Start your business
Setting up a business in Lithuania is straightforward and stress-free. Business can be set up electronically in just a few days as long as all your documents are in order. That’s why we’re No. 11 in the world for ease of doing business (World Bank Doing Business Report, 2020).
Here’s a step-by-step overview of what you need to do to start your business in Lithuania:
- a Lithuanian business address (required for the company registration documents);
- to appoint a general manager.
- if the share capital is higher than 2500 EUR, then at least 25% must be transferred to the accumulative account (with the remaining amount paid in 12 months).
In countries that are not listed, documents issued by foreign institutions should be legalized.
In Lithuania, legalization or certification by Apostille is not required for documents issued in Russia, Ukraine, Belarus, Moldova, Estonia and Latvia.
Note: all costs are rounded up to the nearest euro.
Most common types of entities for foreign investors and their features
Should setting up your own greenfield investment project be too risky, there are always other options available that will allow to make your business happen in Lithuania:
Establishing a branch
By establishing a branch office and appointing a branch manager, a foreign company is able to reduce its costs. As far as Lithuanian law is concerned, the branch manager is the official branch office representative, and it is their responsibility to sign documents and organise the accounting of the branch office. Moreover, every branch office has to be registered with the Lithuanian Registry of Legal Entities, and is responsible for the maintaining of its own accounts.
Mergers and acquisitions
When acquiring an existing business in Lithuania, you can either purchase its shares or its business assets. If the existing business is conducted through a partnership or a branch office, you can only acquire the business assets.
Partnerships can be created directly by establishing a joint venture, a limited liability company, a general partnership or a limited partnership; or indirectly by the appointment of a commercial agent or a distributor or by setting up a network of franchisees.