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Recent updates released by Company registry of Latvia

2014 April

Reform of arbitration

Arbitration system in Latvia goes under changes. On 2014 January in Latvia were more than 200 permanent arbitration courts. Nevertheless arbitration enjoy preferences such as simplified procedures, quick and fast process, confidentiality, finality, cost effective. In Latvia arbitration do not function in it's best way and not always arbitration helps to reach the planned goal.

Now new regulation impose more requirements that must be met. Higher qualification for arbitrator, good reputation, appropriate education and experience.
After discussion in media regarding fairness of judgements and recognition of arbitration rulings, additional powers granted to controlling authority over arbitration judgements. Reform aim to increase reliability and trust over arbitration.

Clearly set arbitration principles as governing rule

Equal rights of both parties, competition principle, rights to choose arbitration procedure, judge objectiveness, confidentiality and legality.
In order to meet new requirements Arbitrations had to submit documents approving conformity with new regulations. Currently 123 arbitrations qualify to provide alternative dispute resolution services.

In case parties agreed on arbitration that currently is not capable to resolve dispute, parties may agree on other arbitration.

Advice on radio

Starting from October 2014, starts new broadcast Business radio. Business radio aim to explain the practice and provides answers on frequently asked questions. Also provides details how to open company, how to appoint or dismiss company board, explain difference between small capital company and regular company, also give advice how to record changes in share capital and Articles of association.

Radio aimed for small business consultations. However, can be useful also for running business. Questions can be sent by e-mail or by social networks Twitter, Facebook, etc. Broadcast on air every working day.

Online system and application forms at company registry

Frequently clients ask if online service is possible at Company registry. In order to facilitate and fasten process, Company registry introduce new system based on template forms.
Apparently the content has not been changed. New forms will help to scan and administer records in electronic system.

Company register accept virtually signed documents by e-signature (e-paraksts). Documents signed with the secure electronic signature are of equal legal power with printed and signed paper documents. Secure electronic signature contains signature, identity code and date.

There are currently three types of secure electronic signature services available in Latvia: the virtual eSignature (electronic signature), smart card eSignature, and the eID card (identity card-integrated eSignature).

Things you should know:

E-signature available only for people with Latvian ID number. Namely Latvian citizens, non-citizens, residents registered at Migration office, people with residence permit in Latvia.
Others must visit notary and verify signature at notary office. Signature verification means that person must sign document before public notary and notary check identity document and approve that person signed personally.

Public notary accept passport and ID card. Driving licence not acceptable.

In order to approve signature, public notary require to provide translation. Translator can be anyone who speak Latvian and language that client understand. Usually it's English or Russian.

New system will help to administer the system. Though online system available only for local people with Latvian ID code. Also templates available only in local language. Considering growing impact of international business, our law office incorporate also text in English. Thus client is able to read documents that he sign.

Company registry is state authority that maintain company records. Changes in company must be approved by state authority, otherwise they have no validity. Company records help to ensure security and reliability of business partners, company status, as well as show who is director and shareholder of the company. If company has no records, it is considered that company does not exist.

Categories: -Business -Company formation -Latvia


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