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1. Company Registration Status | 8 Step Guide
1. Registration data of the business partner, information about persons authorized to represent the business partner, and limitations on representation
The first step should be to check the company registration status. It is essential to check whether the company even exists. Moreover, checking authorized signatories is essential to identify the individuals empowered to sign contracts with legal validity. In business transactions, only members of the company’s board or its authorized representatives can act as legal representatives of the entity. It is important to note that a board member may represent the company individually or in conjunction with another board member. If representation rights are shared, several representatives—two or more—act on behalf of the company in the transaction and the contract becomes valid only when it is signed by all specified representatives from the partner’s side.
This information can be obtained from the Latvian Enterprise Register database – https://info.ur.gov.lv/#/data-search
https://leadell.lv/en/8-step-guide-business-in-latvia/
By obtaining publicly available information in this manner a company can make better-informed decisions and avoid potential risks. Checking registrations, evaluating financial stability, and even doing a quick online search can infuse further confidence in the transaction’s and business partner’s integrity and suitability. Switching to English on websites of state institutions might limit access to the same comprehensive databases available in Latvian, resulting in less information and poorer functionality.
What to do in case of uncertainties?
https://leadell.lv/en/2-sanctions-screening-8-step-guide/
https://leadell.lv/en/3-commercial-activity-8-step-guide/
https://leadell.lv/en/4-tax-debts-8-step-guide/
https://leadell.lv/en/5-bankruptcy-proceedings-and-status-8-step-guide/
https://leadell.lv/en/6-licenses-and-permits-8-step-guide/
https://leadell.lv/en/payments-to-the-state-budget-8-step-guide/
https://leadell.lv/en/8-reputation-and-background-check-8-step-guide/
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