Informative seminar for business beginners “safe start in business”

In cooperation with the Rēzekne Technology Academy, an informative seminar “Secure Start in Business” was held in cooperation with the Rēzekne Technology Academy in cooperation with the Rēzekne Technology Academy. It gathered more than 90 stakeholders and students who were alarmed to know the requirements and nuances of business start-ups.
In order to carry out its economic activity legally, it must initially be registered in the register of undertakings and in the State Revenue Service. Depending on the activity, also in the food and veterinary service. The representatives of the national authorities shall easily understand the necessary documentation and order of the processes. Although this information is also available on the website of the institutions, personal contact reduces the gap between the two parties. In addition, the participants of the seminar also had the opportunity to consult officials individually.
In view of the development of business, insufficient capital is mentioned as one of the main problems. However, representatives of the development finance institution “Altum” and the Latvian Centre for Rural Consultation and Education confirm that there is a wide range of support opportunities available for development of business ideas. A variety of project competitions are announced on a regular basis, contributing to the development of local business. When preparing an application for any of these types of competitions, it is important to consult its rules and prepare the documentation in accordance with the requirements. In most cases, without complying with the administrative criteria, the business idea itself is not even assessed and analysed. Although the implementation of the project is also subject to a control period, it is important that this small bureaucratic burden does not prevent the opportunity to raise funds for the implementation of its own idea.
In turn, the purpose of the development finance institution “Altum” is to provide State aid directly to business initiators. In simplified language, it is a state-guaranteed loan to young entrepreneurs. The acquired capital with a stable repayment schedule provides a sense of security for the development of its business. Statistics show that in the 3-year period, there is a more stable development among Altum customers and increases in turnover compared to other new companies. In addition, only 7% of the company receiving State aid terminates its economic activity, which is one third less than the other initiators. The regional centres and consultancy offices of the financial institution “Altum” are located throughout Latvia, where everyone can turn to their business idea and provide them for evaluation.
However, while living in Rēzekne District, we are also affected by the common economic development of the European Union and the laws and regulations adopted. The European Commission's Economic Advisor, Martin Zemitis, presented the European Investment Plan or Juncker Plan. The President of the European Commission, Jean-Claude Juncker, has, as one of his priorities, has put forward the strengthening of European competitiveness and the promotion of investment in job creation. This plan supports areas such as education, small business, healthcare, green energy, logistics and investment. The already 54% plan has been implemented and may include successful examples from several European Union countries. In Latvia it focuses more on the development of small and medium-sized enterprises. It is also necessary that this seminar, which takes place in the framework of the project “a set of measures for the future of Eastern Latgale and existing entrepreneurs on business opportunities in the European Union”, is implemented with the support of the Juncker Plan. However, strategic and innovation projects, SME credit and leasing guarantees through financial intermediaries, a project portal, as well as an investment advisory service have been set up at Latvian level. These activities have helped a number of entrepreneurs to develop their own ambitions and improve infrastructure.
Ilze Kishchenko,
project Public Relationship Specialist
The seminar is organised by the Europe Direct Information Centre in Eastern Latgale with financial support from the European Commission.
The European Commission's main priority is not to create new debts, to achieve growth in Europe and to increase the number of jobs. Since the start of the global economic and financial crisis, the European Union (EU) is experiencing a low level of investment and high unemployment. In order to address this problem, the European Commission, together with the European Investment Bank, launched a “Investment Plan for Europe”.
“Europe Direct” is a 2005 European Commission's network of information centres operating in all EU Member States. “Europe Direct” provides free information to all citizens on EU areas of activity and calls for the involvement of THE EU in ongoing processes and the use of the opportunities offered by participation in it.