Since April 1, 2018, the Social Enterprise Law has been in place in Latvia, defining the concept of social enterprise, procedures for obtaining the status, procedures for registration and supervision of social enterprises and responsible institutions, as well as advantages and incentives for social enterprises. A unique opportunity in Latvia – a state support program implemented by the European Social Fund by the Ministry of Welfare and the Development Finance Institution ALTUM.
While registering with the Social Enterprise Register of the Ministry of Welfare, you can receive corporate income tax relief, but local governments can grant real estate tax relief, get free use of property or property of a public person, as well as attract volunteers. To start or expand a social business, ALTUM financial support in the form of a grant from EUR 5,000 to 200,000 for investment, working capital is available. EUR 12 million are allocated for support, to be provided by 2022.