Starting from 01.07.2020 all branches and representative offices of foreign companies must file information on their beneficial owner with the Latvian Commercial Register. If a foreign company has not registered a branch or a representative office at the Latvian Commercial Register but has registered as a taxpayer with the State Revenue Service (SRS) for carrying out business in Latvia, then information on the ultimate beneficial owner will have to be filed with the SRS.
By law, a beneficial owner is a natural person who owns more than 25% of the shares or voting rights in a legal entity through direct or indirect shareholding or who controls them directly or indirectly. Along with the notification on the beneficial owner, you will also have to submit documents (extracts from the commercial registers of foreign countries or other documents of public credibility) supporting the chain of control up until the beneficial owner.
Please make sure that your company operating in Latvia has given information on its beneficial owners and is organising the supporting documents to be able to file the information and documents with the Latvian Commercial Register or the SRS (if applicable) on beneficial owners starting from 01.07.2020 and up until the deadline of 01.01.2021. The Commercial Register or the SRS will be entitled to exclude the company from their register for failure to supply information and supporting documents on beneficial owners before 01.01.2021.
