to the next level.

Why choose us?

• We offer industry-specific guidance on how to effectively enter and build a presence in the Latvian market. Our specialists provide assistance with everything from company formation to everyday bookkeeping. We can help with the creation of contracts and other documents, as well as diagnostics based on the business or activity field and the development of business strategy. We have many years of experience in the Latvian market, which allows us to provide you with well-thought-out business consulting services. We assist you in determining the best solution based on your preferences and available resources.

• Our consultants can help you improve the financial efficiency of your company. Our services include financial analysis, budget preparation, and financial plan formulation to help our clients improve their financial performance and ensure long-term success. Financial planning is frequently the deciding factor in a company's success, particularly during the start-up period or in unpredictable markets.

• We help our clients achieve their goals in Latvia by providing business consulting services, in which we share our understanding of the unique characteristics of the Latvian market and elements that are hard to recognise when entering Latvia. We assist in the development of functional strategic plans and action plans for strategy implementation, as well as the identification of growth prospects and risks that must be considered while operating in Latvia at this moment. Our experts help to optimise processes in order to boost business success by lowering costs and improving productivity.

• We provide assistance in locating trustworthy and appropriate business partners in Latvia. Having excellent partners is crucial if you wish to integrate into the Latvian business environment and take advantage of the development potential there. In addition, strong collaboration partners are always indicative of long-term activity and raise the likelihood of avoiding unforeseen scenarios.

If you want to start a business in Latvia, we will gladly help you with the planning phase, as well as compiling papers, submitting an application, applying for permissions, and doing everything else necessary so that you can start operating your company as easily and stress-free as possible.

Why choose us?

• In addition to a solid understanding of the regulations, we have extensive experience establishing businesses in Latvia. Starting a business in Latvia is similar to starting one in Estonia or in other EU countries, but there are a few details that must be considered. The essential criterion is that the founding documents must be submitted in the state language, which is Latvian. Documents may be multilingual (e.g., in English or Estonian), but Latvian is required. When establishing, the standard founding documents (articles of organisation, agreement, and foundation decision) must be provided together with the completed forms.

Our establishment services include the following components:

• An introductory meeting to clarify the founders' objectives and offer an outline of the main principles of creating a company in Latvia.

• Consultation on the best structure (SIA is an ordinary limited company in Latvia, although there are alternative SIAs with reduced capital).

• Check for uniqueness and compliance with Latvian regulations while choosing a business name.

• Preparation of documentation: articles of association, founding decision, or contract.

• Assistance in setting a temporary bank account (e.g., a startup account) and consultation to ensure the validity of the share capital contribution.

• Filling up and submitting a form-based application to the Latvian Business Register.

• If required, augmenting documents and submitting new documents.

• Assisting with getting a license if the company begins operations in the licensed field.

• Assistance in registering a temporary bank account into a regular bank account (typically a thorough and time-consuming background check is performed for foreign individuals by the bank; the procedure is shortened if the essential information is supplied promptly).

• Advising on VAT registration and submitting an application (communication needs to be carried out in Latvian).

• Support for board members when applying for a personal identification number (we assist in providing the needed information in Latvian).

• Preparation of other documents required for the functioning of the company.

• Advice for recruiting employees: employment contracts, trade unions, etc.

• Assisting in organising monthly and annual state reporting and resolving any post-establishment difficulties.

Using Wisecounter's payroll service provides you with piece of mind since the salaries of your Latvian company's employees are promptly and correctly calculated, wage taxes are indicated, and reporting is timely and error-free.

Why choose us?

• Our accountants stay current on the laws regulating salary payments as well as the continuously evolving legal framework in Latvia. Although Latvia's regulations on employee payments and employer status are comparable to those of other EU member states, there are some significant and subtle distinctions. Microenterprises, for instance, are subject to tax-related differences; in the case of social taxation, the issue of solidarity tax arises; moreover, Latvia has a progressive income tax system.

• Our many years of expertise allow us to guarantee that your employees' payroll accounting complies with all legal requirements and takes into consideration the relevant nuances. The foundation of our service consists of meeting deadlines, comprehending Latvian fringe benefits and calculating wages accordingly, and submitting all required declarations in the electronic system of the Latvian Tax Office. All of those tasks are completed accurately and without compromise.

• We can help avoid and resolve issues that arise as a result of collective bargaining agreements. In Latvia, builders' and railway workers' unions function according to legally binding collective bargaining agreements. These are nevertheless quite powerful organisations, even though labour union supervision in Latvia may not be as strict as it is in Finland or Sweden. For instance, the union contract for Latvian construction workers guarantees a steady rise in pay and training benefits. It also grants employers the authority to base the computation of total working time over a 6-month period and compensate overtime at a rate of 50%.

• The entrepreneur often saves money and guarantees higher payroll data confidentiality by acquiring payroll as a service. Payroll accounting is required for all newly formed companies and for the first employee, therefore, it makes sense to choose a trustworthy partner to handle this task from the very beginning of operations in Latvia. Our regular customers are successful Estonian businesses that have begun operations in Latvia through a subsidiary. Generally, an accountant working for the firm in Estonia is not qualified to handle payroll accounting in Latvia, including filing reports in Latvian regarding employees.

• We perform payroll for Estonian contract employees who are posted to or permanently employed in Latvia. We can ensure that wage payments and employment-related reporting adhere to both Estonian and Latvian legal requirements and that the interests of both employers and employees are safeguarded since we have in-depth knowledge and experience in handling combined Estonian and Latvian payroll.

• If required, we may assist our customers with further labour law-related matters as well, including employment contracts, workplace safety, solving labour disputes, etc. Similar to Estonia, the legislature of Latvia strives to establish equitable and secure working circumstances that do not jeopardise the health of employees. Consequently, it is important to adhere to several regulations and possess accurate paperwork, which can be provided to the authorities upon request. Based on our experience, the employer may save money and avoid the disagreement from getting worse when a third party mediates an employment dispute.

Compliance with company regulations is required in all markets, regardless of where you operate. A dependable partner that consults, guides, and, most importantly, assists in the resolution of the relevant legal difficulties provides both flexibility and accuracy. We provide full legal help to businesses, from forming a company in Latvia to preparing the appropriate papers for the sale of the firm and conducting negotiations.We assist in the settlement of conflicts through both conciliation and litigation.

Why choose us?

• For individuals starting a business in Latvia, we provide company formation services, as well as the preparation of contracts and other documents required for operations and personnel recruiting. We offer advice on everything from choosing a company form to registering the firm in the Latvian business registry. We also assist in the creation and organisation of various documents required to ensure that the company's activities are in accordance with Latvian legislation.

• We also provide legal guidance to companies that are currently operating in Latvia but want to ensure that their interests are adequately protected in the market. We provide contract preparation and analysis services, as well as contract validity evaluation, to safeguard your company's interests. We would be honoured to represent your firm in negotiations and assist you in finding partners so that you may grow your business to new heights.

• We assist clients in navigating Latvian labour rules and regulations. We provide experienced guidance on employment contract concerns, contract termination processes, and compliance with collective agreements. We aid you in gaining an understanding of the specific conditions outlined in the contracts as well as adhering to other legal requirements specific to your business's industry.

• We help you with the resolution of commercial issues and with the creation of a solution that best serves your objectives. We assist companies in resolving contractual or other commercial problems by representing them in negotiations, as well as in conciliation processes or litigation.

• For businesses planning divisions, mergers, or share purchases, our team offers legal assistance. We do the required preparations, represent you in negotiations, and assure the legality of the entire procedure.

The goal of Wisecounter's tax accounting and consulting services is to help customers navigate the Latvian tax system as smoothly as possible. We offer tailored tax advice based on your company's specific needs, conduct financial analysis, and aid in establishing a strategic plan to help your company achieve its objectives while maximising financial efficiency.

Why choose us?

• Our advisors understand the nature and subtleties of the Latvian tax system and can offer the best solutions for you. Latvia's tax system comprises corporate and personal income tax, social security payments, solidarity tax, micro-enterprise tax, VAT, excise, and various taxes on specific goods or activities (real estate, transportation, etc.). In Latvia, the State Tax Office (Valsts iēmušų dienests) handles all tax problems, except for real estate tax, which is managed by local governments. Latvia began implementing a progressive income tax in 2018. Higher-income individuals are also subject to the solidarity tax, which includes, for example, contributions to the social security system.

• Our knowledge of international tax regulations enables us to assist enterprises that import or export. We also advise on transactions involving related parties. Latvia's transfer pricing policy is based on the OECD norm, and it establishes the requirement to retain and submit paperwork as well as mechanisms for establishing price fairness. Latvia has tax treaties with several countries to avoid double taxation.

• Accuracy and deadline adherence are critical in tax proceedings and serve as the foundation for risk minimization. Declarations are filed with the Latvian Tax Office electronically, and the official language is Latvian. Accounting reports must meet Latvian laws and standards, as well as be linguistically correct, to prevent wasting time and raising further concerns. Because the Latvian language has a distinct character system, hiring an accountant or consultant who speaks Latvian fluently will be really helpful.

• Our accountants and advisors have many years of experience managing matters with the Latvian Tax Office. It can be possible to understand the provisions of the law in one way or another. Long-term experience working with clients from diverse spheres of business has provided us with practical information on how to resolve any tax issue in the most efficient manner. We may provide substantial support to our customers and, if necessary, handle correspondence with the tax office.

We provide a wide range of accounting services to businesses operating in Latvia. Our accountants are dedicated to giving our clients the best possible service and keeping their accounting records organised, which helps to ensure our clients' financial stability and reliability.

Why choose us?

• Our staff is well-versed in Latvian accounting regulations and standards. In terms of the consolidated financial statements of listed firms, Latvia adheres to national accounting rules that have been harmonised with International Financial Reporting Standards (IFRS). However, small and medium-sized businesses can use simplified accounting requirements. By making sure your business conforms to local and international rules, we reduce the possibility of penalties or fines.

• Our expertise is in precisely and legally processing and filing payroll information. Latvian accounting standards require certain reports from companies, such as annual reports, tax returns, and statistical reports, in addition to taxes and reporting connected to being an employer.

• Our team has a thorough understanding of Latvian tax regulations. While Latvia is a member of the European Union and is subject to the basic regulations that apply to all member states, it also has its own set of tax laws and regulations that control corporate income tax, value added tax, personal income tax, and other taxes. These laws and regulations differ slightly from those of other nations. Complying with and understanding these regulations is essential for precise financial documentation and tax efficiency.

• Since our accountants are native Latvians, they feel comfortable in the country's business community. All transactions with governmental entities take place in Latvian, which remains the official state language, even if Russian and English are also commonly used here. Financial statements and tax returns, among other accounting documents, must be completed in Latvian, necessitating the use of a translation agency or the acquisition of language proficiency. By using our service, you may avoid hiring a separate translator and be sure that you have understood the required information accurately.

• We guarantee the accuracy and seamless execution of international transactions. Due to our established clientele, our accountants regularly handle cross-border transactions. We speak Estonian and English in addition to Latvian and Russian, which facilitates straightforward communication and provides an environment conducive to productive collaboration.