Accounting Services in Latvia

 

Businesses are bound to observing certain regulations for accounting, financial transparency and recordkeeping and our accountants in Latvia can help with these requirements. Our extensive experience in the Latvian business and commercial environment means that your company will benefit from professional and sector-specific services, tailored to the needs of your company according to size and industry.

 

The services we provide for company registration in Latvia are accompanied by complete accounting and bookkeeping work.

 

 

 

Successful businesses have a team of professionals and accountants in Latvia working together not only to achieve the business goals but also to make sure that the company complies with the ongoing laws for taxation and reporting, bookkeeping and the general accounting standards in the country.

 

The following types of services are provided by our team of experts and can be tailored to the needs of the business, according to the type of company, the number of employees and other criteria:

 

In special cases, our accountants in Latvia can also provide forensic accounting services. These are relevant when the client needs to determine the financial impact of special situations like fraud or loss. For this purpose, an expert will be hired to investigate from an accounting point of view the effects of the litigation. Forensic accounting is also important in business valuation.

 

Other types of special accounting services include project accounting – to determine the financial success of a particular project and management accounting – the internal analysis of the business, mainly of interest for the business managers.

 

Company formation in Latvia is a relatively simple process and, with the help provided by our experts, companies can start their specific activities in the shortest amount of time possible. Once the business is registered, out agents will start providing the needed accounting services. In addition to these services, if you are seeking the assistance of an incorporation specialist, the services of our agents are at your disposal. Please get in touch with our agents to learn about the company structures that the Latvian government offers. Once you pick a specific business, our agents will help you to set up a company in Latvia. 

 

Accounting services for companies 

 

• - Information on the business;
• - Report from the Board;
• - Sheet of balances;
• - Statement of profits and losses;
• - The flow of Funds Statement;
• - Report on equity changes;
• - Appendixes;
• - A replica of the auditors' report.

 

Accounting services for taxpayers with small businesses

 

• - Net sales under 40,000 EUR;
• - Maximum 5 employees;
• - Each employee receives a wage of no more than 720 EUR per month;
• - Only individuals are permitted to hold shares in the business, and they are regarded as the microenterprise company's employees.

 

 

Latvia uses the International Financial Reporting (IFRS) standards for domestic companies that trade securities in a regulated market. the use of the IFRS is not required for SMEs. The annual financial statements include the balance sheet, the profits and loss account, the annual report and all other notes to the accounts as needed. Auditing is mandatory only when the company has a net turnover and a total capital over certain amounts and the annual audit is to be performed by an official and registered accounting auditor. The Ministry of Finance is the authority in charge of establishing the accounting requirements and the guidelines for preparing the financial statements. 

 

The Association of Accountants of the Republic of Latvia is the main professional organization for accountants that issues the Certified Professional Accountant Certification.  Also please keep in mind, there are some exceptions to the general rule of creating an annual report for the companies. When an organization follows the guidelines outlined in the Annual Reports Act and satisfies certain requirements, it is permitted to skip preparing the individual portions of the annual report. The Annual Reports Act's Article 54 outlines this standard. You are welcome to get in touch with our accountants in Latvia if you want to learn about the criteria for these exceptions. 

 

 

How our Latvian experts can help you?

 

• - accounting services to businesses with both local and international capital as well as branches or permanent enterprises, in conformity with governing laws of the Republic of Latvia;
• -  preparing and submitting tax reports for state institutions, and tax accounting;
• -  preparation and submission of VAT returns;
• -  drafting of yearly reports;
• -  statistical report for the Bank of Latvia's Central Statistical Bureau;
• -  tax returns on annual basis;
• -  preparing financial statements and reports for shareholders or members;
• -  financial statement audit or review;
• -  internal control system audit;
• -  company’s reorganization audit and reports on corporate liquidation.