We already know that Latvia is one of the most attractive jurisdictions for foreign entrepreneurs wishing to do business in Europe, and it is an ideal country to carry out stable financial activities and has recently joined the EURO as a jurisdiction.
The country has around 20 registered banking institutions, which account for almost half of the deposits from foreign clients.
Opening a bank account in Latvia can be done with a minimum deposit ranging from 110 EUR to 1000 EUR, reflecting a minimum balance of 70 EUR and a monthly maintenance fee of 10 EUR.
Any foreign citizen, including those born in the USA, can open a bank account in Latvia and although some banks require physical presence to open the account, it is possible to open the account remotely.
Among the services offered by banks are a wide range of banking products such as MasterCard and VISA cards, savings accounts, online banking, loans.
Virtual Card, (for purchases on the Internet), with which you will be protected in case of theft or loss, this card is issued to the user through a CVV code, a card number and an expiration date.
Banking in Latvia also offers various types of financing services for its clients, including: individual safe deposit boxes, financial leases, loans for corporate and private clients, financial instruments, etc.
Latvia is a country known for its banks and strict privacy laws.
Opening corporate accounts with offshore companies
If you decide to open a corporate account, please note that it is necessary to provide the following documents notarized and translated into English, which must be apostilled if these documents are not issued in Europe.
Among the documents we can mention certified copy of Passport, Certificate of Incorporation, Articles of Association and Memorandum, Minutes of the First Meeting of Directors, Document declaring Shareholders, Document declaring the Shareholders, Document declaring the Shareholders' Shares, Document declaring the Shareholders' Shares, Document declaring the Shareholders' Shares.
Document declaring Shareholders, Document declaring Directors, Power of Attorney / Mandate of the company's representative, if his name is not specified in the legal documents. The signature of the person authorized for this purpose on the power of attorney must be notarized, and must state that this company representative has the right to open bank accounts.
A copy of the passport of the authorized company representative (signed by his/her own hand), a copy of the passport of the beneficiary (signed by his/her own hand), Curriculum vitae (CV) of the beneficiary (signed by his/her own hand).
Letters of recommendation for the beneficiary, from public partners or documents on the ownership of real estate, or certificates of ownership of shares of another company, or other documents justifying the financial viability of the beneficiary.
Description of the client's company (partners, business regions, system of transactions, work plans, etc.), signed by the agent or the client. If the company is more than one-year-old, additional documentation will be required: Certificate of Incumbency. In addition to these documents, application forms must be submitted.
For more information on this subject or any requirement related to our services, please contact us directly at info@fosterswiss.com