Denomination of the share capital of capital companies happened automatically neither in Latvia, nor in Estonia. In Latvia the time period for denomination of the share capital in euros has been determined until 1 July 2016. Neighbouring country Estonia has not determined such a time period. However, it is provided in Estonia that after 1 January 2012 a capital company will be able to apply for registration of amendments to the articles of association, solely if denomination of the share capital in euros is carried out simultaneously with the amendments to the articles of association. In Latvia, the aforementioned time period will commence on 1 July 2014.
On 2 January 2014, in the newspaper “Dienas Bizness” article “145 000 shall change the share capital” Ivita Samlaja, Associate Attorney at Law of Tark Grunte Sutkiene comments on the procedure of denomination of the share capital of capital companies in euros as compared to the Estonian experience.