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Guide to Registering a Company in Lithuania: Steps, Fees, and Compliance

By: SmallBizClub

 

Vilnius Business District, Lithuania

Opening a business in another country is a tempting idea. If done well, you can expand the scope of your company, develop new markets and find investors. It’s also a good way to save invested funds and gain additional profit.

Lithuania is one such example of a burgeoning new market in Europe. If you’re considering opening a business in Lithuania, the process of registering your company doesn’t have to be complicated or expensive. Incluence can help register a company in Lithuania.

Before you start, it’s important to verify that your desired company name is available by checking the Lithuanian Register of Legal Entities. Once you’ve confirmed availability, you’ll need to submit an application form and other required documents to the Department of Statistics and the State Tax Inspectorate. This includes choosing a registered address, selecting an authorized representative, and submitting a business plan.

Although the registration process typically takes around two months, more complex situations may require additional time. Working with a professional service like Incluence can help ensure that the process goes smoothly and all requirements are met.

What are the steps of opening a company in Lithuania

To open a company in Lithuania, you should:

  1. Confirm the availability of the desired company name through the Lithuanian Register of Legal Entities.
  2. Submit application forms and necessary documents to the Department of Statistics and the State Tax Inspectorate.
  3. Select a registered address and authorized representative.
  4. Write a business plan detailing the company’s operations, financial plans, and goals.
  5. Obtain a tax identification number by registering with the State Tax Inspectorate.
  6. Register with the Social Insurance Fund to qualify for social insurance benefits.

Other important steps include opening a Lithuanian bank account, obtaining necessary licenses and permits, and staying compliant with Lithuanian legislation by keeping records up to date.

Is it possible to register a company in Lithuania online?

Lithuania has streamlined its company registration process with the help of an efficient online portal. With this portal, registering a company has become much simpler and faster. The entire process, from submitting the necessary documentation to fee payment and confirmation of registration, can be managed online. The documents required for electronic registration include a charter or memorandum of association, identification documents, notarized power of attorney, VAT payer certificate, bank certificate, and legal address documents.

However, it is important to remember that simply registering a company is not enough. To avoid any fines or dissolution of the company, compliance with all relevant laws and regulations is essential. This includes obtaining necessary licenses and permits, paying taxes, and filing annual accounts and reports. By staying compliant with Lithuanian legislation, companies can operate smoothly and without any unnecessary interruptions.

Registration for tax purposes in Lithuania

To register a company for tax purposes, it’s necessary to submit an application form and required documents to the State Tax Inspectorate. Once registered, companies must fulfill obligations such as opening a local bank account, registering for VAT, obtaining permits and licenses, and complying with labor laws. It’s crucial to keep accurate records and submit annual reports. Seeking assistance from a professional legal or accounting firm can ensure compliance with local laws and regulations.

Published: April 21, 2023
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