Here you will find detailed information regarding the procedure of applying for a residence permit in Latvia and the related mandatory payments as well as the time required to complete the official stages of the process.

Documents to be filed with the Latvian Embassy outside the Schengen area
The foreigner shall visit the Latvian Embassy abroad and shall present a valid travel document (passport, Identity Card) and shall file the following documents:

a completed residence permit application form;
a photograph;
a confirmation of no criminal record;
Proof of subsistence/sufficient funds:
Income or funds of at least 430 EUR per month if the person does not plan to be employed in Latvia, although this can depend on your situation. As a practical matter, the person can provide a bank statement confirming existence of sufficient funds to cover the period until the next residence permit renewal.
a document confirming the planned place of residence in the Republic of Latvia and the rights to stay there (lease agreement, ownership deed etc);
a document confirming payment of the state fees.
Time to receive a decision
The time needed to obtain a residence permit in Latvia includes the period required to review the submitted documents which is 5 to 30 days depending on the amount paid in State fees:

100 EUR for the Office of Citizenship and Migration Affairs issues the decision within 30 days;
200 EUR for the Office of Citizenship and Migration Affairs issues the decision within 10 days
400 EUR for the Office of Citizenship and Migration Affairs issues the decision within 5 days.
If any additional information or verification of the foreign national is required, the process may be extended by up to 90 days.

The applicant has to visit Latvia to obtain the actual residence permit not later than three months after having his/her application approved.

Registration of the residence permit at the Office of Citizenship and Migration Affairs in Latvia
After the foreigner's application for a residence permit has been approved, he/she has to present the following documents:

A valid travel document
A medical statement based on the results of a fluorography or x-ray examination by a Latvian medical institution proving that the foreigner does not suffer from tuberculosis in the active phase (must be obtained from a Latvian medical institution);
Health insurance policy.
A document approving payment of the state fee for the residence permit card
The State fee for the residence permit card: 15 EUR

Re-registration/renewal of the residence permit for the following years
A temporary residence permit is issued for up to 5 years but after each year the person is obliged to re-register his/her residence permit. At the moment of registration the Office of Citizenship and Migration Affairs examines the grounds for residency as follows:

If the person has invested 100,000 EUR in the company`s share capital, he/she shall present:

a document that taxes have been paid in amount of at least 100,000 EUR
a document that during the first year of business activity since the issue of the residence permit, taxes have been paid in the amount of at least 8,300 EUR/month on average
a document confirming the necessary means of subsistence
a valid health insurance policy
in some cases it may be required to confirm that the company is a running business, paying taxes and employing people.
If the person has invested 50,000 EUR in a company`s share capital, he/she shall present:

a document that taxes have been paid in amount of at least 40,000 EUR
a document that during the first year of business activity since the issue of the residence permit, taxes have been paid in the amount of at least 3,300 EUR/month on average
a document confirming the necessary means of subsistence
a valid health insurance policy
Each year the person shall submit the same documents.

If the person has invested in Latvian real estate:

a document confirming non-existence of current or pending debts for real estate taxes;
a document confirming the necessary means of subsistence
a valid health insurance policy
The State fee for the registration of the residence permit:

45 EUR if the decision is made within 30 days;
90 EUR if the decision is made within 10 business days;
180 EUR if the decision is made within 5 business days.

ABLV bank offer's the most highly valued private banking experience, based on a unique understanding of our clients. ABLV main goal is to preserve and increase their clients capital, providing financial and advisory services necessary for achieving this aim.

ABLV understands peculiarities of their customer business, law and culture of their countries, and offering the best tailored solution for every client.

In 1993 year ABLV Bank was founded in Latvia. Since 2018 ABLV is no longer active and does not provide banking services.

Bank account
We provide services to open bank account for non-residents in Latvia. We serve corporate and individual customers.

Shareholders
From 33% to 50% shares are held by Cassandra Holding Company, LLC (Latvia) and the same amount held by SIA OF Holding (Latvija).

The market entry strategy for sprinklers is to expand business to a number of foreign markets at the same time. Its key feature is simultaneous market entry while pursuing benefits that early entry offers. So it's a high-risk, rewarding approach - a successfully executed sprinkler strategy allows for profits from multiple markets while staying ahead of the competition, but a failed entry (retreat from markets) costs a lot of resources and yields little in terms of compensation .
A company enters several foreign markets at the same time and tries to establish itself, to promote the product and at the same time to build a customer base. The company gets profit and internationalization knowledge from multiple markets, which makes spreading the business even more effective since there are so many sources of resources and information. This is similar to a water sprinkler, where each individual droplet is small but numerous and spread all around, so that the entire area nearby is evenly and thoroughly watered.

Implementation
The sprinkler market entry strategy is best suited for companies that manufacture short lifecycle products or whose products are in the launch or growth phase. Usually the sprinkler strategy is complemented by the price skimming technique when the initial price is quite high and lowered over time. This makes it possible to get as many profits as possible in a relatively short time, taking into account the profits of all regional branches.

Another thing to consider when entering the sprinkler system market is process standardization. Since it is almost impossible to customize and adapt them for each individual market, standardization plays an important role in keeping the business expansion process coherent and the incoming data comparable. Of course, this does not mean that everything should be the same - but it is still important to pay attention to cultural differences and their influence on advertising and branding. For example, in 2016, hot dog companies in Malaysia were forced to rename their products after the word "dog" because this animal is considered "unclean" in Islam, one of the major religions in the region. If the sprinkler strategy does not adapt to such specifics, expansion into a particular market can stall.

Advantages
Sprinkler market entry strategy is an effective way to outrun the competition and seize the first-mover or technological advantage. While competitors only enter one or two markets at a time, the company in question increases brand awareness in many more markets. Even if competitors also enter these markets, they are seen more as followers than innovators. The company adopting Sprinkler market entry strategy has more time to analyze the market and make adjustments. Early concurrent entry also means more opportunities for filing intellectual property, further hampering the later inroads of competitors.

Another advantage is the level of revenue generated from a variety of market entries, especially when business expansion has been successful in most markets. In addition to simply retaining profits and using them for business development, this offers another benefit: profits from successful market entries can be reallocated to less successful regional branches, thereby minimizing the risk of exit across all markets. This makes the sprinkler strategy beneficial in the long run.

Disadvantages
Market entry for sprinklers depends on a large number of markets being entered simultaneously, which in turn requires a significant amount of initial investment. This includes both finance and human resources as well as general business expansion planning. Depending on the markets and other circumstances, production plants, offices, logistics networks and bank accounts must be set up in numerous markets at the same time, which puts additional strain on resources.

Another disadvantage of the sprinkler strategy is the high risk of entering multiple markets at the same time. Although failure and a possible pullback in one can be offset by the gains from other markets, if the overall business expansion is unsuccessful, the losses are quite severe (due to large initial investments, see the previous disadvantage).

Finding a job and working in Finland 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 Finland, 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
There are currently around 49 497 vacancies in Finland. That is 2.1% of all filled and unfilled positions in the country.

Wages and expenses
In Finland, the average salary is 3371 EUR.

A single person in Finland spends an average of 787 euros per month, not including rent.

Work week
The standard working week in Finland is 8 hours a day or 40 hours a week.

Useful Resources
If you are planning to work in Finland, it is useful to know the following information and organization contacts.

Work permit services
If you are interested in working in Finland, 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 Finland.