Latvia is a small state located in northeastern Europe on the Baltic Sea coast. Latvia attracts business persons from different countries of the world, not only by its convenient geographical location but also because it is part of the European Union. It allows legitimate international activities. Also, Latvia is a member of the Schengen Agreement and NATO and is also a member of the Organization for Economic Cooperation and Development (OECD). 

The Latvian banking system consists of national banking institutions and branches of foreign banks. The banking system of Latvia has been showing stability over the past 15 years. Today, almost all Latvian banks are characterized by indicators of increasing profitability. It also increases their attractiveness to business persons from around the world. 

Benefits of opening an account in Latvian banks 

Latvian banks offer a variety of services to their clients. Bank accounts in Latvia can be opened both by residents of this country and non-residents. At the same time, Latvian banks are equally focused on both individual and corporate clients. 

Among the advantages of opening an account in a bank of Latvia for a non-resident are the following: 

  • prompt opening of a bank account; 
  • an account can be opened by a non-resident; 
  • there are no restrictions on the number of operations; 
  • an open account can be managed remotely; 
  • minimum service tariffs among all countries of the European Union; 
  • multicurrency accounts; 
  • guaranteed state compensation for deposits of up to 100 thousand euros. 

An account opened in a Latvian bank is assigned an IBAN that complies with international account numbering standards for European countries. 

How to open a corporate account in a bank in Latvia 

The first thing to do to open an account in Latvia is to choose the right bank. It must work with non-residents. These include BlueOrange, LPB Bank, Rietumu Bank, Norvik, and ABLV. In the Latvian bank BlueOrange, you can open an account for an offshore company registered in Nevis with history and real activities. For partnerships, with Singaporean, Hong Kong, and European companies, the Latvian banks LPB Bank, Rietumu Banka, and BlueOrange are suitable. 

Although banks in Latvia open accounts for both residents and non-residents, non-residents usually have stricter requirements for opening an account. Why is that? It is because banks want to be sure that their client has not been and is not engaged in the financing of terrorism or money laundering (this is a requirement of international law). That is why, in certain cases, a financial institution may request information or documents that would confirm the origin of money. They may also ask for data on the type of business of the company and the personal information of the founders. 

All documents that banks require to open an account can be divided into two groups: standard and additional. The standard package includes all documents that are always requested. And the additional one usually includes certain documents about the company itself, co-owners, its financial solvency, etc. Such documents allow the financial institution to better verify the foreign client. 

Also, to open an account in a bank in Latvia, you will need to fill out all issued bank forms, indicating only reliable data in them, and also be checked by the compliance department. All of this is aimed at identifying and verifying the future account holder. 

Required documents for opening an account in banks in Latvia 

In general, when opening a corporate bank account, Latvian banks request the following documents: 

  • foreign and/or internal passport of the beneficial owner (original and copy); 
  • documents for the company (certificate of registration, articles of association, articles of association); 
  • a document that confirms the right to open and manage corporate accounts: a power of attorney or a protocol on the appointment of a manager; 
  • completed bank forms on the company’s activities. 

The apostille must be affixed to corporate documents. Banks reserve the right to require additional documents for both the beneficiary and the company. 

Which bank to choose for opening a corporate account in Latvia 

Latvian banks such as Rietumu Banka, Norvik Banka, and ABLV Bank are very popular among foreign clients.  

Rietumu Banka 

Rietumu Banka was founded in 1992. Today it is one of the largest banks in the Baltic countries. Here service is possible in Latvian, English, and French. The bank specializes in servicing both corporate and private clients. Clients are provided with multi-currency accounts, access to management via the Internet, a personal manager, and the ability to receive information about the transactions carried out around the clock. 

Another advantage of Rietumu Banka is the low cost of annual servicing of corporate accounts. But, it is worth noting that the minimum balance must be from 5 to 10 thousand euros (the amount depends on the country where the company is registered). 

Norvik Banka 

Today Norvik Banka is one of the most reliable financial institutions with stable operations. It was founded in 1992. The bank provides multi-currency accounts, and the ability to remotely manage and control the account. The bank is distinguished by a fairly fast execution of any banking operations, as well as a pleasant pricing policy in terms of service tariffs. 

ABLV Bank 

ABLV Bank is the largest private bank in the Republic of Latvia today. It started its activity in 1993 and offers a variety of services. It is constantly improving and does not impose requirements on the minimum account balance. It is also distinguished by the highest level of service, high speed of transactions, and affordable service cost. 

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