A representative office of a foreign country must be registered as an independent entity within the country. However, it may not conduct business activities as its parent company. This means that the RO is just an office in a foreign country that can serve as an entry point into the foreign market for the parent company. It requires one or more individuals to represent the office. After establishing an office, organization, or company, the need to make certain changes might arise. In the event of changing the beneficiaries of the company, the office should apply for registration of such information regarding the beneficial owner, or the changes made within 2 weeks from the day the decision was made.
If you are a company owner with a foreign representative office looking to change a beneficial owner or make changes to information regarding it, or you are just interested in learning about how changes like this work, here is a guide that tells you everything important you need to know about changing beneficial owners of a RO and the process of doing it.
Steps to changing beneficial owners of a foreign RO
An applicant will have to apply for changes in the composition of the board with the Enterprise Register to do this. It takes one to fifteen days to process the application and issue a certificate of registration. The cost of the process varies depending on the timeline of registration the applicant desires. For the process to be fast and easy, every required document must be duly signed and accurate before submission.
There are three steps involved in the changing of information of beneficial owners. Registering a change of beneficial owner follows the listed steps:
- Complete the application form
- Pay the state fee
- Submit required documents
Completing the registration form
To register the change, an applicant has to obtain the application form PLG from the Register and after filling it, the form has to be signed by all members of the board, proving their consent to the change. The form shall include details about the change and the revised information on the beneficial owner. It must be submitted no more than 14 days after the decision is made. Should the Register require a justification for the change, one must be provided during the process.
Paying the state fee
For all registration purposes in the republic, a state fee is always paid. The fee must be paid to the Treasury account at least two days before the submission of the application. The payment can be made in person, via a card, or by wire transfer in case of international payment. Once the Register confirms the payment, the application is processed, and a certificate is issued. The state fee varies depending on the timeline of registration. For registration within 15 days, the fee is EUR 14,23 payable to the account with the following details:
Valsts kase
Reģ. Nr. 90000050138
Valsts Kase, Konts: LV84TREL1060190913200
For registration within 4 working days, the fee is EUR 28,43 to be paid to the same account. While for registration within a day, an applicant must pay EUR 42,69 to the same account. When an applicant applies via the e-service submission method accessible on the website, such a person receives a 10% discount on the state fee.
Submitting the required documents
To finalize the process of registering a change, certain documents must be presented with the application form. The documents must satisfy the requirements of the Register. They can be sent electronically or by post. If they are to be submitted by a trusted person, then a notary mandate must accompany the such submission. The documents to be submitted are:
- Form for notification of the beneficial owner PLG (Duly filled and signed)
- A receipt or a copy of the payment of the state fee
You can also find these articles helpful
Changes in the council of a Stock Company in Latvia
Latvian Limited Liability Company cross-border merger
Latvian Limited Liability Company moving a company address to another country
