As far as I know, now banks in Latvia are reluctant to open accounts for new companies founded by non-residents. Is it possible to open a new company in Latvia without opening a bank account?

Yes, a new company can be opened without opening a bank account, on the basis of article 185.1 of the Latvian Commercial Law. To do this, it is necessary to set the company’s share capital below 2800 euros, for example, 100, 500, 1000 euros. In this case, there is no need to open an account and deposit capital into it, it is enough just to confirm the fact of payment during registration. In fact, the presence of these 100 euros, and there is no need to prove this fact, for example, with a bank statement. At the same time, it is necessary to take into account some restrictions established for such companies – for example, only individuals in the amount of not more than 5 people can be founders (participants). You cannot be a participant in 2 such companies, only the founder (participant of the company) can be a member of the board and some others.