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Latvia business environment
Doing business in Latvia
KEY FACTS

Latvia’s economy experienced GDP growth of more than 10% per year during 2006-07; but entered a recession as a result of unsustainable current account deficit and large debt exposure amid the softening world economy. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises. (CIA World Factbook)

Currency: LVL
Key exchange rates:
Interest rate: 1%
Current inflation: 10.5%
Inflation target:
Tax rate: 21%

Major Latvian owned companies:

Grindex
Grindex is the leading pharmaceutical company in the Baltic States. Grindex operates in 13 countries - Lithuania, Estonia, Russia, Kazakhstan, Georgia, Azerbaijan, Uzbekistan, Ukraine, Byelorussia, Moldova, Poland, Hungary and Check Republic. Company products are being exported to more than 40 countries all over the world.
Latvijas Gāze
The only natural-gas transmission, storage, distribution, and sales operator in Latvia. The company supplies of natural gas to 440,000 customers in Latvia, and during heating season, (from the Inčukalns Underground Gas Storage Facility), to Estonia, northwestern Russia, and Lithuania.

FIRST STOP
Banking
Bank of Latvia
The Bank of Latvia is the central bank of the Republic of Latvia. It is one of the key public institutions and carries out economic functions as prescribed by law. The principal objective of the Bank of Latvia is to regulate currency in circulation by implementing monetary policy to maintain price stability in Latvia.
Aizkraukles Banka
Aizkraukles Banka is a modern European bank. Its thought-out development strategy in combination with the flexibility and knowledge to respond effectively to changing market situations and client demands guarantee a stable growth and strengthen Aizkraukles Banka’s position on the banking market.
Legal
Carrington, Hall & Hamburg
Carrington, Hall & Hamburg is a progressive City of Riga based commercial law firm of the highest caliber. With an excellent knowledge of law and sophisticated understanding of unceasingly transforming commercial mediums as they cross with law and procedure of governmental institutions, law firm Carrington, Hall & Hamburg aims to safeguard its clients' business interests in the 21st century.
Klavins & Slaidins
Klavins & Slaidins is one of the preeminent law firms in Latvia, with a reputation for personal contact and superior legal work that sets them apart from all others. Their lawyers have been at the center of many of the most important legal matters in Latvia, and their entire team prides itself on maintaining the highest quality in their work product and the strength of their well established reputation.
Accounting
Sacco
Sacco is one of the first high quality accounting services and tax consulting providers in Latvia, operating since January 1996. The company employs a team of 9 professional employees who ensure individual approach to each client and offer most beneficial accounting and tax solutions.
International Business Consulting
IBC Consulting Ltd. has been actively helping clients in international company formation, accounting and tax matters since 1994. Their core business is professional corporate formation and administration.
EUROPEAN BUSINESS ENVIRONMENT OVERVIEW
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Latvia
Latvia flag
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Capital: Riga
Official languages: Latvian
Government: parliamentary democracy
EU accession: 2004
Area: 64,589 km2
Population: 2,245,423 (July 2008 est.)
Internet TLD: .lv
Calling code: +371
EUROCHAMBRES
Eurochambres, the European Association of Chambers of Commerce and Industry, is one of the key representatives of business to the European institutions. It voices the interests of over 19 million member enterprises in 45 European countries through a network of 2000 regional and local Chambers represented by 45 national - and one transnational - organisations. More than 90% of these enterprises are small or medium enterprises, with chamber members employing over 120 million employees.

Eurochambres is the sole European body to serve the interests of every sector and size of European business - due to the multi-sectoral membership of Chambers - and the only one so close to business, as a result of the Chambers’ regional focus.
http://www.eurochambres.eu
CHAMBER OF COMMERCE IN Latvia
The LCCI is a private voluntary organisation for all Latvian companies. The aim of the organisation is to establish a positive business environment, whilst representing the members economic interests and offering business promotion services.
http://www.chamber.lv/pub/