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Port of Ventspils is one of EUâs 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 4% and the Real Estate Tax rate is 0.3%. If, in turn, dividends are distributed to a company in SEZ, the profit tax is 4% instead of the usual 20%. 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! firstname.lastname@example.org
Businesses currently in Freeport of Ventspils
Egils Staris, Chair of Board, SIA Bio-Venta:
â Location within the territory of Ventspils Free Port and the available infrastructure are some of the competitive advantages of SIA Bio-Venta, if compared to similar producers.
Selecting the correct location was essential for realisation of the biodiesel plant project â SIA Bio-Venta is in the middle of material flow from the East to AmsterdamâRotterdamâAntwerp (ARA) ports now and thus closer to our target markets in the Baltics and Scandinavia than other biodiesel producers from the Western Europe. Access to port berths and rail and road access ensure one of the major elements in biodiesel production business, i.e. flexible logistics of materials and production.
Managing Director of Bucher Municipal Niklaus Huser:
â Thankâs to the favorable frame conditions from Latvia and special the City of Ventspils with the well developed infrastructure and relatively low production cost, Ventspils wone the production place competition in the eastern countries. Our Bucher production Companie in Ventspils is a success story for Bucher and the cooperation with the Freeport of Ventspils. After consolidation of the successful production the Management of Bucher made a strategical decision in 2012 to take over land and building from the Freeport of Ventspils for further growing development and expansion of the sweeper business at Ventspils.