A primer to apply for Latvian startup visa
Posted on September 22, 2017
The aim of a Startup Visa of Latvia, a program of the Latvian government, is to attract more skilled individuals to Latvia where they can develop their innovative ideas to float startups.
Labs of Latvia states that this visa initiative has been aligned with the newly available €15 million that the state has made available to startups to cultivate ideas in accelerators. Visa requirements have been eased and financing will be made available to talented individuals to give a leg up to this initiative. Although it is called a Startup Visa, it is actually a residence permit.
Documents interested individuals need to provide are a write-up describing the product they intend to develop in Latvia, their passports, a filled-in residence permit application, which can be downloaded from the government website and a statement from their bank showing that they have a minimum of €4,560 in their bank account to take care of themselves in the first three months of their stay in this North European country. The minimum amount is to assure the immigration agency that they have enough money to support themselves if their startup does not break even soon after it is set up.
They also have to state in writing that after they receive the Residence Permit and become the head/employee of their startup (or an employee), they will earn a monthly income of minimum €859 per month.
In addition, they have to present a document stating where they would live in Latvia for the first six months – it could be a letter or a rental agreement from the landlord of the accommodation, a passport photo and a confirmation of payment of the application fee has to be submitted. It usually costs €99.60 for a usual 30-day processing time. This has to be paid before submitting their applications.
Indian nationals should provide a copy of their criminal record clearance.