BlueOrange Bank (formerly known as Baltikums Bank) is an international private bank that provides a wide range of financial and advisory services, including tailored solutions for high net worth individuals, enterprises and financial institutions.
The bank has its head office in Riga (Latvia), a subsidiary in Cyprus and Luxembourg, and representative offices in 5 other key business and finance centres throughout the CIS.
In 2001 year BlueOrange Bank was founded in Latvia
Bank account We provide services to open bank account for non-residents in Latvia. We serve corporate and individual customers.
Shareholders Over 50% shares are held by BBG JSC (Latvia).
Contacts Official name is BlueOrange Bank JSC (in Latvian - AS) Following are contact information of BlueOrange Bank.
The business register is the central institution that keeps all data and records up to date. It is mandatory to file the incorporation documents with the register at the time of incorporation of the company and to file any changes in the company board (directors) or shareholders register.
The single register is also available electronically.
The commercial register has the following functions: for the registration of companies and their branches, representative offices and representatives of foreign companies and organizations, cooperatives, to register European economic interest groups, European companies, European cooperatives, political parties and their associations, administrators, insolvent corporations, associations and foundations for legal protection and insolvency proceedings, religious organizations and their institutions, trade unions, mass media, public and private partnership agreements, decisive influence, commercial Pledges, assets from a marital relationship and arbitration courts and ensuring the maintenance of the relevant registers; Providing information about registered companies and legal facts; carry out other tasks specified in laws and regulations.
The Register of Enterprises provides the following services: Register of Enterprises holds an authority to register enterprises or companies (names of enterprises are governed by specific provisions. For example, a name has to be created avoiding inclusion of any misleading information concerning important conditions of entrepreneurship, in particular the legal form of an enterprise (a company) or volume of business. It must also be taken into account that the name is not to be translated.), mass media, commercial pledges, decisive influences, property arising out of a matrimonial relationship, representative offices and representatives of foreign undertakings and organisations, European companies, European co-operative companies, as well as public and private partnership agreements; Register of Enterprises holds an authority to ensure record-keeping of the following registers of entities: the Register of Public Organisations, Commercial Register, Register of Trade Unions, Register of Associations and Foundations, Register of European Economic Interest Groupings, Register of Courts of Arbitration, Register of Political Parties, Insolvency Register and the Register of Religious Organisations and Institutions Thereof; Register of Enterprises holds an authority to accept and examine the documents to be submitted for registration of entities and facts of legal relevance referred to in laws and regulations, and keeps the said documents; Register of Enterprises holds an authority to confirm signatures (signatures are confirmed only for natural persons registered in Latvia and representatives of legal entities, whose representative rights are registered in the public registered of Latvia. Upon confirming a person's signature, an official of the Register of Enterprises verifies the identity and legal capacity of the signatory. The official of the Register of Enterprises confirming a person's signature is not responsible for the content of documents.); Register of Enterprises holds an authority to verify the names (companies) entered into registers maintained by the Register of Enterprises and the relevance of this information; Register of Enterprises holds an authority to examine and prepare replies to the received submissions and requests for information, drafts derivatives of registration files and official documents of the Register of Enterprises, as well as provides the interested parties with the possibility to access the registration files; Register of Enterprises holds an authority to impose sanctions determined by international organisations and deals with cross-border mergers of capital companies.
Incorporation documents At the very beginning it is necessary to adopt a Decision on foundation. The decision on foundation might be equitable to Memorandum of Association in Western Europe countries. Secondly, Articles of Association should be drafted. According to Latvian Commercial Law, Articles of Association is most important document for company`s internal organization perspective which should be in line with the Decision on foundation and following records in the Commercial Register. It is necessary to pay the equity capital. The minimum of equity capital is EUR 2850 and it is not required to pay the entire equity capital at the moment of registration; the remaining sum might be paid within one year. Usually the founders open a temporary bank account in order to pay the equity capital. At this stage, the banks frequently ask questions related to the business and expected money flow in the account. Usually it is not problematic for foreigners to open a bank account, though Baltic Legal has supported the clients at this stage if necessary.
On the 27th of September newspapers reported that the government of Latvia had committed itself to make a decision on quotas for the acquisition of residence permits by means of real estate. This discussion on a possible change to immigration law in Latvia began after the national party united with members of the Visu Latvijai! (All for Latvia) and Tēvzemei un brīvībai/LNNK (For the motherland and freedom/LLNK) political parties. These parties had voiced strong protests over the perceived situation with immigrants in Latvia. The National party chose the perfect time to raise the issue, right before the next budget approval vote so that the other parties and the people of Latvia would have to get involved with the discussion, and to ensure that a resolution to the problem could not be avoided.
No government shutdown for the Latvians Although the government did not support what the national party wanted, their opposition had to take second place to higher priority amendments to the budget. The question of residence permits by means of investment in real estate was a trivial issue when seen in context of the government agenda, and there seemed to be no compromise to be found, however almost everyone in the government of Latvia had similar ideas regarding the possibility of introducing additional requirements for residence permits in the form of needed investment in support of Latvian families, included into immigration law.
As noted, the national party wanted to change the law to stop immigration to Latvia by individuals obtaining residence permits through real estate, before 2014, and instead focus efforts on assistance for Latvian families and care for new mothers. The leading party, Vienotība (Unity) disagreed with the national party's plan to stop the residence permit program, but instead proposed to double the amount of investment required for the real estate program, put in force a quota system, in addition to introducing a special donation fund. For completeness it is worth mentioning that Reformu Partija (Party of reforms), another party involved in the discussions, proposed stopping the real estate residence permit program altogether, but doing this over the longer term so that businesses and real estate companies can prepare for the changes and hence would not feel the hit in terms of the sudden loss of customers and investment. They proposed year was 2015, but this was flexible.
The Canada embassy in Latvia is located in the center of Riga. The Embassy's working hours are from 8.30 to 17.00 by local time.
Address of the embassy Location of embassyThe Canada embassy in Latvia is located at Baznicas iela 20/22, 6th Floor, Riga. The Embassy's postal code is LV-1010.
Cryptocurrency is a relatively new term, having emerged in 2008. In general, it is a digital currency. The main principles of almost all cryptocurrencies are:
Decentralization of emission/control bodies; Application of various cryptographic methods; Collective systematization. Cryptocurrencies usually do not have common issuing and control bodies. No national bank or other government structure has direct control over the issuance and value of cryptocurrencies. This explains why its value and general status are determined solely by a theoretical consensus of all its holders.
Modern blockchain technology Blockchain is a system that records all transactions related to cryptocurrency. The system contains modules, each called a “block”. Each block represents a decoded record of a specific cryptocurrency-related transaction. It also contains an encoded reference to the previous block, which continuously contains a record regarding the previous transaction. As a result, all information related to transactions and manipulations performed with specific units of a single cryptocurrency can be traced back to the original entry. By performing such a backtrack, its validity can be checked. You have to keep in mind that the blocks and entries cannot be changed after registration, making it impossible to influence / modify the entire chain, making it a safe and elegant solution for digital transactions.
Cryptocurrency trading Despite the fact that there are several different cryptocurrencies, each serving different purposes and using slightly different methods, there is one common set of rules when trading cryptocurrencies worth following:
learn as much as possible about the blockchain and its main principles; Study on the most popular cryptocurrencies and their advantages; carefully weigh your options and possible risks; Stay up to date with news related to finance and cryptocurrencies; create an exchange account specifically for crypto trading; start with smaller amounts to study the market; always research and constantly improve your knowledge; Finally, try to trade with larger numbers, implement complex solutions.
Swedbank is a modern bank firmly rooted in Swedish savings bank history. An inclusive bank with 8 million private customers and more than 600 000 corporate and organisational customers.
This makes Swedbank the Sweden's largest bank in terms of number of customers and thus gives a leading position in banking markets of Estonia, Latvia and Lithuania. As a major bank.
Swedbank is a significant part of the financial system and plays an important role in the local communities they serve. Dedicated to helping our customers, our shareholders and society as a whole stay financially sound and sustainable.
Traveling within Europe is generally smooth and easy for travelers across the 27 countries of the European Union. You can cross many borders within the Schengen area without any formalities. In addition, the euro makes it much more convenient to travel and shop in the countries that have adopted this common currency. Take advantage of all the offers and note that 6 of the 10 most visited countries in the world are European nations.
Worldwide top 10 visited countries from Europe Here is a list of the European countries that are in the list of top 10 most visited countries worldwide.
France Spain Italy Turkey United Kingdom Germany A well preserved cultural heritage, open borders and efficient infrastructure makes visiting Europe easy, and rarely will you have to travel more than a few hours before you can immerse yourself in a new culture. Although Europe is the world's smallest continent in terms of land surface area, there are profound differences between the cultures and ways of life in the various European countries.
According to the Latvian Immigration Law, a foreigner has the right to apply for a temporary residence permit in accordance with the period of study of educational institutions accredited in the Republic of Latvia or full-time students.
According to the Latvian Immigration Law, a residence permit entitles a foreigner to reside in the Republic of Latvia for a specified period of time, e.g. B. Students can stay in Latvia for the time of their studies.
The visa certifies that a person has applied for permission to enter and stay in the Republic of Latvia or in a member state of the Schengen Agreement for the period specified in the visa and for the number of times specified therein.
In practice, for students from third countries (residing outside the Schengen area) studying abroad, a residence permit is more appropriate than a student visa.
In order to obtain a residence permit in the Republic of Latvia in connection with studying at an accredited higher education institution or participating in a study program, you must present a valid travel document accepted in the Republic of Latvia (passport) at the Embassy of the Republic of Latvia. submit the following documents:
completed application for a residence permit; a photograph; Criminal liability notice from a competent institution in the country of citizenship or host country if a foreigner has stayed in this country for more than 12 months a document confirming the necessary subsistence - 285 EUR per month (12x 285 EUR = 3415 EUR per year). In this regard, you should provide a bank statement showing that you have at least EUR 3415; a document confirming the intended place of stay in the Republic of Latvia and the rights to stay there; a document confirming the payment of state duties; an agreement on studies in the Republic of Latvia; Evidence that you have acquired the necessary training to start your studies. Before submitting the documents, your inviter must approve the call to the immigration office of the Office for Citizenship and Migration or to a state authority. The invitation would probably be issued by the respective educational institution. The inviter needs the invitation at the migration office in Latvia and then the invitation is sent by post to the embassy. The invitation is a mandatory document when obtaining the visa.
In Latvia, the registration of VAT payers by the State Tax Service (SRS) in the register of VAT payers is subject to the following provisions:
Article 3 and paragraphs 1 and 9 of Article 26 of the Value Added Tax Act. Cabinet Order No. 933 “Procedures for Applying the Provisions of the Value Added Tax Act”, adopted November 14, 2006. Due to the accession to the EU, some provisions have been added according to which non-taxable persons who carry out an economic activity in the EU area and purchase goods whose value reaches or exceeds EUR 50,000 (excluding VAT) in the current calendar year must be obliged by the state tax authority within entered in the register of persons subject to VAT within 30 days of reaching or exceeding the said amount. After registration, this person can voluntarily apply for deregistration no earlier than 2 years after the date of registration.
Registration applies to the following persons and organizations:
natural persons - registered according to their declared places of residence; legal entities - registered according to their registered addresses; partnerships - registered according to their registered addresses; If a group of people carries out a joint economic activity on the basis of a contract, the natural person authorized to represent this group of people must be registered according to the registered place of residence; if a person from another member state or a person who is not registered in the EU territory carries out one or more taxable domestic transactions. Only companies, such as general partnerships, limited partnerships, sole proprietorships, limited liability companies (SIA) and joint-stock companies (AS), are obliged to submit VAT returns to the Business Register of the Republic of Latvia.
Registration as a VAT payer is mandatory if the total value of taxable transactions performed by a natural or legal person whose declared residence or registered address is in the Republic of Latvia has reached or exceeded LVL 10,000 in the last 12 months. 12 months are not to be considered a calendar year, but can refer to any period of 12 months. Registration must be made within 30 days of reaching or exceeding the stated amount.
Traveling within Europe is generally smooth and easy for travelers across the 27 countries of the European Union. You can cross many borders within the Schengen area without any formalities. In addition, the euro makes it much more convenient to travel and shop in the countries that have adopted this common currency. Take advantage of all the offers and note that 6 of the 10 most visited countries in the world are European nations.
Import taxes in Latvia are defined as “non-refundable monetary or product payments for the import of goods paid into the general state budget or the budget of a competent European Union institution”. Latvian laws provide for the following types of import taxes on goods entering the country:
consumption tax tariff consumption tax Excise duty or excise duty is a special excise tax levied on the importation of certain categories of goods into the country. The aim of the consumption tax is to limit the import of goods that are harmful to health and/or the environment. Another aim of this import tax is to finance the state budget by taxing goods that are not essential to the consumer (similar to the luxury tax). There are currently several types of excise duty:
for alcohol for tobacco products for oil for natural gas for soft drinks and coffee for electronic cigarette liquid In all cases, the actual amount of the tax depends on the subspecies of a product and its amount. The excise duty must also be supplemented with all relevant documents upon import.
Tariff The Customs Tariff is an import tax aimed at both increasing the state budget and protecting the internal market of Latvia and the EU. Therefore, the Latvian customs tariff is determined according to the “Commission Implementing Regulation (EU) 2015/1754” issued by the European Union. In general, it depends on the customs value of an imported item, the cost of transportation, as well as other factors such as contracts and preference codes.
It should be noted that goods imported from other EU member states are considered goods in free circulation and are not subject to the customs tariff. This only applies to goods imported from third countries.
Other taxes Import taxes are not the only taxes a foreign entrepreneur should think about when expanding their business to Latvia – please read the article on corporate taxes in Latvia for more information. You can also find out about tax incentives in Latvia to see what kind of government support your business can expect from tax.
BALTIC LEGAL offers a full range of legal services in Latvia and general legal support from the Baltic States - Latvia, Lithuania and Estonia.
Company formation Preparation of incorporation and incorporation documents of the company Preparation of documents aimed at registering changes to the constitutional documents Assistance before the tax authority in applying for VAT payer status Assistance before government authorities to obtain the necessary permits and licenses Assistance at the bank to open a bank account
Administrative cases Analysis of administrative decisions of public and self-governing bodies, consultations on appeal against administrative decisions. Preparation of applications and other documents for appeal against administrative decisions. Representation and protection of clients' interests before the Latvian Administrative Court and other authorities mentioned above. Consultations and assistance in obtaining compensation for material and non-material damage caused by public and self-governing authorities, assistance in determining the amount of damage.
Drafting and analysis of agreements Elaboration and analysis of all types of agreements used in commercial activity. Sales contracts, pledge contracts, rental contracts, loan contracts, remuneration contracts, contractor contracts, transport contracts, commission contracts, employment contracts. Non-commercial agreements: amicable agreements, marriage contracts, inheritance contracts, etc. Elaboration and analysis of all types of appendices to the contracts: declarations of acceptance, payment schedules, plans, specifications, technical tasks, agreements, etc. Elaboration and analysis of all other documents used in business activity: commercial offers, writs, appeals, reminders, notices, declarations and agreements on termination, modification and addition, as well as any other documents. Consultations on any modification, breach, termination, validity, legality or interpretation of the above documents. Development of concepts and schemes to safeguard customer interests with regard to contract fulfillment and contract termination. Representing the client and safeguarding his interests in the conclusion, fulfillment and termination of the contract, participation in negotiations. Registration of agreements with the relevant Latvian authorities (business register, land register, patent office, etc.). Invalidation of Agreement by Legal Proceedings.
Trademark Advice on national and international registration of trademarks, use of exclusive rights to the trademark, sale of the trademark, transfer to other persons. Assistance in searching for identical or similar images prior to trademark registration, advice on the results of the search. Preparation and filing of the application and other documents required for trademark registration. Tracking of all stages of trademark registration and informing the customer about the registration process. Representation of the client's interests in the patent office in relation to the registration of the trademark. Analysis and drafting of licenses and license agreements for the transfer of rights to use brands. Preparing pre-trial claims for those who have violated trademark law. Representation and protection of the client before the Court of Appeals and the District Court in relation to the cancellation of the registration of the trademark and the prohibition on the use of the trademark. Prepare the application and other documents to be filed with the Appeals Council and District Court.
Finding a job and working in Lithuania is one of the reasons one might want to get a residence permit in Europe (an example of this would be a residence permit in Latvia). If you work in Lithuania, you can also enjoy all the benefits of being in the EU, e.g. B. Freedom of movement within the Schengen area, the ability to work and conduct business in member states with lower requirements, and travel to European destinations without a visa requirement (with some exceptions).
Job offers Currently there are about 18 375 job vacancies in Lithuania. That is 1.4% of all filled and unfilled positions in the country.
Wages and expenses In Lithuania, the minimum wage is 555 euros, while the average salary is 1289 euros.
A single person in Lithuania spends an average of 522 euros per month, not including rent.
Work week The standard working week in Lithuania is 8 hours a day or 40 hours a week.
Useful Resources If you are planning to work in Lithuania, it is useful to know the following information and organization contacts.
Work permit services If you are interested in working in Lithuania, you need a work permit and a residence permit (which in some cases are issued at the same time). To do this, you can enlist the help of our legal team – we advise, find the best solutions for your individual case and provide all kinds of legal assistance. Contact us using the form at the top right of the page and start your journey to your dream job in Lithuania.
E-Residency gives foreigners the opportunity to apply for digital residency in Estonia even if they don't live there.
When a person registers for the Estonian e-Residency, that person receives a government-issued smart ID card that enables digital identification. The person can digitally sign important documents, access secure services and conduct secure transactions - even if a person does not live in Estonia.
E-Residency enables an Indian entrepreneur to set up an Estonian company from Singapore to serve clients based in Italy. In addition, he could use his digital signature to sign contracts throughout the EU. Everything would be done online remotely.
How does it work? E-residents receive an identity card that contains a special chip. With this card they can use Estonian public and private sector services, sign documents and encrypt files remotely.
The program has become a global success story. As soon as the program started informing people about an official launch, the media swarmed. Within a few hours, people in different countries signed up for a notification. Then more than 6,000 people applied.
Some of the biggest names in the world are on the list of Estonian e-residents, such as Japanese Prime Minister Shinzō Abe, former Apple evangelist Guy Kawasaki and Timothy Draper of venture capital firm Draper Fisher Jurvetson.
E-residency is a new concept. It's not the idea of a government-issued digital ID card. Estonians have been using these cards for a long time. As Estonia is often referred to as e-Estonia due to technological advances, it made sense to extend this ID service to the rest of the world. By extending every public and private sector transaction to people in other countries, Estonia has created long-term value in the idea of secure digital identities.
Why eResidency? The main goal of e-Residency is to make life and business easier for freelancers, digital nomads, business owners, international partners and all other non-residents. If a person wants to start a business, expand, make an investment or study in the EU - Estonian e-Residency makes it easy.
e-Resident can:
Create and run a business online Do banking online Access international payment service providers Digitally sign documents Check the authenticity of documents Encrypt documents securely declare taxes online
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