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A temporary account must be opened before registering the company in the Commercial Register, into which the authorized capital would be paid and other initial funds managed. A temporary account is an essential step in paying in the authorized capital, which is a prerequisite for registering the company in the Commercial Register. In this article, we’ll explore various options for opening a temporary account, including online.
A temporary account is a payment account opened before the official registration of a company to pay the share capital of the company to be incorporated.
It is the first practical step in setting up a new company (limited liability company).
Until the company is registered, the money in this account is "frozen" and not used for business activities.
The main difference is the limited functionality: a temporary account is only for the payment of share capital without the possibility of outgoing payments, whereas a regular current account provides a full range of financial services.
Here are three key differences:
Funds Availability: Funds in the temporary account cannot be used to pay bills, cover salaries, or make purchases. Funds become available only after the company is registered and the account is converted to a checking account.
Legal status:A provisional account can be opened by the founder (an individual or a legal entity) for a company that does not yet legally exist. In contrast, a regular business account can only be opened by an already registered business entity using its registration number.
Validity period: A temporary account is a short-term solution—it remains active only until the company is registered. If the Commercial Register denies registration, the funds in the temporary account are refunded to the founders and the account is closed.
Historically, the most popular option has been to open a temporary bank account, for example, at Swedbank, SEB, Citadele.
To do this, you must submit documents to the bank that prove the company registration process, such as the articles of incorporation and bylaws. After the documents are submitted, the bank opens a temporary account into which the share capital is deposited.
This process usually takes a few working days, and once the company is registered, the account is converted into a permanent company account. However, it is important to check the bank's requirements and service charges in advance, as these may vary from bank to bank.
Not all banks offer the possibility to open a temporary account remotely. Many banks still require customers to visit a branch in person to submit documents and sign contracts. This can be a disadvantage, especially for entrepreneurs operating in another city or country where a branch of the bank in question is not available. It can also delay the business registration process if a visit to the bank needs to be scheduled.
Advantages:
Disadvantages:
When choosing a bank account, businesses need to consider both the advantages and disadvantages, as well as whether the bank can provide the quality and speed of service they need.
If you haven't yet decided what type of company you want to establish, check out this free guide – Establishing an SIA Company
As digital technologies continue to advance, temporary online or remote bank accounts are becoming increasingly popular among entrepreneurs. Providers of these services include, for example, Paysera, Revolut Business, Wise Business, and others. Opening a temporary account quickly and easily online.
While some of these companies may require minimal paperwork, they offer more flexibility and speed than traditional banks. These accounts are often compatible with a variety of business tools and provide international payments at competitive prices. In addition, online platforms also offer integration with e-commerce and logistics solutions, accounting software and other business management systems, which can be a significant relief for new businesses.
When choosing between traditional banks and online solutions, businesses need to consider both speed and cost.
Traditional banks offer security and a wide range of additional services, but their processes can be slower. Online solutions, on the other hand, offer speed and flexibility. Note that some online platforms may not offer the same level of security as traditional banks, which is an important factor if a business is planning to manage large amounts of funds.
In general, opening a temporary account before registering a company is an important step that needs to be considered in the light of the company's needs and the chosen business model. By choosing the most appropriate solution, entrepreneurs can ensure that the process of setting up a company runs smoothly and without unnecessary complications.
The opening of a provisional account is a compulsory requirement for the registration of a company, except in the case where the share capital is paid only by means of a contribution in kind valued by a certified valuer of the Companies Register.
Keep in mind that when opening a temporary account, you will need the company’s incorporation documents, the resolution or agreement establishing the company, and the articles of incorporation. This means you must have prepared the registration documents for an SIA company.
The process of setting up a company involves a number of steps, including registering with the Commercial Register of Companies and opening a fintech company or bank account.
Below you will find the necessary sequence of the company formation process.
Prepare the documents required to establish a limited liability company (SIA) for registration in the Company Register.
A temporary account is a mandatory requirement before beginning the registration of an SIA company with the Register of Enterprises.
To open a temporary account, you will need the SIA’s incorporation documents, the resolution of incorporation, or the articles of incorporation. This means you must have prepared the SIA’s registration documents.
The share capital is payable in full until the company's application for registration is filed with the Register of Companies. The cash contribution must be paid into a suspense account.
The member or members pay the amount of the share capital into a suspense account. If there are several members, each member must pay in his or her share of the share capital.
Documents certifying contributions to the share capital are not required by the Register of Enterprises, if the share capital or a portion thereof has been paid in cash and the cash contributions do not exceed 50,000 EUR. In their application to the UR, the founders must certify that a payment account has been opened in the name of the company being established and that the paid-in capital has been deposited into that account. The current KR4 form must be used.
More about options for contributing to the authorized capital – Authorized Capital of an SIA: Tips and Options.
Start the process of registering an SIA company with the Enterprise Register.
Don't forget to electronically sign the documents you need to submit to set up your LLC.
The notary examines the documents submitted for the establishment of an LLC within 1 to 3 working days.
Submitting paper documents to the Enterprise Register is a thing of the past. Documents are no longer accepted in person.
However, if you want to file on paper, you have to pay for an expensive notary and send the documents by post.
URonline specializes in modern technologies and will help you easily complete register your SIA company via 100% Online, which is an efficient, time- and cost-saving solution.
Our EXPERT e-filing service will spare you the hassle and the need for specialized knowledge required to successfully file documents and manage the registration process for your SIA.
The Application for the establishment of a limited liability company and the accompanying documents may be submitted by the founders or by an authorised person.
Online service.
Documents must be submitted via the Enterprise Register service portal.
Documents must be signed with an e-signature using a smart card (eID or eSignature card) or via the eSignature mobile portal www.eparaksts.lv
You will receive a response via the e-service or at your e-mail address.
Send electronically signed documents to the e-address or to the Enterprise Register's email address.
an email address is a more secure channel of communication between an individual and the state than email.
By post.
Signed documents can be sent to the Register of Companies by post.
The payment order for the stamp duty must be enclosed in the consignment. Please note that only notarised documents can be sent this way, which significantly increases the cost of registering the company.
Authentication of signature and capacity to act on applications and requests to public registers (e.g. Land Registry, Commercial Register) - €23.
In addition, there are fees for data checks, VAT, stamp duty, translation and actual costs.
Congratulations! Your company is registered in the Commercial Register and has been assigned a registration number.
The decision issued by the Register of Companies on the registration of the company will serve as the basis for the re-registration of the Temporary Account as a permanent current account.
It's a relatively simple and easy step. Fintech companies can do it remotely, but banks may require you to come in person.
Once the LLC is officially registered in the Commercial Register, the liquidator or a member of the board of directors must go to the bank to convert the temporary account into a permanent current account.
During this process, the bank updates the customer's information by obtaining data from the Register of Companies and gives the account full functionality - the ability to make transfers, link payment cards and connect to internet banking on behalf of the company.
A provisional account is a special account opened with a bank or financial institution prior to the registration of a Limited Liability Company (LLC) with the Register of Companies. It is a mandatory step for the founders to be able to contribute to the share capital of the company. After the successful registration of the company, this account is converted into a permanent company current account.
Yes, you can register an LLC without a physical office, but a registered office is a requirement. You can register a registered office in real estate owned by yourself, with the owner's permission in the property of friends or family members, or use a virtual office service. However, be careful with virtual addresses as they may have a low degree of reliability if a large number of companies are registered there.
After submitting all the necessary documents to the Register of Enterprises, the notary public examines them within one to three working days on average. The process may take longer if errors or omissions are found in the documents.
The most common problems that can cause the Register of Companies to delay or refuse registration are:
Incorrect application form (KR4).
One of the required documents is missing, such as the consent of a board member.
Documents are not signed with a secure electronic signature (eSignature) or not notarised (if sent by post).
No payment of the stamp duty or proof of payment.
The legal address does not have an accurate cadastral designation or there is doubt about the legal basis for its use.
Today, many financial technology (Fintech) companies, such as Paysera, Revolut Business or Wise Business, offer the possibility to open a temporary account completely remotely. Several traditional banks, such as Citadele and SEB, also offer this online option, which speeds up the process considerably. However, there are still banks that require a personal presence, so it is important to check this in advance.
To open a temporary account, you must already have the company formation documents in place. Usually, a memorandum of association (if there is one founder) or a memorandum of association (if there are several founders) and the company's articles of association are required.
The main differences are speed, cost and process. Fintech platforms generally offer faster and cheaper account opening, which is done completely remotely. Traditional banks may offer a wider range of additional services (e.g. credit) and seem more reliable to many, but the process can be slower and more expensive, sometimes requiring a visit to a branch.
No, in most cases it is not necessary. If the share capital is paid up in cash and the amount does not exceed EUR 50 000, the founders simply have to certify on the application form (KR4) that the share capital has been paid up. A bank or payment institution certificate is only compulsory if the cash investment exceeds EUR 50 000.
No, face-to-face acceptance is a thing of the past. Nowadays, documents are submitted electronically via the Service Portal of the Register of Enterprises or by sending them with a secure electronic signature to an e-address. Submission by post is possible, but the signatures on the documents must then be notarised, which makes the registration process much more expensive.
If the share capital is paid up in cash and the amount does not exceed EUR 50 000, a separate certificate from the bank or payment institution need not be submitted to the Register of Companies. The founders must certify in the application form KR4 that a temporary account has been opened in the name of the company to be incorporated and that the share capital has been paid into it.
The reasons for refusal can vary:
Incorrectly completed documents:An incorrectly or incompletely filled out application form (KR4), errors in the articles of incorporation or the founding resolution.
Issues with the legal address:The specified address has no legal basis (for example, there is no consent from the owner) or it is included in the list of high-risk addresses.
Board member non-compliance: The individual is a board member of other companies that have tax debts or have not filed annual reports.
State fee paid incorrectly: The fee was not paid in the correct amount or was not paid using the UR portal’s payment module.
If the notary public of the Register of Companies finds deficiencies, he will decide to postpone the registration and give a deadline for correcting the deficiencies. You will have to submit the corrected documents through the same channel where you originally submitted them (e.g. the UR portal).
The SRS may put an address on the list of risk addresses if it has a large number of registered businesses that are unreachable or have tax irregularities. If your chosen address is on this list, the Registrar of Companies may refuse to register a new company at that address.
No, if you submit all documents electronically and sign them with a secure e-signature (e.g. eID card or eParaksts mobile), you do not need a notary. Notarisation is only required if you choose to send your documents by post.
Congratulations! Once you have received the decision of the Registrar of Companies on the registration of the LLC, you need to contact your bank or financial institution to re-register the temporary account as a fully-fledged permanent company current account. Fintech companies can usually do this remotely, but some banks may ask you to come in person.
One of the most common problems is errors in the application form (KR4), memorandum or articles of association. This may include inaccurate information, non-compliance with the requirements of the Commercial Code or simple typographical errors. The consequence is refusal of registration or suspension of proceedings until the errors are corrected.
The name of the company must be unique - it must not be the same as a name already registered or applied for registration. The name must also not be misleading or contrary to good morals. Often founders do not check the availability of a name or try to register a name that is very similar to an existing one.
Registration requires a registered office. Problems arise if the address does not correspond to the National Address Register or if the property owner's consent has not been obtained. If the property has several owners, the consent of all is required. Sometimes an address is given where it is not actually possible to receive correspondence, which can cause problems with public authorities in the future.
For the establishment of a full-fledged LLC (with share capital above EUR 2,800), you need to open a temporary bank account and make a share capital contribution before submitting the documents to the Register of Companies. Errors occur when the contribution is not made in full or by someone other than the founder.
The law requires disclosure of information about the beneficial owners of the company - natural persons who directly or indirectly control the company. Failure to provide this information or providing false information is grounds for refusal of registration.
Often, mistakes are made when paying in share capital. For example, if there are several founders, each must pay his or her share from his or her personal account. It is also important to indicate the correct purpose of the payment: 'share capital contribution'.
Make sure the documents are in the correct format.
Documents must be signed with a secure electronic signature and time stamp.
Before submitting the documents, you must make sure that the amount of the stamp duty is correct and that you have paid it. Any incorrect or overpaid amount can be recovered by applying to the Companies Registry.
If the UR finds an error, the notary public postpones the decision for up to 30 days, pointing out the deficiencies. It is important to react promptly to such decisions and make the necessary corrections so that the registration process is not delayed and stamp duty is not lost.
A person who has been disqualified from exercising commercial activity by a court judgment or who is included in the SRS list of persons at risk cannot be appointed as a member of the Management Board. Similarly, a member of the Supervisory Board of the same company may not be a member of the Management Board.
If there are several members on the board, it is necessary to determine precisely their rights of representation - whether each can act alone or only together. A situation should not arise where one member has only a formal right of representation.
Founders often underestimate the time it takes to open an account, assuming it will happen within a day.
It is assumed that the temporary account will be opened immediately, but the process can take several working days in traditional banks. This can delay the whole process of registering the company with the Register of Companies.
Many would-be entrepreneurs approach a bank with the idea of first opening an account and then completing the incorporation documents.
A bank or financial institution cannot open a provisional account until the memorandum/contract and articles of association have been submitted.
Website of the Register of Companies (UR): [https://www.ur.gov.lv/]
State Revenue Service (SRS) website: [https://www.vid.gov.lv/]
Commercial Law: [https://likumi.lv/]
✅ Key points at a glance — Sale of an SIA (company) via URonline ✔Price: customized offer following a free company valuation ✔Payment: to your bank account
What is an Extraordinary Dividend? (2026) An extraordinary dividend is a portion of the net profit for the current reporting period that is distributed to owners,