10 steps to incorporating in Lithuania in 2021
- Prior to company incorporation in Lithuania, our Client i) settles Healy Consultants’ fees ii) signs and returns our Client Engagement Letter and iii) provides us with all of the required due diligence documents;
- Healy Consultants drafts a detailed project plan for incorporating a company in Lithuania, mapping out by week each step to engagement completion, optimizing transparency and setting Client expectations;
- Healy Consultants reserves the company name with the Lithuanian State Center of Registers and prepares company deeds of establishment and articles of association for the Lithuanian company incorporation. The exact corporate structure is agreed with our Client. Check the availability of your preferred company name here!;
- Healy Consultants assists our Client to open a corporate bank account with a Lithuanian bank. Our Client deposits the share capital of €2,500 and supplies Healy Consultants with a certificate of deposit and bank statement;
- Healy Consultants submits a detailed business application to the companies registration unit including i) a copy of the shareholders and directors diplomas and resume ii) a certificate of non-bankruptcy or a statement of solvency under oath before a notary iii) the documentary evidence of the applicant’s;
- Healy Consultants will assist in applying and obtaining employment passes from the respective departments;
- Business permission is applied through the State Enterprise Centre of Registers;
- Subsequently, Healy Consultants assists our Clients to register for VAT registration/exemption (if required) with the revenue commissioners for VAT purposes;
- Following Lithuania company incorporation engagement completion, Healy Consultants couriers a full company kit to our Client, including original Lithuanian corporate documents, unopened bank correspondence and a Client feedback survey;
- To support the Lithuanian company incorporation, Healy consultants provides our Client a European business address for invoicing purposes. Additionally, many Clients request telephone, fax and email support for their company following entity establishment.
Frequently asked questions
Am I required to pay the full share capital amount prior to incorporating a company in Lithuania?No. Although the minimum share capital amount is €2,500 for a Lithuanian UAB, only 25% of the issued capital (€625 for the minimum amount) is required to be paid up in advance of incorporation. The company’s shareholders will be liable for the amount unpaid on the shares (the outstanding 75%) in the event that the company requires it.
How long does it take to incorporate a company in Lithuania?Lithuanian company incorporation takes three days once the necessary paperwork is submitted to the companies registry. However, Healy Consultants has found that the process takes three weeks in order to collect and translate all of the necessary documents for submission to the registrar.