Start-up visas are a good way of attracting innovative companies that are looking for a foothold in the European market, LETA has been told by Annija Mezgaile, director of the TechChill startup and technology conference.
Mezgaile says that the startup sector has been widely known for but a few years, but recently there has been media information to suggest that rogue entrepreneurs from Russia and Belarus have been using the start-up visa process to obtain a residency permit in Latvia.
It is impossible to rule out abuse of privileges in any sector Mezgaile says, including startups, food production and logistics.
“There is no reason to believe that recipients of start-up visas are more unscrupulous than other entrepreneurs,” says the conference director, adding that many countries all around the world use such visas as a support mechanism to attract the founders of innovative companies.
The main advantage of a start-up visa is that it allows people from outside the European Union to obtain a temporary residency permit in Latvia which lasts for up to three years.
Applicants must demonstrate that they intent to create or develop an innovative product while in Latvia. There are conditions which must be met after the residency permit is awarded, and these are monitored by the Latvian Investment and Development Agency and by the Office of Citizenship and Migration, which is responsible for visa extensions or rejection.
Source: BNS
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