In the first eight months of this year, 5,775 new companies have been registered in Latvia, while 7,067 have been liquidated, according to information compiled by Lursoft. For comparison, 5,973 new companies were registered in the first eight months of 2020, and 6,230 during the same period last year.

This August, 775 new companies were registered, which is a higher number of newly registered companies than in the same period last year. It should also be noted that this is the highest number of companies registered in a single month so far this year. There were only two more new companies registered in March of this year.

In total, new companies were registered in 42 Latvian municipalities in August. The only municipality where no new companies were registered in August is Valka Municipality. Information compiled by Lursoft reveals that no new companies were registered in the territory of Valka Municipality in July either, while a total of 17 new companies have joined the district's business community since the beginning of this year. Almost half, or 49.03%, of all new companies in August were registered in Riga. The second highest number of new companies last month was recorded in Jūrmala (31), followed by Ogre Municipality (22), Mārupe Municipality (21), Ropaži Municipality (21), and Liepāja (21).

The total share capital of companies registered in August shows the third highest result this year. An even higher total share capital was recorded only for companies registered in May (EUR 8.59 million) and July (EUR 7.90 million) of this year. Lursoft has calculated that the total share capital of companies registered last month reached EUR 7.69 million. More than 40% of this sum is accounted for by the share capital of the largest company registered last month, SIA “Zaķusalas krastmala 19”. The company, registered at the end of August, has six shareholders, including European Parliament member Andris Ameriks (who owns 7% of the newly registered company's shares), Irēna Pulkinena (19%), and Henrijs Barševskis (9%), while the ultimate beneficial owners are Dzintars Gredzens, who controls his shares in the newly registered SIA “Zaķusalas krastmala 19” through SIA “ALKONAMS”, and Jānis Lasmanis (sole shareholder of “Reho”, owner of the “Kolonna” beauty salon chain). The registered and paid-up share capital of SIA “Zaķusalas krastmala 19” reaches EUR 3.2 million.

The second company registered in August with a share capital exceeding the EUR 1 million threshold is SIA “RTK”. Lursoft data reveals that the company's sole shareholder is Jurijs Ivanovs. He has also been appointed as a board member of SIA “RTK”, while Igors Ivanovs holds the position of chairman of the board. Lursoft research shows that shortly after its incorporation, SIA “RTK” took over the shares of the wholesale company SIA “REPA”, which were previously owned by Jurijs Ivanovs.

Companies outside the capital also among the leaders

The Top 10 list of the largest companies in August includes not only several companies from Riga but also from other Latvian regions. For example, in third place on the list of largest companies, with a share capital of EUR 454.50 thousand, is SIA “Smiltenes ESO”. The company's sole shareholder is the electricity and heat generation company SIA “SM Energo”, while the ultimate beneficial owner is Edvīns Tankelsons. Information available to Lursoft reveals that Edvīns Tankelsons is currently registered as an ultimate beneficial owner in a total of 15 companies, including AS “A.C.B.”, SIA “8 CBR”, and others. The legal address of SIA “Smiltenes ESO”, registered in August, is at Rīgas iela 16A, Smiltene, where another company owned by Edvīns Tankelsons, SIA “CS Smiltene”, is also registered.

Lursoft has found that almost half (48.9%) of all companies registered in August had shareholders with previous business experience as company shareholders. The absolute majority (87.61%) of all shareholders of companies registered in August are from Latvia; in 19 cases, the company shareholder is from Russia, 10 from Lithuania, and the same number from Ukraine. New companies with Ukrainian capital were registered last month in Riga, and in the Jelgava, Ādaži, Mārupe, and Ogre municipalities.

New SIA with 10 cents in share capital

In August, 679 limited liability companies (SIA), 89 individual merchants, 4 branches of foreign merchants, and one individual enterprise, one limited partnership, and one fishing farm were registered.

It should be noted that more than half of all limited liability companies registered last month are low-capital companies, meaning their share capital does not reach EUR 2,800. Lursoft data reveals that a limited liability company with a share capital of just 10 cents was also registered in Cēsis last month. This is SIA “Betas konusnīca”, owned by Beate Bikare-Seržante. The entrepreneur previously owned the individual merchant IK “Moderno preču veikaliņš “BB boutique””, which was liquidated in 2017.

Top 10 largest companies registered in August 2022:

1. SIA “Zaķusalas krastmala 19”: EUR 3,200 thousand;

2. SIA “RTK”: EUR 1,674.56 thousand;

3. SIA “Smiltenes ESO”: EUR 454.50 thousand;

4. SIA “Podnieku 6”: EUR 370 thousand;

5. SIA “Cargoflex Trucking”: EUR 200 thousand;

6. SIA “Gavoro”: EUR 180 thousand;

7. SIA “Nikotrans 1”: EUR 145 thousand;

8. SIA “Admiral Nautical”: EUR 120 thousand;

9. SIA “OV4”: EUR 114.64 thousand;

10. SIA “S52”: EUR 100 thousand.