Small business in Latvia – trends and facts in five years
2019
Riekstina, I., Turiba Univ., Riga (Latvia) | Zvirgzdina, R., Turiba Univ., Riga (Latvia)
At the beginning of 2019, 141,812 active entities were registered in the Commercial Register maintained by the Register of Enterprises, the largest number of which is Limited liability companies (129,423), Individual Merchants (10,282) and other forms of business are much less represented. Based on the European Commission (EC) Regulation No. 800/2008, Annex 1, all enterprises are divided into groups − small (micro), small and medium enterprises (SMEs) and large enterprises. Based on official data, around 99 % would be in the category of small and medium-sized enterprises (SMEs). The breakdown of economically active SMEs by the Ministry of Economics is (Ministry of Economics, 2016): micro enterprises − 90 %, small enterprises − 9 %, medium enterprises − 1 %. The European Commission considers SMEs and entrepreneurship as key to ensuring economic growth, innovation, job creation, and social integration in the European Union. During the last five years, there have been significant changes in the principles, conditions and microenterprise regulations of microentrepreneurs. There are still many entrepreneurs in Latvia who are active and who employ a large number of all Latvian employees and companies contribute to the Latvian economy. Further analysis and research is based on the data of the last five years − regional ownership of enterprises, fields of activity, dynamics of revenue change, dynamics of the number of employees, age of enterprises. The aim of the research is to carry out the analysis of facts and trends observed in the activity of micro and small enterprises (MSe) in the last five years in Latvia. The research is based on official business data from several sources – the Register of Enterprises of the Republic of Latvia, the Ministry of Economics, official re-user of the data of the Register of Enterprises Ltd „Lursoft”, Central Statistical Bureau.
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