As your business grows, the information recorded about your company in the Register of Enterprises may also need to be updated. Many of these changes must be officially registered to keep the company’s public record accurate and up to date.
This article explains the most common changes that require registration and what is usually involved.
Changes to the Management Board
If a new board member is appointed, an existing board member resigns, or the company’s representation rights change, these changes must be registered with the Register of Enterprises.
This usually involves preparing the appropriate corporate resolutions and filing the required documents.
Changes to Shareholders and Share Ownership
Any change involving the company’s shares must be registered. This includes:
- the sale or transfer of shares;
- gifts of shares;
- inheritance;
- admission of a new shareholder;
- withdrawal of an existing shareholder;
- changes in the distribution of shares.
Depending on the circumstances, it may be necessary to update the company’s Shareholders’ Register, prepare corporate resolutions, and submit the relevant documents to the Register of Enterprises.
Changes to the Ultimate Beneficial Owner (UBO)
If a change in the ownership structure affects the company’s ultimate beneficial owner, the UBO information must also be updated.
Changes to the Registered Office
If the company moves to a new registered office, the new address must be registered with the Register of Enterprises.
Changes to the Company Name
A change of the company’s name also requires registration together with the relevant supporting documents.
Changes to Share Capital
An increase or reduction of the company’s share capital must be properly documented and registered.
Changes to the Articles of Association
Whenever the Articles of Association are amended, the updated version must be submitted for registration.
Why It Is Important to Register Changes Promptly
Certain corporate decisions – including changes to the management board – must generally be registered within 14 days of the decision being made.
Keeping the company’s records up to date helps avoid unnecessary questions from public authorities, banks, and business partners.
Until a change is registered, the information in the Commercial Register is the version of your company that everyone else sees.
Before You Submit the Documents
Although many corporate changes follow a straightforward procedure, each type of amendment requires its own set of documents and supporting information.
Preparing the correct documents from the start is often the easiest way to avoid delays or requests for additional information during the registration process.
Checklist: Have You Updated Everything?
Before submitting documents to the Register of Enterprises, check that:
• the required corporate decision has been adopted;
• the Shareholders’ Register is updated, if applicable;
• the UBO information is updated, if applicable;
• the documents are signed by the person authorised to represent the company.
Conclusion
Keeping your company’s registration details up to date is an important part of good corporate governance.
If you’re unsure which documents are required for a particular change, or whether everything has been prepared correctly, BBCRiga can review your documents before submission and help ensure the registration process goes as smoothly as possible.
