Identification of beneficial owners

As in other legal persons, the foundation complies with the Law 18. The arrangements laid down in Article ¹ shall, where it has grounds to believe that it has become the true beneficiary of the foundation, have an obligation to notify the foundation concerned of that fact. The Board of Governors of the Foundation shall be obliged, on a reasonable basis, to ascertain whether it is not the true beneficiaries, as well as to whether the (cleared) information received on the true beneficiaries is true.

Deadlines

Under 18 of the Law. The fourth paragraph of Article ¹ and 18. The first paragraph of Article ² shall be submitted by the legal person without delay, but not later than within 14 days from the date of the relevant information, to the Enterprise Register an application for the registration of information on the true beneficiaries.

According to the Law 18. For the first sentence of Section ², Paragraph two, when submitting an application for registration (establishment) to the Enterprise Register, the application shall specify information regarding its true beneficiaries in accordance with the Law 18. The requirements of Article ². On the other hand, under the Law 18. The foundation of Section ², Paragraph four may not provide the Enterprise Register of the Republic of Latvia with information regarding the true beneficiary, if information 18 of the Law. In the amount specified in Section ¹, Paragraph four has already been submitted to the Register of Associations and Foundations within the scope of other duties specified in regulatory enactments and the way in which control over the foundation is exercised, only from the status of the founder of the foundation or a member of the board of the foundation, as the case may be. In the context of that provision, it should be noted that regulatory enactments do not provide for registration of founders of the foundation in the register of associations and foundations.

In the light of the above:

• In the case of registration of a new foundation, the application for registration must also include information on the true beneficiaries;
• The foundation shall, without delay, but not later than within 14 days from the date of the information on the true beneficiaries or the date of receipt of the change in the relevant information, submit an application to the Enterprise Register for the registration of information on the true beneficiaries or for the registration of any changes made to that information.

Information to be submitted

The information to be stored in the legal person regarding the true beneficiaries is specified in the Law 18. In the fourth paragraph of Article ¹. According to the Law 18. Section ², first paragraph, Law 18. The information specified in the fourth paragraph of Article ¹ shall also be submitted to the Enterprise Register, except for the documentary justification of the control carried out, as well as information regarding the date of birth, month and year of the person holding the Latvian personal identity number, the number of the identification document and the date of issue, the State and the institution which issued the document.

It shall be indicated that in accordance with the Law 18. The information provided for in the fourth paragraph of Article ¹ concerning the true beneficiaries (including the documentary justification for the control carried out, which is not required to be submitted in the Enterprise Register) must also be kept by the legal person himself or herself.

In the light of the above, the following information shall be recorded regarding the true beneficiaries of the foundation in the registers carried by the Enterprise Register:

1. name;
2. surname;
3. the personal identity number (if any - date of birth, month, year, number and date of issue of the identity document, country and authority which issued the document);
4. nationality;
5. the country of residence;
6. way of exercising control over the legal person:
   • through the status of the legal person:
     • as founder of the foundation;
     • as a representative of the executive or administrative body;
   • as a separate person controlling (if the true beneficiary controls the representatives of the founder, executive body or administrative body indirectly):
     • on the basis of a contract of authorisation;
     • on the basis of ownership;
     • on the basis of the transaction relationship;
   • another (free text field with the option of entering an undefined type);
7. information on the person through whom the control is carried out (indicated if any of the methods referred to in points 6.2 or 6.3 in which the control is carried out):
   • the name, surname, personal identity number of the natural person (if the person does not have a personal identity number - date of birth, month and year);
   • the name, registration number and legal address of the legal person (may also be a foreign legal person).

If it is not possible to identify the true beneficiary in a legal person and it will be confirmed in the application, the relevant register of the Enterprise Register will register that it is not possible to identify the true beneficiary

Application form

Application form for the notification of true beneficiaries to all entities.