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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.

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News: Amendments to the Latvian Commercial law 2012

The Commercial Law of Latvia now has a new division with special regulations for restrictions upon concluding transactions with company founders, shareholders, board and council members and affiliated persons.

Before amendments to the Commercial Law of Latvia, there was a different understanding about the persons who are related with the board or council member or shareholder. Previously the persons, who were in marriage or in kinship with board, council member or a shareholder were considered as affiliated persons. But other definition was wider and also the affiliated undertakings were regarded as affiliated persons.
Hereafter the definition of „affiliated person” in the Commercial Law of Latvia is the following:

  1. a person, who is in marriage with the company founder, shareholder, board or council member or in kinship of a second degree i.e. the number of birth, affinity to the first degree or person with whom they have a joint household;
  2. Other commercial company in which company founder, shareholder, board or council member have majority of capital company shares or partnerships contribution (capital) share;
  3. Other commercial company with the same company founder, shareholder, board or council member.

Terminology of Commercial Law of Latvia

In the Commercial Law of Latvia a consistent terminology regarding transactions will be used which includes also the conflict of interest. Concept „approval” will be used in connection to cases in which approval will be given after concluding transaction while the concept „agreement” will be used to obtain opinion about concluding of transaction before it has been concluded. If a company acquires a property (the value is more than 1/10 from the equity capital of a company) then meeting of a shareholders must approve the transaction or must give agreement to conclude such transaction.
A meeting of shareholders must confirm the transaction or must give agreement to conclude this transaction if the council is not present or existent. If the company has a conflict of interest with any council member or affiliated person, then respective council member has no right to vote.
If the council members have no right to vote, a meeting of shareholders must validate transaction approval or give agreement of the concluded transaction.

WEB devoloper - Artis Zelmenis