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21 November
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New changes in the Immigration Law of Latvia
On March 2, 2017 the new amendments to the Immigration Law of Latvia (hereinafter referred to as  - the Law) came into effect, according to which several new grounds for obtaining a temporary residence permit in Latvia (hereinafter referred to  as –TRP), as well as the conditions for obtaining a TRP on the basis of registration of a representative of a foreign merchant.
Registration of refugee or alternative status obtaining, determination of protection from deportation (extradition)
Law office INLAT PLUS offers the following services in the field of obtaining a refugee or alternative status:
Член Торгово-промышленной палаты Латвии Latvijas Tirdzniecības un Rūpniecības Kameras biedrs Member of the Latvian Chamber of Commerce and Industry

About Us

Since its foundation in 1996 the law office “INLAT PLUS” has been one of the most active and leading companies providing legal service in Latvia. The variety of the qualified legal services provided by the company will meet the most demanding requirements of its clients (legal and physical persons).

Contact information

Address of the office:
E-mail:
Brivibas 40-15, LV-1050, Riga, Latvia ip@inlatplus.lv
Phone:
Fax:
(+371) 67505970
(+371) 26403577
(+371) 67505978

Euro changeover in Latvia requires changes in the company documents

06.01.2014
Law firm INLAT PLUS draws your attention to the fact that due to the changeover to the euro in Latvia from January 1, 2014 it is necessary to make changes in the articles of association of existing companies and show equity capital in euro. It’s a mandatory procedure for all companies. Limited liability companies and joint stock companies must submit amendments to the Register of Enterprises till June 30, 2016.
 
On January 1, 2014 amendments to the Commercial Law came into force, according to them the existing equity capitals in lats shall be replaced by sums in euros. The minimum capital requirement from now is as follows:
 
before January 1, 2014
after January 1, 2014
Limited liability company (SIA)
2000 LVL
2800 EUR
Limited liability company with an equity capital less than 2000 LVL
1 LVL
1 EUR
Joint-stock company (AS)
25 000 LVL
35 000 EUR
 
For limited liability companies nominal value of the shares shall now be expressed in whole euros. As to joint-stock companies, the nominal value of the shares now should not be less than 10 cents and it must be divisible by 10 cents.
 
Capital company whose share capital and nominal value of the shares denominated in lats will have to make the changeover to the euro in the period between January 1, 2014 to June 30, 2016 . If within this period the company does not change the equity capital into euro it will mean that the statutory documents of this company breach the law, therefore the Register of Enterprises would be entitled to file a lawsuit to terminate the activity of this particular company.
 
Denomination of the shares into euros is connected with making changes in the company's articles of association. Since implementing the changes to the articles of association is an exclusive competence of the founders (shareholders) of the company the decision to switch to the euro shall be made by the meeting of members (shareholders) - Register of Enterprises itself will not automatically convert the equity capital into euros.
 
Please bear in mind that amendments to the Commercial Law establish a basic principle of the denomination of the equity capital, and namely - to minimize changes in the equity capital of the company. It means that as a result of the denomination in euro equity capital must be expressed in euro as close as possible to the previous size of the equity capital in lats. Equity capital as a result of the denomination shall not decrease by more than 1.6%.

Limited liability companies need to make changes not only in the articles of association but also in the register of shareholders since it also contains information about the nominal value of shares and the number of shares held by each shareholder.
 
We are ready to help you prepare all necessary documents to be submitted the Register of Enterprises as well as provide consultations regarding the changeover to the euro. Do not wait for the end of the deadline since there might arise certain difficulties in the process of reregistration.
/ Karina Katz, head of the international department of the law firm INLAT PLUS /