Assessment and recommendations

Latvia’s “Commercial Law” serves as the basis for creating, managing and closing businesses. The business stakeholders consulted for this report expressed general satisfaction with the provisions of this law and its implementation. The stakeholders are also generally satisfied with the services provided by the state bodies involved, namely the Enterprise Registry, the State Land Service and Land Registry offices and the Patent Office. Nonetheless, two issues for improvement were identified. First, courts and public services were at times seen to take an unnecessarily strict approach in applying the Commercial Law. For example, when a matter is not regulated in the Commercial Law, state institutions often assume that it is prohibited rather than providing the parties with the freedom to contract. Second, entrepreneurs identified the need to adapt the Commercial Law to modern forms of business and finance, such as start-ups and crowdfunding. Read more... Like many OECD countries, Latvia is taking an innovative, user-centred approach to improving legal and justice services by strengthening the judicial sector and law enforcement authorities This report reviews the commercial, legal and regulatory framework in Latvia, highlighting its impact on businesses and its suitability for different forms of commercial activity. It analyses business' legal and justice needs, and evaluates the accessibility and responsiveness of public services for business, including dispute resolution mechanisms. Finally, the report provides recommendations to help Latvia better tailor justice services to the needs of business and thus support more inclusive growth