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17 January
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New changes in the Immigration Law of Latvia
On March 2, 2017 the new amendments to the Immigration Law of Latvia (hereinafter referred to as  - the Law) came into effect, according to which several new grounds for obtaining a temporary residence permit in Latvia (hereinafter referred to  as –TRP), as well as the conditions for obtaining a TRP on the basis of registration of a representative of a foreign merchant.
Registration of refugee or alternative status obtaining, determination of protection from deportation (extradition)
Law office INLAT PLUS offers the following services in the field of obtaining a refugee or alternative status:
Член Торгово-промышленной палаты Латвии Latvijas Tirdzniecības un Rūpniecības Kameras biedrs Member of the Latvian Chamber of Commerce and Industry

About Us

Since its foundation in 1996 the law office “INLAT PLUS” has been one of the most active and leading companies providing legal service in Latvia. The variety of the qualified legal services provided by the company will meet the most demanding requirements of its clients (legal and physical persons).

Contact information

Address of the office:
E-mail:
Brivibas 40-15, LV-1050, Riga, Latvia ip@inlatplus.lv
Phone:
Fax:
(+371) 67505970
(+371) 26403577
(+371) 67505978

Obtaining a license for the electronic money institution – another serious achievement of our law firm!

12.12.2014
There are goals in life which seem unattainable since most of the people would not even try to do anything because of the complexity of the requirements. One of such challenges is obtaining of the license for the electronic money institution in Latvia. Those willing to obtain the said license must meet very strict requirements set by the legislation of Latvia and regulations of the European Union, as well as by the responsible authority, and namely – the Financial and Capital Market Commission. One must put a lot of effort and hard work in order to meet all these requirements. And yet, this November, owing to the joint efforts of our staff and having performed a considerable number of specific requirements set by the Latvian legislation the Financial and Capital Market Commission has decided to grant our client a license for the electronic money institution.

When trying to survive in today's world, the world of Internet technologies and mobile applications, the world of communication and instant information exchange one must constantly make solutions in all spheres of life. Lately, new demands have been applied to the money circulation in particular. Today's demanding customers are no longer satisfied with the service level of internet banks in terms of speed and convenience of settlements provided by conventional credit institutions. Customers need faster, more comfortable but still safe possibilities of mutual settlements and transfer payments.

Digital and electronic technology in the field of money circulation is developing rapidly. If just 7 years ago the concept of e-money was something completely new to most people, nowadays the electronic money is almost commonly used in everyday life. Settlements in the Internet environment, transfers between virtual wallets, electronic gift cards, payments for goods and services - these are the possibilities offered by electronic money both to businessmen and consumers.

As a result, the use of electronic money and the opportunities it offers, as well as related payment services is now very popular in the market and attracts the attention of many businessmen who would like to run this kind of business. As a rule, these companies are set up in stable and secure legal jurisdictions such as the European Union.

Latvian legislation in the field of electronic money and payment services is being developed and harmonized in accordance with the new regulations of the European Union. Pursuant to the law, a firm willing to emit (put into circulation) its electronic money and/or provide payment services in Latvia must register in the Financial and Capital Market Commission. Registration procedure includes the preparation and submission of a business plan, anti-money laundering measures, protection of client money and a number of other documents. Upon receiving a confirmation of registration from the Financial and Capital Market Commission a merchant can start its commercial activity in the territory of Latvia.

However, having obtained appropriate license one receives the greatest possibilities for providing services related to electronic money and payment services. In Latvia these licenses have been issued to only two companies so far, and our law firm has guided one of these companies through the whole process of obtaining the license. The said license gives the merchant the opportunity to work not only in Latvia but also in the territory of the European Union. Besides, unlike registration for which there are some restrictions regarding the amount of emitted electronic money and the scope of payment services being provided, the license sets no limits regarding the amount of emitted e-money.

It’s not an easy task to obtain a license of electronic money institution or payment institution but the specialists of the law firm INLAT PLUS are eager to provide its clients with a complete legal support and assistance in obtaining the license of electronic money institution (payment institution).

Law firm INLAT PLUS offers its clients a complete package of services for preparation of documents, registration, licensing and post-licensing support of electronic money institution and payment institution:

- Advice on activities and licensing of electronic money institution and payment institution;
 
- Setting up new companies or amending existing companies so that they would meet the requirements in respect of shareholders (members), directors and fixed capital,
- Preparation of documents required to obtain a license and further activities of electronic money institutions and payment institutions,

- Representation in the FCMC to obtain a license,

- Submission of all necessary ancillary services for electronic money institutions, providing full legal support on the basis of a long-term contract of subscriber on any matters arising in the normal course of business of the company in Latvia and abroad, including the provision of registered office, accounting services, consulting on economic issues and taxation, as well as providing accounting services and audit services, assistance in the recruitment, translation of documents and so on.
 
Law office INLAT PLUS
40 Brivibas Str., apt.15, Riga LV-1050
+37167505970, +37126403577
Member of the Board
Aleksandr Lenkovskis
/ Aleksandr Lenkovskis /