State Support to Investors

To ensure the influx of new, long-term investments in Latvia, both the state and the municipalities have the task to improve the economic environment, to decrease the administrative burden and bureaucracy. A national support program has been elaborated to support entrepreneurship in the state.

More information:

www.liaa.gov.lv
www.vraa.gov.lv
www.lga.lv
www.hipo.lv
www.em.gov.lv

The City of Riga Support Programs for Entrepreneurship

There are several support programs to encourage young entrepreneurs to establish companies in Riga and to provide support.

* The creative business incubator “Duka”. More information about the project http://www.duka.riga.lv/#/par-duku/

* “Atspēriens”(The Take-off) – the Riga City Council in co-operation with Swedbank has developed a grant program with the aim to facilitate the development of small and medium  size enterprises, to motivate the inhabitants, who have emigrated from Latvia, to return to Riga, as well as to promote attaining a European Union level of welfare faster. The support granted in the framework of the project will help an entrepreneur to set up the infrastructure needed for successful business activities.

More information on the project and regulations www.riga.lv

Exemptions from the real estate tax

Currently the following advantages* are available to businesses working in the municipality of the City of Riga:

Exemptions from the real estate tax calculated for the taxation year are granted in the following amounts:

4.7. to persons with buildings, which have been declared a monument of culture under state protection, if they are accessible to the public from public open space and preserved in accordance with the instructions of the State Inspectorate for Heritage Protection – 50%;

4.8. to persons with buildings, which have been declared historical construction structure forming a part of the urban culture historical value and having authentic facades, if these are accessible to the public from public open space and if they are preserved in accordance with the requirements set in the legal acts with regard to the safeguarding of the historical centre of Riga and historical buildings and culture historical environment falling within its protection zone – 25%.

* In accordance with the Riga City Council Binding Regulations No. 158 “Amendments to the Riga City Council Binding Regulations No. 88 dated 11.09.2007 “Procedure of Granting Real Estate Tax Relief in Riga”” (dated 17.02.2009), Article

This material has been prepared in cooperation with the City Development Department of the Riga City Council and www.investinriga.com