Latvian Startup Visa – Creation and development of an innovative product
A start-up investor is eligible for a temporary residence permit in Latvia, including residence permits for their official spouse, children and dependents. According to this procedure, a TRP (Temporary Residence Permit) in Latvia is available for up to 3 years. Within 3 months after the RP decision is granted, the foreign national should be registered as the member of the board of a commercial entity.
Creation and development of an innovative product (new start-up in Latvia)
In the interpretation of the Immigration Law of the Republic of Latvia, an innovative product (start-up) is a new, or substantially improved service. The law does not clearly define requirements for the application of such a service.
There are several mandatory conditions for satisfying a temporary residence permit based on the creation or development of an innovative product
- the start-up company has been registered no more than 1 year ago
- investments in the statutory capital is cashless
- investments in a start-up are not required – a progress report on annual performance is sufficient for an RP extension
- the owner of the start-up must become a member of the board of the relevant company
- the duration of such a residence permit is up to 3 years
There is no need for initial financial contributions. An investor intending to contribute towards the creation or development of an innovative product must have access to guaranteed cost of living as specified in Latvia during the relevant year.
The cost of living is calculated based on the minimum labour remuneration (gross) in Latvia during a given year.
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In addition to the straightforward process for obtaining a residence permit through the creation or development of an innovative product, Latvia also offers unique opportunities for entrepreneurs through its startup incubator programs. For example: https://labsoflatvia.com/en/news/latvian-startup-ecosystem-organisations-incubators-and-more These incubators are part of the broader Latvian startup ecosystem, designed to provide resources, mentors, and funding to early-stage businesses. By joining any of the incubators an entrepreneur may also qualify for the Latvian startup incubator visa.
One of the key benefits of the startup visa in Latvia is its focus on innovation. Entrepreneurs do not need to make significant initial investments; instead, they focus on creating value through new products or services. The startup visa program is particularly appealing to individuals looking to access the European market while leveraging Latvia’s competitive business costs and supportive ecosystem. Applications for the startup visa in Latvia are straightforward, with a focus on the viability of the innovative product and the entrepreneur’s ability to contribute to the local economy.