Notes and explanations

Notes and explanations on our services

Company formations – We work closely with lawyers and the Commercial register of Latvia in order to ensure our clients companies are registered quickly and correctly.
 
When the company Is formed ECB signs a contract with a relevant tax authority in Latvia for elctronical declaration of clients taxe.
 
VAT declarations - VAT is calculated and declared on a monthly, quaterly or half-a-year basis in Latvia depending on turnover in the previous year. ECB prepare all paperwork and personally present this to your tax authority.
 
Monthly bookkeeping – Is necessary in order to keep management and shareholders up to date with financial progress of the company and to comply with Latvian legislation.
 
Internal Audit – Is a service offered mostly to shareholders who are unhappy with their current financial arrangements and are looking to improve productivity.
 
Stock control – ECB has a wide knowledge of the stock control requirements which are required under Latvian legislation. ECB staff is available for consultation on many areas in order to improve an existing system or initiate one from grass roots.
 
Tax advice and planning – This is usually started 3 months before the end of the financial year and in consultation with the shareholders and senior management. The aim is to maximise the company tax efficiency within the tax legislation of Latvia.
 
Due diligence - with a great many sales, mergers and aquisitions happening in Latvia, it is important for our clients to be able to call upon our expertise in this area.
 
Annual financial report preparation - as with many small to medium size enterprises, it is not necessary to engage the services of the big four audit firms. Unless a certain set of criteria is matched (value of assets, turnover, amount of employees), a SME can present annual accounts which have been prepared and checked by ECB using the previously obtained financial information from their bookkeeping records.
 
Monthly management reports – Essential for all senior management and shareholders to track the precise financial position of their company on a month by month basis. Our reports are comprehensive and informative and can be prepared in 4 languages.
 
Cash flow forecasts – Again, essential information for senior management in order to plan for capital expenditure in the coming months.
 
Internal Financial re-structuring – Is a service offered by ECB to companies who have their own in house financial department but who are dissatisfied with the information and results generated by that department. Usually we are called in as independent consultants to work with both management and their financial staff in order to satisfy the information needs of the shareholders and senior management.
 
Payroll, salary and royalties calculations - are standrard services offered to all our clients. ALL ECB staff members are fully conversant with Latvian Labour law and personal income tax regulations.
 
Legal address hosting - Because a great number of our clients are foreign nationals, we offer a legal address hosting service so that all official correspondence is received at our offices and dealt with immediately by our experienced staff.
 
Virtual office service - Many foreign companies are looking to do business in Latvia but some are reluctant to make an immediate committment of employing staff and signing office lease agreements. For these companies we offer a "Virtual" office service utilising the infrastructure and multi-lingual staff of ECB
 
Forensic accounting - Since all professional accountants operate within a commercial legal environment, all professional accountants are, in a sense, forensic accountants. What distinguishes forensic accounting in common parlance, however, are the engagements. That is, when a professional accountant accepts an engagement where they anticipate that their finding or analysis may be subject to adversarial or judicial scrutiny or administrative review, the professional accountant seeks a level of evidentiary detail and analytical precision which will be sustainable within the legal framework of such scrutiny or review. This approach is based on no more than the realistic appreciation that, while there is some evolutionary dialogue, in the end, the courts or appropriate administrative bodies are the ultimate arbiters of what accounting facts are.