Latvia was recently ranked by Index Ventures as the most “startup-friendly” country in Europe!
Index Ventures has recognized Latvia as the most startup-friendly country in Europe in 2021. Riga has made this sector a priority and is actively working to ensure that the startup ecosystem in Riga grows and thrives! There are currently more than 600 registered start-ups in Latvia and about 70% of them are registered in Riga. Latvian startups have attracted more than EUR 362 million in investments in the last three years (2020-2022), which is more than in the period 2013 - 2019 combined.
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Why is Riga an excellent place for startups?
- Excellent connectivity - Riga Airport is the largest in the Baltics with the best connections for easy access to the whole of Europe.
- Highly skilled workforce - trilingual, well-educated and highly motivated.
- International startup community with industry events predominantly in English.
- Law on support for startups as a national support for startups.
- The Startup Visa is offered to all non-EU startup founders willing to come and launch their startup ideas in Latvia. The Startup Visa is open to up to five founders and is particularly family-friendly.
- Favorable regulation of share options. Share options are a bonus scheme that allows companies to attract key employees over several years.
- A favorable tax environment for startups.
- 11 regional business incubators and 9 support units across Latvia, offering training, mentoring support and grants, as well as organizing events on general business issues. In addition, a Creative Industries Incubator in Riga, specializing in support for creative industries.
- A friendly and growing startup ecosystem with shared formal and informal networks and educational events, as well as a daily dialogue with the municipality.
- Easily accessible venture capital funds from all over the Baltics: BadIdeas Fund, BuildIt, Change Ventures, Commercialisation Reactor
Success stories of startups in Latvia
- Latvian Startup Association
- Current news in the startup sector
- Current information for startups on national level
- Startup visa
Riga Investment and Tourism Agency's Co-financing Programs
- Riga startup eco-system support program
- Memorandum of Cooperation between Riga and Startup Ecosystem
- Support program for diaspora relocation
- Relocation program of highly qualified specialists
- Accelerator and Incubator Support Program
- Workcation Riga
Ieva Felman, tel. +371 29395757, e-mail: Ieva.Felmena@riga.lv