EU LAW FIRM attorneys at law in Latvia offer international clients legal assistance with obtaining a licence for a credit institution in Latvia. To incorporate a credit institution in Latvia, such credit institution may start its activities in the Republic of Latvia only after obtaining a licence (permit) and registration for the performance of commercial activities in accordance with the procedures laid down in laws of the Republic of Latvia.

Licence to operate a credit institution is a necessary requirement to incorporate a credit institution in Latvia.

In accordance with Credit institution Law of the Republic of Latvia, credit institutions shall be bound by the regulatory provisions and orders of the Financial and Capital Market Commission issued in accordance with this Law and other laws regarding disclosure of information, the requirements governing the activities of credit institutions and the procedures for the calculation of indicators characterising the activities of credit institutions and submission of reports.

Licence for credit institution in Latvia: general requirements

When a credit institution obtains a licence, licence (permit) for the operation of a credit institution in Latvia shall be issued for an indefinite period of time.

Licence for credit institution in Latvia is issued for:

ü Latvia - incorporated credit institutions. In the Republic of Latvia, a credit institution may be established only as a joint stock company.

ü Foreign and EU Member State credit institutions.

Therefore, to incorporate a credit institution in Latvia, such credit institution may start its activities in the Republic of Latvia only after obtaining a licence (permit) and registration for the performance of commercial activities in accordance with the procedures laid down in laws of the Republic of Latvia.

EU LAW FIRM attorneys at law in Latvia provide legal assistance with obtaining a licence to incorporate a credit institution in Latvia for European Union( EU) and non - EU residents. 

To get licence for incorporation of credit institution in Latvia it is necessary to submit documents to Latvian authorities - Financial Capital Market Commission (FKTK) for evaluation and decision - all documents can be prepaed by EU LAW FIRM lawyers to ensure 99 % positive result.

When a credit institution obtains a licence, licence (permit) for the operation of a credit institution in Latvia shall be issued for an indefinite period of time. 

 

The general list of documents that shall be submitted to EU LAW FIRM laywers to get licence for credit institution in Latvia:

An application addressed to the Commission (FKTK) is signed by a person authorised by the founders of the credit institution and shall include in general:

1. The contract for the establishment of a credit institution;

2. A shareholders' agreement, if there is any;

3. Articles of association of the credit institution;

4. Documents, clearly describing the planned activities of the credit institution, the structure and organisation of the credit institution (including Money Laundering prevention activities,  policies and procedures for managing significant risks, accounting policy and main principles of the accounting organisation, a description of the management information system, etc.)

5. The list of founders of the credit institution;

6. Information regarding the founders of the credit institution (identification documents, registration documents, copies of audited annual accounts for the last three years of operation, a copy of the annual income statement certified by the tax autorities, etc.)*

If you are a credit institution that is licenced and registered in another EU Member State:

ü A credit institution registered in another EU Member State may open a branch in Latvia without receiving the licensing, but it shall require the proof of licence and all the necessary documentation and financial statements from the country concerned.

ü A financial institution of another EU Member State controlled by one or more credit institutions may provide financial services in the territory of the Republic of Latvia by opening a branch or without opening a branch, but it shall meet conditions in accordance with the law.

 

The general list of documents that shall be submitted to EU LAW FIRM laywers by foreign credit institutions to operate in the Republic of Latvia:

1. The permission of the supervisory authority of the relevant foreign credit institution for the opening of a branch of a credit institution in the Republic of Latvia, if the laws and regulations in force in the relevant foreign state provide for the necessity of such authorisation, or a written confirmation by such institution that such authorisation is not necessary and that it does not object to the opening of the branch, as well as a statement prepared by the abovementioned institution regarding the requirements of the laws and regulations of the relevant foreign state in matters of supervision of credit institutions and insurance of deposits.**

2. Copies of the annual accounts of the last two years of operation of the foreign credit institution;

3. A copy of the decision of the competent administrative body or official of the foreign credit institution to open the branch and the by-laws of the branch approved by such institution or official;

4. Documents characterising the candidacy of the head of a branch of a state credit institution in accordance with the laws and regulations of the Commission regarding the assessment of officials and a copy of the authorisation of the credit institution issued to the head of the branch;

5. Information on the deposit guarantee scheme of which the relevant branch of the foreign credit institution is a member;

6. Documents which give a clear idea of the planned activities of the branch of the foreign credit institution and the structure and organisation (including Money Laundering prevention activities,  policies and procedures for managing significant risks, accounting policy and main principles of the accounting organisation, a description of the management information system, etc.). ***

Other services for credit institutions

Legal assistance with obtaining a licence for credit institution is only one of the services offered by EU LAW FIRM lawyers in Latvia.

Our lawyers also provide legal assistance with:

üGeneral assistance with incorporation of a credit institution in Latvia

üAssistance with credit institution Licensing and Regulatory requirements in Latvia

üAssistance regarding Latvian legislation and requirements to incorporate credit institution in Latvia

üLegal advice regarding Cryptocurrency (also in other EU member states, such as Estonia, Cyprus, Malta and other)

Registration of a credit institution in the Commercial Register of the Republic of Latvia shall be made only after the decision to issue a licence (authorisation) for the operation of the credit institution has been submitted to the Commercial Register of the Republic of Latvia.

 

To know more about requirements for obtaining a licence for credit institution in Latvia, or opening a branch of existing credit institution in Latvia and receive legal assistance from qualified Latvian attorneys at law, do not hesitate to contact us - info@eulawfirm.eu

You can also contact our attorneys by phone +37126742086 (Latvia)

 

 

*Please note that this list includes general list of the documents required for obtaining a credit institution licence in Latvia, therefore, depending on the country and situation the list of documents may change. To know the precise list of documents for submission - contact EU LAW FIRM lawyers. 

** There also shall be included the name, address, contact person of the supervisory authority, its fax number, e-mail address, as well as the date, registration number and place (institution) of the licence issued to a foreign credit institution for the operation of the credit institution.

***Please note that this list includes general list of the documents required for operating already registered credit institution in Latvia, therefore, depending on the country and situation the list of documents may change. To know the precise list of documents for submission - contact EU LAW FIRM lawyers.