The year 2023 has been favorable in terms of newly registered companies in Latvia, although there were 473 fewer incorporations compared to 2022. This brings the total number of registered companies in Latvia to 181,720. This article will delve into these statistics in more detail, examining the distribution of these new enterprises by their business structures and more.

Monthly Statistics of Newly Established Companies

founded companies per months in 2023

As the graphic illustrates, the majority of registered companies are standard and low-capital LLCs (Latvian – SIA, Sabiedrība ar ierobežotu atbildību), a trend that persisted throughout the year. A closer look reveals that the first three months of the year saw the highest number of registrations. The lowest points were at the peak of summer – July, and at the end of the year – December. This could be attributed to people focusing less on business ventures during these periods, preferring to rest.

Distribution of Registered Companies in Latvia by Type

types of registered companies in Latvia

As mentioned earlier, the most popular business form is the Limited Liability Company (SIA). This, along with its low-capital variant, was chosen by 72% of all founders last year. This popularity could be due to the simplicity and accessibility of company registration in Latvia, as well as the advantageous tax rates and reduced liability for shareholders associated with this business form.

At this juncture, it’s also worth examining the statistics of dissolved companies. Given that these numbers are lower, it’s safe to say that the past year concluded positively, which hopefully bodes well for Latvia’s economy moving forward.

For more detailed statistics, you can visit the website of the Latvian Republic’s Commercial Register. There, you will find a variety of charts and the latest statistical data.