How to register your business?

First, you must choose the type of company you wish to establish.

• akciju sabiedrība (AS) – Joint Stock Company
• sabiedrība ar ierobežotu atbildību (SIA) – limited liability company
• pilnsabiedrība – general partnership
• komandītsabiedrība – limited partnership
• kooperatīvā sabiedrība – a cooperative society
• individuālais (ģimenes) uzņēmums – an individual (family) company
• zemnieka vai zvejnieka saimniecība – a farmer or fisherman's farm.

When you are establishing a new company, you should create a name for it. The name must be unique and specific to help create a company's profile and distinguish it from other companies. More information you can find here.

When presenting the company's registered office, it should be noted that this particular address will be used for future official communications. Find out the requirements for registration on the website of the Register of Enterprises of the Republic of Latvia

Read more here.

In case of a single founder, the resolution on establishment will suffice. If there are two or more founders, they must enter into an establishment agreement. The resolution on establishment shall be signed by the founder, whereas the establishment agreement is signed by all founders. 

The Charter outlines the core principles underlying the operational activities of the company. They shall be signed by the company’s founder or all founders. 

You need a temporary account to be able to register your company in the Register of Enterprises. The temporary account is for paying the share capital and registering the company.
Apply for a temporary account

Fixed capital means monetary funds or cash equivalent of other assets that are invested in the company to commence and continue its operations.  

The shareholders’ register section represents a document that lists all shareholders and shares owned by each shareholder. It is signed by the chairman of the Management Board or the member of the Board of Directors acting by virtue of the power of authority signed by all members of the Board of Directors. 

The application form KR4 should be signed by all founders, or the application is signed by any other person authorised by the founders subject to submission of notarised power of attorney. 

If the company simultaneously with its registration wants to acquire the micro company’s taxpayer status, it can apply for it by indicating the fact in Section 8 of the application form KR4 or by submitting an application to acquire such status. 

Where submitting paper-based documents, the signature must be attested on the following documents: application forms KR4, the shareholders’ register section, consent of the Management Board member to fill the position (where not included in the application). 

The state duty must be paid prior to submission of registration application. Registration is only made after the Register of Enterprises has ascertained crediting of the state duty on the State Treasury account.

Application and appendices thereto can be submitted by the founder or any other person authorised by the founders by using:

• Regional office of the Register of Enterprises
• E-service
• E-mail to submit an electronically signed document
• Mail

Where the company wants to apply for the value added tax-payer’s status, simultaneously with the application to be entered in the Commercial Register it may submit the application on registration with the VAT-payers’ register. 

Congratulations, you are a company owner!

Whatever happens, we’re here by your side. Now you can open a Luminor business account via video call.

More detailed information you can get here