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Registration of true beneficiaries in Latvia The newspaper "Dienas Bizness" reported that the registration of real beneficiaries in the business register in Latvia has not received any significant response; however, it has ensured further work for experts. Just days before the deadline, the newspaper informed that all true beneficiaries who own at least 25% of the capital or shares in a given company and for which a person holds capital or shares on their behalf, although the beneficiary is another person , must submit a declaration to the Register of True Beneficiaries by December 28th. Yes, every true beneficial owner of all existing companies in Latvia must be disclosed by the end of 2011; However, it is not known how many people hold the capital or shares in their name, but in the interests of other people, the chief notary of the business register in Latvia, Ringolds Balodis, responded to a question as to whether the 65 notifications of real beneficiaries received so far (taking into account that there are almost 185,000 illiquid companies in Latvia) were a sufficient number. True beneficial interest reports must be submitted to corporate governance, who is also responsible for their content. The business register in Latvia is not a supervisory or control body for real beneficiaries. Yes, we have received Requests for Explanation of Real Beneficiary Registration as well as Real Beneficiary Registration Requests. However, the business register in Latvia is not obliged to disclose this type of data, Balodis replied when asked whether the information on the number of applicants was confidential. It has already been reported that Saeima supports the amendments to the Commercial Law in Latvia that require filing a report on real beneficial owners with the business register in Latvia. The amendments to the Commercial Code stipulate that the business register must collect information on the true beneficiaries (holding at least 25% of the capital or shares) in whose interests another legal entity or natural person has been appointed as the holder (owner). https://www.baltic-legal.com/registration-of-true-beneficiaries-in-latvia-eng.htm
