Business accounts: Latvia
An honest assessment before work starts, the quote is fixed in writing.
We assess your chances against your profile, prepare the compliance file, help you present your source of funds properly and handle communication with the bank until it decides. The final decision always rests with the bank, and careful preparation improves the odds.
We quote the exact cost for this country after a short consultation: it depends on the bank and your residency. The quote is fixed in writing before work starts.
Latvian company taxes
| Tax | Rate 2026 |
|---|---|
| Corporate tax | 20% only on distribution; retained profit 0% |
| VAT | 21%, reduced 12% and 5%; registration from €50,000 turnover |
| Payroll contributions | 23.59% paid by the employer and 10.5% by the employee |
| Micro-enterprise tax | 25% of turnover up to €50,000 a year |
The double tax treaty with Russia ended on 1 January 2024, so payments to Russian owners are taxed without relief. More on our Latvia taxes page.
What a Latvian bank checks
- Registration in the Register of Enterprises, the articles, ultimate owner details.
- A real link to Latvia: an office, staff, clients or suppliers.
- Source of capital and payment countries; Latvian banks strictly follow EU sanctions.
What we do
- We register the company and prepare the bank pack.
- We choose a bank for the company's profile.
- We register for VAT and calculate taxes on dividends.
How to open a company and account in Latvia: the steps
- Formation documents and registration in the Register of Enterprises.
- Filing ultimate owner details.
- A bank account: an in-person meeting and activity checks.
- VAT registration from €50,000 turnover.
Why Latvian banks refuse
- No office, staff or clients in Latvia.
- Owners or counterparties linked to Russia or Belarus without a clear explanation.
- An unproven source of capital.
What we do
- Corporate account - opening assistance
See also
Company formation · Personal account · Investment property · Country taxes · All country programs
We will calculate online the cost of opening an account for your company and maintaining it for a year.
FAQ
Can a foreign company open a bank account in Latvia?
Do I need a local director for a Latvian corporate account?
What does a Latvian bank ask for during onboarding?
What are my options if a Latvian bank says no?
What is the corporate tax in Latvia?
Is Latvia's tax treaty with Russia in force?
From what turnover is VAT registration required in Latvia?
How much social tax does a Latvian employer pay?
What is Latvia's micro-enterprise tax?
What bank checks await a company in Latvia?
Is retained profit taxed in Latvia?
How long does opening a company account in Latvia take?
What is VAT in Latvia?
Is an office needed for a company account in Latvia?
Choosing a bank for your company in Latvia?
We compare Latvian banks and payment institutions on their rules for non-residents, prepare the compliance pack and guide the opening. The catalogue covers every country.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
Free consultation