Bank Account set-up

Bank Account set-up

Right chooice of bank will help you maximize your success and meet your highest goals.
Get access to free advice on setting up bank account in Latvia.

About Latvian banks

Latvia banking sector has long been acknowledged for its efficiency, security and flexibility. Latvian banks are first choice banks for both resident and non-resident entities. 

Among other remarkable features of the Latvian banking sector are:

Fast account opening procedure

Modern internet-banking

Efficiency of wire transfers

Merchant account possibilities

Multi-currency accounts

Government deposit guarantee

Foreign investors establishing their businesses in Latvia have a broad choice of Scandinavian and domestic banks. The right choice of bank depends on various factors - nature of business, origin of the directors, number of employees, etc

IBCC will help you choose the most appropriate bank for your business! 

IBCC will help you choose the most appropriate bank for your business! 

Contact Us

Merchant account

IBCC will assist you setting up merchant account for your internet business.

The merchant is a business / company that accepts credit card payments. A merchant account is an account opened with an acquiring bank to accept credit card payments. An acquiring bank is paying all credit card settlements to the merchant’s bank account.

We accept all kinds of legal businesses wishing to accept credit cards on their websites as well as businesses who need to accept orders via phone or email.

Basic requirements for pre-approval application (free of charge):

  • Website which includes products / services description, pricing and delivery information, terms & conditions, refunds policy, full contact details (including business address and phone number)
  • Planned business activity. It is important here to understand why a merchant account is necessary for your business and what will be the incoming / outgoing transactions on the account.

At this stage, we can provide you with the fees to set up the merchant account (including payment gateway) as well as transaction fees. Fees vary and are offered according to the business activity type, planned turnover and perceived business risk.

Contact us to receive a fee proposal.

IBCC Introduction Service

We can introduce our clients to any Latvian bank. At several Latvian banks account opening procedure can be arranged remotely.

Our bank account introduction is a professional service provided by IBCC to company owners as an approved bank intermediary.

While we cannot guarantee the bank will open an account for every client, by using our professional expertise, we can significantly increase the success rate for account opening. We also can reduce potential application hold ups with incorrect or missing documents that the client may not have been aware of.

Factors we consider when recommending banks for account opening: client’s citizenship and country of residence, types of transactions involved (trading / manufacturing / real estate / investment), volume of payment transfers, investment requirements, confidentiality, soft currency requirements, as well as language issues when communicating with the bank.

To find out more about how IBCC can help you solve your banking requirements, please 

To find out more about how IBCC can help you solve your banking requirements, please 

Contact Us

Account opening procedure

1st stage: Preparation of Company Documents

  • IBCC always insures correctness of the corporate documents package as per the bank’s requirements
  • As soon as the company is established (or purchased in case of shelf company) and the new directors and shareholders are confirmed by Register of Enterprises Decision, we can launch the procedure of the bank account opening.

2nd stage: Preparation of Director’s and Owner’s documents

In order to open a corporate bank account, any bank will request personal and professional details on the director and owner of the Latvian company. Specifically, the bank will need to identify the beneficial owner of the company and director as the account signatories by requesting their:

  • passport copy (preferably international passport)
  • proof of residential address (1-2 utility bills – for example for electricity, cable TV, internet, which are not older than 3 months). These documents must indicate the owner’s name, surname and residential address.
  • curriculum vitae
  • business description of company (names and contact details of clients and vendors, delivery scheme, products specifics, etc.) 
  • additional documents may be requested as the bank sees appropriate (for example, proof of funds, recommendation letters, contracts, etc.)

3d stage: Signing bank forms

As soon as the above documents and information are presented by the client, 

  • IBCC will complete the bank forms
  • We will send the bank forms for clients ‘signature electronically
  • The clients sign the forms as per our instructions 
  • The clients send the originally signed forms along with other supporting original documents (if required for example, recommendation letter, etc.)

4th stage: Documents submittion to the bank

As soon as the signed forms and supporting documents are received from the client, IBCC submits those to the bank along with corporate documents copies. Unless the bank has additional questions about the company activity or client’s profile, the account activation process is started. Usual timeframes for bank account activation is from 1 to 2 weeks. Although some banks offer expedited account-opening procedure (with 2-5 days after submitting all required documents).

Contact us  for more details on the bank that interests you and their specific requirements.