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Latest business news

Latvia: Immigration law amendments
26th May 2014
Latvian parliament adopted amendments to the Immigration Law in Latvia on May 8th, 2014. The amendments will come into force on September 1, 2014. Changes refer to the minimum thresholds of the property that qualifies for temporary residence permit.

Read more news

Register of Enterprises of Latvia: a place to register a company

Register of Enterprises is the central institution which keeps all data and records up to date. It is mandatory to submit incorporation documents with the registry at the moment of company establishment, as well as to file all amendments in the company board (directors) or shareholder registry.

The unified register is also available electronically.

The Register of Enterprises has the following functions:

  1. to register undertakings and their branches, representative offices and representatives of foreign undertakings and organisations, co-operative companies,
  2. to register European Economic Interest Groupings, European companies, European co-operative companies, political parties and associations thereof, administrators, insolvent entities, associations and foundations for legal protection and insolvency proceedings, religious organisations and institutions thereof, trade unions, mass media, public and private partnership agreements, decisive influences, commercial pledges, property arising out of a matrimonial relationship and courts of arbitration and to ensure record-keeping of the relevant registers;
  3. to provide information on registered entities and facts of legal relevance;
  4. carry out other functions referred to in laws and regulations.

Document submission

Company registration in Latvia www.baltic-legal.com/latvia-company-registration/ Fast, reliable company registration and ready made companies. Register of Enterprises examines the submitted documents whether they comply with law. In this respect, lawyer assistance might be helpful.

Documents should be in Latvian language or supported by certified translation.

If the documents are signed in abroad except European Union, it is necessary to legalize the document or to attach an apostille.

Information received at the Registry is considered as true and reliable and possess legal force. The Register of Enterprises maintain official registry of all type of companies and information of Registry is publicly available and reliable.

The Register of Enterprises provides the following services:

  • Register of Enterprises holds an authority to register enterprises or companies (names of enterprises are governed by specific provisions. For example, a name has to be created avoiding inclusion of any misleading information concerning important conditions of entrepreneurship, in particular the legal form of an enterprise (a company) or volume of business. It must also be taken into account that the name is not to be translated.), mass media, commercial pledges, decisive influences, property arising out of a matrimonial relationship, representative offices and representatives of foreign undertakings and organisations, European companies, European co-operative companies, as well as public and private partnership agreements;
  • Register of Enterprises holds an authority to ensure record-keeping of the following registers of entities: the Register of Public Organisations, Commercial Register, Register of Trade Unions, Register of Associations and Foundations, Register of European Economic Interest Groupings, Register of Courts of Arbitration, Register of Political Parties, Insolvency Register and the Register of Religious Organisations and Institutions Thereof;
  • Register of Enterprises holds an authority to accept and examine the documents to be submitted for registration of entities and facts of legal relevance referred to in laws and regulations, and keeps the said documents;
  • Register of Enterprises holds an authority to confirm signatures (signatures are confirmed only for natural persons registered in Latvia and representatives of legal entities, whose representative rights are registered in the public registered of Latvia.
  • Upon confirming a person's signature, an official of the Register of Enterprises verifies the identity and legal capacity of the signatory. The official of the Register of Enterprises confirming a person's signature is not responsible for the content of documents.);
  • Register of Enterprises holds an authority to verify the names (companies) entered into registers maintained by the Register of Enterprises and the relevance of this information;
  • Register of Enterprises holds an authority to examine and prepare replies to the received submissions and requests for information, drafts derivatives of registration files and official documents of the Register of Enterprises, as well as provides the interested parties with the possibility to access the registration files;
  • Register of Enterprises holds an authority to impose sanctions determined by international organisations and deals with cross-border mergers of capital companies.

Decisions and entries in the Register of Enterprises

The official of the Register of Enterprises adopts decision and makes entries to the registration file. Also attach submitted documents to the registration file if prescribed by law.

Register of Enterprises also issue registration certificate and approved Articles of Association. Registry make certified copies under request and allow access to the registration file if there is a grounded reason. The personal data are excluded and are not available for third parties.

Statistics

The number of entities registered in the Register of Enterprises has rapidly increased during the recent months. For example, by 31 May of this year already 262 108 entities were registered, and out of those entities 179 315 are active, while over the course of 2010 only 262004 entities were registered, out of which 179 271 are active. In its turn, during the year 2009 the number of registered entities amounted to 261 922, out of which 179 240 are active.

According to the distribution of registration activities performed by the Register of Enterprises per register, the highest level of activity (during the last three weeks of August) was demonstrated by the Commercial Register – it performed 347 activities, 55 out of which were to register new entities. A relatively high amount of entries was made also in registers of commercial pledges, insolvency and association and foundations.

Paid services provided by the Register of Enterprises

Payment for the paid services has to be made to the Register of Enterprises into the general budget of the Ministry of Justice (into a special account of the State Treasury dedicated to this purpose). The revenue obtained by the Register of Enterprises from provision of paid services is used according to the appropriation procedure approved by the Law on the state budget of the relevant year.

The pricelist for paid services can be found in the Regulations regarding Paid Services of the Register of Enterprises. For example, making of one entry in one of the registers costs EUR 143. Translation of a listing from registers of the Register of Enterprises into English, German and Russian costs EUR 17.45, but the defined price for such service as a possibility to participate in workshops organised by the Register of Enterprises is EUR 29.

Licence for the information of the Register of Enterprises

In order to be able to sell the information provided by the Register of Enterprises, a licence must be purchased. Currently, companies Lursoft IT and Firmas.lv have such licences.

WEB devoloper - Artis Zelmenis