Lithuania

Lithuania officially the Republic of Lithuania is a country in northeastern Europe, the biggest of the three Baltic states. Lithuania is bordered by Latvia to the north, Belarus to the southeast, Poland to the south and Russia to the Kaliningrad region belonging to the south-west. 1991st On the 17th September Lithuania became a member of the United Nations. 2004th On the 29th March, Lithuania became the NATO, but the 2004th on the first May – member of European Union. Is in the Schengen zone.

General information

Area   –   65 200 sq. km
Population  –   3 054 000 people
Capital      –     Vilnius
Official language      –     Lithuanian
Official currency  –    Lithuanian Litas (LTL)
Legal system     –   The constitutional system

Legal form of company

Most common form of legal entity in Lithuania is:
– Closed Joint Company (UAB);
– Open Joint Stock Company (AB).

Key specials

Lithuania has agreements on exemption from double taxation with following countries:
Austria, Azerbaijan, Armenia, Belarus, Belgium, Bulgaria, Great Britain, Hungary, Germany, Georgia, Greece,
Denmark, Ireland, Israel, Iceland, Ireland, Italy, Kazakhstan, Canada, China, Korea, Latvia, Luxembourg,
Macedonia, Malta, Moldova, Netherlands, Norway, Poland, Portugal, Russia., Romania, Serbia, Singapore,
Slovakia, Slovenia, the USA, Turkey, Uzbekistan, Ukraine, Finland, France , Croatia, Czech Republic,
Switzerland, Sweden, Estonia.

Lithuania have two free economic zones witch attract investors. They are:
– Kaunas Free Economic Zone;
– Klaipeda Free Economic Zone.
They will be, according to Lithuanian legislation, until 2019.

Corporate legislation

– Commercial Law of Lithuania

Share capital

– Closed Joint Company   –  2  900  EUR;
– Open Joint Stock Company  – 43 500 EUR

Bankaccount opening

For Lithuanian Company we offer bank accounts in following countries:
Latvia
Estonia
Lithuania
Switzerland
Cyprus
Denmark
St. Vincent and the Grenadines
Belize
Seychelles
Tanzania
Bosnia
Hong Kong
Dubai
Full list of bank accounts with tariffs you can find here

The main requirements for directors and shareholder for company (UAB)

Legal status     a legal entity
Founders, Shareholders –    minimum one
Status of     private or corporate person
Residence        can be resident of any country
Government  Management
Directors     minimum one
Status of     private person
Residence       can be resident of any country
Secretary     one (private person)

The main requirements for shareholder  and directors  for company (AB)

Legal status     a legal entity
Founders, Shareholders     – unlimited
Status of     private or corporate person
Residence        can be resident of any  country
Government  Management     Meeting of shareholders
Directors     one
Status of     private person
Residence       can be resident of any EU country
Secretary     one (private person)
* The registered office and address must be in Lithuania
** Information about directors, shareholder kept in a register.

Taxation

– Income Tax  –  20%;
– Value Added Tax – 21%
– The tax on dividends is: received (for foreign residents) –  0% ; interest paid  –  0%; 15 % –  If they were paid in the European Economic Area,
Paid royalties –   0%

Accounting

– The annual audit;
– VAT returns once a year;
– The financial statements and balance sheet to be submitted every year;
Accounting tariffs you can see here

Opening information on beneficiaries to government authorities

Not disclosed

Timeframes

New Company registration takes from 1 day.
Shelf companies are available.
For more information, please contact us.