Branch is independent unit of the merchant (also foreign merchant) that is separated territorially or in some other form from the main company (merchant), in this independent unit commercial activities are conducted on behalf of main company.
Registration process of branch office in Latvia
All registration process of branch office (branch office of foreign merchant) consists of following:
– collection of necessary information for branch office registration;
– preparing foundation documents for opening branch office and registration;
– signing of documents, also at notary;
– payment of state fees for registration branch office and for publication official newspaper;
– document submitting to the Register of Enterprises of the Republic of Latvia;
– registration of branch office in the Register of Enterprises of the Republic of Latvia and receiving documents
Documents to submit to the Register of Enterprises of the Republic of Latvia for registering branch office in Latvia
To register Individual merchant in Latvia one must submit following documents to register of enterprises:
– Application Form for branch office registration;
– Document (or copy of the document confirmed by notary), that certifies registration of foreign merchant in it home country;
– Permission to open branch office if in home country legislation of foreign merchant such permission is prescribed;
– Confirmed by notary copy of the articles of association, memorandum of association or similar documents of the foreign merchant;
– Document which shows persons who have rights to represent foreign merchant in all activities related to opening branch.
– Proof of payment (receipt) of state taxes for branch office registration;
– Proof of payment (receipt) for publication in official newspaper “Latvijas Vestnesis”
Necessary information for registration branch office in Latvia
To register branch office in Latvia and to prepare documents we need following information:
– Name for branch office in Latvia;
– Name of foreign merchant;
– Legal address of branch office (Legal address for branch office in Latvia can be only in Latvia. We can provide you with legal address for company. Check section: Business support services);
– Legal address of foreign merchant;
– Name of commercial register, where foreign merchant is registered, registration number of foreign merchant, if in home country foreign merchant has registration number;
– Name, surname, ID code, home address and scope of authorization for persons which can represent merchant (foreign merchant) in activities in connection with opening branch;
– Business type of foreign merchant.
Bank account for branch office
According to Latvian legislation branch office registered in Latvia can open bank account in any commercial bank in Latvia or in any other country. If bank account of branch office in Latvia is opened in bank in other country then it must be reported to tax office.
So for your branch office in Latvia you can open bank account in any Latvian commercial bank and manage it via online banking (internet-bank) and use Visa or EC/MC debit or credit card.
In some commercial banks in Latvia – it is possible to open bank account remotely on basis of Power of Attorney (POA).