Amendment of articles of incorporation implies the Firm Revised and Rephrased Memorandum of Incorporation, as described in and accepted in combination with each finalization of the Purchase Agreement, may be legitimately modified from time to time under the conditions and existing legislation.

The articles of organization, according to Latvian legislation, must spell out the most significant criteria for the functioning of the company. Any Amendments to this law must be filed with the Enterprise Register within 14 days of the decision’s approval.

Reasons behind the amendment of an AOA

There are various factors why a corporation may seek to alter its articles of incorporation or may be forced to do so. Here are a few instances of common causes for changing articles:

• A new holding corporation just purchased the firm, and it now wants to implement new terms and conditions that are similar to the principles of other holding companies.
• The business intends to enhance the content or tone of the articles of incorporation.
• The legislation has just been updated, and the firm seeks to alter its articles of incorporation to match the changes.
• The corporation wants to change the rights attached to its stocks or create a new share class.
• The company’s structure is changing, or
• The corporation’s name has been altered, and references in the memorandum of incorporation must be updated.

Requirements

The following documents must be submitted to the registry officials by a corporation that wants to alter its articles of association:

• The amendment request form,
• An accurate record of the meeting of members regarding the amendment,
• Details of changes to be made in AOA, 
• State fee payment receipt. 

The deadline for submitting documentation to the Business Registry is 14 days after the resolution is made.

Minutes of the shareholder meeting

Records of the members’ conference or the resolution to modify the laws. The conclusion of the stakeholders’ gathering shall be recorded in the minutes approved by the conference supervisor or by at least one appointed person of the conference. The meeting supervisors provide the essential recorded data to the authorities to prove the accuracy of the decision and meeting.

The following company information and shareholder minutes must be provided to the registration authorities:

• Name of the firm, 
• The goal of the meeting, 
• Day and place of meeting, 
• Amount of share capital, 
• Details of the shareholders who attended the meeting, 
• Voting rights of members, 
• Information on how many members voted in favor of the decision and how many voted against it.
• Final decision made. 

After gathering all necessary papers and information, the organization must obtain the online modification request form, fill it out, and submit it along with all essential information.

Certifying the signatures

It is important to verify the signatures on the modified edition of the articles of incorporation, the records of the session of members, or on the resolution when providing documentation in printed form. Signatures can be authenticated by a verified registrar or a safe virtual signature.

Fees

The statutory charge for AOA adjustments ranges from Euro 20 to Euro 60, depending on the number of amendments to be made and the number of days the operation would take. 

Before submitting a request for registration, the Statutory payment is made. Only until the Business Registry has verified that the State charge has been deposited to the Bank account can filing be completed. 

Submitting the documents

The Board Member or a person designated by the Administration must file the request and associated papers. 

No notarization validation of signatures is necessary when submitting papers verified with a safe e-signature and a safe timestamp. The papers and request form can be submitted electronically or through the post office.