Share capital denomination
11 March 2016
According to the Latvian Commercial Law, all capital companies (SIA – Limited Liability Company, AS – Join Stock Company) and cooperative societies until 30 June 20161 should submit to the Commercial Register documents of Share capital denomination.
If your company will not submit documents for share capital denomination to euro until the aforementioned date, Enterprise Register will automatically translate to euro share capital registered in the Commercial Register. However, companies will still be obliged to make Share capital denomination2 when they submit to the Commercial Register documents for registration of any other changes. Currently the Enterprise Register processes the documents for share capital denomination free of charge. After 30 June 2016, companies will have to pay state duties for registration of the share capital denomination.
After 30 June 2016, state fee and price for publication in “Latvijas Vēstnesis” will be as follows:
- SIA – EUR 51.94;
- AS – EUR 37.71;
- cooperative society – EUR 30.59.
The documents for share capital registration need to be approved by a sworn notary, officer of Commercial Register, or secure electronic signature that contains a timestamp.
lease make sure that your company has submitted to Enterprise Register document called in Latvian "dalībnieku reģistra nodalījums" and it complies with the Commercial Law3. If it does not, we recommend preparing it according to the aforementioned requirements and submitting it to the Commercial Register, together with application for the capital denomination to euro.
We would recommend preparing and submitting all necessary documentsuntil 30 June 2016, and we offer you the opportunity to save your time and delegate us the preparation of all necessary documents.
Prices:
| Task | Preparation of documents,EUR + VAT | Preparation of documents andsubmission to Commercial register,EUR + VAT |
|---|---|---|
| SIA needs to submit only documents for share capital denomination to euro | 40 | 70 |
| SIA needs to submit shareholders’ register section and documents for share capital | 60 | 90* |
* *Additional notary services need to be paid.
1 Clauses 38 and 40 of Transitional rules of the Commercial.
2 Clauses 52 and 53 of Transitional rules of the Commercial Law.
3 Clause 187, paragraph 5 of the Commercial Law.
Related Articles: Share capital denomination, 03.06.2015.