Latvia Startup Visa: Requirements and Application Guidelines

Table of Content

• About Latvia
• What is Latvia Startup Visa
• Requirements for obtaining Latvia Startup Visa
• How to Apply for Latvia Startup Visa
• Why Latvia?

About Latvia

Latvia is a digitally advanced, forward-thinking society with a multilingual, educated workforce. The startup environment is dynamic and expanding at a rapid pace.

Latvia was recently named one of the easiest places in the world to start a business. The key factors that put it at the top of the list are the facilities, incentives, and support offered to business owners. These facilities also include the start-up visa provided to entrepreneurs from outside the EU.

You do not have to be an EU citizen to start a business in Latvia. The Latvian government established the Latvian startup visa to attract technology-driven entrepreneurs to develop creative ideas in Latvia.

What Is Latvia Startup Visa?

Latvia Startup Visa a temporary residence permit offered by the Government of Latvia to founders of technology and innovative driven startups who wants to move to Latvia and grow their business globally.

The visa is a Temporary Residence Permit (TRP) valid for three years. This residency visa may be obtained by up to five members of the startup's founding team. Spouses and children are allowed to apply along with the main applicant on this visa.

The primary requirement for receiving a startup visa is having a creative, easily scalable startup idea. The idea should be technology based, scalable, and innovative. Once your startup is registered in Latvia, you can bring in your team from abroad. Your team can also be granted the Latvia Startup Visa or Residence Permit.

Requirements For Obtaining A Latvian Startup Visa

There are various specifics about the start-up visa that Latvia provides to entrepreneurs. Your visa may be in jeopardy if you are unaware of these details:

You must set up a company within 3 months after your TRP application is accepted. Or, you should be on the board of directors of a company that was founded a year ago at most.

You must receive investment from qualified investors in the first 12 months. Apart from that, it is also accepted that you receive 30.000 Euros from the VC fund or 15.000 Euros from the accelerator fund. Also, keep in mind that you must constantly submit reports on product creation, production, and development.

You should not take part in the management of a different company or be included in a different company later on. You have to fully focus on your startup.

Application Requirements for Latvia Startup Visa

It is very simple to apply for a Latvian startup visa. You will, however, need to acquire specific documents and meet the specified conditions.

To apply for a startup visa you will need to submit the following documents:

• Valid passport (if you have two valid passports - for example, local and international, submit both).
• Application for requiring a residence permit. All fields should be filled in, including the address: if it's not known yet, use a hotel or friend`s address where you intend to stay.
• Document size photo 3x4 cm on white background.
• Proof of subsistence. EUR 500 per month for 12 month = EUR 6,000. A bank statement confirming you have this amount will suffice.
• Free-form description of the planned commercial activity in the next three years. Make sure three year activities are clearly listed.
• Certificate of clean criminal record from the country of your origin.
• Receipt of paid stamp duty.

How to Apply for Latvia Startup Visa in 2022

Book an Appointment

Book an appointment with the Office of Citizenship and Migration Affairs (OCMA) in Latvia. As an alternative, you can schedule a meeting at the Latvian Embassy in the country you reside in.

Submit Documents

Submit all of the aforementioned paperwork on the day of your appointment. Pay the stamp duty in full by bank transfer or credit card.

Decision Letter From OCMA

OCMA will contact you after reviewing your application. You will learn whether or not your application was accepted in this email. If your application is approved, you can go to OCMA/Latvian Embassy to obtain your TRP card.

Upon positive decision, you will also be asked to submit some or all of the additional documents:

• an annual health insurance policy
• medical certificate confirming you don't have tuberculosis in the active phase
• confirmation of your future place of residence in Latvia. You can rent an agreement on your name or statement of a house owner that they allow you to live on their property.

Order Your TRP card

Submit all of the additional documentation (listed in step 3) together with your biometric data to order your TRP card. Pay the stamp duty for TRP card processing.

Bring your decision letter and passport with you to the embassy to pick up your permit.

*The processing time for the Latvian residence permit decision ranges from 5 days to 30 days as it depends on how fast an applicant wants it. The applicant must pay the corresponding charge:

• 30 working days – 100 EUR
• 10 working days – 200 EUR
• 5 working days – 400 EUR

TRP is granted for a maximum of three years if the essential conditions are met, however you must renew your TRP card annually.

Why Latvia

If you own a start-up company and plan to venture into the European market, starting a business in Latvia is a good option.

Here's why:

• Latvia is in Europe and a schengen member, hence it has links with several countries
• In Latvia, English and Russian are commonly spoken
• Excellent IT infrastructure that leads to one of the greatest WiFi networks on the planet
• A fantastic city for your business
• Simple taxation, cheap business costs, and overall support for new businesses
• A lot of bright young minds
• A thriving startup ecosystem
• Startup market is unsaturated