Accounting Services for Foreign-Owned Companies in Latvia
Confidentum provides statutory accounting in Latvia for foreign-owned companies, Latvian subsidiaries of international groups and branches of foreign companies. We keep the books in line with Latvian accounting law while aligning month-end close, charts of accounts and reporting packs with the requirements of the parent company.
Overview
International owners need Latvian books that are compliant locally and readable at group level. We bridge the two: Latvian statutory requirements on one side, group reporting timetables and English-language management information on the other.
Who this service is for
- Latvian subsidiaries reporting to a foreign parent company
- Branches of foreign companies registered in Latvia
- Foreign-owned SIAs and holding structures
- International investors setting up a new Latvian entity
What is included
Statutory bookkeeping
Recording of transactions in accordance with Latvian accounting legislation, including fixed asset registers and inventory accounting.
Month-end and year-end close
Reconciliations, accruals, intercompany matching and closing procedures run to a fixed calendar agreed with your group finance team.
Group chart of accounts mapping
Mapping of the Latvian ledger to the group chart of accounts so local figures flow directly into consolidation.
Intercompany accounting
Recharges, management fees, loans and cost allocations recorded consistently on both sides and documented for tax purposes.
Tax returns and filings
Preparation and submission of periodic tax returns to the State Revenue Service (VID) through the EDS system.
Management reporting in English
Monthly management accounts and commentary in English, in the format your head office already uses.
How we work
Scoping call
We review your structure, transaction volumes, systems and group deadlines.
Onboarding and takeover
Opening balances, access to banks and systems, and a documented handover from the previous provider.
Agreed close calendar
A written calendar of deliverables aligned with group reporting dates.
Ongoing senior review
An experienced accountant reviews key reconciliations and reporting before they go to your head office.
Why Confidentum
- Specialised in foreign-owned companies, not general small-business bookkeeping
- Experience working with group finance teams and reporting packs
- Clear English communication with your head office
- A dedicated, experienced accountant for every client
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Accounting Services: frequently asked questions
Can a foreign-owned company in Latvia outsource its accounting entirely?
Yes. Latvian companies, including those owned by foreign shareholders, can outsource bookkeeping, tax filings and statutory reporting to an external accounting firm. The board remains responsible for the accounts, so the firm works to an agreed scope and reporting calendar.
Which accounting system do you use?
We keep the books in our own accounting system and map it to your group chart of accounts. It works well alongside other systems: we can import data from your invoicing or other systems as Excel or CSV files.
Can you take over from our current accountant mid-year?
Yes. We run a structured takeover covering opening balances, open items, tax positions and system access, so the transition does not interrupt your reporting cycle.
In which language will we receive reports?
Management reporting and correspondence are provided in English. Statutory filings are submitted in Latvian, as required, with English explanations where needed.
Discuss your Latvian accounting, tax or VAT requirements
Tell us about your structure and obligations in Latvia. An experienced specialist will review your situation and recommend the right scope.