How to start own business
LATVIAN RESIDENCY PROGRAM
Euronews business planet – Setting up business in Latvia
Support for self-employment or business start-ups at the State Employment Agency
At the SEA one can receive consulting assistance and financial support for starting a business or self-employment. The applicants must have completed either secondary or higher education in business, business administration or any other similar field, or vocational education in the field, in which they intend to start commercial activities (supporting documents on education are required).
During the program you will receive consultations regarding development of the business plan. Developers of the most promising business plans selected by experts will receive consultations throughout the first business year and grants for implementation of their business plan, as well as a monthly grant in the amount of a minimum wage during the first six months of business.
Consultations are provided in Latvian. Company incorporation documents must also be in Latvian.
The most important thing in starting a business is the commitment to keep going. Only if you are ready to struggle, overcome the obstacles, look for alternatives and move on rigorously, you may succeed not only in starting a business, but also in making it economically viable. If you start a business, you will face countless obstacles, such as finding premises, hiring employees, or something much more serious, like problems with obtaining permits or something similar. Although people are being encouraged to start their own business, this does not necessarily mean that everyone can do it, many people give up already when the first problems occur. This is why your personal commitment is crucial in starting business. It is easy to manage an already existing company, to do something that someone else has created, while starting from scratch, founding the company yourself is very difficult. Commitment, coming up with an idea and finding funds – those are the keys to starting your own business.
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