Since 1997 Latvia has four special economic zones, one of them is Ventspils Free Port. Basically, the special economic zone means a designated territory of Ventspils City, about 2451.39 ha large, 242.6 ha of it is water and the remaining 2208.79 ha - land.
General Description
The companies within the designated territory can act without any restrictions as for general rules applicable in Latvia. In addition they have possibility to acquire a license for operation under free zone status and enjoy tax advantages (see incentives for investors) stipulated by a law On Tax Application in Free Ports and Special Economic Zones.
An application must be submitted to Free Port Authority to acquire a license. Each case is considered in Board meeting, and in case company complies with the approved criteria, a positive decision is taken.
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