The ISO code of Latvia is LV according to the ISO 3166 standard. The local name of the country is Latvija. Latvia capital city is Riga. People in Latvia speak the Latvian language. On 18 November 1918, Latvia emerged as a sovereign political entity. In the year 11/18/1918, Latvia emerged as a sovereign political entity. The largest city in Latvia is Riga.
Latvia is located in the UTC +02:00 time zone, which is also called Eastern European Time or EET. The internet country code top-level domain (ccTLD) for Latvia is .lv. Other domains assigned to Latvia are .eu. The domain name .eu is available for use by organizations in and residents of European Union member-states. The International dialing code for Latvia is 371. People in Latvia drive on the right side of the road. Total land area of Latvia is 64,589 km² (approx. 24,938 mi²). Latvia is not a landlocked country. It means that is is bordered by at least one major body of water.
Latvia is located in Europe. Latvia is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Latvia faces various issues, including a shift to service industries around 1990-2000, low quality drinking water, low hazardous waste management system, air pollution.
Doing business in Latvia
We offer various corporate services in Latvia jurisdiction. These services can serve both, people coming from Latvia and foreigners. If you plan on doing business in Latvia you might be interested in contacting us.
To find out about starting your business in Latvia click on company formation in Latvia.
To find out how to open a bank account in Latvia and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Latvia.
Choose preferred service below or continue reading to find out more about Latvia.
Demographics of Latvia
The total population of Latvia is 1,929,938 people. In Latvia, the population density is 31 people per square kilometer (81 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is rather diverse according to a fractionalization scale which for Latvia is 0.5867. Latvia has approximately 263126 foreign immigrants. The median age is approximately 41.4 years. In Latvia, 74 in every 100 people use internet. Latvia has a Human Development Index (HDI) of 0.81.
The majority religion of Latvia is Christianity, Latvia is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Latvia.
Culture of Latvia
People in Latvia speak the Latvian language. According to data on inbound tourists in Latvia, 1,536,000 tourists arrive in the country each year. The first McDonalds in Latvia was opened on 15 December 1994, and it was located in Riga. One of the most popular national dishes of Latvia is sauerkraut. To read more click on culture of Latvia.
Geography of Latvia
Latvia is considered to be a large nation because of its total area. Its total land area is 64,589 km² (approx. 24,938 mi²). Latvia is located in Europe. Its capital city is Riga. Latvia has 4 neighbouring countries. Its neighbours include Belarus, Estonia, Lithuania, and Russia. Total length of land borders of Latvia is 1370 kilometers (~529 miles).
The highest point of Latvia is Gaizinkalns, with its official height being 312 m (1,024 ft). Including land mass and EEZ, the total area of Latvia is approximately 93,041 km² (~35,923 mi²). The most notable natural resources found in Latvia are peat, limestone, dolomite, amber, hydropower, timber, arable land.To read more click on geography of Latvia.
Economy of Latvia
The currency of the country is euro. The symbol used for this currency is €, and it is abbreviated as EUR. 8.3% of population in the country are unemployed. The total number of unemployed people in Latvia is 160,185. Each year, Latvia exports around $12.67 billion and imports roughly $15.56 billion. The Gini Index of the country is 35.2. Latvia has a Human Development Index (HDI) of 0.81.The Global Peace Index (GPI) for Latvia is 1.695. Latvia has a government debt of 39.3% of the country's Gross Domestic Product (GDP), as assessed in 2012. Latvia is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Latvia is $48,362 billion. Each year, consumers spend around $15,930 million. The ratio of consumer spending to GDP in Latvia is 0%, and the ratio of consumer spending to the world consumer market is 0.0459. The corporate tax in Latvia is set at 15%. Personal income tax ranges from 24% to 24%, depending on your specific situation and income level. VAT in Latvia is 21%. To read more click on economy of Latvia.
Infrastructure of Latvia
Infrastructure quality in Latvia is rated to be at 3.03. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Latvia, 100% of the population has access to electricity. There are 359,604 internet hosts in Latvia. Latvia has 42 airports nationwide.
The logistics performance index of Latvia is 3.4. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 3.5. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Latvia is 826. To read more click on infrastructure of Latvia.
Politics of Latvia
Latvia, is a parliamentary republic. With regard to political and civil freedoms, Latvia is 1. Citizens in Latvia experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Raimonds Vējonis.
According to the World Bank Group, the government effectiveness index of Latvia is 0.97. This indicates that the government of Latvia is effective. Citizens enjoy well-organized public and civil services, and government efficiency is high. While some services may be lacking in certain areas, the overall environment fostered by government legislation is favorable.In Latvia, the legislative power is vested in a Saeima. The Global Peace Index (GPI) for Latvia is 1.695. The strength of legal rights index for Latvia is 9. Overall, it is considered to be rather strong - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible. Latvia is a member of the United Nations (UN). On 17 September 1991, it joined the UN as a full member state. Latvia is a member of the European Union (EU). On 17 September 1991, it joined the EU as a full member state. Latvia is a member of the World Bank. To read more click on politics of Latvia.
Environment of Latvia
Latvia emits 3.8 metric tons per capita of CO2. 28807 km² of Latvia's territory is covered in forests. and forest land comprises 45% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Latvia is 826. To read more click on environment of Latvia.
Company formation in Latvia
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Latvia.
When establishing a company in Latvia, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Latvia that will affect the establishment and growth of one's business. Contact us or click on company formation in Latvia to read additional information when setting up a business.
Bank account opening in Latvia
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Latvia. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Latvia, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Latvia or contact us.