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Formation of Limited Liability
Company (LLC)
Limited
Liability Company (LLC) is most popular form of entrepreneurship in Latvia.
Minimum share capital is 2000,- Ls (approximately
3970,-
USD).
Status
and liabilities of LLC
Capital
Company is Commerce Company which fixed capital consists of sum of nominal
value parts of fixed capital. Limited Liability Company is legal person.
Company for it its liabilities is responsible with property that it belongs.
Company founders (shareholders) are not responsible for liabilities of
Company if only there is special agreement between shareholders. Company is
not responsible for liabilities of shareholders.
Registration of Limited Liability Company
There
could be one as well as several founders of LLC and founders can be both
individual and legal persons. Minimum fixed capital is 2000,- Ls
(approximately
3970,0- USD). Establishing company it is necessary to pay at
least half of provided fixed capital. Fixed capital could be paid with money
or property input.
Management body of LLC is board of directors, if necessary founder can form
a council. Board of directors of Limited Liability Company consists of one
or several board members.
It takes
just one day to register a sole owner LLC in state register of enterprises.
If there are several founders, register of LLC takes 4 days.
Procedure of formation Limited Liability Company
Establishing LLC founder or founders do all necessary operations to prepare
required documents for register of enterprises:
-
resolution of foundation or constituent act;
-
articles of association (statutes);
-
setting up management body of LLC (board of directors and council if
need);
-
fixed capital must be paid up;
-
if necessary, must be made evaluation of property and input in fixed
capital;
-
appoint of auditor if provided;
-
application to state register of enterprises to register a company in
commercial register;
-
payment for publication in official newspaper and for state tax.
To
prepare all necessary documents and to register a company in commercial
register we need following information:
-
company name (name which will be used in business);
-
legal address of new LLC;
-
information about founders, board members and council (if provided);
-
fixed capital – provided size of fixed capital, payment type and
order.
To register LLC it is necessary:
-
arrange all required information and prepare documents for submitting
them in state register of enterprises;
-
signing documents (also need confirmation of signature at notary);
-
opening temporary bank account, in which is paid up fixed capital (if
it is provided to pay up fixed capital with money);
-
making of required payments.
Your expenses to register Limited Liability Company:
-
state tax for registering LLC – 100,- Ls;
-
payment for publication in official newspaper “Latvijas vēstnesis” –
24,- Ls;
-
payment to notary – as from 6,- Ls (price depends on notary rates);
-
payment of bank commissions – according to pricelist of bank;
-
service fee – 30,- Ls
Total costs relating to registration
of
LLC is approximately
165,- Ls.
P.s. Costs can be changed if non-standard situation.
If you
need legal or accounting services or consultations, please feel free to
contact us:
Tel.
(371) 29
112 333 (EN, LV, RU)
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