Under the Latvian Enterprise Register’s new service for registering a limited liability company (LLC in English, SIA in Latvian) and a low-capital LLC, the system automatically prepares the necessary documents.
Bearing in mind that in 2024 nearly 80% of newly registered companies were low-capital LLCs and LLCs with a single founder, this tool is expected to prove useful to many aspiring entrepreneurs, because it saves time and significantly simplifies the registration process.
“My mission as Minister for Justice is to create a convenient and reliable legal environment for entrepreneurs – with fewer bureaucratic obstacles and more opportunities. With digital solutions and modern legislative changes, we are not only making it easier to start a business but also build a country where innovation is supported in practice. Latvia has talent and it is the state’s obligation to ensure that it can grow freely. That’s why I encourage every Latvian entrepreneur to believe in their idea and register their business – it’s simple, fast, and convenient,” said Minister for Justice Inese Lībiņa-Egnere.
It should be noted that Lībiņa-Egnere specified “every Latvian entrepreneur” in the quotation above. Foreigners wishing to register a copany in Latvia, particularly those without Latvian language skills, are likely to take considerably more than five minutes to form a company.
Under the new service, the system will automatically prepare all the requisite documents for LLC registration based on the data entered by the client: the application, decision on establishment, articles of association, and the shareholder register section.
To commence registration, clients must log in at https://registrs.ur.gov.lv/. Then, they must choose the service marked “with system-prepared documents.”
Next, they must enter the required information in the data fields. Once the system generates the documents, in the next step clients can verify that the information has been entered correctly.
To complete the registration, the client must sign the documents within the e-service and pay the state fee. This service is a suitable option in cases where a single individual is the founder, board member, and beneficial owner of the LLC or low-capital LLC and will be signing all founding documents.
“Less time on paperwork, more time on ideas – this new registration service eases the path to business, allowing entrepreneurs to focus on doing business. Now, preparing documents for a new LLC registration takes up to five minutes,” said the Enterprise Register’s Chief State Notary Laima Letiņa.
The Enterprise Register plans to continue improving other services – including registration of changes, submission of liquidation applications, and introducing the option to submit documents in both Latvian and English simultaneously, to ensure a faster and more convenient service for clients, though these measures have yet to be introduced.
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