Law ECOVIS Miškinis, Kvainauskas ir partneriai advokatu kontora
The government of the Republic of Lithuania has approved amendments to the Regulation of the Register of Legal Entities, following which, from the beginning of 2011, no paper extracts are being issued while registering new legal entities. Instead, new legal entities will be granted with access to the electronic certified register extract. Newly registered legal entities, branches or agencies will be issued with an electronic certified register extract gratuitously. The review system of electronic certified extracts enables to gratuitously review actual information of the certain legal entity by using a valid access key.
It has to be noted that the electronic certified extract, with an electronic signature of a responsible officer of the Center of Registers, is treated as an official document having the same legal standing as a paper extract.
Moreover, the access key may be transferred to third persons – public authorities, credit institutions or other persons – so that they could review actual information of the company, if necessary.
Consequently, the electronic extract is nothing but a remedy for reducing unnecessary bureaucracy in business.