In the past, a fee had to be paid for the publication called “Latvijas Vēstnesis”, known as a government publication. However, with the regulation made, company registry customers will not have to pay such a fee anymore. The regulation will become effective as of January 1st, 2021. The change in fee is related to the announcement of new registrations in the four registries: company registry, trade registry, political party registry, and co-ownership registry. In the rest of our article, you can find details on the issues mentioned here.
Official Publications for Company Registry Customers Are Free Now
In the past, after the business registry was completed, the registered information had to be published in the government publication “Latvijas Vēstnesis”. This is still a mandatory practice. However, in the past, company registry customers had to make two different payments for this. These payments are now abolished. From now on, the company registry customers will not make any payments.[1]
When the changes in the regulation are examined, it will be seen that the below parties will no longer pay for publications in the Latvian official gazette;
- >>> Political party leaders,
- >>> Antenuptial Marriage contract parties
- >>> Entrepreneurs
There are important things to know in this registration process. The changes here do not affect the registration of information in other registers as their publication doesn’t have to be published in the Latvian official gazette. Therefore, there is no change in the fee procedure for such publications.
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Who Will Benefit From the Change in the Official Publication Fee?
Following the legislative amendment[2], publications in the Latvian official gazette have become free for company registry customers. However, the change here is related to the company registry, trade registry, co-ownership registry, and political party registry. Therefore, it covers a larger area than it is thought.
As a result of this change, those who will not have to pay for the official publication can be listed as follows:
- >>> Joint-stock companies, limited liability companies, sole proprietorships, general partnerships, limited partnerships, foreign merchant branches, Latvian merchant branches, and European commercial companies registered in the trade registry.
- >>> Cooperative communities, fishing and regular farms, European cooperative associations, and sole proprietorships registered in the company registry.
- >>> Political parties and political party associations registered in the political party registry.
- >>> Information on the marriage property regime registered in the marriage property registry.
It can be said that the above fields will not make a payment as a result of the change made. The Latvian company registry can be defined as a government institution that has 14 public registers covering information about all legal entities in the country (non-governmental organizations, companies, and public institutions) and various legal processes (business commitments, marriage, and bankruptcy contracts). The information here can be accessed free of charge on the Official Website of the Company Registry.
Read This Complete Guide: Company Registration in Latvia
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Igors Krumins continues his activities as a commercial and international lawyer within the body of “Jurmala Invest”. He has more than 10 years of experience, especially in the investment sector, and has provided consultancy services to numerous companies with his legal expertise. He successfully completed his undergraduate studies at Baltic International Academy and graduate studies at Latvijas Universitate. Apart from his native Latvian language, he can also speak Russian and English fluently.
