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Legal Business Environment In The World And In Latvia.

2824 words - 11 pages

CONTENTSIntroduction3Worldwide situation4Starting a Business4Enforcing Contracts5Closing a Business6Situation on the Latvian Market8Present Situation8Business Development Policy10Conclusions and Recommendations13Bibliography15Annex16IntroductionThe present paper is aimed at analysing the importance of legal business environment when starting-up a business, especially a small or a medium-sized entreprise (thus limited liability company). The analysis consists of two integral parts: the theoretical basic information and the real-life examples of countries around the world in terms of business regulation. The business environment in Latvia is described in comparison to other countries. Moreover, the paper provides the information on how the situation has been changing over the past years and how it might and will change after Latvia's accession to the EU. Certain statistical data is included in order to make the information more explicit.The paper is prepared for general public. However, it will be especially useful for those who are planning on starting a business in Latvia. Moreover, it concerns local entrepreneurs as well as foreign investors, who intend to enter the Latvian market. Finally, governmental institutions may be interested in the analysis of the situation in Latvia. After the current situation is analysed, appropriate conclusions are drawn and adequate recommendations are provided.In the course of preparation of the paper, certain official representatives where interviewed and official reports from the Ministry of Economics, the Ministry of Finance and the World Bank were studied, as well as numerous recent press publications were used as information sources for the present report.Worldwide SituationStarting a Business.When Starting a business, there are certain procedures, which are oficially required by the state in order for the entrepreneur to operate in the market legally. They include obtaining necessary permits and licenses - and completing the required inscriptions, verifications, and notifications - to start operation. The indicators, which are the most important when comparing regulatory environment across the world are the following:* number of procedures,* time,* cost,* statutory capital.In real life, it is possible to avoid certain legally required procedures. For example, an entrepreneur may not register with the Chamber of commerce. In this case the time required for starting a business may vary.The World Bank publication "Doing Business 2004" has provided statistical data for the above-mentioned indicators in various countries (see annex 1). When comparing the 14 countries, anlysed in the example, it is seen that the number of procedures for starting a business vary from 2 to 19, and the time spent on carrying out all the legally required activities before starting operating may be 3 to 118 days.It is obvious that the figures vary greatly from country to country. However, it can be inferred from the data that less...

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