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Simplified amendment registration procedure for the single-shareholder SIA

Simplified amen ment registration

On 31st of March 2015 the Cabinet of Ministers of the Republic of Latvia has adopted the amendments to the Commercial Law, which are aimed to a substantial simplification of the following amendment registration with the Enterprise Register for the single-shareholder company: the submission of the current register of shareholders and conversion of the share capital into euro.

The adoption of the aforementioned amendments to the Commercial Law has abolished the mandatory requirement of filing the current register of shareholders to the Enterprise Register before 30th of June 2015 for the single-shareholder companies. Such companies are allowed to file the register at any time. However, they are obliged to do so in case of any substantial amendments such as transferring shares and changing share capital amount.

The amendments have influenced the procedure of denomination of the share capital as well. Share capital of the single-shareholder companies will be automatically converted into euro by the Enterprise Register of Latvia if a company does not submit its application for the conversion before the deadline set by the government – 30th of June 2016.

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