How to Set Up Your Business in Latvia- 4 Key Steps

As of 2018, 20 to 30% of Latvia's population of about 1.92 million lived abroad. Many working Latvians send money to Latvia to support their family and friends. It’s also a fact that money transfers received in Latvia accounted for 3.57% of GDP in 2018.

But setting up a business in Latvia isn’t so easy. Factors like resource centralization, financial transfer barriers and demographic problems are still there to cope with. And things become more annoying when you think of setting up a business but don’t have the right medium to meet your financial requirements. 

This is the case where our Tamsey app is extremely useful to people who want to start business in Latvia.  With this amazing platform, we strive to help businesses send money to Latvia easily. Through the Tamsey app, you can send money to any Latvian via a cash pickup or bank deposit. 

Keep reading below to know how Tamsey can help in setting up a new business in Latvia:

Starting a business in Latvia:

1. Determine your type of business

There are many options to choose from when determining the type of business you want to start. You can prefer options such as sole proprietorship, corporation, and partnership. After planning, identify which kind of business you will do. For example, you can establish a business in real estate, healthcare, IT, etc.


2. Handle the paperwork

Handling paperwork is another critical part of your business setup journey. In some cases, you may need to deal with a number of forms and papers. You never know which kinds of documents and licenses are necessary to establish your business legally. For your convenience, you can get in touch with a lawyer. Or else, you can contact companies that specialize in assisting foreigners set up companies.



3. Ensure you’re financially equipped 

Strengthening your finances is a must when establishing a new business in Latvia. And in that case, you need a means you to receive and send money to Latvia promptly at low transfer charges. This is where our Tamsey works best for you. Being the trusted money transfer app across the globe it streamlines your payments to Latvia without any hassle.  So, when starting business in Latvia, Tamsey app can be your reliable partner.



4. Build a team of professionals 

It’s almost impossible to handle the variety of tasks that are required for a new business. Since it’s all about starting a business in a new country, you need a reliable team. Thus, focus on building a dependable team that can handle all the necessary business activities and tasks on your behalf.



Make sure you will consider these mentioned-above tips to set up your business in Latvia. Tamsey is an all-inclusive money transfer app you can use to send money to Latvia. For further information, download our app or visit our website. 



Location: United Kingdom

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