Since gaining its independence Latvia has had a strong, market-oriented approach resulting in new economic growth time after time. Their progressive and international vision has turned Latvia into an attractive country for many international companies. With our PEO-service, you can easily access the Latvian market and explore the possibilities of this North European country.
The bricks of Latvia’s economy were built during the country’s diverse history, heavenly influenced by Germany and later, as part of Russia. Latvia exploited its geographic location to develop into a thriving trading spot. As part of Russia, Latvia became the main supplier of industrial products for the whole empire, and they still serve most of this area.
Latvia’s GDP relies largely on the successful financial service sector while their exports in timber and agriculture also provide a steady factor. As a member of the EU with an eye for trading, Latvia offers numerous opportunities for your business to grow.
What is a Professional Employer Organization (PEO) for Latvia?
A PEO offers you a launchpad for global expansion. By using a PEO in Latvia there is no need to set-up a legal entity including all tax registrations and complicated paperwork, and you can start doing business within days.
At Bradford Jacobs, we made it our goal to gain expert inside knowledge on Latvian payroll, taxes, labor laws, and other local regulations. By utilizing our sources, you can start your global expansion hassle-free and at a low cost. We can provide specific support for payroll, taxation, Human Resources, and compliance issues as you expand your operations and enforce your workforce.
If you are ready to start your global success with us, you can add new international talent to your company within days. We have the connections and network to locate talents that meet your needs and wishes on all levels. Without the need for you to create a Latvian subsidiary, your new employee can benefit your business in Latvia in days instead of months.
Needless to say, but incredibly important: we ensure your company complies with all regulations and laws, areas in which can incur severe penalties would you fail to adhere. Your chosen candidate is hired through our agencies in Latvia and remains under your day-to-day control.
How a Professional Employer Organization (PEO) works in Latvia
Your business is not like any other and we get that. Your international plans require solutions that match with these plans, your goals, and your business strategy. Therefore, our PEO-services provide a consultative approach and a tailor-made solution because we know one size does not fit all.
A PEO works with Employer of Record (EOR) agencies. This agency can function as the employer of your new workforce. Our EOR-agencies in Latvia enable you to operate staff in-country without worrying about HR (Human Resource) services, tax, payroll, hiring, firing, or adapting to changes in local regulations and employment laws. The EOR will take on these tasks and will be fully responsible.
Hire a PEO
When you hire us as a PEO, we come to an agreement together and establish a contract between you and Bradford Jacobs. We also come to an agreement with your new employee in Latvia and sign an employment contract with this person.
The daily workflow and tasks of your new workforce will be completely under your guidance. Although we function as your employee’s legal employer, he or she performs tasks for your business as a part of your team.
• You want to deploy an existing employee or recruit new talent in Latvia
• Once the candidate is selected, Bradford Jacobs steps in as their EOR through our Latvian entity. We guarantee compliance with employment contracts, payroll, HR, tax, required visas or work permits
• Within a few days, your company has an international presence in a new market, in a prime position without the risks, hassle, or expenses of setting up your own subsidiary
• You will have daily control of the employee, while we manage all work-related registration formalities. Our consultants inform your employee about their holidays, benefits, and entitlements policies
• All approved declarations and completed timesheets are sent to us by the employee. We will invoice you and once the payment is completed, we will deduct all contributions to the authorities and transfer the balance into the employee’s account
When expanding your business into Latvia, there are many opportunities to seek and explore. With us as your trusted partner, you can solely focus on these opportunities without worrying about:
• Registering with the Tax Office
• Registering with the Social Security Organizations
• Setting up a bank
• Creating employment contracts
• Applying for special expatriation status (if applicable)
• Calculating monthly salary and creating payslips
• Researching available tax-free allowances
• Submitting wage tax returns and national insurance forms
• Corresponding with involved parties
• Annual accounts, administration, and year-end statements
• Creating payment schedule for wage tax, national insurances, and net wages
• Personal income tax returns
Using a Latvian Professional Employer Organization (PEO) Provider Features and Benefits
Our PEO and EOR employment solutions enable you to create and maintain your mobile workforce legally and officially employed in Latvia without establishing a legal entity in-country. No expensive, time-consuming processes with the risk of not complying with unfamiliar laws and regulations, but an efficient, fast, and stress-free alternative to conquer new markets.
You select your candidates, and we do the rest. We provide:
• Customized solutions for all nationalities moving to work in Latvia
• Local specialists providing you with ongoing business support
• Extensive EOR expertise ensuring that your employees benefit from any treaties on expatriate tax, double taxation treaties, reclaimable expenses, or social security agreements
• The option for employees to use their own accountant, and cover the fees to the level charged by our accountant
• Five million Euros cover for employers’ business liabilities
• One-to-one contact with our consultants
Latvian Professional Employer Organization (PEO) Features and Benefits for Employer
• A rapid solution to onboarding employees for your international expansion
• Total control over operating budgets as all costs are detailed at outset for full transparency
• Minimal paperwork or red tape. Since you do not need to set up an entity, you can start operating in Latvia within days
• Expert guidance with employment and compliance issues
• Reduced accountancy and legal costs
• All statutory professional insurances
Latvian Professional Employer Organization (PEO) Features and Benefits for Employee
• Worry-free local employment contract compliant with local regulations
• On-time and 100% accurate salary payment
• Great benefits
• One-to-one professional HR advice
• Updates on tax and compliance regulations