START-UP VISA OR REDISENCE PERMIT IN LATVIA ON THE GROUND OF START-UPS
This program has been operating in Latvia since 2017.
According to this program, a person who intends to implement the activities of a start-up company in Latvia (according to the Law on Supporting the Activities of Start-up Companies) can apply for a residence permit (start-up visa) for up to 3 years.
No more than 5 foreigners can obtain a start-up visa (residence permit) on the basis of the same start-up. Family members of foreigners also have the right to obtain a residence permit.
A start-up company is a company with high growth potential, the main business of which is associated with the creation, implementation or development of scalable business models and innovative products.
An innovative product is a product or service with high added value including technological value, which ensures the development of a certain new product or service or a significant improvement of an existing product or service.
In order to apply for a start-up visa (residence permit in Latvia for a start-up), the following conditions must be met:
1. It is necessary to submit an application to the migration service, in which you indicate information about an innovative product or product that is planned to be created or developed, the target market, provide a business justification and information about the planned commercial activity for the next three years.
2. Within three months after the decision to issue a temporary residence permit is taken, the foreigner must register as a director (member of the Board) in a company registered in the Commercial Register no more than one year ago, within which he/she intends to carry out the above activity.
3. Within 12 months after the issuance of a temporary residence permit, the foreigner must submit information on the received venture capital investments in the amount of 15,000 euros or 30,000 euros (depending on the type of investor) or submit a report on the company's activities during this period, which confirms that the company continues to design, manufacture or develop an innovative product.
PROCEDURE FOR OBTAINING A RESIDENCE PERMIT IN LATVIA FOR STARTUPS (STARTUP VISA)
Where can you apply when requesting a residence permit in Latvia for start-ups (start-up visas):
1. At the embassy of Latvia.
2. At the Office for Citizenship and Migration Affairs
State authorities and terms of consideration of documents when applying for a start-up visa (residence permit in Latvia for start-ups):
30 calendar days – 150 euros per person;
10 working days – 300 euros per person;
5 working days – 450 euros per person
The cost of making ID cards is 15 or 30 euros per person for 10 or 2 working days, respectively.