Latvia Euro introduction 2014

Latvia Euro introduction 2014

With great suspense the introduction of the Euro from the 1st January 2014 is awaited.

It has been much discussion about the Euro advantages and disadvantages. Now it is time that preparations are made:

• The official rate is 0.702804 EUR = 1 LVL.
• Prices have to be displayed in Euro and Lat from 1.10.2013 to 30.06.2014 to ensure transparency.
• The shareholder capital of companies can be registered in Euro since 9 July 2013

As of 1 January 2014, the following rules apply:

1. Processing. Bank accounts will be transferred automatically and free of charge from Lats to Euros. The company accounting is converted to Euros. The business transactions, contracts, pensions, taxation are made in Euros.
2. Unlimited money exchange. The Bank of Latvia guarantees the exchange of Latvian Lats for an unlimited time, commercial banks convert Latvian Lats until the end of June 2014, the Latvian Post office until the end of March 2014
3. Contracts are to be continued in Euro. Contracts do not need to be changed.
4. Circulation of cash Euro and Lats happens until 14.01.2014, return monies will given in Euro.
5. Company formation. A minimum capital of LLC is 2800 EUR and 35000 EUR for a stock company
6. Existing companies with capital in Lats a subject to a re-registration. From 1.1.2014 to 30.6.2016 the changed Articles of Association, the shareholder resolution and a register of shareholders must be submitted to the company register.