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If you
don’t want to input money in fixed capital of Limited liability company,
according to legislation of Republic of Latvia there is possibility to
establish a LLC anyway.
To
register LLC with only 1,- Ls you have to execute just two conditions:
1. To
establish a LLC in Latvia founder have to pay up at least half (50%) of
provided fixed capital. Remainder part must be paid up during one year from
the day when new company is registered in state register of enterprises.
2. Fixed
capital could be paid up with money as well as property input. If input in
fixed capital of Company is paid up with property it is necessary to perform
evaluation of that property. Evaluation made by founder is allowed by law if
property input doesn’t exceed 50% of provided fixed capital and if input in
fixed capital is not more than 4000,- Ls.
Possibilities:
Subscribed capital of new LLC is 2000,- Ls. According to Commercial law
property input in fixed capital will be 999,- Ls and in temporary bank
account will be paid 1,- Ls, in total it is 1000,- Ls of 50% of subscribed
capital. Remainder 50% will be paid up during the year from the day of
registering LLC in state register of enterprises.
According
to Commercial law in such kind it is possible to establish a company with
fixed capital not more than 8000,- Ls (~15870,-
USD). That means 3999,- Ls is paid up by property and 1,- Ls
is paid up with money. Remainder part 4000,- Ls must be paid up during one
year.
This
offer is absolutely legal and it is based on existing legal regulations of
Commercial law of Republic of Latvia:
Commercial law of Republic of Latvia section 146 part 2nd:
(2) The
equity capital of a limited liability company shall be 50 per cent paid-up
by the submission of the application for registration. The remaining part
shall be paid within a period of one year from the day when the company is
recorded in the Commercial Register.
Commercial law of Republic of Latvia section 147 part 2nd:
(2) The
founders shall open a bank account in the name of the company to be founded,
organize the deposit of money into it and receive a notice from the bank,
addressed to the Commercial Register Office, which confirms the amount of
equity capital paid-up to founding
Commercial law of Republic of Latvia section 148:
If, when founding a company, the equity capital or part
of it is paid-up by a property contribution, the founders shall organize its
valuation in accordance with the provisions of Section 154 of this Law.
Commercial law of Republic of Latvia section 151 part 1st:
(1)
Equity capital shall be paid-up with money or property contributions.
Commercial law of Republic of Latvia section 153 part 1st:
(1) Items
of property contributions may be tangible or intangible property valued in
terms of money, which may be utilized in the commercial activities of a
company, except for property which in accordance with law may not be the
subject of collection.
Commercial law of Republic of Latvia section 154 part 2nd:
(2) If,
when founding a limited liability company, the total value of property
contributions does not exceed 4000,- Ls, and the property contributions
together are less than one-half of the equity capital of the company, the
valuation of the property contributions and the submission of an opinion may
be made by the founders, but in the case when the equity capital is being
increased – by the shareholders. In this case, all the founders or
shareholders shall sign the opinion.
If you
need legal or accounting services or consultations, please feel free to
contact us:
Tel. (371) 29
112 333 (EN, LV, RU)
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