The General Data Protection Regulation
is an EU law that is applicable in all member states starting with May 2018. The main purpose of this unifying law is to provide the same conditions for the protection of personal data at a European Union level. All companies in Latvia will have to comply with the rules for collecting, processing, transferring and archiving personal information about their clients.
Our team of agents who specialize in company formation in Latvia
can give you complete information about the new requirements for companies and the fines they risk if they do not comply with the regulations.
Special conditions for consent under the GDPR
The GDPR includes a set of characteristics that need to be satisfied as far as consent for collecting personal data is concerned. For the purpose of data protection and privacy, consent must be:
• Freely given: the subject must have free choice for giving his/her consent and no repercussions if they wish to withdraw;
• For specific purposes: the scope of the data usage must be clearly stated and consent is to be given for one or more specific purposes.
• Unambiguous: the options for offering consent must be clear and simple: the data subject should only need to make a clear and affirmative action to offer his/her consent; this is especially applicable to websites.
• Informed: the subject must make an informed decision and for this purpose, the identity of the data controller as well as the purpose for the data collection and all of the transfer information must be clearly specified.
Our agents who specialize in Latvia company formation
can give you more details about how to implement these requirements for obtaining valid consent from your clients. Investors in Latvia should know that the scope of the GDPR also extends to non-EU companies when they process personal or sensitive data belonging to EU citizens.
GDPR compliance in Latvia
Investors who want to open a company in Latvia
can reach out to us for more information about the new regulations and adequate compliance for companies. Because the fines for failure to comply with the GDPR ate substantial (4% of the company’s annual turnover or 20 million EUR, whichever is more), small and medium companies are understandably more vulnerable to these measures.
for in-depth details and for complete assistance during company incorporation in Latvia.