In the Republic of Latvia each currency exchange place requires a license. 

Latvijas Banka (the Bank of Latvia) licensing commission issues to capital company for foreign currency cash purchase and sale (currency exchange) license.

1. the capital company is registered in the order established in normative acts;
2. capital company has no tax debts;
3. capital company, shareholder of the capital company, the representative of the administrative body or proxy has no criminal records or criminal record has been removed or deleted;
4. shareholder of a capital company, a representative of the administrative body or proxy during the last year has not been twice administratively punished for the breach of commercial activity regulatory normative acts, or there is no prohibition for him to perform commercial activity.

1. capital company name (firm);
2. registration number in the Republic of Latvia Enterprise Register or an equivalent competent authority in another European Union or European Economic Area country where the company is incorporated;
3. legal address.

For receiving of the first license, the capital company in addition to the application shall attach:

1. information regarding shareholders;
2. copies of personal identification documents of capital company shareholders`, representatives of the administrative body and proxies;
3. money laundering and terrorism financing prevention internal control system policies and procedure documents;
4. inventory plan of the premises with the indication to place for foreign currency selling and buying;
5. in State Revenue Service registered cash register or cash system's copy of technical passport, presenting the original;
6. statement, issued no earlier than six months prior to the date of submission of the application, on the criminal and administrative records. 

For receiving of the first license, in another European Union or European Economic Area country registered capital company in addition to the application attaches:

1. copy of the Articles of Association;
2. information regarding representatives of the administrative body and proxies;
3. statement, issued no earlier than six months prior to the date of submission of the application, regarding payment of taxes from the competent tax administration institution in state in which the capital company is registered;
4. statement, issued no earlier than six months prior to the date of submission of the application, from the competent state institution, regarding registration and legal address of the capital company. 

The capital company which already has the license and who wishes to obtain the license for a new foreign currency exchange buying and selling place, submits to the Bank of Latvia the application and adds:

1. inventory plan of the premises with the indication to place for foreign currency selling and buying;
2. in State Revenue Service registered cash register or cash system's copy of technical passport, presenting the original.

The capital company receives a license within two months from the date of notification of the Bank of Latvia licensing commission decision regarding issuing of the license. The receiving of the license shall be certified with the signature of the authorized person of the capital company.

• For issuing of the first license state fee is EUR 14 200.
• State fee for re-registration of the license is EUR 1 400.
• The license is issued for 5 years.