Starting an organization in the country is easy. It simply must be registered with the Commercial Register via the submission of an application form. An existing organization can decide to reorganize or make changes to itself. As per the law, this change must be reflected in the register, thus an application should be filed no less than 14 days after the meeting when the decision was made. Beneficial owners are otherwise known as the founding members of a foundation. In the case of a change in beneficial owners, it takes 1 week to process the application. A change in this essence does not mean an update to the names of the registered owners rather; it implies the adding or removing of an owner registered in the register of associations and foundations. The registration costs around EUR 5,69 to process.
For a foundation interested in changing its beneficial owners or a board considering changing the information of registered beneficial owners, this guide provides you with comprehensive information on changing beneficial owners already registered with the Enterprise Register and the steps to doing it.
Steps to changing beneficial owners of a foundation
It takes three easy steps to change this change. To amend the information of true beneficiaries in the register of associations and foundations, follow the steps below:
- Obtain the Application form B3
- Pay the state fees
- Submit the form and the documents requested
Obtain the application form
The application form can be obtained from the Enterprise Register and then filled out by the applicant. After the meeting has been called to order, the board members must sign the form. The form needs to include essential information regarding the change, as well as data regarding the new beneficial owners (if any). Following the submission of the application, the Register may ask for a documented rationale in addition to a document that substantiates the core of the material that is going to be altered. The paperwork is to be submitted no later than two weeks after the board members have convened for the decision-making meeting.
Paying the state fee
This fee is payable to the Treasury account two days before the submission of the form and all necessary documents requested. Make this payment at any bank situated within the territory. An applicant can pay in person, via a debit card, or via wire transfer for the international payment. When the Register verifies the payment made, the application is processed, and the change is entered. The fee for this application is 5,69 EUR and is usually paid to the Treasury account of the state with the following details: Valsts kase, Reģ. Nr. 90000050138, Valsts Kase, Konts: LV84TREL1060190913200.
Applicants who choose to apply via the e-service submission option provided on the website will be given a 10 percent discount on the fee.
Submit the form and documents requested
The final step is to submit the filled form and the documents requested to process the application and enter the change. These documents must be provided by an applicant and may be sent electronically or via post. They must be duly signed and if they are submitted by an entrusted person, a notary mandate must accompany the submission. The requested documents are:
- Agreement of nominated members of the board to be members
- A receipt or a copy, or proof of payment of the state fee
- Application form for registering the information of the new owner
If the registration in the register of associations and foundations is simply an update of information on beneficiaries such as a change of name, then the process is free and there is no need to pay the state fee.
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