Why Set Up a Business in Lithuania?
- Lithuania occupies a strategic location on the world map, linking Russia with the rest of Europe. It is a chief transport hub connected to Europe via road, rail, sea and air.
- The infrastructural facilities in Lithuania are state-of-the-art, with acute emphasis on Information and Communications Technology (ICT).
- The cost of operating a company in Lithuania is less compared to the EU standards, and its standard corporate tax (15%) is also one of the lowest in the EU.
- Lithuania is ranked in the top 20 in the list of countries for Ease of Doing Business by the World Bank.
Process of Registering a Company in Lithuania
Following are the steps to register a company in Lithuania:
- Select a name for the company and reserve it, if available.
- Draft the Articles of Association and get it notarized by a public notary.
- Get a corporate bank account opened for the company, and deposit the minimum share capital in it.
- Deposit the certificates proving name reservation, bank deposit, and the notarized Articles of Association at the Company Register.
- Register at the Lithuanian State Tax Inspectorate (the Lithuanian Revenue Authority) for corporate tax, VAT, and State Social Insurance Fund Board (SODRA).
- Design a company seal to be used in daily operations and communications.
Documents Required for Company Registration in Lithuania
- Company registration application form
- Articles of Association
- Details of the type of business activity the company would be engaging in
- Proof of the registered address of the company
- Details (names, birth dates, residential address proofs and passport copies) of the company director and board members