Obtaining a banking license in Latvia | Law&Trust International

Banking license in Latvia

Financial management of all entities of Latvia is carried out by the Financial and Capital Market Commission (FCMC) on the basis of the law on credit institutions, as well as acts on the issue of granting licenses to credit institutions and credit unions.

The foregoing authority issues permissions for banking, investment, brokerage and other types of activities in the economic segment.

It is possible to obtain banking license in Latvia without contributing advance and interim payments for accepting and considering the application. However, the government and tax authorities require annual payment for the use of certificate.

The interest rate of the contribution is constantly changing, and therefore is not included as accurate and reliable information.

Permission is issued exclusively to Latvian legal entities, which means that it is necessary to establish LLC or SIA in the territory of the country. Establishment of the office takes up to 5 working days, provided there are no obstacles and encumbrances in the collection or processing of documents.

If the founder of the enterprise is a legal entity, the term can be increased to 10 days. After the head office is established, it is necessary to open a bank account for contributing the authorized capital and conducting primary settlements.

All applications should have the original signature of the directorate of the applicant's party, however personal visit to the jurisdiction is not required. Activation of the account can take up to 10 business days, depending on the selected financial institution.

The cost of license for banking activities in Latvia

The main type of contribution for establishment of a new bank is the authorized capital. Its amount varies in a wide range. The larger is the initial deposit, the more services financial counterparty can provide to its clients. It is worth to clarify that the bank, established on the territory of Latvia, has the right to operate only within the borders of the country. Interaction with the target audience at the international level is possible through online banking.

Total amount for the set of services

Consists of:

    • - Establishment of a corporation and registration of a bank account.

      - Contribution of state fees when collecting the package of documents for obtaining statements (if the foregoing is provided by the jurisdiction of your country).

      - Payment for services of Law&Trust. Price is posted on the website, but the final estimate of work and payment will be calculated by the specialist after carrying out initial consultation.

      In addition, there may be costs for recruitment and adaptation of the office to the regulations of Latvia. The founder should not only prove the transparency of his reputation, but also select employees for managerial positions with satisfactory level of disposable capital and relevant education. Members of the board and members of the council of the enterprise should be competent, and there should be documented confirmation of their professionalism.

Copy of banking license in Latvia

After obtaining the certificate, the client can use it in all public and private structures. A copy of the permission has full-fledged legal force in case it is notarized. Our company can carry out the procedure for bringing the form into force.

Specialists perform the whole complex of tasks for registering license, and the client needs to provide the following:

- Application form in the Latvian language with the original signature.

- Data on the beneficial owner and confirmation of the legal address.

- Power of attorney for cooperation with our lawyer.

The remaining package is subject to completion by our specialists. The time for consideration of the application rarely exceeds 4 months, and Law&Trust will provide you with legal support and advice during the whole period.

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