Lithuania corporate bank account in 2023
Healy Consultants will be happy to assist our Clients to open a corporate bank account in Lithuania. Our experienced corporate banking team will prepare all the required documentation and submit the completed corporate bank account application to our Client’s preferred bank. Where possible, Healy Consultants will attend bank interviews on our Client’s behalf and assist with applying for the full range of corporate banking services available in Lithuania. Read below for further details regarding the Lithuanian banking system and our secure corporate banking services available in the country.
Lithuania corporate banking options
- Lithuania’s banking sector has improved considerably recently thanks to reforms enacted to ease the adoption of the euro, which became the country’s currency in January 2015. While Lithuanian banks are now stronger and more sound, the transition to the euro and the Eurozone crisis have made it more difficult for businesses to obtain loans in Lithuania. The country has indeed been ranked as only 91st in the world for ease of access to loans by the World Economic Forum in 2014;
- While banks in Lithuania offer complete corporate banking facilities to both local and international business, few global banks provide retail services in Lithuania. Foreign banks present in Lithuania include i) Unicredit Group ii) Nordea Bank and iii) SEB bank. They are mostly Scandinavian institutions, rather than UK and US ones;
- As a first step, Healy Consultants recommends that our foreign Clients open their Lithuanian corporate bank account with a bank with which they already have an account in another country. This will reduce i) the total time required to open the bank account and ii) the bank’s requirements for our Client’s security check;
- Opening an account with local Lithuanian bank is an excellent alternative solution for our Clients, as most local banks also offer online banking in English and do not subject customers to complex and overly time-consuming assessments to accept their business. Consequently, many of our Clients may choose to open a bank account with a Lithuanian bank. Healy Consultants recommends i) Finasta bank ii) AB Šiaulių bankas and iii) UAB Medicinos bankas as excellent local providers of complete banking services.
Healy Consultants’ Lithuania corporate banking services
Our fee to assist your business with opening a Lithuanian corporate bank account is €4,950.
- Healy Consultants will be pleased to open a Lithuanian corporate bank account without the need for our Client to travel. Although this is a time-consuming task, Healy Consultants will shelter our Client from the related administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a newly formed company when shareholders, directors and bank signatories reside overseas;
- Following bank account approval, the preferred Lithuanian bank will directly email our Client the corporate bank account number required to set up the business in Lithuania;
- While our firm will liaise with the banks to avoid our Clients needing to travel to Lithuania, there remains a 10% chance that the bank will require our Clients to travel for a one hour interview in Lithuania. There will be a fee discount of €1,450 if you have to travel;
- If our Client is not comfortable with a Lithuanian corporate bank account, Healy Consultants can open an international corporate bank account outside of Lithuania. Examples include Latvia, London, New York, Germany, Bulgaria, South Africa, Australia or Dubai. Our fee for this service is €4,950 without travel. All banks will be top tier banks in these countries with excellent internet banking services.
If requested, Healy Consultants will also be pleased to assist our Clients with obtaining bank financial support for their projects in Lithuania. Please read below for further information:
- Healy Consultants can assist our Clients with obtaining corporate finance in the form of a loan, overdraft or the negotiation of preferential credit terms. Please contact our our Client Relationship Officer in charge of Lithuania for inquiries regarding these services and related fees;
- Lithuanian banks will consider providing funds to finance investment projects, provided that sufficient information is submitted. Documents requested may include i) a bank-specific business-plan ii) the availability of collateral assets iii) the qualifications of business owners and management iv) the last 3 years’ audited financial statements for any corporate shareholder of the new company and v) a detailed review of the project’s strength, weaknesses, opportunities and threats (SWOT matrix);
- In addition to corporate finance, our in-house consultants may also assist our Clients to secure trade finance including i) bank guarantees ii) letters of credit iii) finance against trust receipt (for imported goods) and iv) documents against payment and against acceptance.
Opening a corporate bank account in Lithuania
Here is how Healy Consultants assists Clients with setting up corporate bank accounts in Lithuania:
- Before setting up a business in Lithuania, Healy Consultants will assist our Client to choose the best corporate bank account from the available options;
- Healy Consultants submits a complete corporate bank account opening application to the preferred bank including i) all bank questionnaire forms and ii) all due diligence documents;
- Once the corporate bank account is approved, Healy Consultants emails our Client the bank account details.
Exchange controls and other regulation
- Lithuania boasts liberal foreign exchange controls with minor requirements. Foreign-sourced incoming and outgoing transfers must be registered with the Central Bank of Lithuania, but will not need to be approved by this institution and are not subject to any ceiling;
- Both residents and non-residents in Lithuania are allowed to open bank accounts in foreign currencies, including US dollars and Japanese Yen. There are no restrictions on the amount of foreign currency that residents may hold in their bank accounts.