Maybe you have heard the term "company establishment" or you are wondering what It is. When doing business, you will have to know what this and many more terms mean and how they impact your business, so you know popular business terms and keep up going confident with what are you doing.
Company establishment is simply a process aimed to open a company and run the business under a firm or legal entity. It includes incorporation documents, drafting, opening a bank account, registration with state authorities and the appointment of officials.
Company establishment in Latvia
If during company establishment it is registered with the Registry of Enterprises of the Republic of Latvia, The Latvian Law recognizes the company.
Apart from setting up a company and drafting incorporation documents, it is mandatory to register your business activity. Also, depending on the commercial activity it might be required to apply for VAT status, obtaining licence, registration in other state activities.
The Register of Enterprises of Latvia represents an administrative institution that registers enterprises merchants, their representative offices, and subsidiaries within the territory of the Republic of Latvia, as well as all amendments to the basic documents of their activity and takes other actions envisaged by legislative acts. The RE also registers mass media, public organizations, commercial pledges, decisive influences, marriage contracts, public and private partnership agreements, religious organisations, political parties, trade unions, arbitrages and processes of insolvency.
What is Register of Enterprises in Latvia?
The Register of Enterprises is a direct administration institution operating under supervision of the Minister of Justice. The work of the Register of Enterprises is governed by the Law On the Register of Enterprises of the Republic of Latvia, bylaws of the Register of Enterprises approved by the Cabinet of Ministers and other laws and regulations.
The mission of the Register of Enterprises is to register entities referred to in the said Law in order to establish their legal status and ensure the authenticity and reliability of the information referred to in-laws and regulations, as well as to ensure the availability of this information which is done by notaries public of the Register of Enterprises.
