Eternity Law International — News — Fintech Business in Latvia

Fintech Business in Latvia

Published:
August 25, 2022

The permit, which is issued by the Capital Market Control Commission, allows an entrepreneur to develop his/her own Fintech business in Latvia. This is the official right to occupy a fairly profitable niche and provide services of this category in any of the EU member states. Latvian license is a sign of guaranteed professionalism and high quality of work of a market participant.

Simplified procedure for licensing financial institution in Latvia

In order to stimulate the development of the Fintech market, Lithuania has simplified the licensing procedure, in particular, it has developed and implemented a new stage – pre-licensing evaluation of a candidate. Thus, potential permit holders, already at the stage of collecting documents, can receive important recommendations and guidance regarding the process of obtaining a permit. Thus, the amount of effort applied by the company is reduced, and their quality will be more appropriate.

Establish Fintech business in Latvia: support for providers working with innovative services

  1. Innovation center.

This establishment was created to study, actively implement and advise on issues related to innovation in the field of finance. The Center’s employees interact with the owners of innovative commercial structures, providing them with consulting and practical assistance.

  1. Opportunity to test the business before launch.

There is a special sector in Lithuania that enables entrepreneurs to test their business idea before its actual implementation. In particular, you can check how the future company meets the established requirements.

  1. Reduced commissions.

Firms that intend to provide consumers with only innovative services related to electronic payments can count on certain benefits. This applies to payment for verification and review of documents required for licensing.

Today, the amount of this fee is about 450 euros. During the first 3 years of operation, starting from the moment of authorization and licensing, the payment institution or electronic money institution must pay 1 thousand euros for supervision.

Benefits for beginners

Ready company with soft in Latvia is quite a lovable option; thus, we go ahead with the main reason. Lithuania has adopted a separate Law, the provisions of which are aimed at creating a loyal environment for start-ups and providing adequate support for start-up entrepreneurs. All “newbies” who want to promote their idea in the field of innovative products can count on help from the state. Assistance programs and selection criteria are defined in the Law.

One type of financial assistance is an opportunity for startups to reduce labor costs:

  • non-payment of personal income tax and payment of social tax per employee at a fixed rate;
  • 45% co-financing to pay highly qualified employees.

The Latvian Investment Agency also offers many support programs to stimulate the growth and development of the innovation industry.

Positive dynamics of the financial sector

There are more than four hundred startups in Latvia. Approximately a quarter of them work in the Fintech direction. And the number of such companies is increasing every year. Thus, the financial sector of the jurisdiction is demonstrating rapid growth – new segments are being added to it, which contributes to the formation of new work models for industry participants. In addition, Latvia is also improving safeguards that keep consumer and investor data and funds safe. In 2022, crowdfunding firms also became new market participants.

Jurisdiction availability

  1. Convenient air communication. The capital of Latvia, Riga, is easily accessible by plane – there are more than 70 destinations available in winter and over a hundred in summer.
  2. Active promotion of online services. The state apparatus of the country has already converted all its options and services to an online format. The digital sphere is actively supported in the country.

Choosing a company in Latvia for sale is an opportunity to become part of a profitable and reliable segment, which is expected to grow even more rapidly in the coming years. If you are interested in this direction, please contact us – our specialists are ready to answer all your questions assisting you in getting a Fintech company for sale in Latvia and licensing.

You can also see our current offers in categories Cryptocoins and licensing of cryptocurrency operations, Ready-made companies, Banks for sale and Licenses for sale.

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