The Law sets forth that the data on beneficial owners should be provided by a company’s shareholders who hold shares in their name but to someone else’s benefit and who have at least 25% of shares or stocks. Such shareholders or stockholders will be obliged, within two weeks, to submit the information to the relevant capital company, which will forward it to the Register of Enterprises within two weeks.
The obligation to provide information on beneficial owners will also apply to capital companies’ shareholders other than natural persons whose participation is at least 25% and that were not founded in accordance with laws of the EU member states. In their declarations, such legal entities will have to declare founders, shareholders or other persons corresponding to this status who benefit from these shareholders.
If a shareholder cannot reasonably establish the identity of or obtain specific data on the person considered the beneficial owner, or if, according to provisions of the Law on the Prevention of Laundering of Proceeds Derived from Criminal Activity and Financing of Terrorism, such a person does not exist, then the shareholder should notify the capital company of the relevant circumstances.
The data will not be public; in case of need, it will be available to law-enforcement agencies and audit institutions supervising tax administration, public procurement and public–private partnerships.
The information on beneficial owners, based on the list of shareholders as of 12 July 2011, or, in case the number of shares has been reduced, as of the date of filing the declaration, will have to be submitted by the end of this year.
Eleonora Gailisha
Mass Media and Public Relations
Phone: +371-67020506
Fax: +371-67020563
E-mail: egailisha@rietumu.lv