PAPER CERTIFICATES OF LEGAL ENTITIES ARE BEING PROPOSED TO ELIMINATE
PAPER CERTIFICATES OF LEGAL ENTITIES ARE BEING PROPOSED TO ELIMINATE
The Ministry of Justice proposes to determine that the paper certificates of legal entities or duplicates of them would become invalid. On the 1st of January 2010 some CC amendments entered into force, that paper certificates of legal entities are not being issued, but legal entities still have and use almost 114 thousand of such certificates.
Paper certificates of legal entities are being proposed to eliminate, because they not always reflect true information about companies (for example, when company faces the bankruptcy case, certificate will not reflect it). Current information about the legal entity, which was presented in the paper certificates, can always be checked online. Since the middle of last year, all state and municipal authorities had an obligation to check the data about legal entity electronically themselves. It is proposed to formalize the virtual addresses for the legal entities. Recently, more and more legal entities operate only in the virtual space. When this decision will take effect, the information of STI and ”Sodra” about the legal entities, that are considered not performing any activities, will be disclosed on public in the Register of Legal Entities. Currently there are more than 42 thousand inactive individuals.
It is being proposed that joint-stock companies, while providing information about themselves to the Register of Legal Entities in Lithuanian language, additionally could provide this kind of information in Russian. So far, this information could be provided only in one EU language, but companies, which are co-operating with non-EU countries, pointed out the need to disclose the related information in Russian as well.
Information source: AAM updates