Doing business in Latvia
Latvia has witnessed strong economic growth since it declared itself independent of the Soviet Union in the early nineties, and the country’s official currency has been the euro since 1 January 2014. Corporation tax is relatively low and the market is well, but not excessively, regulated. Latvia’s infrastructure is also excellent. These are just some of the factors which make the country very attractive for foreign investment. Of course, doing business abroad requires the necessary preparation and we have compiled some information about Latvian business culture in order to help you.
As with many countries, Latvians like to invest time in getting to know potential business partners. Drinking coffee or having lunch together are just a couple of examples of the sort of thing which they consider important. These occasions are often quite informal and questions about the family are appreciated.
Latvian is the only official language in the country although Russian is spoken by a large minority of inhabitants. It is therefore advisable to find out which language you should be using. This is an area in which we will be happy to help you. You are also at the right place for translations into, and out of, Latvian. We have extensive experience with legal, medical, technical, and commercial documents and we work exclusively with professional native-speakers of the target language. This assures you of a result which you can use right away.
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