Lithuania cryptocurrency/bitcoin business set up in 2022

Since the inception of bitcoin in 2009, Healy Consultants Group PLC assists our multinational Clients with business registration in lucrative, flexible crypto-friendly countries like Lithuania. Our Lithuanian crypto services include i) Lithuania cryptocurrency company formation ii) crypto Government authorization application iii) corporate bank account opening in Europe and beyond iv) EU Schengen visa applications and v) crypto wallet operator software solutions.

  • Why register a Lithuanian cryptocurrency company?

    • Lithuania is one of the few EU countries with a clear licensing model for crypto businesses.
    • Lithuania is becoming a European hotspot for crypto fund pooling, with local crypto start-ups raising half a billion euros in the past decade.
    • Despite occasional investor warnings from the Lithuanian Central Bank, the local crypto ecosystem is rapidly evolving, and is headed by the country’s dedicated Blockchain Centre.
    • Registering a cryptocurrency company in Lithuania takes only 3 weeks, and no personal travel is required. However, cryptocurrency exchange providers must secure one of two available regulatory approvals offered to the public.
    • Lithuania is an ideal gateway market to both EEA and EEU markets.
    • Lithuania is a member of the EU. This gives locally incorporated entities access to the EU Single Market, removing borders to trade, employment and customs and duties with other EU states.
    • Lithuanian companies receive an ‘Intra Community’ tax number to trade with EU member states.
    • Corporate tax in Lithuania is low at just 15% flat.

    For further information on the advantages of setting up a business in Lithuania, visit this page.

  • Types of Lithuanian regulatory authorisation for crypto businesses

    Lithuania does not have a dedicated crypto licence. However, our Clients can operate legally by securing a regulatory authorisation. View below summary of value:

    Type of activityCryptocurrency exchange operatorCryptocurrency wallet operator
    Can our Client secure both types of regulatory approval?YesYes
    Must our Client secure a license?NoNo
    Assessment of business plan required?NoNo
    Supervisory authority?Financial Crime Investigation ServiceFinancial Crime Investigation Service
    Minimal capital required2,500 EUR2,500 EUR
    Resident AML officer required?YesYes
    Physical office legally required?NoNo
    Professional background of directors and UBO required?YesYes
    AML and KYC and suspicious transaction reporting policy required?YesYes
    Documents requiredDocuments required Incorporation forms, power of attorney, notification forms and auxiliary documentsDocuments required Incorporation forms, power of attorney, notification forms and auxiliary documents
    Enhanced KYC on transactions above what threshold?€15,000€15,000
    Our client can be sole director and shareholder?YesYes
    Personal travel required?NoNo
    Readymade shell companies available?YesYes
    Time to secure company number3 weeks3 weeks
    Time to secure regulatory consent3 months3 months
    Time to secure corporate bank account2 months2 months

  • Disadvantages of Lithuania business set up

    • In comparison to other cryptocurrency friendly jurisdictions, Lithuania’s government is not tech-savvy.
    • Lithuania’s regulatory framework does not cover initial coin offerings (ICOs) and non-fungible tokens (NFTs).
    • Lithuania’s population is small, with limited access to talent. This may limit the growth potential of a Lithuanian business.

    For further information on the disadvantages of setting up a business in Lithuania, visit this page.

  • How to begin bitcoin crypto-currency trading in Lithuania

    • The typical steps for incorporating a Lithuanian company are detailed on this page. Healy Consultants Group PLC and your dedicated relationship officer will timely incorporate your business and where applicable apply for government authorisation for the crypto business.
    • Your dedicated relationship officer will work with our banking team to timely open a bitcoin-friendly multi-currency corporate bank account with a local or international non-EU crypto-friendly bank. We encourage our multi-national Clients to open a corporate bank account outside of Lithuania to i) access SEPA cheap transfer ii) minimize international wire charges and iii) diversify political and financial risks.
    • Our Accounting and Tax department will register the company for tax and VAT.
    • If required, Healy Consultants will assist our Client to apply for a standard fiat payments license if required to expand their scope of operations.
  • How to engage Healy Consultants for Bitcoin setup in Lithuania

    1. Send us an email (click link).
    2. Followed by a conference call with Mr. Petar Chakarov (click link) to agree corporate strategy, total engagement costs and timelines.
    3. Sign our engagement letter and supply us the required due diligence documents.
    4. Settle our engagement fees payable by instalments (click link).
    5. Immediately thereafter, Healy Consultants PLC emails our Client a quality detailed project plan and business plan.
    6. We supply our Client weekly detailed engagement status updates, comprising quality deliverables including certificate of incorporation and corporate bank account numbers.
    7. Healy Consultants couriers to our Client complete corporate document inclusive of online banking activation device.
    8. Our Client completes a Client feedback survey.
  • Healy Consultants fees for Lithuania business set up

    Total engagement fees for Lithuania proprietary crypto business set up amount to €13,925.

    View PDF

    For companies that wish to secure government authorization and operate as crypto wallet/exchange, our professional fees will range between €35,000 to €80,000 depending on the scope of support services required. These include but are not limited to i) monthly bookkeeping and payroll management ii) supply of a formally-employed resident AML manager iii) supply of resident professional nominee resident director iv) opening of a non-EU crypto friendly corporate bank account etc.

Conclusion

Registering a cryptocurrency trading company in Lithuania is an efficient way to i) operate from EU as a proprietary regulated or un-regulated cryptocurrency service provider business and ii) obtain a crypto-friendly SEPA corporate bank account and enjoy low operational costs paired with direct access to the EEA markets.

Contact us

For additional information on our company registration services in Lithuania, please contact our in-house country expert, Ms. Grace Odhiambo, directly:
client relationship officer - Grace
  • Ms. Grace Odhiambo
  • Client Engagements Manager
  • Contact me!
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