Riga invites foreign companies for a workcation

The Latvian capital turned on the charm to attract curious and adventurous business investors

Workcation is a term that has been gaining traction with the advent of technology, remote job, and affordable travel and something that many people aspire to as a new way of lifestyle. That being said, the Latvian capital of Riga has posited that workcations are not only for people but also for entire companies, with its Workcation Riga programme.

The latter offers foreign firms the chance to experience not only the cultural charms of the Baltic city but also its untapped business potential. The programme is led by the Riga Investment and Tourism Agency, an institution which was created to showcase the economic capacity of the city, as well as its spirit of inclusivity and welcomeness.

The Agency invites companies to spend an entire week in Riga and really test the local business and social waters firsthand. To sweeten the deal, it covers their airfare, accommodation and co-working space costs for five working days.

Attracting investment to the Baltic region

Naturally, there are certain conditions that needed to be met by any interested enterprise. These, however, are quite simple and straightforward.

To be considered for the program, applying companies have to meet the following requirements:

• their turnover reached at least 10 million euros in 2021,
• working in the tech and innovation industries,
• they couldn’t have been registered as operating units in Latvia,
• at least 50 people are employed.

The application deadline has been extended, so businesses that are interested in discovering a new investment opportunity can fill out the form to apply.

Fredis Bikovs, Director of the Riga Investment and Tourism Agency, described the innovative idea the following way: "Workcation is a short stay in another country, performing your usual duties remotely. Usually, this work format is used for a short time. However, working holidays are becoming more and more popular under the influence of several factors: the existing technological possibilities for remote work, as well as the desire of entrepreneurs to balance private and work life. Therefore, the workcation program is a relevant and necessary solution for attracting new investments today."