REQUIRED DOCUMENTS
To obtain a license, the following documents must be provided:
- organizational structure of the business;
- employee functions;
- procedures for information security, internal control, and risk management;
- confirmation of the origin of funds;
- business plan;
- financial report (in the case of an existing company);
- detailed summaries of beneficiaries for the last ten years;
- additional documents (at the request of the Commission).
It is required to register a company in the territory of Latvia. All beneficiaries must have an economic education, three years of professional experience, and an impeccable reputation, and candidates for the Management Board, Supervisory Board, and other critical positions must be pre-approved by the regulatory body.
The required budget for applying for a license depends on the type of financial services planned. Only with strict observance of all requirements is it possible to obtain a license.
After submitting all the necessary documents, the Commission shall adopt a decision within 3 months. In case of refusal, it must indicate the reason.
