September 2, 2010, 4:17 pm
The Enterprise Register of the Republic of Latvia (the Latvian Trade Register) is a state institution that regulates the entrance of new enterprises, or business companies, and also controls existing companies, holding information about headquarters, registered offices, managing members and shareholders.
The Latvian Trade Registry is managed by the Chief State Notary who is nominated and removed upon recommendation of the Minister of Justice, by the Cabinet of Ministers. The structure of the Enterprise is divided into administration and departments. The main activity of the register develops in Riga Region, having 8 regional divisions in Jekabpils, Rezekne, Saldus, Liepaja, Valmiera, Ventspils, Daugavpils and Bauska.
The process of registering new companies in Latvia is carried out under the procedures prescribed by the Chief State Notary of the Latvian Company Registrar, the Deputy Chief State Notaries and the State Notaries. The State Notaries report directly to the Chief State Notary and the operations of the Enterprise Register is regulated by the Law on the Enterprise Register of the Republic of Latvia.
The principal activity of the Register of Enterprises of the Republic of Latvia is registration of new business companies. Also the institution is in charge of holding databases of information about registered companies, which are divided in many categories: merchants, sole proprietorships, peasants' and fishers' farms, cooperative enterprises, societies, agencies that cannot engage in commercial activities, trade unions, political organizations, commercial pledges, European business companies, European economical interest groups and more.
The Company Registrar in Latvia exercises state control over compliance of foundation and operation documents of the registered entities and provides information about them, being obliged under law to issue authenticated copies of documents.
Other functions of the Latvian Register of Enterprises refer to corresponding with government authorities, summarizing data provided about enterprises and forward it for publication, evaluating capital of joint-stock companies and property investment and performing activities of liquidation in case of insolvency of companies.
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