Company formation and accounting in Latvia
As a limited liability company (Ltd or SIA in Latvian) is the most common form of registration in the Republic of Latvia, I will review the process of establishment and registration of the Ltd.

The process depends on whether you will arrive to Latvia or not.

Preparation of information and writing documents.

The first step - preparation of the necessary information. For example, you must choose the name (firm) of company. Also must choose a legal address and decide about the amount of an equity capital (authorized capital).

The next step is to send (and receive) information necessary for registration.
When a company registration lawyer receives necessary information, the lawyer draws up necessary documents and sends the documents by email.

Signing the documents.

The next step is signing the documents.
A signature on some of the documents (for example, on the application of approved form) must be certified by a sworn notary.

If you arrive to Latvia, then it's simple. Arrange for meeting to a notary. At the appointed time, having a passport, will arrive to a notary and sign the documents.

If you sign the documents outside of Latvia, then it may be reasonable to contact the Embassy of the Republic of Latvia and get to know if a consular officer certifies authenticity of the signature on the documents.

If the consular officer would not certify the authenticity of the signature, then you must certify the signature before a public notary. In this case, the document in a foreign (for Latvia) language need to translate into the Latvian language and the translation must certify before a sworn notary in Latvia.

With some countries Latvia has concluded the agreement on a joint legal aid (with Belarus, Estonia, Lithuania, Kyrgyzstan, Russia, Moldova, Poland, Ukraine and Uzbekistan). Also, the Republic of Latvia has joined to the Convention Abolishing the Legalization of Documents Between the Member States of the European Communities.

If you certify the signature before a public notary in above mentioned countries, then the document is recognized in Latvia (has legal force in Latvia), without additional legal formalities.

If you certify the signature in the country that has joined to the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents, then the authenticity of the document must be certified with (sticker) Apostille.

In other cases, to recognize a document in Latvia (to register a company with the Register of Enterprises of the Republic of Latvia) legalization of the document is required.

When all documents are signed and examined, you can send the documents to Latvia to submit them to the Register of Enterprises.

Activities in Latvia. Submission of documents to the Register of Enterprises and receiving registered documents.

If founders of a company are natural (not legal) persons and other conditions are met, then you can register the Limited Liability Company (Ltd) with a share capital less than 2800 euro.

In this case there is no obligation to deposit the amount of capital in a temporary bank account.

If the share capital is 2800 euro and more, then in most cases need to open a temporary bank account, and deposit the necessary amount of the share capital.

Before submitting the documents to the Register of Enterprises you must also pay a state duty and the payment for publication in the newspaper Latvijas Vēstnesis.

Any person can submit documents to the Register of Enterprises. But to receive registered documents need special authorization.

The formation documents after registration can be sent to your postal address. If you plan to open a bank account outside Latvia, you should need to get to know the bank requirements regarding documents (a bank may require Apostille).

More information related with company formation you can read here.

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