Port of Ventspils is one of EU’s special economic zones (SEZs) that stimulates all kinds of investments in production. As a SEZ, it is one of the Baltic Sea ports with especially favourable conditions for foreign investors. The accessibility of the infrastructure and qualified labour force of the port and production parks has been appreciated by partners in the fields of engineering, chemical industry, wood processing, electronics, IT and others, who have favoured production in the Ventspils industrial zone.
Tax Incentives in Ventspils Free Port
Ventspils Free Port is a special economic zone (SEZ) with considerable tax incentives that promote export and industrial activities as well as strengthen the global competition of EU companies. In accordance with the law Application of Taxes in Free Ports and Special Economic Zones and EU regulations, licensed companies are entitled to apply considerable direct and indirect tax breaks.
In the special economic zone the Corporate Income Tax and Real Estate Tax are reduced by 80% until the company compensates up to 35% (55% for small companies and 45% for medium-size companies) of the investments. It means that during the compensation time the Corporate Income Tax rate is 3% and the Real Estate Tax rate is 0.3%. Reliefs are also available on indirect taxes: Value Added Tax, Excise and Customs Duties.
Criteria and Application Procedure for Acquiring a Special Economic Zone Licensed Company Status
Ventspils Free Port offers your companies to receive a licence to operate as a special economic zone, which entitles the companies to the tax reductions provided in the law of the Republic of Latvia on Application of Taxes in Free Ports and Special Economic Zones.
An application for obtaining the licence for operation under free economic zone status must be submitted to the Free Port of Ventspils Authority. The procedure set for issuing the licence is in force until at least 2035.
Documents Necessary from the Applicant
In order to acquire a Freeport of Ventspils licensed company status, the company must receive at least 50 points in this evaluation.
If you need any help while preparing the documents, please contact us! email@example.com
Businesses currently in Freeport of Ventspils
Member of the Board of Ventspils Welding Plant Jevgēnijs Lapkovskis:
– It is much easier to work in Ventspils than in Riga – less red tape and cooperation with the municipality make Ventspils attractive for us. One of the factors making the city unique is the ability to combine tourism and industry. The North Kurzeme Vocational Education Competence Centre offers training programs that are directly related to the company’s field of activity, e.g. Metalworking, Electronics, Mechanical Engineering Technology and others.
The Chairman of the Board of Bio-Venta Arnis Janvars:
– Bio-Venta chose Ventspils as its home because here it is located in the immediate vicinity of the port. Thanks to the municipality and the Freeport of Ventspils we can use the great public infrastructure. Bio-Venta has also received a license to operate in the special economic zone.