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At the very beginning, a founding decision must be made. In Western European countries, the decision to found a company can correspond to the articles of association.
Second, statutes should be drafted. According to Latvian commercial law, the Articles of Association are the most important document for the internal organizational perspective of the company, which should be in accordance with the founding decision and the entries in the Commercial Register.
Equity must be paid in. The minimum share capital is 2850 EUR and the entire share capital does not have to be paid up at the time of registration; the balance can be paid within one year. Usually, the founders open a temporary bank account to deposit the equity. At this stage, banks often ask questions about the deal and the expected flow of funds into the account. Normally there is no problem for foreigners to open a bank account, although Baltic Legal has assisted clients at this stage if needed.