Text consolidated by Valsts valodas centrs (State Language Centre) with amending laws of

Section 12. Public Access to the Commercial Register

(1) Entries in the Commercial Register shall be in effect as to third parties from the date of their publication. This provision shall not apply to legal activities, which are performed within 15 days following the promulgation of the entry, insofar as the third party can prove that he or she did not know or could not have known the relevant information.

(2) If the information to be entered in the Commercial Register has not been entered or has been entered but not promulgated, the person in whose interests such information should have been entered cannot use it against a third party, except in the case when the third party knew the referred to information.

(3) If the information to be entered in the Commercial Register has been entered or has been promulgated incorrectly, a third party, in relation to the person in whose interests such information should have been entered, may refer to the promulgated information, except in the case when the third party knew that the promulgated information does not correspond to the actual legal status or the information entered in the Commercial Register.

(4) If a merchant is sent information, documents or other correspondence to their legal address as entered in the Commercial Register, it shall be deemed that the merchant has received such documents, information or other correspondence, if the sender proves documentarily that such sending was performed.

[14 February 2002]

Section 13. Registration Certificate

(1) After entering of the merchant in the Commercial Register and receipt of a merchant’s request in writing, the Commercial Register Office shall issue a registration certificate thereto, which is signed and certified with a seal by an official of the Commercial Register Office.

(2) The registration certificate shall indicate the merchant’s:

1) firm name;

2) type;

3) registration number;

4) place of registration;

5) date of registration.

(3) After entering of the merchant’s branch in the Commercial Register and receipt of the merchant’s branch request in writing, the Commercial Register Office shall issue a registration certificate thereto. The following information regarding branch shall be indicated in the registration certificate:

1) firm name;

2) registration number of the merchant (except a foreign merchant);

3) registration number;

4) place of registration;

5) date of registration.

1) an application of an individual merchant;

2) an application of a liquidator of a commercial company;

3) an application of an administrator in a matter of insolvency proceedings;

4) an application of a commercial company to make an entry of re-organisation; or

5) a court adjudication.

(2) A charge for a service laid down in the pricelist of paid services of the Commercial Register Office shall be paid for extract from the Commercial Register and for copy of the extract of the document existing in the Commercial Register file, as well as for the issuance of statement, for issuance of the registration certificate of the merchant, for sending of notice regarding received applications, for certification of the signature carried out by an official of the Commercial Register Office, as well as for other services provided by the Commercial Register Office.

Section 16. Term for Submission of Information

Information, upon which basis new entries are to be made, as well as the documents specified by law to be submitted, shall be submitted to the Commercial Register Office within 14 days from the day when the relevant decision was taken if it has not been otherwise specified in this Law.

1) the firm name of the merchant;

2) the registration number of the merchant at the Commercial Register;

3) the legal address of the merchant;

4) in relevant cases – information regarding whether the merchant is in the process of liquidation or insolvency.

(2) If the merchant has opened a branch, then the following shall be included in its documents in printed form or in electronic form, in addition to the information referred to in Paragraph one of this Section:

1) the firm name of the branch if it differs from the firm name of the merchant;

2) the registration number of the branch with the Commercial Register;

3) the legal address of the branch.

(3) If the size of the equity capital is referred to in the particulars of a capital company, the size of the paid-up equity capital shall also be indicated.

(2) A shareholder who holds equity capital shares or stock (hereinafter – shares) on his or her behalf, however, acquiring at least 25 per cent of the capital company shares for the benefit of another person, has a duty to notify the capital company thereof within 14 days, indicating the person, for whose benefit such shares are held.

(3) A shareholder which is not a natural person and the participation of which in the capital company is at least 25 per cent, and which has not been established in accordance with the laws of European Union Member States, has a duty, within 14 days, to submit a notification to the capital company on the persons who are deemed the founders of such shareholder, shareholders or on persons equivalent to these statuses, which at the time of submitting the notification benefit from existence of such shareholder.

(4) The notification referred to in Paragraphs two and three of this Section shall be submitted to the capital company in accordance with the procedures specified in Section 6 of the Group of Communities Law.

(5) In determining the number of shares belonging to a shareholder in accordance with this Section, the provisions of Section 3 of the Group of Communities Law on determination of the decisive influence on the basis of participation shall be taken into account.

(6) A shareholder shall, in the cases referred to in Paragraphs two and three of this Section, indicate the person who, in accordance with Section 1, Clause 5, Sub-clause “a” or “b” of the Law On the Prevention of Money Laundering and Terrorism Financing, is deemed the beneficial owner of a capital company, and the data allowing unequivocal identification of such person, appending documentary evidence to the notification.

(7) If a shareholder, due to objective reasons, is not able to establish the person who, in accordance with Section 1, Clause 5, Sub-clause “a” or “b” of the Law On the Prevention of Money Laundering and Terrorism Financing, is deemed the beneficial owner of a capital company, or is not able to acquire individual data regarding the referred to person or, according to the provisions of the Law On the Prevention of Money Laundering and Terrorism Financing, there is no such person, the shareholder shall indicate the reasons in the notification referred to in Paragraphs two and three of this Section, due to which information regarding the beneficial owners of the capital company is not provided.

(8) A capital company shall, within 14 days from the day of receipt of the notification referred to in Paragraphs two and three of this Section, submit it to the Commercial Register Office.

(9) The provisions of this Section shall also be applicable to members of a partnership.

(10) Law enforcement authorities and control authorities in the field of tax administration, public procurement or also public-private partnership are entitled to get acquainted with the information regarding beneficial owners of a partnership and a capital company.

Division III