DANARG

Lithuania

Lithuania f

 

Official Name:  Lithuania

LITHUANIA g

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Lithuania

 

Lithuania is a small country located in Northern Europe, bordered by Latvia to the north, Belarus to the east, Poland to the south, and the Baltic Sea to the west. It has a rich and fascinating history, unique culture, and rapidly growing economy.

History:
Lithuania has a long and complex history dating back to the 10th century when the first Lithuanian state was established. The country enjoyed a period of great prosperity and power during the 14th and 15th centuries under the rule of Grand Duke Vytautas, who expanded Lithuania’s territory and strengthened its economy. However, Lithuania eventually fell under the control of neighboring countries, such as Poland and Russia, for several centuries before finally regaining its independence in 1918. After a period of Soviet occupation, Lithuania once again declared its independence in 1990 and became a member of the European Union in 2004.

Culture:
Lithuania has a rich and vibrant culture, with a strong emphasis on music, art, and literature. Traditional Lithuanian folk music is still widely popular, and the country has produced many renowned composers, including Mikalojus Konstantinas Čiurlionis. Lithuanian literature is also highly regarded, with prominent writers such as Jonas Biliūnas and Vincas Krėvė-Mickevičius. The country’s cuisine is also unique, featuring dishes such as cepelinai (potato dumplings) and kugelis (potato pudding).

Economy:
Lithuania has made significant strides in developing its economy since regaining its independence. The country’s economy is primarily driven by manufacturing, with a particular emphasis on electronics and telecommunications. Lithuania is also a major producer of amber, and the country’s tourism industry has seen significant growth in recent years, thanks in part to its picturesque cities and beautiful countryside.

Politics:
Lithuania is a parliamentary republic with a president as its head of state. The country has a multi-party system, and elections are held every four years. Lithuania has close ties with other European countries, and is a member of the European Union, NATO, and the United Nations. In recent years, Lithuania has played an active role in promoting democracy and human rights in Eastern Europe and beyond.

Overall, Lithuania is a fascinating country with a rich history, unique culture, growing economy, and active role in international politics. Despite its relatively small size, it has made significant contributions to the world in many different areas, and is a country worth exploring for anyone interested in history, culture, and politics.

 

Types of company registration

 

UAB (Uždaroji akcinė bendrovė): This is the most popular form of company registration in Lithuania and is similar to a private limited company. The shareholders of a UAB are liable for the company’s debts only to the extent of their contributions to the company’s capital.

MB (Mokesčių mokėtojų bendrija): This is a partnership type of company, where the partners are liable for the company’s debts in proportion to their capital contributions. This type of company is often used for small businesses or self-employed individuals.

VŠĮ (Viešoji įstaiga): This is a public institution that operates for public benefit, such as non-profit organizations, charities, or cultural institutions. This type of company has no shareholders, and its activities are overseen by a board of directors.

Individual activity (IĮ): This is a sole proprietorship, where an individual carries out business activities under their own name. This type of registration is suitable for individuals who wish to start a small business or work as a freelancer.

Joint-stock company (AB): This type of company is similar to a UAB, but the shares of the company can be traded publicly. The shareholders of an AB are liable for the company’s debts only to the extent of their contributions to the company’s capital.

 

Advantages of company registration in Lithuania

 

Simple and fast registration process: Registering a company in Lithuania is relatively easy and can be done within a few days. The process is streamlined, and the government provides online registration services, making it convenient for businesses to set up operations in the country.

Low corporate tax rates: Lithuania offers one of the lowest corporate tax rates in the European Union, with a flat rate of 15%. This makes it an attractive destination for businesses looking to reduce their tax liabilities and maximize profits.

Strategic location: Lithuania is located at the crossroads of East and West, making it an ideal location for businesses looking to expand into both the EU and the CIS (Commonwealth of Independent States) markets.

Skilled workforce: Lithuania has a highly educated and skilled workforce, with a large pool of professionals in industries such as IT, engineering, and finance. The country also has a strong focus on education, with many universities offering specialized training programs for various industries.

Access to EU funding: As a member of the European Union, Lithuania has access to various funding programs and grants that can help businesses grow and expand.

Business-friendly environment: Lithuania has a pro-business environment, with a government that is committed to creating a favorable business climate. The country offers a range of incentives and support services to help businesses succeed, including tax breaks, grants, and investment incentives.

“Our team can provide assistance if you need help registering a company in Lithuania.”

 

General Questions

 

What are the benefits of registering a company in Lithuania?
Registering a company in Lithuania offers various benefits, including a stable political and economic environment, a strategic location for business, low labor costs, access to the European Union market, a favorable tax system, and a streamlined process for company registration.

What are the requirements for company registration in Lithuania?
To register a company in Lithuania, the following requirements must be met: at least one founder, a registered office in Lithuania, a unique company name, and a legal address in Lithuania.

What is the process for registering a company in Lithuania?
The process for registering a company in Lithuania involves choosing a legal form, registering the company with the Lithuanian Register of Legal Entities, obtaining a VAT number, and opening a bank account.

How long does it take to register a company in Lithuania?
The company registration process in Lithuania typically takes around 2-3 weeks.

What are the costs associated with company registration in Lithuania?
The costs associated with company registration in Lithuania depend on the legal form chosen, but generally include a state fee, notary fees, and legal fees.

Do I need a lawyer to register a company in Lithuania?
While it is not legally required to have a lawyer to register a company in Lithuania, it is recommended to seek professional advice to ensure compliance with the legal and regulatory requirements.

Can foreigners register a company in Lithuania?
Yes, foreigners can register a company in Lithuania.

What are the types of companies that can be registered in Lithuania?
The types of companies that can be registered in Lithuania include a Private Limited Liability Company (UAB), Public Limited Liability Company (AB), Sole proprietorship (IĮ), partnership (TĮ), individual activity certificate (VšĮ), and branch of a foreign company.

What is a Private Limited Liability Company (UAB)?
A Private Limited Liability Company (UAB) is a legal entity with limited liability where the shareholders’ liability is limited to their capital contributions.

What is a Public Limited Liability Company (AB)?
A Public Limited Liability Company (AB) is a legal entity with limited liability where the shares are freely tradable on the stock exchange.

What is a Sole proprietorship (IĮ)?
A Sole proprietorship (IĮ) is a legal entity with a single owner who is personally responsible for the company’s debts.

What is a partnership (TĮ)?
A partnership (TĮ) is a legal entity where two or more partners are personally responsible for the company’s debts.

What is an individual activity certificate (VšĮ)?
An individual activity certificate (VšĮ) is a legal entity where an individual is personally responsible for the company’s debts.

What is a branch of a foreign company?
A branch of a foreign company is an extension of a foreign company in Lithuania and does not have separate legal personality.

What are the advantages of registering a Private Limited Liability Company (UAB)?
The advantages of registering a Private Limited Liability Company (UAB) include limited liability for shareholders, the ability to raise capital through the sale of shares, and the ability to participate in public procurement tenders.

What are the advantages of registering a Public Limited Liability Company (AB)?
The advantages of registering a Public Limited Liability Company (AB) include the ability to raise capital through the sale of shares, the ability to participate in public procurement tenders, and greater credibility with customers and suppliers.

What are the advantages of registering a Sole proprietorship (IĮ)?
The advantages of registering a Sole proprietorship (IĮ) include ease of setup, low operating costs, and simplicity of management.

What are the advantages of registering a Sole proprietorship (IĮ)?
Answer: Registering a Sole proprietorship (IĮ) in Lithuania offers simplicity and flexibility, low start-up costs, and the ability to have full control over the business’s management and decision-making. It is also easy to set up, with fewer legal requirements than other forms of business entities.

What are the advantages of registering a partnership (TĮ)?
Answer: Registering a partnership (TĮ) in Lithuania offers shared management and decision-making, and the opportunity to combine resources and expertise with other partners. It also has fewer legal requirements than a joint-stock company.

What are the advantages of registering an individual activity certificate (VšĮ)?
Answer: Registering an individual activity certificate (VšĮ) in Lithuania offers simplicity and flexibility, low start-up costs, and the ability to have full control over the business’s management and decision-making. It is also easy to set up, with fewer legal requirements than other forms of business entities.

What are the advantages of registering a branch of a foreign company?
Answer: Registering a branch of a foreign company in Lithuania offers the opportunity to expand business operations into a new market while maintaining the parent company’s legal identity. It also allows for easier access to local resources and markets.

What are the disadvantages of registering a company in Lithuania?
Answer: The main disadvantages of registering a company in Lithuania include high bureaucracy, complex tax regulations, and the need to comply with various legal requirements and formalities.

What are the legal requirements for starting a business in Lithuania?
Answer: The legal requirements for starting a business in Lithuania include registering the business entity, obtaining necessary permits and licenses, registering for taxes and social security, and complying with various regulations and formalities.

What are the tax obligations for companies in Lithuania?
Answer: Companies in Lithuania are required to pay corporate income tax, social security contributions, and value-added tax (VAT). They may also be subject to other taxes, depending on the type of business activity.

What is the corporate tax rate in Lithuania?
Answer: The corporate tax rate in Lithuania is a flat rate of 15%.

Are there any tax incentives available for companies in Lithuania?
Answer: Yes, there are various tax incentives available for companies in Lithuania, such as investment tax incentives, research and development tax incentives, and regional development tax incentives.

What is the VAT rate in Lithuania?
Answer: The standard VAT rate in Lithuania is 21%, with reduced rates of 9% and 5% applicable to certain goods and services.

How do I register for VAT in Lithuania?
Answer: To register for VAT in Lithuania, a company must submit an application to the State Tax Inspectorate and provide various documents, such as the company’s registration certificate and tax identification number.

What are the accounting requirements for companies in Lithuania?
Answer: Companies in Lithuania are required to maintain accounting records, prepare financial statements, and comply with various accounting standards and regulations.

Do I need to have a physical office in Lithuania to register a company?
Answer: No, a physical office in Lithuania is not required to register a company. However, the company must have a registered address in Lithuania.

Can I register a company online in Lithuania?
Answer: Yes, it is possible to register a company online in Lithuania through the Electronic Business Register.

Can I register a company remotely in Lithuania?
Answer: Yes, it is possible to register a company remotely in Lithuania through a power of attorney.

What documents do I need to register a company in Lithuania?
To register a company in Lithuania, you will need to provide the following documents: a notarized application form, the company’s articles of association, proof of identity for all founders and shareholders, and proof of payment of the state fee.

Do I need to provide a business plan to register a company in Lithuania?
No, a business plan is not required to register a company in Lithuania.

How do I choose a company name in Lithuania?
You can choose a company name in Lithuania by conducting a search on the Lithuanian Business Register’s website to ensure that the name is available and not already in use. The name must also comply with certain legal requirements.

Can I use a foreign company name in Lithuania?
No, you cannot use a foreign company name in Lithuania. Your company name must be in Lithuanian.

Can I reserve a company name in Lithuania?
Yes, you can reserve a company name in Lithuania for a period of up to six months by submitting an application and paying a fee.

How long is a company name reservation valid in Lithuania?
A company name reservation in Lithuania is valid for six months.

How do I change the name of my company in Lithuania?
To change the name of your company in Lithuania, you will need to submit an application to the Lithuanian Business Register and pay a fee.

Can I change the legal structure of my company in Lithuania?
Yes, you can change the legal structure of your company in Lithuania by submitting an application to the Lithuanian Business Register and paying a fee.

Can I transfer my company from another country to Lithuania?
Yes, you can transfer your company from another country to Lithuania by establishing a branch or a subsidiary in Lithuania.

What are the annual compliance requirements for companies in Lithuania?
Annual compliance requirements for companies in Lithuania include holding an annual general meeting, submitting an annual report, and paying taxes.

What is the annual general meeting (AGM) requirement for companies in Lithuania?
Companies in Lithuania are required to hold an annual general meeting (AGM) at least once a year to discuss and approve the company’s financial statements and other important matters.

What are the reporting requirements for companies in Lithuania?
Reporting requirements for companies in Lithuania include submitting an annual report and financial statements to the Lithuanian Business Register and the tax authorities.

What are the audit requirements for companies in Lithuania?
Companies in Lithuania are required to have their financial statements audited if they exceed certain size thresholds.

How do I close my company in Lithuania?
To close your company in Lithuania, you will need to submit an application to the Lithuanian Business Register and fulfill all legal and tax obligations.

What are the legal requirements for closing a company in Lithuania?
The legal requirements for closing a company in Lithuania include settling all debts, fulfilling tax obligations, and liquidating the company’s assets.

What are the tax obligations for closing a company in Lithuania?
The tax obligations for closing a company in Lithuania depend on the company’s size and circumstances, and may include paying corporate income tax, value-added tax (VAT), and other taxes.

How long does it take to close a company in Lithuania?
The time it takes to close a company in Lithuania depends on the size and complexity of the company, as well as any legal or tax issues that need to be resolved.

Can I reopen a company in Lithuania after it has been closed?
Yes, you can reopen a company in Lithuania after it has been closed by submitting an application to the Lithuanian Business Register and fulfilling all legal and tax obligations.

What are the restrictions on company names in Lithuania?
Company names in Lithuania must not be misleading or deceptive, contain offensive language, or violate the rights of others.

What are the rules for using foreign languages in company names in Lithuania?
Foreign languages can be used in company names in Lithuania, but they must be translated into Lithuanian on all official documents.

What are the rules for using trademarks in company names in Lithuania?
Trademarks can be used in company names in Lithuania as long as they are registered and do not violate the rights of others.

What are the rules for using personal names in company names in Lithuania?
Personal names can be used in company names in Lithuania, but the person named must give their consent and be involved in the company’s activities.

What are the rules for using geographical names in company names in Lithuania?
Geographical names can be used in company names in Lithuania if the company has a connection to the place named.

Can I use a generic name for my company in Lithuania?
Yes, generic names can be used for companies in Lithuania as long as they are not already registered by another company.

How do I register a trademark in Lithuania?
Trademarks can be registered with the State Patent Bureau of the Republic of Lithuania. The application must include a list of goods and services the trademark will be used for, and the registration process can take several months.

 

Documents required to register a company

 

Articles of Association: This is a legal document that outlines the company’s purpose, activities, and organizational structure.

Incorporation documents: This includes the application for company registration, the company’s memorandum of association, and any other required forms.

Identification documents: You will need to provide identification documents for all company founders and directors, such as passports or national ID cards.

Proof of address: You will need to provide proof of address for all company founders and directors, such as a recent utility bill or bank statement.

Bank certificate: You will need to provide a certificate of deposit from a Lithuanian bank stating that the minimum share capital has been deposited.

Legal address: You will need to provide proof of a legal address for your company, such as a lease agreement or property ownership documents.

VAT registration certificate: If your company will be registered for VAT, you will need to provide a VAT registration certificate.

 

Major Banks in Lithuania

 

SEB Bank – Type: Commercial Bank – Benefits: SEB Bank offers a wide range of financial services including banking, insurance, leasing, and asset management. They also have a strong online banking platform that allows customers to access their accounts and conduct transactions from anywhere.

Swedbank – Type: Commercial Bank – Benefits: Swedbank offers a range of financial services including banking, insurance, and asset management. They have a large network of branches and ATMs across Lithuania, as well as a user-friendly mobile banking app.

Luminor Bank – Type: Commercial Bank – Benefits: Luminor Bank offers a range of financial services including banking, leasing, and asset management. They have a strong focus on digital banking, offering customers a user-friendly mobile app and online banking platform.

Medicinos Bankas – Type: Specialized Bank (focused on healthcare industry) – Benefits: Medicinos Bankas is the only bank in Lithuania that specializes in providing financial services to the healthcare industry. They offer a range of specialized products and services to healthcare professionals, including loans, insurance, and investment services.

Šiaulių Bankas – Type: Regional Bank – Benefits: Šiaulių Bankas is a regional bank that offers a range of financial services to individuals and businesses in the Šiauliai region of Lithuania. They have a strong focus on customer service and offer personalized financial solutions to meet the unique needs of their customers.

“Our team can provide assistance if you need to open a bank account in Lithuania.”

 

The top universities in Lithuania

 

Vilnius University #458 in QS World University Rankings 2022
Location: Vilnius
Website: https://www.vu.lt/en/
Major courses: Medicine, Law, Business and Economics, Humanities, Natural Sciences

Kaunas University of Technology #751-800 in QS World University Rankings 2022
Location: Kaunas
Website: https://en.ktu.edu/
Major courses: Engineering, Technology, Physical Sciences, Social Sciences

Vytautas Magnus University #801-1000 in QS World University Rankings 2022
Location: Kaunas
Website: https://www.vdu.lt/en/
Major courses: Social Sciences, Humanities, Arts, Natural Sciences, Technology

Lithuanian University of Health Sciences #801-1000 in QS World University Rankings 2022
Location: Kaunas
Website: https://lsmuni.lt/en/
Major courses: Medicine, Dentistry, Veterinary Medicine, Nursing, Public Health

ISM University of Management and Economics – not ranked in QS World University Rankings 2022
Location: Vilnius
Website: https://www.ism.lt/en/
Major courses: Business Administration, Economics, Management

Mykolas Romeris University – not ranked in QS World University
Location: Vilnius
Website: https://www.mruni.eu/en/
Major courses: Law, Social Sciences, Business and Management, Psychology, Public Administration

Vilnius Gediminas Technical University – not ranked in QS World University
Location: Vilnius
Website: https://www.vgtu.lt/en/
Major courses: Architecture, Civil Engineering, Environmental Engineering, Informatics, Electronics

Vilnius Academy of Arts – not ranked in QS World University
Location: Vilnius
Website: https://www.vda.lt/en/
Major courses: Fine Arts, Design, Applied Arts, Media Art

Lithuanian Academy of Music and Theatre – not ranked in QS World University
Location: Vilnius
Website: https://lmta.lt/en/
Major courses: Music Performance, Composition, Musicology, Theatre Studies

Šiauliai University – not ranked in QS World University
Location: Šiauliai
Website: https://www.su.lt/en
Major Course: Šiauliai University offers a wide range of undergraduate and graduate programs in fields such as business, law, education, social sciences, engineering, and technology.

“If you need assistance registering for college or university, our team is here to help.”

 

Strange or unusual to visitors in Lithuania

 

Easter traditions: In Lithuania, Easter is celebrated with a variety of unique traditions. One of the most unusual is the practice of “whipping” or “smacking” women with willow branches, which is believed to bring them good luck and fertility.

Amber: Lithuania is known for its abundant amber deposits, and it is a common souvenir for tourists. However, visitors might find it unusual to see entire markets dedicated to the sale of amber products, including everything from jewelry to decorative items.

Cold soup: One Lithuanian dish that might seem unusual to visitors is “šaltibarščiai,” or cold beetroot soup. It is a popular summertime dish that is served cold and often topped with sour cream and hard-boiled eggs.

Hill of Crosses: The Hill of Crosses is a pilgrimage site located in northern Lithuania, where visitors can see thousands of crosses and other religious symbols left by visitors over the years. Some visitors might find it unusual to see so many crosses in one place.

Sauna culture: Saunas, or “pirtis,” are a popular part of Lithuanian culture. Visitors might find it unusual to see people jumping into cold water or rolling in the snow after spending time in the sauna, but it is a common practice in Lithuania.

Celebrating name days: In Lithuania, name days are celebrated with the same enthusiasm as birthdays. Each day of the year is associated with a different name, and people named after that saint celebrate their name day on that date.

 

“Tips for Newcomers: Adjusting to Life in Lithuania ”

 

Learn some basic Lithuanian: While many Lithuanians speak English, learning some basic Lithuanian phrases can go a long way in making connections with locals and feeling more at home.

Embrace the culture: Lithuania has a rich cultural heritage, so take advantage of opportunities to experience traditional foods, music, and festivals.

Take public transportation: Lithuania has a well-developed public transportation system, including buses, trolleys, and trains, which can be a cost-effective and convenient way to get around.

Be open to making new friends: Lithuania is a welcoming country, and making new friends can help you feel more at home. Joining clubs, attending events, and taking part in local activities are all great ways to meet new people.

Explore the outdoors: Lithuania is a beautiful country with many natural attractions, including forests, lakes, and beaches. Take advantage of these opportunities to explore the great outdoors and stay active.

Learn the history: Lithuania has a complex and fascinating history, so take some time to learn about the country’s past and how it has influenced modern-day Lithuania.

Get a taste of the cuisine: Lithuanian food is hearty and flavorful, with many traditional dishes featuring meat, potatoes, and sour cream. Don’t be afraid to try something new and explore the local cuisine.

Keep an open mind: Moving to a new country can be challenging, but keeping an open mind and staying positive can help you adjust more quickly and enjoy your new life in Lithuania.

 

Top recruitment agencies in Lithuania

 

  • Baltic Recruitment – https://www.balticrecruitment.lt/
  • JobRely – https://jobrely.com/
  • MyWork – https://www.mywork.lt/
  • CV-Online – https://www.cvonline.lt/
  • RPO LT – https://rpolithuania.com/
  • People Link – https://peoplelink.lt/
  • LGC Staffing – https://lgcstaffing.lt/
  • Baltic Head – https://www.baltichead.lt/
  • Orionis – https://www.orionis.lt/
  • Manpower – https://www.manpower.lt/

 

Necessary phone numbers in Lithuania

 

Emergency Services: 112
Police: 112 or 110
Fire Department: 112 or 110
Ambulance: 112 or 113
Roadside Assistance: 1888
National Poison Centre: +370 5 236 1964
Vilnius Airport: +370 5 230 6600
Kaunas Airport: +370 37 399 300
Klaipėda Seaport: +370 46 490 130
Vilnius Railway Station: +370 5 233 0033
Kaunas Railway Station: +370 37 207 432
Klaipėda Railway Station: +370 46 310 012

 

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