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euronews business planet Setting up business in Latvia
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=wRMOWQNg4FE
http://www.euronews.com/ This week, Business Planet is in Riga, the capital of Latvia, a country which suffered heavily from the global crisis. • However, the economy is taking off again, and growth is expected to reach 4 to 5 percent next year. This is in part thanks to a business boom in recent years. • Twenty-eight year old Gintz Ziverts is one of Latvia's success stories. • After spending ten years in South-East Asia and Thailand, he decided to open Latvia's first Thai restaurant. • It was an instant success. • Today, Gintz employs seven people and makes twice as much as he had expected. He is thinking of opening up other Thai restaurants in Riga. • I was living in Bangkok, and I saw all the food and thought that this type of food and this way of living were missing in Latvia, says Gintz. • So I got the idea of opening a Thai restaurant in Latvia, simple food at simple prices, accessible to everyone. But it was new in Latvia, and this was a bit difficult to explain to investors. • But in the end, Gintz did manage to convince investors. • He got a 65.000 euro loan as well as 10.000 euros in subsidies. It was part of a European Social Fund partnership programme called New Start, aimed at helping 25-40 year olds set up their own businesses. • The programme also provided Gintz with an accounts training course. • Through this course in accounting, I learnt how to manage my funds, says Gintz. • I learnt how to hire workers in Latvia, and the law behind all of it, how to do things, and what the downside can be. • The European Social Fund is the European Union's main instrument for supporting employment in member states, especially those suffering heavily from the crisis. • Introduced in Latvia in 2009, the New Start programme has made a real difference for young entrepreneurs. • Under the New Start program, Latvia has created 700 new businesses and 1,300 new jobs, says Inna Steinbuka, head of representation at the European Commission. This is very impressive. • • Gintz has this advice for anyone thinking of setting up their own business: • The main keys to success are : first, the idea. Second, hard work. And third, getting the funding. To get the funding, you must make your idea attractive for the investors. • Find us on: • Youtube http://bit.ly/zr3upY • Facebook / euronews.fans • Twitter / euronews
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