Text consolidated by Valsts valodas centrs (State
Language Centre) with amending laws of:
12 April 2018 [shall come
into force on 10 May 2018];
3 September 2020 [shall come into force on 16 September
2020].
If a whole or part of a section has been amended, the
date of the amending law appears in square brackets at
the end of the section. If a whole section, paragraph or
clause has been deleted, the date of the deletion appears
in square brackets beside the deleted section, paragraph
or clause.
|
The Saeima1 has adopted and
the President has proclaimed the following Law:
Law on Aid for
the Activities of Start-up Companies
Chapter I
General Provisions
Section 1. Terms Used in this
Law
The following terms are used in this Law:
1) early stage venture capital investment - an
investment that is made in the equity capital of a capital
company during the first five years since the registration
thereof in the Commercial Register and which may also include
capital share premium or can materialise in the form of a loan
the terms of issue whereof are more favourable to the borrower
than those according to which such loan would be issued by
mutually unrelated merchants and which provides for the right of
the lender to convert the non-paid part of the loan into the
corresponding number of the equity capital shares (stock) of the
capital company (borrower). This investment is intended for at
least one of the following purposes:
a) the establishment of a capital company, including
development, research, assessment, and approval of a product or
economic activity model,
b) the growth of a capital company, including development of a
product or economic activity model,
c) the development of activity of a capital company;
2) aid programmes - a set of State aid measures that
promote the development and research of innovative product and is
implemented as:
a) an aid programme for making the fixed payment by applying
the personal income tax reliefs in accordance with the procedures
laid down in this Law,
b) an aid programme for attracting highly qualified employees
in accordance with Section 7 of this Law;
3) fixed payment - a final monthly payment of the
mandatory State social insurance contributions (hereinafter - the
mandatory contributions) made by a start-up company for an
employee into the State social insurance special budget;
4) innovative product - a product or service with a
high added, inter alia, technological value, which ensures
development of a specific new product or service, or a
significant improvement of the existing product or service;
5) start-up company - a capital company with a high
growth potential the basic activity of which is related to the
development, production or improvement of scalable business
models and innovative products;
6) committee for the assessment of activities of start-up
companies - a collegial decision-making body that has the
rights and obligations laid down in this Law.
[12 April 2018]
Section 2. Purpose of this Law
The purpose of this Law is to promote establishment of
start-up companies in Latvia, thus promoting research as well as
use of innovative ideas, products or processes in the economic
activity (commercialisation of research products).
Section 3. Scope of the Application
of this Law
This Law prescribes:
1) the aid programmes, their granting criteria, as well as
procedures for administering the aid granted to a start-up
company;
2) the conditions for qualification of the venture capital
investors;
3) the procedures for establishment of a committee for the
assessment of activities of start-up companies (hereinafter - the
Committee) and its competence.
Section 4. Criteria for Granting Aid
Programmes
(1) Aid programmes may be granted to a start-up company, which
on the day of submission of an application and during the entire
period of the aid programme complies with the following
criteria:
1) a qualified venture capital investor who is not a person
related to the start-up company within the meaning of Section
184.1 of the Commercial Law (a qualified venture
capital investor who repeatedly makes an investment in one and
the same start-up company shall not be regarded as a related
person) has, within the last 24 months from the day when the
application for participation in an aid programme has been
submitted, made an early stage venture capital investment in the
amount of at least EUR 30 000 for the implementation of the
submitted business idea in accordance with Section 5, Paragraph
one, Clause 1 of this Law or an investment in the amount of at
least EUR 15 000 in accordance with Section 5, Paragraph one,
Clause 2, 3 or 4 of this Law:
a) in a start-up company;
b) in a parent undertaking or a subsidiary of a start-up
company which meets the criteria laid down in Paragraph two of
this Section;
2) tax debt of the start-up company does not exceed EUR
150;
3) insolvency proceedings have not been proclaimed for the
start-up company.
(2) The following requirements shall apply to a parent
undertaking or a subsidiary of the start-up company referred to
in Paragraph one, Clause 1, Sub-clause "b" of this Section:
1) the company and the start-up company engage in their
activity or in part of their activity in the same market or in
adjacent markets;
2) tax debt of the company does not exceed EUR 150;
3) insolvency proceedings have not been proclaimed for the
company.
(3) If a start-up company meets the criteria laid down in
Section 4, Paragraph one, Clauses 2 and 3 of this Law but has not
received an early stage venture capital investment, it may apply
for aid in the aid programmes laid down in this Law, provided
that information certifying the development, production or
improvement of an innovative product is submitted. The Committee
may request an opinion from the organisations representing
start-up companies on the conformity of a start-up company with
the requirements of Section 1, Clause 5 of this Law. The Cabinet
shall determine the procedures by which the Committee shall
request and evaluate the abovementioned information.
[3 September 2020]
Section 5. Conditions for
Qualification of Venture Capital Investors
(1) A qualified venture capital investor (hereinafter - the
investor) is a person or an aggregation of property which
complies with one of the following conditions, i.e.:
1) a person or an aggregation of property which has been
registered as an alternative investment fund or a fund manager in
Latvia in conformity with the Law on Alternative Investment Funds
and Their Managers or in another country in accordance with equal
regulatory framework regarding the registration and licensing of
alternative investment funds and their managers and which during
the past three years from the day of submitting an investor
application has made an early stage venture capital investment
either directly or, if the investor is a fund manager, through
the fund administered by it in at least three capital companies
and in the amount of at least EUR 30 000 in each, provided that
the participation of the investor does not exceed 30 per cent of
the equity capital of the capital company;
2) a legal person that during the past three years from the
day of submitting the investor application has implemented an
aggregate of at least three such short-term (not more than 12
months) measures and actions as part of which expert
consultations have been ensured for the attraction of buyers,
suppliers, partners, and investors for the purpose of developing,
researching, assessing, approving, and improving a product or
service, or a business model, facilitating entry into market
(acceleration programme) and has made an early stage venture
capital investment in at least 10 capital companies and in the
amount of at least EUR 15 000 in each, provided that the
participation of the investor does not exceed 15 per cent of the
equity capital of the capital company;
3) a natural person who has gained commercial activity
experience and from funds owned by him or her has, during the
past five years from the day of submitting the investor
application, made an early stage venture capital investment in at
least two capital companies - if it is not a person related to
these capital companies within the meaning of Section
184.1 of the Commercial Law - in the amount of at
least EUR 15 000 in each, but overall not less than EUR 60 000,
provided that the participation of the investor does not exceed
30 per cent in the equity capital of the capital company;
4) a legal person from whose capital shares more than 50 per
cent are held by such persons who each of them during the past
five years from the day of submitting the investor application
has made an early stage venture capital investment in at least
two capital companies - if it is not a person related to these
capital companies within the meaning of Section 184.1
of the Commercial Law - in the amount of at least EUR 15 000 in
each, but overall not less than EUR 60 000, provided that the
participation of the investor does not exceed 30 per cent of the
equity capital of the capital company.
(2) Persons whose investments have been recognised as proceeds
of crime within the meaning of the Law on the Prevention of Money
Laundering and Terrorism Financing may not be qualified venture
capital investors.
[12 April 2018]
Chapter
II
Aid Programmes
Section 6. Aid Programme for Fixed
Payments
(1) A start-up company may apply for fixed payments for an
employee inthe amount of two minimum monthly salaries laid down
by the Cabinet, applying the mandatory contributions rate which
is laid down in accordance with Section 18 of the Law On State
Social Insurance.
(2) A start-up company shall make a fixed payment for an
employee for a calendar month also in the case when the income
calculated for the paid work of the employee has reached the
maximum amount of the object of mandatory contributions.
(3) A fixed payment shall not be applied proportionally to
those calendar days of the taxation year on which an employee is
on the parental leave or on which the employee (child's farther)
has been granted a leave in relation to the childbirth, and also
for the calendar days of temporary incapacity for work, prenatal
and maternity leave for which the sick-leave certificate "B" has
been issued to the employee.
(4) If the income calculated for the paid work of the employee
by a start-up company in a calendar year exceeds the maximum
amount of the object of mandatory contributions, the start-up
company has an obligation to additionally make solidarity tax
payments in accordance with the Solidarity Tax Law.
(5) If a start-up company makes a fixed payment for an
employee, then the employee shall make additional mandatory
contributions for the State pension insurance or contributions in
a private voluntary pension scheme through intermediation of the
employer. The abovementioned contributions shall be made in the
amount of at least 10 per cent of difference between the gross
income calculated for the paid work of the employee (which does
not exceed the maximum amount of the object of mandatory
contributions per year) and the object of a fixed payment laid
down in Paragraph one of this Section. The employee shall inform
the employer regarding his or her choice to make either
additional mandatory contributions for the State pension
insurance or contributions in a private voluntary pension scheme.
Such choice during an aid period. shall be made by the employee
once.
(6) A start-up company shall make a fixed payment and
solidarity tax payments and submit information regarding
employees in accordance with the procedures and within time
periods laid down in the Law On State Social Insurance.
(7) If a start-up company plans to make a fixed payment for an
employee, it shall, upon entering into an employment contract,
inform an applicant in writing that the employer is a start-up
company, that a fixed payment is being made for the employee and
that the employee of the start-up company has an obligation to
make additional mandatory contributions for the State pension
insurance or contributions in a private voluntary pension scheme.
This information shall be included in the employment
contract.
(8) A start-up company may adjust the employee's income,
mandatory contributions and contributions for the State pension
insurance or contributions in a private voluntary pension scheme
for the previous month before a reporting month in accordance
with the procedures laid down by the Cabinet.
(9) The Cabinet shall determine the following:
1) the procedures for submitting a report by a start-up
company regarding income calculated for paid the paid work of
employees;
2) the procedures for making a fixed payment, State
entrepreneurial risk fee payment, making mandatory contributions
for the State pension insurance or contributions in the private
voluntary pension scheme by a start-up company;
3) The procedure for switching to the general procedures for
payment of taxes and fulfilling other obligations after a
start-up company has lost the right to make a fixed payment.
Section 7. Aid Programme for
Attracting Highly Qualified Employees
(1) A start-up company has the right to apply for an aid
programme for attracting highly qualified employees.
(2) [3 September 2020]
(3) The Cabinet shall issue regulations regarding aid
programme for attracting highly qualified employees by
determining the procedures for granting the aid to start-up
companies.
[3 September 2020]
Section 8. Tax Relief Related to Aid
Programmes
(1) During the aid period, when a start-up company
participates in one or both aid programmes laid down in Sections
6 and 7 of this Law:
1) an employee of the start-up company is exempt from the
personal income tax if regarding him or her a fixed payment has
been made for the income subject to a payroll tax obtained in the
start-up company;
2) [12 April 2018].
(2) If an employee does not pay the personal income tax for
the income subject to a payroll tax obtained in the start-up
company during the taxation period in which he or she has been an
employee of the start-up company, then this employee is not
eligible for the annual non-taxable minimum (it may be applied
only to a pension income) and a relief for a dependent person, as
well as he or she may not be himself / herself a dependent person
in accordance with the Law On Personal Income Tax. The employee
of the start-up company, if he or she gains other income subject
to the personal income tax, is not entitled to include the State
social insurance payments and solidarity tax payments, which are
made from the paid work income obtained in the start-up company,
and also eligible expenditure of the taxation year in eligible
expenditure in accordance with Section 10, Paragraph one, Clauses
3, 5, 6 and 8 of the Law On Personal Income Tax.
(3) [12 April 2018]
(4) [12 April 2018]
(5) [12 April 2018]
(6) [12 April 2018]
[12 April 2018]
Section 9. State Aid Conditions
Applicable within the Framework of Aid Programmes
(1) Aid measures laid down in Section 6, 7 and 8 of this Law
shall be implemented as de minimis aid in accordance with
Commission Regulation (EU) No 1407/2013 of 18 December 2013 on
the application of Articles 107 and 108 of the Treaty on the
Functioning of the European Union to de minimis aid (Text
with EEA relevance) (Official Journal of the European Union, 24
December 2013, No. L352/1) (hereinafter - Commission Regulation
No 1407/2013) and the laws and regulations regarding the
procedures for accounting and granting of de minimis aid
and sample forms for accounting of de minimis aid. The
decision to grant de minimis aid in accordance with
Commission Regulation No 1407/2013 may be taken until the end of
operation of this Regulation.
(2) The amount of de minimis aid together with de
minimis aid granted in the relevant fiscal year and previous
two fiscal years shall not exceed the maximum amount of de
minimis aid on the level of a single undertaking - EUR 200
000 laid down in Article 3(2) of Commission Regulation No
1407/2013. A single undertaking is such undertaking which
complies with the criteria referred to in Article 2(2) of
Commission Regulation No 1407/2013.
(3) By complying with the conditions of Article 5(1) and (2)
of Commission Regulation No 1407/2013, the aid which is provided
within the framework of this Law, may be cumulated with other
de minimis aid up to the relevant ceiling laid down in
Article 3(2) of Commission Regulation No 1407/2013, and may be
cumulated with other State aid in respect of one and the same
eligible costs or other State aid for the same risk finance
measure if such cumulation does not exceed the relevant maximum
aid intensity or aid amount laid down in the State aid programme,
individual aid project or the decision of European
Commission.
(4) A start-up company is responsible for complying with the
amount of maximum permissible aid laid down in this Section on
the level of a single undertaking.
[3 September 2020]
Section 10. Aid Programme Period
(1) Aid programme period, except for the case referred to in
Paragraph 1.1 of this Section, is twelve months,
counting from the day when the decision of the Committee to grant
the aid programme has come into effect.
(11) Aid programme period is 24 months if the
start-up company, upon submitting an application for
participation in the programme, has requested it and a qualified
venture capital investor has made an early stage venture capital
investment in the start-up company in the amount of at least EUR
150 000 within 24 months from the day when the referred to
application has been submitted.
(2) In the cases referred to in Section 19, Paragraph three of
this Law the aid programme period shall be counted from the day
when the decision of the Committee to grant the aid programme has
come into effect up to the day when the start-up company loses
the right to use the aid programme.
(3) The day when the Committee has taken the decision to grant
the aid or has provided an opinion on meeting the conditions in
accordance with the procedures laid down in Section 16, Paragraph
one of this Law shall be regarded as the moment when the aid is
granted.
[12 April 2018; 3 September 2020]
Section 11. Restrictions to Use Aid
Programme
(1) A start-up company is not entitled to receive aid for an
employee for which the aid referred to in this Law has been
granted to this or another start-up company within the aid
period.
(2) During the aid period a start-up company may apply for
additional aid laid down in Sections 6 and 7 of this Law, but
cannot use it longer than until the end of the aid period of
which the Committee has decided previously.
(21) A start-up company may re-apply for the aid if
it has fulfilled all the obligations laid down in this Law in the
previous aid receipt period.
(22) If a start-up company re-applies for aid, the
Committee shall evaluate the conformity of the start-up company
with the requirements of Section 4 of this Law and Commission
Regulation No 1407/2013.
(23) When re-applying for the aid, a start-up
company may justify its conformity with the requirement of
Section 4, Paragraph one, Clause 1 of this Law for the early
stage venture capital investment with which it has previously
qualified for the aid if the aid is requested for a period not
exceeding 24 months from the day when the previous decision to
grant the aid was taken.
(24) If a start-up company re-applies for the aid
programmes, the aid period shall not exceed five years from the
day when the first aid was granted.
(3) The aid laid down in Sections 6, 7 and 8 of this Law shall
not be provided to sectors and activities referred to in Article
1(1) of Commission Regulation No 1407/2013. If the start-up
company concurrently operates in one or several sectors or
carries out other activities covered in the field of activity of
Commission Regulation No 1407/2013, the recipient of de
minimis aid shall ensure separation of these sectors and
activities or their costs in accordance with Article 1(2) of
Commission Regulation No 1407/2013.
[3 September 2020]
Section 12. Sequence of Application
of Aid Programmes
Within the framework of aid programmes, the aid shall be
granted in the following sequence:
1) the aid programme for attracting highly qualified
employees;
2) the aid programme for making a fixed payment;
3) the personal income tax relief;
4) [12 April 2018].
[12 April 2018]
Section 13. Institution
Administering Aid Programmes
(1) The institution administering aid programmes shall be the
Investment and Development Agency of Latvia.
(2) The Cabinet shall determine the procedures by which the
administering institution administer aid programmes, including
action for the implementation of the decision of the Committee,
granting de minimis aid, determination and control of the
amount.
Chapter
III
Committee and Its Competence
Section 14. Committee
(1) The composition of the Committee and its by-laws shall be
approved by the Cabinet. The composition of the personnel of the
Committee shall be approved by the Minister for Economics.
(2) The functions of the Secretariat of the Committee shall be
ensured by the Investment and Development Agency of Latvia.
Section 15. Competence of the
Committee
(1) The task of the Committee is to take:
1) a decision on whether to grant or refuse aid programme, as
well as to revoke a decision to grant aid programme to a start-up
company;
2) a decision regarding conformity or non-conformity of an
investor to the conditions for the qualification of venture
capital investors laid down in this Law and inclusion or
non-inclusion in the list of qualified venture capital investors
accordingly, as well as a decision to exclude an investor from
the list of qualified venture capital investors.
(2) The Committee is entitled to:
1) invite experts and other professionals to participate in
its meetings and present their view or express opinion;
2) request from the body of a public person the information
the Committee requires to fulfil its tasks, including, but not
limited to the concerns of security regarding the origins of the
funds of the investor;
3) request from a start-up company, investor or qualified
venture capital investor the information related to its
commercial activities necessary for the performance of the tasks
of the Committee;
4) request opinion regarding professional practice of
investors from foreign public administration institutions and
professional unions in order to take a decision regarding
conformity of an investor with the conditions for qualification
of venture capital investors laid down in this Law;
5) request an opinion from the organisations representing
start-up companies on the conformity of a start-up company with
the requirements of Section 1, Clause 5 of this Law.
[3 September 2020]
Section 16. Taking, Notifying and
Contesting a Decision of the Committee
(1) A decision of the Committee to grant aid programme shall
be made within a month from the day of receipt of the documents
referred to in Section 17, Paragraph one and Section 21,
Paragraph one of this Law. If it is not possible to comply with
the abovementioned time period due to objective reasons, the
Committee shall take the decision in conformity with Section 64,
Paragraph two of the Administrative Procedure Law.
(2) The Secretariat of the Committee shall notify of the
decision by sending it to the addressee.
(3) The Secretariat of the Committee shall notify a decision
to grant the aid programme or to withdraw such decision to the
State Revenue Service.
(4) The decision of the Committee may be contested to Ministry
of Economics.
Chapter
IV
Application of a Start-up Company for Participation in the Aid
Programme and Legal Effects of Granting the Aid Programme
Section 17. Submission of the
Application of a Start-up Company
(1) A start-up company which wants to use an aid programme
shall submit the following documents to the Committee:
1) an application for participation in the aid programme;
2) certification of an early stage venture capital investment
made by a qualified venture capital investor;
3) a business plan for the business idea stated in the
application.
(2) The form and content of the documents referred to in
Paragraph one of this Section shall be determined by the
Cabinet.
[12 April 2018]
Section 18. The Register of State
Aid for the Start-up Companies
(1) Information regarding the granting of the aid programme or
the loss of right to use aid programme shall be published in the
Register of State Aid for the Start-up Companies.
(2) The Register of State Aid for the Start-up Companies shall
be maintained by the Secretariat of the Committee.
(3) The following information shall be entered in the
Register:
1) the name, registration number, legal address of the
start-up company;
2) the date of taking the relevant decision of the Committee
and its number;
3) the aid programme indicated in the decision of the
Committee.
(4) The Register of State Aid for the Start-up Companies shall
be published on the website of the Secretariat of the
Committee.
Section 19. Obligations of a
Start-up Company
(1) A start-up company, which uses or wishes to use aid
programmes, has an obligation to provide true and clear
information and documents to the Committee, which:
1) attest its conformity with the criteria laid down in
Section 4 of this Law;
2) are related to changes in criteria laid down in Section 4
of this Law, not later than ten working days after emerging of
changes;
3) are related to the course of implementation of the business
plan of a business idea;
4) are related to commercial activity performed by the company
and use of the aid programme granted to it;
5) apply to cumulation of the aid laid down in this Law with
the aid other than provided for in this Law;
6) [3 September 2020];
7) attest the restrictions for use of aid laid down in this
Law do not apply to the company.
(2) A start-up company which has lost the right to use the aid
programmes referred to in Sections 6 and 8 of this Law during the
aid programme period shall, not later than one calendar month
after the loss of the right, make recalculation and pay all taxes
in accordance with the general procedures regarding the aid
programme period, including late payment in accordance with the
provisions of the law On Taxes and Fees. When carrying out
payment of taxes in accordance with the general procedures, a
previously made fixed payment and additionally made mandatory
payments made additionally for the State pension insurance shall
be taken into account.
(3) A start-up company shall not make the recalculation
referred to in Paragraph two of this Section if it has lost the
right to use the aid programme due to the fact that it has
submitted an application for the withdrawal of its participation
in the aid programme because it has exceeded the maximum
permissible de minimis aid amount.
[3 September 2020]
Section 20. Losing the Right to Use
the Aid Programme
(1) The Committee shall revoke the decision to grant an aid
programme, if a start-up company:
1) submits an application requesting revocation of its
participation in the aid programme;
2) has not complied with the requirements of Sections 9 and 11
of this Law;
3) fails to comply with the criteria laid down in Section 4 of
this Law;
4) has not submitted the information, related to the changes
in the criteria laid down in Section 4 of this Law to the
Commission within the time period laid down in this Law;
5) upon repeated request of the Committee, has not provided a
true and clear information and documents which attest its
conformity with the criteria laid down in this Law or information
regarding the commercial activity carried out by the company and
use of the aid programme granted to it;
6) has not met the conditions for use of the aid
programmes;
7) [3 September 2020].
(2) A start-up company is not entitled to apply for the aid
repeatedly, if it has previously lost the right to use the aid
programme due to failure to provide the information laid down in
this Law or has provided false information to the Committee.
[3 September 2020]
Chapter V
Application of the Investor and Legal Effects Arising from
Recognition of the Investor to be a Qualified Venture Capital
Investor
Section 21. Submission of the
Application
(1) If the investor wants to be included in the list of
qualified venture capital investors, he or she shall submit a
relevant application to the Committee, by appending a
certification to it regarding his or her conformity with the
requirements of Section 5 of this Law.
(2) If the investor is not included in the list of qualified
venture capital investors, the application referred to in
Paragraph one of this Section may be submitted by appending it to
the application of the start-up company for participation in the
aid programme (Section 17, Paragraph one of this Law).
(3) The form and content of the application and certification
referred to in Paragraph one of this Section shall be determined
by the Cabinet.
[3 September 2020]
Section 22. List of Qualified
Venture Capital Investors
(1) The information regarding the conformity of the investor
to the conditions for qualification of venture capital investors
or exclusion from the list of qualified venture capital investors
shall be published in the list of qualified venture capital
investors.
(2) The list of qualified venture capital investors shall be
maintained by the Secretariat of the Committee.
(3) The following information shall be entered in the
list:
1) name, registration number and legal address of the
qualified venture capital investor, name and surname thereof (for
a natural person) and contact information;
2) the date of taking the relevant decision of the Committee
and its number.
(4) The list of qualified venture capital investors shall be
published on the website of the Secretariat of the Committee.
[3 September 2020]
Section 23. Obligations of Qualified
Venture Capital Investors
A qualified venture capital investor has an obligation to
provide true and clear information and documents, which attest
its conformity with the requirements of Section 5 of this Law, to
the Committee.
Section 24. Exclusion from the List
of Qualified Venture Capital Investors
(1) A decision of the Committee to exclude the investor from
the list of qualified venture capital investors shall be taken if
he or she:
1) fails to comply with the requirements of Section 5 of this
Law;
2) upon repeated request of the Committee, has not provided a
true and clear information and documents which attest its
conformity with the criteria laid down in this Law;
3) has requested to be excluded from the list of qualified
venture capital investors.
(2) An investor is not entitled to apply for inclusion in the
list of qualified venture capital investors repeatedly if it has
been previously excluded from the list due to failure to provide
the information laid down in this Law or having provided false
information to the Committee.
(3) If the investor is being excluded from the list of
qualified venture capital investors, a start-up company is
entitled to receive the aid laid down in this Law until the end
of the aid programme period, except for the case when the
requirements of Section 5, Paragraph two of this Law have been
infringed.
Transitional
Provisions
[12 April 2018]
1. A start-up company shall submit information regarding
payment of taxes, contributions for State pension insurance or
contributions in a private voluntary pension scheme provided for
in this Law during a time period until 1 April 2017, reports of
the start-up company regarding income calculated for the paid
work of the employees and information regarding the employees to
the State Revenue Service until 15 April 2017.
[12 April 2018]
2. The Ministry of Economics shall evaluate the progress and
results of the practical implementation of this Law, including in
relation to the number of work places newly created by a start-up
company and the amount of investments attracted thereby, and
shall also submit a relevant report and, where necessary,
proposals for amendments to this Law to the Cabinet by 31
December 2021.
[3 September 2020]
This Law shall come into force from 1 January 2017.
This Law has been adopted by the Saeima on 23 November
2016.
President R. Vējonis
Rīga, 10 December 2016
1 The Parliament of the Republic of
Latvia
Translation © 2021 Valsts valodas centrs (State
Language Centre)
