Associations are formed by a group of persons or entities with similar goals known as beneficial owners or true beneficiaries. To establish an association in the country, it must be registered in the Enterprise Register by filling out an application form with the authority in charge of the Commercial Register. While existing and carrying out its activities, an association can be reorganized, or certain changes made to it. As stated by the government, an association should apply the Enterprise Register within 14 days of its decision to make a change regarding the information of its beneficial owners. Be it to register a new beneficial owner or make changes to that in the Register already. Changes to the information must be indicated by applying for changes in the composition of the board. It takes at least seven days to process the application for registration of changes made to the information on beneficial owners.
If you are a board member interested in changing beneficial owners of an association or a business owner considering updating the information with the Register, this article provides information on changing beneficial owners of an association and the easy steps to register the change.
Steps to changing beneficial owners of an association
There are three steps involved in the changing of information on beneficial owners. To register a change of information on true beneficiaries, you should follow these steps:
- Completing the registration form
- Paying state fees
- Submitting required documents
Completing the registration form
All members of the board must sign application form B3. However, this may depend on the form of representation rights they have stated in the articles of association. The form must include the details of the change and new information about the beneficial owners. After an application is made, the Enterprise Register has the right to request a documentary justification, as well as a document that backs the importance of the information being changed. The form must be submitted no less than 14 days after the board of members decide to change a beneficial owner or information as regards an owner already registered in the Register.
Payment of the fees
A state fee must be paid to the Treasury account two days before the submission of the application form and required documents. The payment can be made at any bank located in the country. After the payment is confirmed by the Register, the application is then processed, and the registration is made. You can pay the fee in person, by debit card, or through a wire transfer from anywhere in the world. The state fee for the registration is 5,69 EUR and is paid to the Treasury account with the following details:
Reģ. Nr. 90000050138
Valsts Kase, Konts: LV84TREL1060190913200
Note that applicants who apply using the e-service submission method available on the website receive a 10% discount on the state fee.
Submitting the required documents
To complete the registration, aside from the application form, some required documents must be submitted. These documents must be provided by the applicants and sent electronically or by mail. They must be duly signed and must be backed by a notary mandate if they are submitted by a trustee. The documents to be submitted include:
- Consent of elected members of the board to be members
- A receipt or a copy of the payment of the state fee
- Application for registration of information on true beneficial owners
Note that if the registration in the Enterprise Register is for an update of information of board members, then paying the state fee is not required.